Expedia 2015 Annual Report Download - page 47

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Declaration and payment of future dividends, if any, is at the discretion of the Board of Directors and will
depend on, among other things, our results of operations, cash requirements and surplus, financial condition,
share dilution management, legal risks, tax policies, capital requirements relating to research and development,
investments and acquisitions, challenges to our business model and other factors that the Board of Directors may
deem relevant. In addition, our credit agreement limits our ability to pay cash dividends under certain
circumstances.
Unregistered Sales of Equity Securities
During the quarter ended December 31, 2015, we did not issue or sell any shares of our common stock or
other equity securities pursuant to unregistered transactions in reliance upon an exemption from the registration
requirements of the Securities Act of 1933, as amended.
Issuer Purchases of Equity Securities
We did not make any purchases of our outstanding common stock during the quarter ended December 31,
2015. In 2012, 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. In February 2015, the Executive Committee, acting on
behalf of the Board of Directors, authorized an additional repurchase of up to 10 million outstanding shares of
our common stock. As of December 31, 2015, 11.2 million shares remain authorized for repurchase under the
2012 and 2015 authorizations. There is no fixed termination date for the repurchases.
Performance Comparison Graph
The graph shows a five-year comparison of cumulative total return, calculated on a dividend reinvested
basis, for Expedia common stock, the NASDAQ Composite Index, the RDG (Research Data Group) Internet
Composite Index and the S&P 500. The graph assumes an investment of $100 in each of the above on
December 31, 2010. The stock price performance shown in the graph is not necessarily indicative of future price
performance.
$0
$100
$200
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$500
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$600
12/10 3/11 6/11 9/11 12/11 3/12 6/12 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among Expedia, Inc., the NASDAQ Composite Index,
the S&P 500 Index and the RDG Internet Composite Index
Expedia, Inc. NASDAQ Composite S&P 500 RDG Internet Composite
43