TripAdvisor 2013 Annual Report Download - page 77
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TRIPADVISOR, INC.
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Year Ended December 31,
2013 2012 2011
Revenue ....................................................... $727,236 $559,215 $426,045
Revenue from Expedia ............................................ 217,425 203,751 211,018
Total revenue ................................................... 944,661 762,966 637,063
Costs and expenses:
Cost of revenue (exclusive of amortization) (1) .................... 17,714 12,074 10,873
Selling and marketing (2) ...................................... 368,353 266,239 209,176
Technology and content (2) .................................... 130,673 86,640 57,448
General and administrative (2) .................................. 98,121 75,641 44,770
Depreciation ................................................ 29,495 19,966 18,362
Amortization of intangible assets ................................ 5,731 6,110 7,523
Shared services fee with Expedia ................................ — — 9,222
Spin-off costs ............................................... — — 6,932
Total costs and expenses .......................................... 650,087 466,670 364,306
Operating income ................................................ 294,574 296,296 272,757
Other income (expense):
Interest income .............................................. 1,738 510 808
Interest expense ............................................. (10,074) (11,381) (417)
Other, net .................................................. (1,536) (3,450) (1,254)
Total other expense, net ........................................... (9,872) (14,321) (863)
Income before income taxes ........................................ 284,702 281,975 271,894
Provision for income taxes ......................................... (79,259) (87,387) (94,103)
Net income ..................................................... 205,443 194,588 177,791
Net (income) loss attributable to noncontrolling interest .................. — (519) (114)
Net income attributable to TripAdvisor, Inc. ........................... $205,443 $194,069 $177,677
Earnings Per Share attributable to TripAdvisor, Inc:
Basic ...................................................... $ 1.44 $ 1.39 $ 1.33
Diluted .................................................... $ 1.41 $ 1.37 $ 1.32
Weighted Average Common Shares Outstanding:
Basic ...................................................... 142,854 139,462 133,461
Diluted .................................................... 145,263 141,341 134,865
(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
The accompanying notes are an integral part of these consolidated and combined financial statements.
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