Loïc --
Each of the three companies aggregates its International revenues and
earnings. Amazon.com is the "most European" because its operations
outside North America are more limited than either Yahoo or eBay.
Amazon's earnings reports also include the most detail, with
information on operating profit -- and even net profit for
International operations in 2003. eBay has the least detail, omitting
International earnings. However, we did ferret out an interesting
data source.
Investor relations pages and links to earnings reports or annual
reports are the source of most financial data. However, I did check
Investext, a fee-based service that has Wall Street analysts reports
to see if there was more detail on European operations of any of the
three companies. My local public library has online access to
Investext.
Here are some interesting data points:
Lehman Brothers, in a Dec. 16, 2003 report says that international
growth for Amazon should be over 30%, after the boom year of 2003 --
when sales grew more than 60%. Lehman's analysts write, "We expect
Japan to ultimately become the company's second largest country and we
note its quick trip to profitability over the course of just two
years. We believe there are also growth opportunities in France, which
remains Amazon's only unprofitable site in Europe."
Further, they note that Japan and German lead International in revenues.
Morgan Stanley (Jan. 13, 2004)saws that Yahoo! currently has a
stronger growth rate outside the U.S. than domestically. About 30-40%
of its visitors are outside the U.S.
Lehman Brothers provides some additional financials on eBay's European
operations in its Jan. 7, 2004 analysis. Lehman says that eBay "holds
the leading position in 27 of the 28 countries in which it operates"
and has "monopoly-like share in the United States."
Further, Lehman's analyst predicts that Europe will growth at more
than 35% per year for the next 4 years, while the U.S. revenue growth
will be below 35%.
According to Lehman, Germany provided 59% of International revenues in
Q3, 2003 -- with the U.K. contributing 16%. Total International
revenue was $154.7 million during the quarter.
Finally, note that foreign exchange gains in revenues and profits have
been substantial for all three companies in 2003, due to the decline
of the dollar.
Now, on to data from the company's financial reports:
E-BAY
======
eBay has operations in 17 countries (including most of Europe) outside
the U.S. and minority interests in operations in another 9 countries.
eBay's investor relations site is different from its trading site and
you'll want the Q4, 2003 earnings release and the 2002 annual report.
Unfortunately, while eBay breaks out transactions and advertising for
international, they don't provide any earnings information. They do
indicate that the most-rapid growth in 2002 was in the U.K., France
and Germany -- and that they expect the trend to continue:
eBay
Investor Relations
http://investor.ebay.com/
Here are the eBay consolidated revenue numbers:
eBAY REVENUES
2001 $748.8 million
2002 $1,214 million
2003 $2,165 million
eBay International Revenues
2001 $114.2 million (15.3%)
2002 $316.4 million (26.1%)
2003 $664.7 million (30.7%)
4th Quarter, 2003 Earnings (Jan. 21, 2004)
http://investor.ebay.com/earnings.cfm
2002 Annual Report/Form 10-K
http://investor.ebay.com/annual.cfm
YAHOO!
=======
Yahoo!'s international revenues and investments are very complex, due
to joint ventures and Yahoo! Japan being an independent,
publicly-traded company. You'll want to see page 8 of the Form
10-K/Annual Report for a definition of geographic presence:
Yahoo!
2002 Annual Report/Form 10-K
http://yhoo.client.shareholder.com/EdgarDetail.cfm?CompanyID=YHOO&CIK=1011006&FID=1047469-03-9670&SID=03-00
Note too, that Yahoo! international earnings are for earnings before
interest/taxes/depreciation/amortization (EBITDA) and include over two
dozen international entities (losses in parentheses):
TOTAL REVENUES
2001 $717.4 million
2002 $953.1 million
2003 $1,625.1 million
OPERATING PROFIT (EBITDA)
2001 ($18.6 million)
2002 $205.0 million
2003 $455.4 million
International Revenues
2001 $123.1 million (17.2%)
2002 $146.6 million (15.4%)
2003 $269.9 million (16.6%)
International Profit (EBITDA)
2001 ($35.2 million)
2002 ($6.7 million)
2003 $34.1 million (7.5%)
Yahoo!
Q4 2003 and Year-end
http://yhoo.client.shareholder.com/earnings.cfm
Yahoo!
2002 Form 10-K (Year-end Dec. 31, 2002)
http://yhoo.client.shareholder.com/EdgarDetail.cfm?CompanyID=YHOO&CIK=1011006&FID=1047469-03-9670&SID=03-00
AMAZON.COM
=============
Amazon.com reports in more detail than most companies but rolls its
Japanese operations in with its European operations (.uk, .de, .fr).
Note that Canada is part of North American operations. For the 3
years concerned, results were (losses in parentheses):
TOTAL REVENUES
2001 $3.122 billion
2002 $3.933 billion
2003 $5.264 billion
OPERATING EARNINGS
2001 $798.6 million
2002 $992.6 million
2003 $1.257 billion
NET EARNINGS
2001 ($412 million)
2002 $64.1 million
2003 $270.6 million
International Revenues
2001 $661 million (21.1%)
2002 $1.17 billion (29.8%)
2003 $2.0 billion (38.0%)
International Operating Profit
2001 $141 million (17.7%)
2002 $249 million (25.1%)
2003 $390.5 million (31.1%)
International Net Profit
2001 Not Available (NA)
2002 NA
2003 $78.2 million (28.9%)
Amazon.com
4th Quarter 2003 Earnings Release (Jan. 27, 2004)
http://phx.corporate-ir.net/phoenix.zhtml?c=97664&p=IROL-NewsText&t=Regular&id=488636&
Amazon.com
2002 Annual Report (Year-end Dec. 31, 2002)
http://media.corporate-ir.net/media_files/irol/97/97664/reports/2002_Annual_Report_FINAL.pdf
Google search strategy:
* Investor relations pages of each of the companies to obtain annual
report or most-recent quarterly earnings reports
And to answer your other questions:
? researchers have made Google editors aware that the pages are acting
flakey on Wednesday and Thursday. Normally Google Answers is as fast
and responsive as the Google home page (and I've been doing this for
almost 2 years, so I have a little experience).
? Yes I cheated and noticed the weblog before reading your question.
? The Google Answers home page has a search facility that allows you
to search ONLY Google Answers. For example, if you try with my screen
name and the word "university" you'll probably be able to find where I
attended school. But it's really much more interesting if you want to
see what's been written about someone like "Fischer Black" or "Elvis
Presley".
? Finally, though I knew that you wanted to see what results you'd
obtain using GA, this search has been conducted just like I've done
for many others -- and I do a lot of financial questions.
Best regards,
Omnivorous-GA |
,
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