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IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Statement of operations for the year ended December 31, 2012:
87
IAC
Guarantor
Subsidiaries
Non-Guarantor
Subsidiaries
Total Eliminations
IAC Consolidated
(In thousands)
Revenue
$
—
$
1,959,488
$
847,798
$
(6,353
)
$
2,800,933
Costs and expenses:
Cost of revenue (exclusive of
depreciation shown separately below)
5,194
582,348
408,160
(4,905
)
990,797
Selling and marketing expense
4,081
663,268
228,661
(1,465
)
894,545
General and administrative expense
121,919
147,218
116,934
17
386,088
Product development expense
5,611
78,019
34,053
—
117,683
Depreciation
832
35,159
16,490
—
52,481
Amortization of intangibles
—
10,881
24,890
—
35,771
Total costs and expenses
137,637
1,516,893
829,188
(6,353
)
2,477,365
Operating (loss) income
(137,637
)
442,595
18,610
—
323,568
Equity in earnings (losses) of
unconsolidated affiliates
309,639
37,832
(22,548
)
(350,268
)
(25,345
)
Interest expense
(1,835
)
(4,174
)
(140
)
—
(
6,149
)
Other (expense) income, net
(82,900
)
(3,883
)
83,771
—
(
3,012
)
Earnings from continuing operations before
income taxes
87,267
472,370
79,693
(350,268
)
289,062
Income tax benefit (provision)
81,050
(148,161
)
(52,104
)
—
(
119,215
)
Earnings from continuing operations
168,317
324,209
27,589
(350,268
)
169,847
(Loss) earnings from discontinued
operations, net of tax
(9,051
)
—
842
(842
)
(9,051
)
Net earnings
159,266
324,209
28,431
(351,110
)
160,796
Net loss (earnings) attributable to
noncontrolling interests
—
206
(1,736
)
—
(
1,530
)
Net earnings attributable to IAC
shareholders
$
159,266
$
324,415
$
26,695
$
(351,110
)
$
159,266
Comprehensive income attributable to
IAC shareholders
$
139,540
$
325,188
$
26,818
$
(352,006
)
$
139,540