TripAdvisor 2011 Annual Report Download - page 43

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Table of Contents
Results of Operations
Selected Financial Data
(in thousands, except per share data)
39
Year ended December 31,
% Change
2011
2010
2009
2011 vs. 2010
2010 vs. 2009
Revenue
$
426,045
$
313,525
$
212,375
36
%
48
%
Related
-
party revenue from Expedia
211,018
171,110
139,714
23
%
22
%
Total revenue
637,063
484,635
352,089
31
%
38
%
Costs and expenses:
Cost of revenue (exclusive of amortization) (1)
10,873
7,345
4,569
48
%
61
%
Selling and marketing(2)
209,176
140,470
105,679
49
%
33
%
Technology and content(2)
57,448
43,321
29,331
33
%
48
%
General and administrative(2)
44,770
31,819
14,286
41
%
123
%
Related
-
party shared services fee
9,222
7,900
6,910
17
%
14
%
Depreciation
18,362
12,871
9,330
43
%
38
%
Amortization of intangible assets
7,523
14,609
13,806
(49
%)
6
%
Spin
-
Off costs
6,932
—
—
100
%
—
Total costs and expenses
364,306
258,335
183,911
41
%
40
%
Operating income
272,757
226,300
168,178
21
%
35
%
Other income (expense):
Related
-
party interest income (expense), net
544
(241
)
(978
)
326
%
75
%
Other interest expense, net
(153
)
—
—
100
%
—
Other, net
(1,254
)
(1,644
)
(660
)
24
%
(149
%)
Total other expense, net
(863
)
(1,885
)
(1,638
)
54
%
(15
%)
Income before income taxes
271,894
224,415
166,540
21
%
35
%
Provision for income taxes
(94,103
)
(85,461
)
(64,325
)
10
%
33
%
Net income
177,791
138,954
102,215
28
%
36
%
Net (income) loss attributable to noncontrolling interest
(114
)
(178
)
212
(36
%)
184
%
Net income attributable to TripAdvisor, Inc.
$
177,677
$
138,776
$
102,427
28
%
35
%
Earnings Per Share attributable to TripAdvisor, Inc
:
Basic
$
1.33
$
1.04
$
0.77
28
%
35
%
Diluted
$
1.32
$
1.04
$
0.77
27
%
35
%
Weighted Average Common Shares Outstanding:
Basic
133,461
133,461
133,461
—
—
Diluted
134,865
133,461
133,461
1
%
—
Other Financial Data:
Adjusted EBITDA (3)
$
322,918
$
260,963
$
197,219
24
%
32
%
(1) Excludes amortization as follows:
Amortization of acquired technology included in
amortization of intangibles
$
578
$
1,080
$
4,356
Amortization of website development costs included in
depreciation
12,438
8,104
5,992
$
13,016
$
9,184
$
10,348
(2) Includes stock
-
based compensation as follows:
Selling and marketing
$
3,216
$
2,101
$
1,885
Technology and content
3,931
2,661
2,276
General and administrative
10,197
2,421
1,744
(3) See “Adjusted EBITDA” below for more information and for a reconciliation of Adjusted EBITDA to operating income, the most directly
comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP.