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IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
44
Years Ended December 31,
2013
2012
2011
(In thousands, except per share data)
Revenue
$
3,022,987
$
2,800,933
$
2,059,444
Costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)
1,000,101
990,797
753,889
Selling and marketing expense
964,131
894,545
617,198
General and administrative expense
372,470
386,088
321,062
Product development expense
141,330
117,683
90,757
Depreciation
58,909
52,481
56,719
Amortization of intangibles
59,843
35,771
22,057
Total costs and expenses
2,596,784
2,477,365
1,861,682
Operating income
426,203
323,568
197,762
Equity in losses of unconsolidated affiliates
(6,615
)
(25,345
)
(36,300
)
Interest expense
(33,596
)
(6,149
)
(5,430
)
Other income (expense), net
30,309
(3,012
)
15,490
Earnings from continuing operations before income taxes
416,301
289,062
171,522
Income tax (provision) benefit
(134,502
)
(119,215
)
4,047
Earnings from continuing operations
281,799
169,847
175,569
Earnings (loss) from discontinued operations, net of tax
1,926
(9,051
)
(3,992
)
Net earnings
283,725
160,796
171,577
Net loss (earnings) attributable to noncontrolling interests
2,059
(1,530
)
2,656
Net earnings attributable to IAC shareholders
$
285,784
$
159,266
$
174,233
Per share information attributable to IAC shareholders:
Basic earnings per share from continuing operations
$
3.40
$
1.95
$
2.05
Diluted earnings per share from continuing operations
$
3.27
$
1.81
$
1.89
Basic earnings per share
$
3.42
$
1.85
$
2.01
Diluted earnings per share
$
3.29
$
1.71
$
1.85
Dividends declared per share
$
0.96
$
0.72
$
0.12
Non-cash compensation expense by function:
Cost of revenue
$
2,863
$
6,219
$
5,359
Selling and marketing expense
2,813
4,760
4,807
General and administrative expense
42,487
68,640
70,894
Product development expense
4,842
6,006
7,528
Total non-cash compensation expense
$
53,005
$
85,625
$
88,588