 Q310 Company Overview Q3 2010 Company Overview Exhibit 99.2 |
 2 Q310 Company Overview Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the future financial and operational performance of the Company. These statements are not guarantees of future performance. These forward-looking statements are based on management’s expectations as of October 28, 2010, and assumptions which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The use of words such as “forecast,” “opportunity,” "intends,” “anticipates” and “expects," among others, generally identifies forward-looking statements. However, these words are not the exclusive means of identifying such statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements and may include statements relating to future revenues, expenses, margins, profitability, net income, earnings per share and other measures of results of operations and the prospects for future growth of Expedia, Inc.’s business. Actual results and the timing and outcome of events may differ materially from those expressed or implied in the forward-looking statements for a variety of reasons, including, among others: continued or prolonged adverse economic conditions leading to decreased consumer and business spending; changes in our relationships and contractual agreements with travel suppliers or global distribution system partners; adverse changes in senior management; the rate of growth of online travel; our inability to recognize the benefits of our investment in technologies; changes in the competitive environment, the e-commerce industry and broadband access and our ability to respond to such changes; declines or disruptions in the travel industry (including those caused by adverse weather, bankruptcies, health risks, war and/or terrorism); the rate of online migration in the various geographies and markets in which Expedia, Inc. operates, including Eastern Europe and Asia; fluctuations in foreign exchange rates; risks related to our long term indebtedness, including the ability to access funds as and when needed; changing laws, rules and regulations and legal uncertainties relating to our business; Expedia, Inc.’s ability to expand successfully in international markets; possible charges resulting from, among other events, platform migration; failure to realize cost efficiencies; the successful completion of any future corporate transactions or acquisitions; the integration of current and acquired businesses; and other risks detailed in Expedia, Inc.’s public filings with the SEC, including Expedia, Inc.’s annual report on Form 10-K for the year ended December 31, 2009 and subsequent Forms 10-Q. Except as required by law, Expedia, Inc. undertakes no obligation to update any forward-looking or other statements in this presentation, whether as a result of new information, future events or otherwise. Reconciliations of non-GAAP measures included in this presentation to the most comparable GAAP measures are included in Appendix B. |
 Q310 Company Overview Global Opportunity Sources: U.S. Online Travel Overview 8 Edition Update: 2009 – 2010 (April 2009); U.S. Corporate Travel Distribution 4 Edition (July 2009); European Online Travel Overview 5 Edition (October 2009); European figures assume Euro/USD exchange rate in each period of $1.40; APAC data - PhoCusWright Asia Pacific Online Travel Overview – Third Edition, August 2009 & EyeForTravel APAC Overview April 2007. APAC data excludes managed travel. Sizeable markets Higher growth online Penetration tailwinds OTA Share of Online Bookings OTA share stabilizing CAGR 2006 2007 2008 2009 (E) 2010 (E) ‘06 – ‘10 Travel Market Size: U.S. 251 264 271 241 236 -2% Europe 320 337 334 300 299 -2% APAC 238 244 215 202 212 -3% 3 Region Total 809 845 820 743 747 -2% Online Bookings: U.S. 123 138 137 135 139 3% Europe 68 84 95 95 103 11% APAC 21 26 31 36 44 20% 3 Region Online 212 248 263 266 286 8% Europe & APAC 89 110 126 131 147 13% Online Penetration: U.S. 49% 52% 51% 56% 59% Europe 21% 25% 28% 32% 34% APAC 9% 11% 14% 18% 21% 3 Region Online Pen. 26% 29% 32% 36% 38% Figures in $billions 3 th th th |
