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IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Statement of operations for the year ended December 31, 2013:
89
IAC
Guarantor
Subsidiaries
Non-Guarantor
Subsidiaries
Eliminations
IAC Consolidated
(In thousands)
Revenue
$
—
$
2,183,969
$
843,133
$
(4,115
)
$
3,022,987
Operating costs and expenses:
Cost of revenue (exclusive of
depreciation shown separately below)
2,456
600,511
403,614
(2,860
)
1,003,721
Selling and marketing expense
2,563
769,115
185,865
(1,133
)
956,410
General and administrative expense
97,025
164,173
117,066
(122
)
378,142
Product development expense
4,685
100,350
34,724
—
139,759
Depreciation
1,386
38,938
18,585
—
58,909
Amortization of intangibles
—
40,277
19,566
—
59,843
Total operating costs and expenses
108,115
1,713,364
779,420
(4,115
)
2,596,784
Operating (loss) income
(108,115
)
470,605
63,713
—
426,203
Equity in earnings (losses) of unconsolidated
affiliates
439,925
62,402
(303
)
(508,639
)
(6,615
)
Interest expense
(29,417
)
(3,979
)
(200
)
—
(
33,596
)
Other (expense) income, net
(35,331
)
(35,040
)
100,680
—
30,309
Earnings from continuing operations before
income taxes
267,062
493,988
163,890
(508,639
)
416,301
Income tax benefit (provision)
16,796
(156,170
)
4,872
—
(
134,502
)
Earnings from continuing operations
283,858
337,818
168,762
(508,639
)
281,799
Earnings (losses) from discontinued
operations, net of tax
1,926
—
(
39
)
39
1,926
Net earnings
285,784
337,818
168,723
(508,600
)
283,725
Net loss attributable to noncontrolling
interests
—
—
2,059
—
2,059
Net earnings attributable to IAC
shareholders
$
285,784
$
337,818
$
170,782
$
(508,600
)
$
285,784
Comprehensive income attributable to
IAC shareholders
$
304,907
$
338,683
$
181,481
$
(520,164
)
$
304,907