Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
COMMON STOCK
PayPal common stock is quoted on the NASDAQ Global Select Market under the ticker symbol “PYPL.”
As of January 29, 2021, there were 3,926 holders of record of our common stock. The actual number of stockholders is significantly greater than this number of record holders, and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees.
DIVIDEND POLICY
We have never paid any cash dividends and we currently do not anticipate paying any cash dividends in the foreseeable future.
STOCK REPURCHASE ACTIVITY
In July 2018, our Board of Directors authorized a stock repurchase program that provides for the repurchase of up to $10 billion of our common stock, with no expiration from the date of authorization. Our stock repurchase program is intended to offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, may also be used to make opportunistic repurchases of our common stock to reduce outstanding share count. Any share repurchases under our stock repurchase program may be made through open market transactions, block trades, privately negotiated transactions including accelerated share repurchase agreements or other means at times and in such amounts as management deems appropriate, and will be funded from our working capital or other financing alternatives. Moreover, any stock repurchases are subject to market conditions and other uncertainties and we cannot predict if or when any stock repurchases will be made. We may terminate our stock repurchase program at any time without prior notice.
The stock repurchase activity under our stock repurchase program during the three months ended December 31, 2020 is summarized as follows:
Total number of shares purchased Average price
paid per share (1)
Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under the plans or programs
(In millions, except per share amounts)
Balance as of September 30, 2020 $ 8,698
October 1, 2020 through October 31, 2020 0.6 $ 198.39 0.6 8,586
November 1, 2020 through November 30, 2020 0.5 $ 188.64 0.5 8,488
December 1, 2020 through December 31, 2020 0.2 $ 224.55 0.2 8,433
Balance as of December 31, 2020 1.3 1.3 $ 8,433
(1) Average price paid per share for open market purchases includes broker commissions.
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ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data reflect the consolidated operations of PayPal. PayPal derived the selected consolidated income statement data for the years ended December 31, 2020, 2019, and 2018 and the selected consolidated balance sheet data as of December 31, 2020 and 2019 as set forth below, from its audited consolidated financial statements, which are included in “Item 15. Exhibits, Financial Statement Schedules” of this Annual Report on Form 10-K (“Form 10-K”). PayPal derived the selected consolidated income statement data for the years ended December 31, 2017 and 2016 and selected consolidated balance sheet data as of December 31, 2018, 2017, and 2016 from audited consolidated financial statements not included in this Form 10-K. The historical results do not necessarily indicate the results expected for any future period. You should read the selected consolidated financial data presented below in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and accompanying notes included in this report.
Year Ended December 31,
2020 2019 2018 2017 2016
(In millions, except per share amounts)
Consolidated Statement of Income Data:
Net revenues $ 21,454 $ 17,772 $ 15,451 $ 13,094 $ 10,842
Operating income 3,289 2,719 2,194 2,127 1,586
Net income 4,202 2,459 2,057 1,795 1,401
Net income per share:
Basic $ 3.58 $ 2.09 $ 1.74 $ 1.49 $ 1.16
Diluted $ 3.54 $ 2.07 $ 1.71 $ 1.47 $ 1.15
Weighted average shares:
Basic 1,173 1,174 1,184 1,203 1,210
Diluted 1,187 1,188 1,203 1,221 1,218
Consolidated Balance Sheet Data:
Total assets $ 70,379 $ 51,333 $ 43,332 $ 40,774 $ 33,103
Total long-term liabilities 11,869 7,485 2,042 1,917 1,513
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