 World’s Largest and Most Intelligent Travel Marketplace Hotels Airlines Car rental companies Cruise lines Global distribution system (GDS) partners Advertisers Leisure travelers Corporate travelers Travel service providers (“white label”) Offline retail travel agents Secure superior quality supply & maintain price competitiveness Intelligently match supply & demand Empower and inspire travelers to find and build the right trip Enable suppliers to reach travelers in a unique & value-additive way Aggressively expand our global presence & demand footprint Achieve excellence in technology, people and processes to make quality, consistency & efficiency the foundation of our marketplace Suppliers Customers Technology Travel info Travel products 4 Q310 Company Overview |
 5 Q310 Company Overview Expedia - the Travel Sector Leader 1 Sources: comScore MediaMetrix, November, 2009 & company data; 2 See Appendix B for reconciliation of non-GAAP to GAAP numbers. Adjusted EBITDA is calculated as operating income plus depreciation, restructuring charges, intangibles amortization, stock-based compensation, any impairments, and certain legal reserves and occupancy tax charges. Adj. EBITDA includes gains/(losses) from revenue hedges. Global presence & portfolio of category leading brands Premier Brand Portfolio Leading value-based travel provider #1 online travel community, operating in North America, Europe & APAC Key Statistics • Traffic (September 2010 unique visitors): 74mm • TTM 9.30.10 number of transactions: 64mm TTM 9.30.10 •Gross bookings: $ 25.3b •Revenue: $ 3.2b •OIBA 2 : $819mm •Adjusted EBITDA 2 $933mm • $7.7b market cap (October 15, 2010) • Member of S&P 500 & NASDAQ 100 stock indices 1 #1Online Travel Agency (OTA) globally, with presence in 19 countries Leading hotel specialist globally, with over 70 localized sites |
 6 Q310 Company Overview Largest Worldwide Audience Source: comScore MediaMetrix, September 2010 1 Denotes Expedia’s percentage difference over next largest competitor U.S. Worldwide +168% +151% +115% +150% +193% +143% Orbitz Yahoo Travel Priceline Travelocity 0 100 200 300 400 500 600 700 Min Spent Online Page Views 1 1 1 1 1 1 |
 Expedia’s Virtuous Cycle Scale drives opportunity to enhance supplier, traveler & advertiser value propositions, reward stakeholders Growth/ Scale Compelling supplier & advertising channel Better supplier economics More travelers More ad revenue Improved traveler experience User- generated content Cash flow to invest in 7 Q310 Company Overview |
 8 Q310 Company Overview Revenue by Product & Geography Product Categories (TTM 9.30.10) Geographic Split (TTM 9.30.10) Hotel 63% Revenue Air 12% * Hotel & Advertising – 75% of revenue base and key revenue / profitability drivers * Europe & other international markets benefit from earlier stage online penetration * Significant international growth anticipated, with a target of 50+% of total revenue from international Domestic 62% Revenue International 38% Advertising & Media 12% Car, Cruise & Other 13% Business mix shifting to hotel & advertising, increasingly global Source: Company financial reports; some numbers may not add due to rounding. |
 9 Q310 Company Overview Product Category - Hotel Business Overview Merchant Model / Illustrative Transaction Hotels (Supplier) Travelers Revenues to Expedia: •Spread between the discounted rate provided by suppliers and sales price paid by travelers •Service fees from travelers Other: •Cash received on booking, revenue recognized at stay •Revenue margin higher than the agency model •Merchant hotel —Expedia merchant of record with no inventory risk —Expedia receives cash upfront from travelers, pays hoteliers several weeks later —Some control over pricing, higher margins & ability to package with other products —1 - 3 year contracts with major chain lodging properties —Consultative account management brings industry leading intelligence to hoteliers • Agency hotel small but growing in importance with acquisition of Venere & launch of Expedia Easy Manage Reduced E.com service fees beginning Apr-09 Sample Expedia Revenue: $350 night stay at luxury hotel Cost to Traveler Cost to Expedia $350 $280 Revenue to Expedia 1 $70 1 Includes service fee and spread |
