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IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Statement of operations for the year ended December 31, 2011:
88
IAC
Guarantor
Subsidiaries
Non-Guarantor
Subsidiaries
Total Eliminations
IAC Consolidated
(In thousands)
Revenue
$
413
$
1,539,282
$
522,496
$
(2,747
)
$
2,059,444
Costs and expenses:
Cost of revenue (exclusive of
depreciation shown separately below)
4,763
485,378
264,902
(1,154
)
753,889
Selling and marketing expense
4,385
496,652
117,776
(1,615
)
617,198
General and administrative expense
120,908
133,264
66,868
22
321,062
Product development expense
7,299
67,947
15,511
—
90,757
Depreciation
799
44,763
11,157
—
56,719
Amortization of intangibles
—
3,593
18,464
—
22,057
Total costs and expenses
138,154
1,231,597
494,678
(2,747
)
1,861,682
Operating (loss) income
(137,741
)
307,685
27,818
—
197,762
Equity in earnings (losses) of
unconsolidated affiliates
696,250
29,607
(32,866
)
(729,291
)
(36,300
)
Interest expense
(1,111
)
(4,259
)
(60
)
—
(
5,430
)
Other (expense) income, net
(732,588
)
3,186
744,892
—
15,490
(Loss) earnings from continuing operations
before income taxes
(175,190
)
336,219
739,784
(729,291
)
171,522
Income tax benefit (provision)
353,415
(128,026
)
(221,342
)
—
4,047
Earnings from continuing operations
178,225
208,193
518,442
(729,291
)
175,569
(Loss) earnings from discontinued
operations, net of tax
(3,992
)
—
4,877
(4,877
)
(3,992
)
Net earnings
174,233
208,193
523,319
(734,168
)
171,577
Net loss attributable to noncontrolling
interests
—
60
2,596
—
2,656
Net earnings attributable to IAC
shareholders
$
174,233
$
208,253
$
525,915
$
(734,168
)
$
174,233
Comprehensive income attributable to
IAC shareholders
$
144,244
$
208,601
$
481,627
$
(690,228
)
$
144,244