Orbitz 2011 Annual Report Download - page 34

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Item 6. Selected Financial Data
The selected financial data presented in the table below is derived from our audited consolidated financial statements.
This data is not necessarily indicative of future results and should be read in conjunction with Item 7, “Management's
Discussion and Analysis of Financial Condition and Results of Operations,” and our consolidated financial statements and
notes thereto included in Item 8, “Financial Statements and Supplementary Data,” of this Annual Report on Form 10-K.
Years Ended December 31,
2011 2010 2009 2008 2007
(in millions, except share and per share data)
Statements of Operations Data:
Net revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 767 $ 757 $ 738 $ 870 $ 859
Cost and expenses:
Cost of revenue (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 139 138 128 152 154
Selling, general and administrative . . . . . . . . . . . . . 271 244 257 272 301
Marketing (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242 233 225 321 305
Depreciation and amortization . . . . . . . . . . . . . . . . . 60 73 69 66 57
Impairment of goodwill and intangible assets . . . . . 50 70 332 297 —
Impairment of property and equipment and
other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 11———
Total operating expenses. . . . . . . . . . . . . . . . . . . . . . . 762 769 1,011 1,108 817
Operating income/(loss) . . . . . . . . . . . . . . . . . . . . . . 5 (12)(273)(238)42
Other income/(expense):
Net interest expense . . . . . . . . . . . . . . . . . . . . . . . . . (41)(44)(57)(63)(83)
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 — 2 — —
Total other expense. . . . . . . . . . . . . . . . . . . . . . . . . . . (40)(44)(55)(63)(83)
Loss before income taxes . . . . . . . . . . . . . . . . . . . . . (35)(56)(328)(301)(41)
Provision/(benefit) for income taxes . . . . . . . . . . . . . 2 2 9 (2)43
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37)(58)(337)(299)(84)
Less: Net income attributable to noncontrolling
interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — ——— (1)
Net loss attributable to Orbitz Worldwide, Inc.
. . . $(37)$ (58)$ (337)$ (299)$ (85)
Net loss per share (b),(c). . . . . . . . . . . . . . . . . . . . . . . $ (0.36)$ (0.58)$ (4.01)$ (3.58)$ (0.51)
Weighted-average shares outstanding. . . . . . . . . . . . . 104,118,983 101,269,274 84,073,593 83,342,333 81,600,478
Cash dividends declared per common share. . . . . . . . $ — $ — $ — $ — $ —
December 31,
2011 2010 2009 2008 2007
(in millions)
Balance Sheet Data:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . $ 136 $ 97 $ 89 $ 31 $ 25
Working capital (deficit) (d). . . . . . . . . . . . . . . . . . . . (233)(234)(250)(258)(301)
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,146 1,217 1,294 1,590 1,925
Total long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . 440 472 598 608 594
Total shareholders’ equity. . . . . . . . . . . . . . . . . . . . . . 161 190 130 438 738
(a) During the first quarter of 2011, we changed the classification of expenses for commissions paid to private label partners
(“affiliate commissions”) from cost of revenue to marketing expense in our consolidated statements of operations.
Affiliate commissions were reclassified from cost of revenue to marketing expense for the years ended December 31,
2010, 2009, 2008 and 2007 in the amount of $16 million, $10 million, $11 million and $3 million, respectively.
(b) Net loss per share may not recalculate due to rounding.
(c) Net loss per share for the year ended December 31, 2007 is for the period of July 20, 2007 to December 31, 2007, which
is when our common stock was available for trading on the NYSE.
(d) Defined as current assets less current liabilities.