 Trended Worldwide Hotel Growth Statistics (y/y) 10 Q310 Company Overview Source: Company financial reports . 2005 – 2007 data is for merchant hotel only; 2008 – 2010 data is for both agency and merchant hotel. |
 11 Q310 Company Overview 25.0 30.0 40.0 0.2 0.7 2.9 5.0 10.0 20.0 15.0 0 10 20 30 40 50 Travel supplier advertising on Expedia’s ww sites Reviews with social networking Search tool for fares Travel blogs European holiday reviews Destination services, hotels & vacation rentals Editorial info and deals Cruise reviews & community UGC seat maps and airline info Guides and bargains Vacation rental Product Category - Advertising & Media Ad & Media Brand Portfolio Business Overview •Two primary businesses – •TripAdvisor Media Network (leading global collection of user-generated content sites) •Expedia Media (monetizing global Expedia, Hotels & Hotwire sites beyond transactions) •TTM revenue of $401mm, +34% y/y TripAdvisor TripAdvisor Reviews & Opinions (mm) Reviews & Opinions (mm) •Offer advertisers targeted audiences •CPC, CPM & subscription based ad models •TripAdvisor leverages industry-leading SEM & SEO capabilities •Robust user-generated content and selection draws in users Growth in TTM Net Advertising Revenues 1 1 Trailing twelve months; growth due in part to acquisitions Revenue Drivers Sources: Company reports TripAdvisor Reviews and Opinions - Robust Growth |
 12 Q310 Company Overview Product Category - Air • Air revenue = 12% of Expedia’s worldwide annual revenue (TTM) - ~95% of airplane tickets sold over Expedia’s online properties are agency transactions, in which Expedia acts as an agent on behalf of a supplier and collects a commission - Customer pays supplier directly, Expedia collects its remuneration after travel - Lower revenue margin business vs. hotel transactions • OTAs in U.S. eliminated most consumer booking fees for air tickets in spring 2009, resulting in reduced revenue per ticket while taking share from offline & supplier direct Airlines (Supplier) GDS Travelers Revenue to Expedia: •Largely unit / volume driven and includes: •Portion of GDS fee •Commissions & incentives from carriers •Booking fees (some sites) Other: •Supplier is merchant of record •Expedia bears no inventory risk •Revenue recognized at booking, cash received within weeks •Agency model is used in other product categories, including hotel •Multi-GDS strategy No online booking fees on E.com air tickets Business Overview Agency Model / Illustrative Transaction |
 13 Q310 Company Overview Trended Worldwide Air Growth Statistics (y/y) Source: Company financial reports |
 14 Q310 Company Overview 12.5% 12.5% 12.5% 12.6% 12.6% 12.4% 12.1% 11.6% 11.3% 11.2% 13.6% 13.7% 13.8% 14.0% 14.1% 13.9% 13.6% 13.1% 12.8% 12.8% 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Stable Supplier Relationships & Economics Stable supplier margins indicate healthy supplier relationships Recent reductions driven by traveler fee cuts & rising air ticket prices Supplier margins largely stable driven by: Long-term agreements with airlines and GDS providers Better hotel relationships through PSG investment Growth in advertising business helping offset fee cut impact Excluding ad & media revenue Including ad & media revenue Source: Company financial reports Trended Revenue Margin (TTM) |
