Groupon 2011 Annual Report Download - page 46

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Results of Operations
Comparison of the Years Ended December 31, 2009, 2010 and 2011:
Operating Expenses
Operating expenses with and without stock-based compensation are follows (in thousands):
44
Year Ended December 31,
2009
2010
2011
(in thousands)
Revenue (gross billings of $34,082, $745,348 and $3,985,501 respectively)
14,540
$
312,941
$
1,610,430
Costs and expenses:
Cost of revenue
4,716
42,896
258,879
Marketing
5,053
290,569
768,472
Selling, general and administrative
5,848
196,637
821,002
Acquisition-related
—
203,183
(4,537
)
Total operating expenses
15,617
733,285
1,843,816
Loss from operations
(1,077
)
(420,344
)
(233,386
)
Interest and other (expense) income, net
(16
)
284
5,973
Equity-method investment activity, net of tax
—
—
(
26,652
)
Loss before provision for income taxes
(1,093
)
(420,060
)
(254,065
)
Provision (benefit) for income taxes
248
(6,674
)
43,697
Net loss
(1,341
)
(413,386
)
(297,762
)
Less: Net loss attributable to noncontrolling interests
—
23,746
18,335
Net loss attributable to Groupon, Inc.
(1,341
)
(389,640
)
(279,427
)
Dividends on preferred shares
(5,575
)
(1,362
)
—
Redemption of preferred stock in excess of carrying value
—
(
52,893
)
(34,327
)
Adjustment of redeemable noncontrolling interests to redemption value
—
(
12,425
)
(59,740
)
Net loss attributable to common stockholders
(6,916
)
$
(456,320
)
$
(373,494
)
Year Ended December 31,
2009
2010
2011
As reported
Stock-based
compensation
Net
As reported
Stock-based
compensation
Net
As reported
Stock-based
compensation
(in thousands)
Cost of revenue
$
4,716
—
$
4,716
$
42,896
$
(157
)
$
42,739
258,879
(1,130
)
Marketing
5,053
—
5,053
290,569
(129
)
290,440
768,472
(2,531
)
Selling, general and
administrative
5,848
(115
)
5,733
196,637
(35,882
)
160,755
821,002
(89,929
)
Acquisition-related —
—
—
203,183
—
203,183
(4,537
)
—
Total operating
expenses
$
15,617
$
(115
)
$
15,502
$
733,285
$
(36,168
)
$
697,117
1,843,816
(93,590
)