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IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Statement of operations for the year ended December 31, 2012:
90
IAC
Guarantor
Subsidiaries
Non-Guarantor
Subsidiaries
Eliminations
IAC Consolidated
(In thousands)
Revenue
$
—
$
1,986,527
$
820,759
$
(6,353
)
$
2,800,933
Operating costs and expenses:
Cost of revenue (exclusive of
depreciation shown separately below)
5,194
597,588
393,811
(4,905
)
991,688
Selling and marketing expense
4,081
669,448
222,374
(1,465
)
894,438
General and administrative expense
121,919
152,166
112,359
17
386,461
Product development expense
5,611
83,008
27,907
—
116,526
Depreciation
832
35,544
16,105
—
52,481
Amortization of intangibles
—
10,958
24,813
—
35,771
Total operating costs and expenses
137,637
1,548,712
797,369
(6,353
)
2,477,365
Operating (loss) income
(137,637
)
437,815
23,390
—
323,568
Equity in earnings (losses) of unconsolidated
affiliates
309,639
37,866
(22,548
)
(350,302
)
(25,345
)
Interest expense
(1,835
)
(4,174
)
(140
)
—
(
6,149
)
Other (expense) income, net
(82,900
)
(3,733
)
83,621
—
(
3,012
)
Earnings from continuing operations before
income taxes
87,267
467,774
84,323
(350,302
)
289,062
Income tax benefit (provision)
81,050
(146,333
)
(53,932
)
—
(
119,215
)
Earnings from continuing operations
168,317
321,441
30,391
(350,302
)
169,847
(Loss) earnings from discontinued
operations, net of tax
(9,051
)
—
842
(842
)
(9,051
)
Net earnings
159,266
321,441
31,233
(351,144
)
160,796
Net earnings attributable to noncontrolling
interests
—
—
(
1,530
)
—
(
1,530
)
Net earnings attributable to IAC
shareholders
$
159,266
$
321,441
$
29,703
$
(351,144
)
$
159,266
Comprehensive income attributable to
IAC shareholders
$
139,540
$
322,212
$
29,828
$
(352,040
)
$
139,540