 15 Q310 Company Overview Q310 Results Figures in $mm unless otherwise noted Unit Growth • Q310 worldwide room night growth of 14% • Q310 worldwide air ticket growth of 10% Q310 Q309 y/y Transactions (mm) 18.1 15.9 14% Gross Bookings $6,892 $5,914 17% Revenue 988 852 16% Cost of Revenue 1 * 189 169 12% Selling & Marketing 1 * 341 282 21% Tech & Content 1 * 90 75 20% General & Administrative 1 * 69 65 6% Total Costs and Expenses 1 * 690 592 17% OIBA 1 ** 294 256 15% OIBA Margin 1 30% 30% (36bps) Adjusted EBITDA 1 *** 324 282 15% Adj. EBITDA Margin 1 33% 33% (29bps) Free Cash Flow 1 (36) (45) 21% Source: Company financial reports * Excludes stock-based compensation. ** OIBA includes realized gain/(loss) from revenue hedges *** Adjusted EBITDA is calculated as operating income plus depreciation, restructuring charges, intangibles amortization, stock-based compensation, any impairments and certain legal reserves and occupancy tax charges. Adj. EBITDA includes realized gains/(losses) from revenue hedges. 1 See Appendix B for reconciliation of non-GAAP to GAAP numbers. |
 16 Q310 Company Overview Trended Free Cash Flow (TTM) $millions ‘08 cash flows down due to taxes, slowing merchant hotel & one- time cap ex Approximately $1.5B in free cash flow generated in past 3 years ‘09 cash flows improved due to higher earnings, merchant hotel recovery & normalized cap ex Source: Company financial reports |
 Efficiently Managing Dilution 12% reduction in share base since Q107 millions of adjusted diluted shares 2007 repurchased 55mm shares for $1.4b Q110 repurchased 8.4mm shares for $188mm 17 Q310 Company Overview Source: Company financial reports |
 18 Q310 Company Overview Capitalization Source: Company financial reports. Some numbers may not add due to rounding. Modest leverage; minimal net debt 3 debt issues with long- term maturities (2018 Notes have 2013 investor put) 9/30/10 Cash and Cash Equivalents $951 Revolving Credit Facility 2 -- 5.950% Notes due 2020 750 7.456% Notes due 2018 500 8.500% Notes due 2016 395 Total Debt $1,645 Net Debt 694 Market Value of Equity 3 $7,708 Total Capitalization $8,402 Adjusted EBITDA TTM 4 $933 Total Debt / Adj. EBITDA 4 1.8 Net Debt / Adj. EBITDA 4 0.7 1 Does not include restricted cash, short-term investments and corporate bond investments that are included in long-term assets. 2 Total size of revolving credit facility closed in February 2010 is $750 million; available capacity reduced by $24mm in outstanding letters of credit as of September 30, 2010. 3 Based on 277mm outstanding shares & October 15, 2010 closing share price of $27.82. 4 Adjusted EBITDA is calculated as operating income plus depreciation, intangibles expense, restructuring charges, stock-based compensation, any impairments, certain legal reserves and occupancy tax charges. Adjusted EBITDA includes any realized gains/(losses) from revenue hedges. See Appendix B for reconciliation of non-GAAP to GAAP numbers 1 |
 19 Q310 Company Overview 12.31.05 12.31.06 12.31.07 12.31.08 12.31.09 TTM 9.30.10 Leverage Measures Total Debt / TTM Adjusted EBITDA 1 0.3 0.8 1.5 2.0 1.0 1.8 Net Debt / TTM Adjusted EBITDA 1 N/A N/A 0.6 1.1 0.3 0.7 Coverage Measures TTM Adj. EBITDA / TTM Interest Expense 1 N/A 37.5 13.8 10.8 10.3 10.5 TTM Free Cash Flow / TTM Int. Expense 1 N/A 30.4 11.8 5.0 6.9 7.3 Trended Credit Metrics Demonstrated strong credit metrics, consistent with investment grade rating 1 See Appendix B for reconciliation of non-GAAP to GAAP numbers Source: Company financial reports |
 20 Q310 Company Overview Rating Agency Snapshot S&P (Analyst: Andy Liu) Rating maintained at ‘BBB-’; Outlook Stable August 30, 2010 Note: “The rating is based on the expectation that Expedia will be able to maintain its market share in the online travel market and adhere to its intermediate term financial risk policy. Expedia is the market-leading online travel agency with strong brands and good discretionary cash flow.” “We are currently anticipating mid-single-digit increase in revenue and EBITDA in 2010. We expect that higher marketing spending will likely cause EBITDA margin to soften somewhat in 2010, but that EBITDA growth should remain healthy.” Moody’s (Analyst: Stephen Sohn) Rating Affirmed at