Priceline 2011 Annual Report Download - page 33

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32
Item 6. Selected Financial Data
SELECTED FINANCIAL DATA
The following selected consolidated financial data presented below are derived from the Consolidated Financial
Statements and related Notes of the Company, and should be read in connection with those statements, some of which are
included herein. Selected financial data reflects data related to rentalcars.com (formerly known as TravelJigsaw) and Agoda
from their respective acquisition dates of May 2010 and November 2007. The information set forth below is not necessarily
indicative of future results and should be read in conjunction with Item 7, "Management’s Discussion and Analysis of Financial
Condition and Results of Operations."
Total revenues
Cost of revenues
Gross profit
Total operating expenses(1)
Operating income(1)
Total other expense
Income tax (expense) benefit(2)
Equity in income (loss) income of investees
Net income(1)(2)
Net income attributable to noncontrolling
interests(3)
Net income applicable to common
stockholders (1)(2)
Net income applicable to common
stockholders per basic common share(1)(2)
Net income applicable to common
stockholders per diluted share(1)(2)
Total assets
Long-term obligations, redeemable
noncontrolling interests and redeemable
preferred stock(4)
Total liabilities
Total stockholders’ equity
Year Ended December 31,
2011 (In thousands, except per share amounts)
$ 4,355,610
1,275,730
3,079,880
1,680,958
1,398,922
31,128
(308,663)
—
1,059,131
2,760
1,056,371
21.27
20.63
3,970,671
788,218
1,191,971
2,574,295
2010
$ 3,084,905
1,175,934
1,908,971
1,122,174
786,797
40,514
(218,141)
—
528,142
601
527,541
11.00
10.35
2,905,953
621,624
1,046,828
1,813,336
2009
$ 2,338,212
1,077,449
1,260,763
789,928
470,835
28,533
47,168
2
489,472
—
489,472
11.54
9.88
1,834,224
263,708
476,610
1,321,629
2008
$ 1,884,806
928,835
955,971
666,497
289,474
13,369
(90,171)
(310)
185,624
3,378
182,246
4.64
3.74
1,312,421
459,928
538,520
698,826
2007
$ 1,409,409
769,997
639,412
501,477
137,935
16,074
23,537
(321)
145,077
4,679
138,843
3.69
3.05
1,334,017
724,144
672,492
453,625
_____________________________
(1) The Company recorded a $55.4 million expense related to a litigation settlement in 2007.
(2) The Company recorded non-cash income tax benefits for the year ended December 31, 2009, resulting from the
reversal of a portion of its valuation allowance on its deferred tax assets related to net operating loss carryforwards of
$183.3 million. The Company also recorded income tax benefits in the year ended December 31, 2007 amounting to
$47.9 million resulting from a reversal of a portion of the valuation allowance on its deferred tax assets related to
domestic net operating loss carryfowards generated from operating losses.
(3) In September 2008, the Company repurchased all of the remaining outstanding shares underlying noncontrolling
interests in Priceline.com International Limited. Redeemable noncontrolling interests beginning in 2010 relates to the
Company's purchase of rentalcars.com in May 2010. In April 2011, in connection with the exercise of certain call and
put options in March 2011, the redeemable noncontrolling interests in rentalcars.com were reduced from 24.4% to
19.0%.
(4) Includes convertible debt which is classified as a current liability.