TripAdvisor 2014 Annual Report Download - page 39

Download and view the complete annual report

Please find page 39 of the 2014 TripAdvisor annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 172

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172

29
Item 6. Selected Financial Data
We have derived the following selected financial data presented below from our consolidated financial statements and related
notes. The information set forth below is not necessarily indicative of future results and should be read in conjunction with the
consolidated financial statements and related notes appearing in Item 8 “Financial Statements and Supplementary Data” and Item 7
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report on Form 10-K.
Historical results are not necessarily indicative of the results to be expected in any future period. The financial statements and related
financial information pertaining to the periods preceding December 21, 2011 have been presented on a combined basis and reflect the
results of TripAdvisor that were ultimately transferred to us as part of the Spin-Off.
Year Ended December 31,
2014 2013 2012 2011 2010
(in millions, except per share data)
Consolidated Statements of Operations Data:
Revenue (1) .................................................................................... $1,246 $ 945 $ 763 $ 637 $ 485
Operating income ........................................................................... 340 294 296 273 226
N
et Income ..................................................................................... 226 205 195 178 139
N
et income attributable to TripAdvisor, Inc. ................................. 226 205 194 178 139
Earnings per share attributable to TripAdvisor, Inc.
available to common stockholders:
Basic (2) .................................................................................... $1.58 $ 1.44 $ 1.39 $ 1.33 $ 1.04
Diluted (2) ................................................................................ 1.55 1.41 1.37 1.32 1.04
Shares used in computing net income per share:
Basic (2) .................................................................................... 143 143 139 133 133
Diluted (2) ................................................................................ 146 145 141 135 133
December 31,
2014 2013 2012 2011 2010
(in millions)
Consolidated Balance Sheet Data:
Cash and cash equivalents, short and long term
marketable securities (3) ............................................ $594 $ 670 $ 586 $ 184 $ 93
Working capital (3)(4) .................................................. 366 387 437 152 34
Total assets (3) .............................................................. 1,959 1,473 1,299 836 723
Long-term debt, less current portion (5) ....................... 260 300 340 380 —
Other long-term obligations under build to suit lease ... 67 8 — — —
Total stockholders’ equity and invested equity (6) ....... 1,125 865 727 294 540
Year Ended December 31,
2014 2013 2012 2011 2010
(in millions)
Other Financial Data:
Adjusted EBITDA (7) ................................................... $468 $ 379 $ 352 $ 323 $ 261
(1) We no longer consider Expedia a related party. Certain reclassifications have been made to conform the prior period to the
current presentation relating to Expedia transactions, which includes the reclassification of revenue from Expedia on our
consolidated financial statements to revenue. See “Note 2 —Significant Accounting Policies” in the notes to the consolidated
financial statements in Item 8 regarding our reclassifications.
(2) See “Note 2 —Significant Accounting Policies” in the notes to the consolidated financial statements in Item 8 regarding our
calculation of earnings per share numbers.
(3) Includes one-time exercise proceeds of $215 million related to stock warrant exercises for the year ended December 31, 2012.
See “Note 4— Stock Based Awards and Other Equity Instruments” in the notes to the consolidated financial statements in
Item 8 for additional information on our equity based instruments.
(4) Amount does not include available for sale long-term marketable securities of $31 million, $188 million, and $99 million, as of
December 31, 2014, 2013, and 2012, respectively.
(5) See “Note 8— Debt” in the notes to the consolidated financial statements for information regarding our long-term debt.
(6) See our consolidated statements of changes in stockholders’ equity and “Note 14— Stockholders’ Equity” in the notes to the
consolidated financial statements in Item 8 for additional information on changes to our stockholders’ equity and invested
capital.