Ba1 / Outlook raised to ‘Positive’ from ‘Stable’ / SGL-1 August 2, 2010 Credit Opinion: “The rating is supported by the company’s leading position in the consumer online travel agency market and strong credit profile, which includes low leverage, high profitability, and strong cash flow generation.” “Management has publicly committed to conservative financial policies, specifically targeting leverage to be between 2 to 3 times (gross debt to EBITDA).” “The Positive outlook reflects Expedia’s continued strong operating performance through the economic downturn, our expectations that the travel industry is expected to see modest growth through 2011, and management’s commitment to more conservative financial policies.” Fitch Rates Expedia, Inc.'s 'BBB-'; Outlook Stable Issuer Default Rating (IDR) 'BBB-‘; Senior unsecured notes 'BBB-'; Senior unsecured bank credit facility 'BBB-’; Rating Outlook is Stable. “Fitch expects Expedia to exhibit modest revenue growth and stable EBITDA margins in 2010. Results should benefit from a stabilization of industry travel trends and be positively impacted by continued share gains at Expedia as consumers increasingly utilize online travel agents (OTAs). Additionally, while EBITDA margin pressure continues to exist in the core hotel and airline travel booking business, Expedia's advertising revenue stream, the growth of which has outpaced overall corporate revenue growth, carries substantially higher margins and should add stability to current profitability metrics.” Solid execution & adequate liquidity in a challenging environment |
 21 Q310 Company Overview Summary • Attractive macro tailwind as travel industry shifts online • World’s #1 online provider of travel-related services — Leading traffic, supply, scale, bookings, revenue & cash flows — Strong and complementary portfolio of brands and products — Critical partner to airlines, hotels and other travel suppliers — Diversified brands, business models and geographic reach • Compelling platforms for travel suppliers, travelers & advertisers • Strong business model, execution & credit metrics — Substantial free cash flow 1 (FY09: $584mm; TTM $651) — Modest leverage (1.8x) — Strong interest coverage (10.5x) — High operating margins and modest ongoing cap-ex (~5% revenue) — Roughly 60% variable / 40% fixed cost base • Proven management 1 See Appendix B for reconciliation of non-GAAP to GAAP numbers |
 22 Q310 Company Overview Appendix A |
 23 Q310 Company Overview Business Model – Income Statement (FY 2009) Source: Company financial reports 1 Excludes stock-based compensation. See Appendix B for reconciliation of non-GAAP with GAAP numbers. $ in millions Gross bookings $21,811 Revenue 2,955 Cost of revenue 1 605 Selling and marketing 1 1,015 General and administrative 1 259 Technology and content¹ 304 “OIBA” 1 (includes $11mm hedge loss) 762 OIBA margin 1 26% Stock-based compensation 62 Amortization of intangibles 38 Occupancy tax, legal reserves & restructuring 102 Operating income (GAAP) 571 Customer books travel product or service; total retail value (incl taxes and fees) constitutes “Gross Bookings.” Expedia’s portion of the gross booking gets recorded as revenue (inc. commissions, fees, etc.). Also includes advertising & media revenue. Revenue = 13.6% of ‘09 bookings. (1) Personnel–related costs, including executive leadership, finance, legal, tax and HR functions. (2) Fees for professional services typically related to legal, tax and accounting engagements. Annual employee awards granted each Q1; company switched to options from RSUs in 2009. Amortization of M&A activity • Customer operations • Credit card & fraud expense • Data center & other costs Consists of direct (74%) advertising expenses (search engine marketing & other online advertising, TV, etc.) and indirect, personnel-related costs (26%), including our supplier relationship function (PSG). Principally relates to payroll and related expenses, hardware & software, licensing & maintenance and software development cost amortization. (excludes $11mm hedge loss) |
