Expedia 2013 Annual Report Download - page 70

During 2012, 2010, and 2006, our Board of Directors, or the Executive Committee, acting on behalf of the
Board of Directors, authorized a repurchase of up to 20 million outstanding shares of our common stock during
each of the respective years for a total of 60 million shares. Shares repurchased under the authorized programs
were as follows:
Year ended December 31,
2013 2012 2011(1)
Number of shares repurchased 9.3 million 10.7 million 10.6 million
Average price per share $ 55.59 $ 37.15 $ 26.60
Total cost of repurchases (in millions)(2) $ 515 $ 397 $ 283
(1) On a reverse split adjusted basis the number of shares repurchased was 5.3 million for $53.20 per share.
(2) Amount excludes transaction costs.
As of December 31, 2013, 8.8 million shares remain authorized for repurchase under the 2012 authorization
with no fixed termination date for the repurchases. Subsequent to the end of the year, we repurchased an
additional 0.7 million shares for a total cost of $46 million, excluding transaction costs, representing an average
purchase price of $66.68 per share.
Our common stock dividend was $0.56 per share for 2013, $0.96 per share for 2012, and $0.56 per share for
2011, which has been adjusted for the one-for-two reverse stock split on December 20, 2011. See
Note 13 — Stockholders Equity in the notes to consolidated financial statements for a detail of the quarterly
dividend payments by year. In addition, on February 5, 2014, the Executive Committee, acting on behalf of the
Board of Directors, declared a quarterly cash dividend of $0.15 per share of outstanding common stock payable
on March 27, 2014 to the stockholders of record as of the close of business on March 10, 2014. Future
declarations of dividends are subject to final determination by our Board of Directors.
During 2012, we issued 8.0 million shares of Expedia, Inc. common stock as a result of the exercise of
32 million privately held warrants at a weighted average exercise price of $23.91 for total proceeds to the
Company of approximately $191 million. As of December 31, 2013, we did not have any warrants outstanding.
The effect of foreign exchange on our cash balances denominated in foreign currency in 2013 showed a net
change of $46 million reflecting lower foreign-denominated cash balances in the current year and depreciation in
most currencies. The effect of foreign exchange on our cash balances denominated in foreign currency in 2012
showed a net change of $33 million reflecting higher foreign-denominated cash balances in the current year and
appreciation in currencies.
In our opinion, available cash, funds from operations and available borrowings will provide sufficient
capital resources to meet our foreseeable liquidity needs. There can be no assurance, however, that the cost of
availability of future borrowings, including refinancing, if any, will be available on terms acceptable to us.
Contractual Obligations and Commercial Commitments
The following table presents our material contractual obligations and commercial commitments as of
December 31, 2013:
By Period
Total
Less than
1 year 1 to 3 years 3 to 5 years
More than
5 years
(In millions)
Long-term debt(1) $1,749 $ 82 $164 $664 $839
Operating leases(2) 260 58 94 71 37
Purchase obligations(3) 103 91 12 — —
Guarantees(4) 129 117 12 — —
Letters of credit(4) 26 24 — 2 —
Total(5) $2,267 $372 $282 $737 $876
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