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See Notes to Consolidated Financial Statements
50
ORBITZ WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
Years Ended December 31,
2014 2013 2012
Net revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 932,007 $ 847,003 $ 778,796
Cost and expenses:
Cost of revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,774 154,403 147,840
Selling, general and administrative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,202 280,418 260,253
Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334,472 292,470 252,993
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,549 55,110 57,046
Impairment of goodwill and intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . — — 321,172
Impairment of property and equipment and other assets . . . . . . . . . . . . . . . . . . — 2,636 1,417
Total operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 849,997 785,037 1,040,721
Operating income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,010 61,966 (261,925)
Other expense:
Net interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35,212)(43,786)(36,599)
Other expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,237)(18,100)(41)
Total other expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37,449)(61,886)(36,640)
Income/(loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,561 80 (298,565)
Provision/(benefit) for income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,281 (165,005) 3,173
Net income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,280 $ 165,085 $ (301,738)
Net income/(loss) per share - basic:
Net income/(loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.16 $ 1.53 $ (2.86)
Weighted-average shares outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,537,992 107,952,327 105,582,736
Net income/(loss) per share - diluted:
Net income/(loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.15 $ 1.46 $ (2.86)
Weighted-average shares outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,344,440 113,072,679 105,582,736