 24 Q310 Company Overview Growth 2005 2006 2007 2008 2009 2006 2007 2008 2009 Gross Bookings $15,336 $16,882 $19,632 $21,269 $21,811 10% 16% 8% 3% Revenue 2,119 2,238 2,665 2,937 2,955 6% 19% 10% 1% Cost of Goods Sold & Operating Expenses * 1,492 1,639 1,996 2,239 2,183 10% 22% 12% (3%) OIBA*** 627 599 670 698 762 (5%) 12% 4% 9% OIBA Margin*** 30% 27% 25% 24% 26% (283bps) (165bps) (136bps) 201bps Adj. EBITDA** 678 648 729 775 864 (4%) 13% 6% 12% EBITDA Margin*** 32% 29% 27% 26% 29% (303bps) (160bps) (98bps) 287bps Free Cash Flow 807 525 625 361 584 (35%) 19% (42%) 62% Trended Historical Results • Positive top-line growth • Despite difficult environment in 2009 were able to generate substantial OIBA margins • $3.4B in cumulative OIBA & $2.9B in cumulative free cash flow (Figures in $millions) * Excludes stock-based compensation. See reconciliation of non-GAAP measure in appendix B. ** Adjusted EBITDA is calculated as operating income plus depreciation, intangibles expense, restructuring charges, stock-based compensation, any impairments and certain legal reserves and occupancy tax charges. Adjusted EBITDA includes any gains/(losses) from revenue hedges. See Appendix B for reconciliation of non-GAAP to GAAP numbers *** See Appendix B for reconciliation of non-GAAP numbers. |
 25 Q310 Company Overview Appendix B |
 26 Q310 Company Overview Tabular Reconciliations For Non-GAAP Data Operating Income Before Amortization (figures in $000s) 12 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended Sept 30, 2010 Sept 30, 2010 Sept 30, 2010 Sept 30, 2009 Sept 30, 2009 OIBA $ 818,569 $ 655,666 $ 293,650 $ 598,629 $ 256,426 Amortization of intangible assets (35,220) (25,498) (8,126) (27,959) (9,588) Stock-based compensation (61,558) (46,564) (13,021) (46,667) (14,519) Restructuring charges (5,571) - - (28,597) (13,781) Occupancy tax assessments and legal reserves 6,553 - - (74,211) - Realized loss (gain) on revenue hedges 746 (936) 4,301 9,368 4,436 Operating income 723,519 582,668 276,804 430,563 222,974 Operating income margin 22% 23% 28% 19% 26% Interest expense, net (83,773) (64,135) (24,539) (58,389) (20,027) Other, net (16,867) (12,272) (13,657) (30,769) (4,749) Provision for income taxes (164,690) (152,285) (60,584) (141,995) (80,385) Net income attributable to noncontrolling interests (5,756) (3,769) (1,474) (2,110) (799) Net income attributable to Expedia, Inc. $ 452,433 $ 350,207 $ 176,550 $ $ 117,014 197,300 |
 27 Q310 Company Overview Tabular Reconciliations For Non-GAAP Data Operating Income Before Amortization (figures in $000s) Year Ended Dec. 31, 2005 Year Ended Dec. 31, 2006 Year Ended Dec. 31, 2007 Year Ended Dec. 31, 2008 Year Ended Dec. 31, 2009 OIBA $ 627,441 $ 599,018 $ 669,487 $ 697,774 $ 761,532 OIBA margin 30% 27% 25% 24% 26% Amortization of intangible assets (126,067) (110,766) (77,569) (69,436) (37,681) Amortization of non-cash distribution and marketing (12,597) (9,638) - - - Stock-based compensation (91,725) (80,285) (62,849) (61,291) (61,661) Restructuring charges - - - - (34,168) Occupancy tax assessments and legal reserves - - - - (67,658) Impairment of goodwill - - - (2,762,100) - Impairment of intangible & other long-lived assets - (47,000) - (233,900) - Realized loss on revenue hedges - - - - 11,050 Operating income / (loss) 397,052 351,329 529,069 (2,428,953) 571,414 Operating income margin 19% 16% 20% n/a 19% Interest income (expense), net 48,673 14,799 (13,478) (41,573) (78,027) Other, net (8,428) 18,770 (18,607) (44,178) (35,364) Write-off of long-term investment (23,426) Provision for income taxes (185,977) (139,451) (203,114) (5,966) (154,400) Net (income) loss attributable to noncontrolling interests 836 (513) 1,994 2,907 (4,097) Net income / (loss) attributable to Expedia, Inc. $ 228,730 $ 244,934 $ 295,864 $(2,517,763) $ 299,526 Source: Company financial reports |
