TripAdvisor 2013 Annual Report Download - page 53

Results of Operations
Selected Financial Data
(in thousands, except per share data)
Year ended December 31, % Change
2013 2012 2011 2013 vs. 2012 2012 vs. 2011
Revenue ......................................... $727,236 $559,215 $426,045 30% 31%
Revenue from Expedia ............................. 217,425 203,751 211,018 7% (3)%
Total revenue ..................................... 944,661 762,966 637,063 24% 20%
Costs and expenses:
Cost of revenue (exclusive of amortization) (1) ...... 17,714 12,074 10,873 47% 11%
Selling and marketing (2) ....................... 368,353 266,239 209,176 38% 27%
Technology and content (2) ..................... 130,673 86,640 57,448 51% 51%
General and administrative (2) ................... 98,121 75,641 44,770 30% 69%
Depreciation ................................. 29,495 19,966 18,362 48% 9%
Amortization of intangible assets ................. 5,731 6,110 7,523 (6)% (19)%
Shared services fee with Expedia ................. — — 9,222 — % (100)%
Spin-off costs ................................. — — 6,932 — % (100)%
Total costs and expenses ............................ 650,087 466,670 364,306 39% 28%
Operating income ................................. 294,574 296,296 272,757 (1)% 9%
Other income (expense):
Interest income ............................... 1,738 510 808 241% (37)%
Interest expense ............................... (10,074) (11,381) (417) (11)% 2,629%
Other, net .................................... (1,536) (3,450) (1,254) (55)% 175%
Total other expense, net ............................ (9,872) (14,321) (863) (31)% 1,559%
Income before income taxes ......................... 284,702 281,975 271,894 1% 4%
Provision for income taxes .......................... (79,259) (87,387) (94,103) (9)% (7)%
Net income ....................................... 205,443 194,588 177,791 6% 9%
Net (income) loss attributable to noncontrolling interest . . . — (519) (114) (100)% 355%
Net income attributable to TripAdvisor, Inc. ............ $205,443 $194,069 $177,677 6% 9%
Earnings per share attributable to TripAdvisor, Inc :
Basic ....................................... $ 1.44 $ 1.39 $ 1.33 4% 5%
Diluted ...................................... $ 1.41 $ 1.37 $ 1.32 3% 4%
Weighted average common shares outstanding:
Basic ....................................... 142,854 139,462 133,461 2% 4%
Diluted ...................................... 145,263 141,341 134,865 3% 5%
Other financial data:
Adjusted EBITDA (3) .............................. $378,753 $352,474 $322,918 7% 9%
(1) Excludes amortization as follows:
Amortization of acquired technology included in
amortization of intangibles .................... $ 949$ 708$ 578
Amortization of website development costs included
in depreciation .............................. 19,602 12,816 12,438
$ 20,551 $ 13,524 $ 13,016
(2) Includes stock-based compensation as follows:
Selling and marketing .......................... $ 10,643 $ 4,622 $ 3,216
Technology and content ........................ 21,053 11,400 3,931
General and administrative ...................... 17,257 14,080 10,197
(3) See “Adjusted EBITDA” discussion below for more information and for a reconciliation of Adjusted
EBITDA to net income, the most directly comparable financial measure calculated and presented in
accordance with GAAP.
43