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Table of Contents
IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
56
Years Ended December 31,
2009
2008
2007
(In thousands, except per share data)
Revenue
$
1,375,788
1,445,095
$
1,332,582
Costs and expenses:
Cost of revenue (exclusive of depreciation shown
separately below)
449,790
477,390
521,744
Selling and marketing expense
474,639
459,021
405,891
General and administrative expense
289,462
352,538
276,942
Product development expense
64,307
71,536
61,245
Depreciation
64,633
71,051
59,861
Amortization of non
-
cash marketing
15,868
20,002
49,670
Amortization of intangibles
157,671
43,918
35,733
Goodwill impairment
917,924
11,600
—
Total costs and expenses
2,434,294
1,507,056
1,411,086
Operating loss
(1,058,506
)
(61,961
)
(78,504
)
Other income (expense):
Interest income
10,218
24,759
58,931
Interest expense
(5,823
)
(32,364
)
(59,054
)
Equity in (losses) income of unconsolidated affiliates
(14,014
)
16,640
22,352
Gain on sale of long
-
term investments
28,835
381,099
16,669
Other income (expense)
71,759
(234,690
)
35,516
Total other income, net
90,975
155,444
74,414
(Loss) earnings from continuing operations before
income taxes
(967,531
)
93,483
(4,090
)
Income tax (provision) benefit
(1,485
)
37,697
(2,321
)
(Loss) earnings from continuing operations
(969,016
)
131,180
(6,411
)
Gain on sale of discontinued operations, net of tax
—
23,314
33,524
Loss from discontinued operations, net of tax
(10,896
)
(316,544
)
(173,196
)
Net loss
(979,912
)
(162,050
)
(146,083
)
Net loss attributable to noncontrolling interests
1,090
5,849
2,014
Net loss attributable to IAC shareholders
$
(978,822
)
(156,201
)
$
(144,069
)
Per share information attributable to IAC
shareholders:
Basic (loss) earnings per share from continuing
operations
$
(6.98
)
0.98
$
(0.03
)
Diluted (loss) earnings per share from continuing
operations
$
(6.98
)
0.95
$
(0.03
)
Basic loss per share
$
(7.06
)
(1.12
)
$
(1.01
)
Diluted loss per share
$
(7.06
)
(1.08
)
$
(1.01
)
Non-cash compensation expense by function:
Cost of revenue
$
3,136
3,831
$
3,989
Selling and marketing expense
3,191
4,432
4,615
General and administrative expense
58,711
71,585
58,021
Product development expense
4,848
6,691
6,960
Total non
-
cash compensation expense
$
69,886
86,539
$
73,585