Orbitz 2012 Annual Report Download - page 33

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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,
2012 2011 2010 2009 2008
(in millions, except share and per share data)
Statements of Operations Data:
Net revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 779 $ 767 $ 757 $ 738 $ 870
Cost and expenses:
Cost of revenue (a) . . . . . . . . . . . . . . . . . . . . . . . . . 148 139 138 128 152
Selling, general and administrative . . . . . . . . . . . . . 261 271 244 257 272
Marketing (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253 242 233 225 321
Depreciation and amortization . . . . . . . . . . . . . . . . 57 60 73 69 66
Impairment of goodwill and intangible assets. . . . . 321 50 70 332 297
Impairment of property and equipment and
other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 — 11 — —
Total operating expenses . . . . . . . . . . . . . . . . . . . . . . 1,041 762 769 1,011 1,108
Operating income/(loss). . . . . . . . . . . . . . . . . . . . . . (262) 5 (12)(273)(238)
Other income/(expense):
Net interest expense. . . . . . . . . . . . . . . . . . . . . . . . . (37)(41)(44)(57)(63)
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1 — 2 —
Total other expense . . . . . . . . . . . . . . . . . . . . . . . . . . (37)(40)(44)(55)(63)
Loss before income taxes. . . . . . . . . . . . . . . . . . . . . (299)(35)(56)(328)(301)
Provision/(benefit) for income taxes . . . . . . . . . . . . . 3 2 2 9 (2)
Net loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (302) $ (37) $ (58) $ (337) $ (299)
Net loss per share (b) . . . . . . . . . . . . . . . . . . . . . . . . . $ (2.86) $ (0.36) $ (0.58) $ (4.01) $ (3.58)
Weighted-average shares outstanding . . . . . . . . . . . . 105,582,736 104,118,983 101,269,274 84,073,593 83,342,333
Cash dividends declared per common share . . . . . . . $ — $ — $ — $ — $ —
December 31,
2012 2011 2010 2009 2008
(in millions)
Balance Sheet Data:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . $ 130 $ 136 $ 97 $ 89 $ 31
Working capital deficit (c). . . . . . . . . . . . . . . . . . . . . (248)(233)(234)(250)(258)
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 834 1,146 1,217 1,294 1,590
Total long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . 415 440 472 598 608
Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . . (143) 161 190 130 438
(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 and 2008 in the amount of $16 million, $10 million and $11 million, respectively.
(b) Net loss per share may not recalculate due to rounding.
(c) Defined as current assets less current liabilities.