 28 Q310 Company Overview Tabular Reconciliations For Non-GAAP Data Costs & Expenses (figures in $000s) Year Ended Dec. 31, 2005 Year Ended Dec. 31, 2006 Year Ended Dec. 31, 2007 Year Ended Dec. 31, 2008 Year Ended Dec. 31, 2009 Total costs and expenses* $ 1,583,739 $ 1,718,853 $ 2,058,694 $ 2,300,530 $ 2,244,505 Less: stock-based compensation (91,725) (80,285) (62,849) (61,291) (61,661) Costs and expenses excluding stock-based compensation 1,492,014 1,638,568 1,995,845 2,239,239 2,182,844 * Includes cost of revenue, selling and marketing, general and administrative and technology and content expenses. Source: Company financial reports (figures in $000s) Quarter Ended Sept 30, 2009 Quarter Ended Sept 30, 2010 Total costs and expenses* $ 606,085 $ 702,930 Less: stock-based compensation (14,519) (13,021) Costs and expenses excluding stock-based compensation 591,566 689,909 |
 29 Q310 Company Overview Tabular Reconciliations For Non-GAAP Data Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization (figures in $000s) Year Ended Dec. 31, 2005 Year Ended Dec. 31, 2006 Year Ended Dec. 31, 2007 Year Ended Dec. 31, 2008 Year Ended Dec. 31, 2009 Adjusted EBITDA 677,886 647,797 729,013 774,574 864,314 Adjusted EBITDA margin 32% 29% 27% 26% 29% Depreciation (50,445) (48,779) (59,526) (76,800) (102,782) OIBA 627,441 599,018 669,487 697,774 761,532 Source: Company financial reports (figures in $000s) Qtr Ended Sept 30, 2010 Qtr Ended Sept 30, 2009 TTM Sept 30, 2010 Adjusted EBITDA 324,325 282,337 932,615 Adjusted EBITDA margin 33% 33% 29% Depreciation (30,675) (25,911) (114,046) OIBA 293,650 256,426 818,569 |
 30 Q310 Company Overview Tabular Reconciliations For Non-GAAP Data Costs & Expenses 12 Months Ended 12 Months Ended 3 Months Ended 3 Months Ended (figures in $000s) 12.31.08 12.31.09 9.30.09 9.30.10 Cost of revenue 638,709 607,251 169,436 190,033 Less: stock-based compensation (2,252) (2,285) (505) (549) Cost of revenue excluding stock-based compensation 636,457 604,966 168,931 189,484 Selling and marketing 1,105,337 1,027,062 284,847 344,019 Less: stock-based compensation (10,198) (12,440) (2,974) (3,027) Selling and marketing excluding stock-based compensation 1,095,139 1,014,622 281,873 340,992 Technology and content 287,763 319,708 78,637 93,297 Less: stock-based compensation (15,111) (15,700) (3,315) (3,210) Technology and content excluding stock- based compensation 272,652 304,008 75,322 90,087 General and administrative 268,721 290,484 73,165 75,581 Less: stock-based compensation (33,730) (31,236) (7,725) (6,235) General and administrative excluding stock- based compensation 234,991 259,248 65,440 69,346 Source: Company financial reports |
 31 Q310 Company Overview Tabular Reconciliations For Non-GAAP Data Free Cash Flow (figures in $000s) 9 months ended Sep 30, 2010 3 months ended Sep 30, 2010 3 months ended Sep 30, 2009 Net cash provided by operating activities 937,717 820,332 4,384 (24,218) Less: capital expenditures (113,324) (62,932) (40,196) (20,880) Free cash flow 824,393 757,400 (35,812) (45,098) 9 months ended Sep 30, 2010 |
 32 Q310 Company Overview Tabular Reconciliations For Non-GAAP Data Free Cash Flow TTM = Trailing Twelve Month periods ended (figures in $000s) TTM 3.07 TTM 6.07 TTM 9.07 TTM 12.07 TTM 3.08 TTM 6.08 TTM 9.08 TTM 12.08 Net cash provided by operating activities 703,569 831,140 859,228 712,069 737,792 660,510 514,242 520,688 Less: capital expenditures (97,925) (97,576) (82,671) (86,658) (101,514) (118,417) (148,022) (159,827) Free cash flow 605,644 733,564 776,557 625,411 636,278 542,093 366,220 360,861 TTM 3.09 TTM 6.09 TTM 9.09 TTM 12.09 TTM 3.10 TTM 6.10 TTM 9.10 Net cash provided by operating activities 458,913 494,184 573,491 676,004 793,527 764,787 793,389 Less: capital expenditures (150,025) (131,146) (103,775) (92,017) (98,306) (123,093) (142,409) Free cash flow 308,888 363,038 469,715 583,987 695,221 641,694 650,980 Source: Company financial reports. Numbers may not add due to rounding. |