Expedia 2011 Annual Report Download - page 113

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Our Leisure segment provides a full range of travel and advertising services to our worldwide customers
through a variety of brands including: Expedia.com and Hotels.com in the United States and localized Expedia
and Hotels.com websites throughout the world, Expedia Affiliate Network, Hotwire.com, Venere, eLong and
Classic Vacations. Our Egencia segment provides managed travel services to corporate customers in North
America, Europe, and the Asia Pacific region.
Corporate also includes unallocated corporate functions and expenses. In addition, we record amortization
of intangible assets and any related impairment, as well as stock-based compensation expense, restructuring
charges, legal reserves, occupancy tax and other, and other items excluded from segment operating performance
in Corporate. Such amounts are detailed in our segment reconciliation below.
The following tables present our segment information for the years ended December 31, 2011, 2010 and
2009. As a significant portion of our property and equipment is not allocated to our operating segments and
depreciation is not included in our segment measure, we do not report the assets by segment as it would not be
meaningful. We do not regularly provide such information to our chief operating decision makers.
Year ended December 31, 2011
Leisure Egencia Corporate Total
(In thousands)
Revenue $3,269,721 $179,288 $ — $3,449,009
Adjusted EBITDA $ 849,071 $ 25,981 $(164,217) $ 710,835
Depreciation (47,456) (8,349) (77,204) (133,009)
Amortization of intangible assets — — (21,925) (21,925)
Stock-based compensation — — (63,847) (63,847)
Legal reserves, occupancy tax and other — — (20,855) (20,855)
Realized loss on revenue hedges 8,410 — — 8,410
Operating income (loss) $ 810,025 $ 17,632 $(348,048) 479,609
Other expense, net (77,537)
Income from continuing operations before
income taxes 402,072
Provision for income taxes (75,731)
Income from continuing operations 326,341
Discontinued operations, net of taxes 148,262
Net income 474,603
Net income attributable to noncontrolling
interests (2,309)
Net income attributable to Expedia, Inc. $ 472,294
F-38