Expedia 2014 Annual Report Download - page 85

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Consolidated Financial Statements
EXPEDIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Year ended December 31,
2014 2013 2012
(In thousands, except for per share data)
Revenue $5,763,485 $4,771,259 $4,030,347
Costs and expenses:
Cost of revenue(1) 1,179,081 1,038,034 898,604
Selling and marketing(1) 2,808,329 2,196,145 1,721,037
Technology and content(1) 686,154 577,820 484,898
General and administrative(1) 425,373 377,078 345,354
Amortization of intangible assets 79,615 71,731 31,705
Legal reserves, occupancy tax and other 41,539 77,919 117,025
Restructuring and related reorganization charges 25,630 — —
Acquisition-related and other(1) — 66,472 —
Operating income 517,764 366,060 431,724
Other income (expense):
Interest income 27,288 24,779 26,396
Interest expense (98,089) (87,358) (87,788)
Other, net 17,678 (2,788) (20,275)
Total other expense, net (53,123) (65,367) (81,667)
Income from continuing operations before income taxes 464,641 300,693 350,057
Provision for income taxes (91,691) (84,335) (47,078)
Income from continuing operations 372,950 216,358 302,979
Discontinued operations, net of taxes — — (22,539)
Net income 372,950 216,358 280,440
Net (income) loss attributable to noncontrolling interests 25,147 16,492 (269)
Net income attributable to Expedia, Inc. $ 398,097 $ 232,850 $ 280,171
Amounts attributable to Expedia, Inc.:
Income from continuing operations $ 398,097 $ 232,850 $ 302,710
Discontinued operations, net of taxes — — (22,539)
Net income $ 398,097 $ 232,850 $ 280,171
Earnings per share from continuing operations attributable to
Expedia, Inc. available to common stockholders:
Basic $ 3.09 $ 1.73 $ 2.26
Diluted 2.99 1.67 2.16
Earnings per share attributable to Expedia, Inc. available to
common stockholders:
Basic $ 3.09 $ 1.73 $ 2.09
Diluted 2.99 1.67 2.00
Shares used in computing earnings per share:
Basic 128,912 134,912 134,203
Diluted 133,168 139,593 139,929
Dividends declared per common share $ 0.66 $ 0.56 $ 0.96
(1) Includes stock-based compensation as follows:
Cost of revenue $ 3,921 $ 3,752 $ 3,296
Selling and marketing 18,067 16,190 13,474
Technology and content 22,100 20,465 16,073
General and administrative 40,923 33,123 31,753
Acquisition-related and other — 56,643 —
See notes to consolidated financial statements.
F-3