Priceline 2010 Annual Report Download - page 154
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80
priceline.com Incorporated
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Year Ended December 31,
2010 2009 2008
Merchant revenues ........................................................................................... $ 1,691,640 $ 1,447,576 $ 1,218,162
Agency revenues .............................................................................................. 1,380,603 868,395 648,792
Other revenues ................................................................................................. 12,662 22,241 17,852
Total revenues .............................................................................................. 3,084,905 2,338,212 1,884,806
Cost of revenues .............................................................................................. 1,175,934 1,077,449 928,835
Gross profit ...................................................................................................... 1,908,971 1,260,763 955,971
Operating expenses:
Advertising – Offline ................................................................................... 35,714 36,270 38,032
Advertising – Online .................................................................................... 552,140 365,381 270,713
Sales and marketing ..................................................................................... 116,303 81,238 77,948
Personnel, including stock-based compensation of $68,200, $40,671 and
$40,522, respectively ............................................................................... 270,071 180,152 163,785
General and administrative .......................................................................... 81,185 68,555 55,267
Information technology ................................................................................ 20,998 19,139 17,956
Depreciation and amortization ..................................................................... 45,763 39,193 42,796
Total operating expenses .............................................................................. 1,122,174 789,928 666,497
Operating income ............................................................................................. 786,797 470,835 289,474
Other income (expense):
Interest income ............................................................................................. 3,857 2,223 11,660
Interest expense ........................................................................................... (29,944) (24,084) (34,853)
Foreign currency transactions and other ...................................................... (14,427) (6,672) 9,824
Total other income (expense) ....................................................................... (40,514) (28,533) (13,369)
Earnings before income taxes and equity in income (loss) of investees ......... 746,283 442,302 276,105
Income tax (expense) benefit ........................................................................... (218,141) 47,168 (90,171)
Equity in income (loss) of investees ............................................................... - 2 (310)
Net income ....................................................................................................... 528,142 489,472 185,624
Less: net income attributable to noncontrolling interests ................................. 601 - 3,378
Net income applicable to common stockholders of priceline.com, Inc. ........... $ 527,541 $ 489,472 $ 182,246
Net income applicable to common stockholders per basic common share ...... $ 11.00 $ 11.54 $ 4.64
Weighted average number of basic common shares outstanding ..................... 47,955 42,406 39,299
Net income applicable to common stockholders per diluted common share .... $ 10.35 $ 9.88 $ 3.74
Weighted average number of diluted common shares outstanding .................. 50,988 49,522 48,671
See Notes to Consolidated Financial Statements.