ServiceMagic 2012 Annual Report Download - page 47

IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
43
Years Ended December 31,
2012
2011 2010
(In thousands, except per share data)
Revenue
$
2,800,933
$
2,059,444
$
1,636,815
Costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)
992,470
761,244
593,816
Selling and marketing expense
898,761
614,174
492,206
General and administrative expense
396,013
328,728
316,500
Product development expense
101,869
78,760
65,097
Depreciation
52,481
56,719
63,897
Amortization of intangibles
35,771
22,057
27,472
Goodwill impairment
—
—
28,032
Total costs and expenses
2,477,365
1,861,682
1,587,020
Operating income
323,568
197,762
49,795
Equity in losses of unconsolidated affiliates
(25,345
)
(36,300
)
(25,676
)
Other (expense) income, net
(9,161
)
10,060
(1,433
)
Earnings from continuing operations before income taxes
289,062
171,522
22,686
Income tax (provision) benefit
(119,215
)
4,047
(32,079
)
Earnings (loss) from continuing operations
169,847
175,569
(9,393
)
Gain on Liberty Exchange
—
—
140,768
Loss from discontinued operations, net of tax
(9,051
)
(3,992
)
(37,023
)
Net earnings
160,796
171,577
94,352
Net (earnings) loss attributable to noncontrolling interests
(1,530
)
2,656
5,007
Net earnings attributable to IAC shareholders
$
159,266
$
174,233
$
99,359
Per share information attributable to IAC shareholders:
Basic earnings (loss) per share from continuing operations
$
1.95
$
2.05
$
(0.04
)
Diluted earnings (loss) per share from continuing operations
$
1.81
$
1.89
$
(0.04
)
Basic earnings per share
$
1.85
$
2.01
$
0.93
Diluted earnings per share
$
1.71
$
1.85
$
0.93
Dividends declared per share
$
0.72
$
0.12
$
—
Non-cash compensation expense by function:
Cost of revenue
$
6,219
$
5,359
$
4,510
Selling and marketing expense
4,760
4,807
4,228
General and administrative expense
68,640
70,894
69,082
Product development expense
6,006
7,528
6,460
Total non-cash compensation expense
$
85,625
$
88,588
$
84,280