eBay 2015 Annual Report Download - page 91

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eBay Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table presents cash flows of PayPal and Enterprise:
Year Ended December 31,
2015 (1) 2014 2013
PayPal net cash provided by discontinued operating activities $ 1,252 $ 2,280 $ 1,913
Enterprise net cash provided by (used in) discontinued operating activities (96) 169 150
Net cash provided by discontinued operating activities $ 1,156 $ 2,449 $ 2,063
PayPal net cash used in discontinued investing activities $(3,725) $(1,218) $(2,221)
Enterprise net cash provided by (used in) discontinued investing activities 787 (130) (171)
Net cash used in discontinued investing activities $(2,938) $(1,348) $(2,392)
PayPal net cash provided by (used in) discontinued financing activities (2) $(1,594) $ 40 $ 76
Enterprise net cash used in discontinued financing activities — (15) 1
Net cash provided by (used in) discontinued financing activities $(1,594) $ 25 $ 77
(1) Includes PayPal financial results from January 1, 2015 to July 17, 2015 and Enterprise financial results from
January 1, 2015 to November 2, 2015.
(2) Includes $1.6 billion of PayPal cash and cash equivalents as of July 17, 2015.
PayPal
The financial results of PayPal through the Distribution are presented as income (loss) from discontinued
operations, net of income taxes on our consolidated statement of income. The following table presents financial
results of PayPal:
Year Ended December 31,
2015 (1) 2014 2013
Net revenues $4,793 $7,895 $6,640
Cost of net revenues 1,918 3,140 2,696
Gross profit 2,875 4,755 3,944
Operating expenses:
Sales and marketing 534 1,027 794
Product development 527 879 712
General and administrative 741 892 724
Provision for transaction and loan losses 418 688 551
Amortization of acquired intangible assets 30 53 41
Total operating expenses 2,250 3,539 2,822
Income from operations of discontinued operations 625 1,216 1,122
Interest and other, net 1 (7) (7)
Income from discontinued operations before income taxes 626 1,209 1,115
Provision for income taxes (110) (185) (189)
Income from discontinued operations, net of income taxes $ 516 $1,024 $ 926
(1) Includes PayPal financial results from January 1, 2015 to July 17, 2015.
F-17