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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.
47
Years Ended December 31,
2014
2013
2012
(In thousands, except per share data)
Revenue
$
3,109,547
$
3,022,987
$
2,800,933
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)
883,176
1,003,721
991,688
Selling and marketing expense
1,124,437
956,410
894,438
General and administrative expense
443,610
378,142
386,461
Product development expense
160,515
139,759
116,526
Depreciation
61,156
58,909
52,481
Amortization of intangibles
57,926
59,843
35,771
Total operating costs and expenses
2,730,820
2,596,784
2,477,365
Operating income
378,727
426,203
323,568
Equity in losses of unconsolidated affiliates
(9,697
)
(6,615
)
(25,345
)
Interest expense
(56,314
)
(33,596
)
(6,149
)
Other (expense) income, net
(42,787
)
30,309
(3,012
)
Earnings from continuing operations before income taxes
269,929
416,301
289,062
Income tax provision
(35,372
)
(134,502
)
(119,215
)
Earnings from continuing operations
234,557
281,799
169,847
Earnings (loss) from discontinued operations, net of tax
174,673
1,926
(9,051
)
Net earnings
409,230
283,725
160,796
Net loss (earnings) attributable to noncontrolling interests
5,643
2,059
(1,530
)
Net earnings attributable to IAC shareholders
$
414,873
$
285,784
$
159,266
Per share information attributable to IAC shareholders:
Basic earnings per share from continuing operations
$
2.88
$
3.40
$
1.95
Diluted earnings per share from continuing operations
$
2.71
$
3.27
$
1.81
Basic earnings per share
$
4.98
$
3.42
$
1.85
Diluted earnings per share
$
4.68
$
3.29
$
1.71
Dividends declared per share
$
1.16
$
0.96
$
0.72
Non-cash compensation expense by function:
Cost of revenue
$
949
$
2,863
$
6,219
Selling and marketing expense
2,144
2,813
4,760
General and administrative expense
49,862
42,487
68,640
Product development expense
6,679
4,842
6,006
Total non-cash compensation expense
$
59,634
$
53,005
$
85,625