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EXPEDIA, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND COMPREHENSIVE INCOME
Invested
Equity Shares Amount Shares Amount
Additional
Paid-in
Capital Shares Amount
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss) Total
Common Stock Issued
Class B
Common Stock Treasury Stock
(In thousands, except share data)
Balance as of December 31, 2003 . ....................... $7,558,328 — $ — — $— $ — — $ — $ — $ (4,027) $ 7,554,301
Comprehensive income:
Net income .................................... 163,473 163,473
Change in unrealized gains in available for sale securities ........ 28,079 28,079
Net gain on derivative contracts . ....................... 179 179
Currency translation adjustment . ....................... 9,437 9,437
Total comprehensive income ........................... 201,168
Net transfers from IAC/InterActiveCorp . . .................. 397,160 397,160
Balance as of December 31, 2004 . ....................... 8,118,961 33,668 8,152,629
Comprehensive income:
Net income prior to Spin-Off . . ....................... 163,752 163,752
Net income after Spin-Off ........................... 64,978 64,978
Net loss on derivative contracts . ....................... (1,619) (1,619)
Reversal of unrealized gains on available for sale security upon
business acquisition . . ........................... (27,182) (27,182)
Currency translation adjustment . ....................... (6,465) (6,465)
Total comprehensive income ........................... 193,464
Distribution to IAC/InterActiveCorp, net upon Spin-Off . . . ........ (2,496,569) (2,496,569)
Capitalization at Spin-Off . . ........................... (5,786,144) 5,786,144 —
Issuance of preferred stock, common stock and Class B common stock
at Spin-Off .................................... 315,140,609 315 25,599,998 26 (341) —
Initial recognition of derivative liability at Spin-Off ............. (101,600) (101,600)
Settlement of derivative liability . ........................ 1,800 1,800
Proceeds from exercise of equity instruments ................. 8,043,968 8 29,052 29,060
Withholding taxes for stock option exercises ................. (61,536) 1,167,800 (25,020) (86,556)
Treasury stock activity related to vesting of equity instruments. . . .... 37,291 (444) (444)
Stock-based compensation expense post Spin-Off . . ............. 41,979 41,979
Balance as of December 31, 2005 . ....................... — 323,184,577 323 25,599,998 26 5,695,498 1,205,091 (25,464) 64,978 (1,598) 5,733,763
Comprehensive income:
Net income .................................... 244,934 244,934
Net loss on derivative contracts . ....................... (1,119) (1,119)
Currency translation adjustment . ....................... 14,696 14,696
Total comprehensive income ........................... 258,511
Settlement of derivative liability . ........................ 80,832 80,832
Proceeds from exercise of equity instruments ................. 4,881,699 5 34,283 34,288
Spin-Off related tax adjustments . . ....................... 19,139 19,139
Tax deficiencies on equity awards . ....................... (10,296) (10,296)
Capital contribution from sale of business . .................. 2,524 2,524
Treasury stock activity related to vesting or cancellation of equity
instruments .................................... 960,137 (7,292) (7,292)
Common stock repurchases . ........................... 20,000,000 (288,399) (288,399)
Modification of cash-based equity awards . .................. 2,930 2,930
Stock-based compensation expense ....................... 78,290 78,290
Balance as of December 31, 2006 . ....................... $ — 328,066,276 $328 25,599,998 $26 $5,903,200 22,165,228 $(321,155) $309,912 $ 11,979 $ 5,904,290
We have 846 shares of preferred stock outstanding as of December 31, 2006 and 2005.
See notes to consolidated financial statements.
F-6