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EXPEDIA, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND COMPREHENSIVE INCOME
Invested
Equity Shares Amount Shares Amount
Additional
Paid-in
Capital Shares Amount
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss) Total
Common Stock
Class B
Common Stock Treasury Stock
(In thousands, except share data)
Balance as of December 31, 2004 . . ............................ $8,118,961 — $ — — $— $ — — $ — $ — $ 33,668 $ 8,152,629
Comprehensive income:
Net income prior to Spin-Off . . . ............................ 163,752 163,752
Net income after Spin-Off ................................. 64,978 64,978
Net loss on derivative contracts . . ............................ (1,619) (1,619)
Reversal of unrealized gains on available for sale security upon business
acquisition . . . ...................................... (27,182) (27,182)
Currency translation adjustment . . ............................ (6,465) (6,465)
Total comprehensive income ................................. 193,464
Distribution to IAC/InterActiveCorp, net upon Spin-Off . . . .............. (2,496,569) (2,496,569)
Capitalization at Spin-Off . . ................................. (5,786,144) 5,786,144 —
Issuance of preferred stock, common stock and Class B common stock at Spin-
Off............................................... 315,140,609 315 25,599,998 26 (341) —
Initial recognition of derivative liability at Spin-Off. ................... (101,600) (101,600)
Settlement of derivative liability . .............................. 1,800 1,800
Proceeds from exercise of equity instruments ....................... 8,043,968 8 29,052 29,060
Withholding taxes for stock option exercises ........................ (61,536) 1,167,800 (25,020) (86,556)
Treasury stock activity related to vesting of equity instruments ............. 37,291 (444) (444)
Stock-based compensation expense post Spin-Off . . ................... 41,979 41,979
Balance as of December 31, 2005 . . ............................ —323,184,577 323 25,599,998 26 5,695,498 1,205,091 (25,464) 64,978 (1,598) 5,733,763
Comprehensive income:
Net income .......................................... 244,934 244,934
Net loss on derivative contracts . . ............................ (1,119) (1,119)
Currency translation adjustment . . ............................ 14,696 14,696
Total comprehensive income ................................. 258,511
Settlement of derivative liability . .............................. 80,832 80,832
Proceeds from exercise of equity instruments ....................... 4,881,699 5 34,283 34,288
Spin-Off related tax adjustments . . . ............................ 19,139 19,139
Tax deficiencies on equity awards . . ............................ (10,296) (10,296)
Capital contribution from sale of business . ........................ 2,524 2,524
Treasury stock activity related to vesting of equity instruments ............. 960,137 (7,292) (7,292)
Common stock repurchases . ................................. 20,000,000 (288,399) (288,399)
Modification of cash-based equity awards . ........................ 2,930 2,930
Stock-based compensation expense . ............................ 78,290 78,290
Balance as of December 31, 2006 . . ............................ —328,066,276 328 25,599,998 26 5,903,200 22,165,228 (321,155) 309,912 11,979 5,904,290
Comprehensive income:
Net income .......................................... 295,864 295,864
Net loss on derivative contracts . . ............................ 3,018 3,018
Currency translation adjustment . . ............................ 16,768 16,768
Total comprehensive income ................................. 315,650
Cumulative effect of adoption of FIN 48 . . ........................ (3,572) (3,572)
Settlement of derivative liability . .............................. 6,579 6,579
Proceeds from exercise of equity instruments ....................... 8,990,484 9 54,843 54,852
Withholding taxes for stock option exercises ........................ (121,208) (121,208)
Tax deficiencies on equity awards . . ............................ (459) (459)
Treasury stock activity related to vesting of equity instruments ............. 402,427 (9,389) (9,389)
Common stock repurchases . ................................. 55,000,003 (1,388,289) (1,388,289)
Stock-based compensation expense . ............................ 60,333 60,333
Other . . ............................................. (706) (706)
Balance as of December 31, 2007 . . ............................ $ —337,056,760 $337 25,599,998 $26 $5,902,582 77,567,658 $(1,718,833) $602,204 $ 31,765 $ 4,818,081
We have 751 and 846 shares of preferred stock outstanding as of December 31, 2007 and 2006.
See notes to consolidated financial statements.
F-5