Q4 2010 Company Overview Q410 Company Overview Exhibit 99.2 |
2 Q410 Company Overview Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including 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. These statements are not guarantees of future performance. These forward-looking statements are based on management’s expectations as of February 10, 2011, and assumptions which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. 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, 2010. 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. |
3 Q410 Company Overview Global Opportunity Sizeable markets Higher growth online Penetration tailwinds OTA Share of Online Bookings OTA share stabilizing CAGR 2006 2007 2008 2009 2010 (E) ‘06 – ‘10 Travel Market Size: U.S. 251 264 274 233 255 Flat Europe 316 333 333 298 304 -1% APAC 238 244 215 202 212 -3% 3 Region Total 805 841 822 732 772 -1% Online Bookings: U.S. 116 133 143 132 139 4% Europe 66 82 101 102 113 11% APAC 21 26 31 36 44 16% 3 Region Online 203 241 275 269 296 8% Europe & APAC 87 108 132 138 157 12% Online Penetration: U.S. 46% 50% 52% 57% 54% Europe 21% 25% 30% 34% 37% APAC 9% 11% 14% 18% 21% 3 Region Online Pen. 25% 29% 33% 37% 38% Figures in $billions 2006 2007 2008 2009 2010 (E) 35% 37% 39% 41% 43% 45% 44% 42% 40% 38% 36% Sources: U.S. Online Travel Overview 10 th Edition (November 2010); U.S. Online Travel Overview 8 th Edition Update: 2009 – 2010 (April 2009); U.S. Corporate Travel Distribution 4 th Edition (July 2009); European Online Travel Overview 6 th Edition (November 2010); European Online Travel Overview 5 th Edition (October 2009); European figures assume Euro/USD exchange rate in each period of $1.38; APAC data - PhoCusWright Asia Pacific Online Travel Overview – Third Edition, August 2009 & EyeForTravel APAC Overview April 2007. APAC data excludes managed travel. |
4 Q410 Company Overview World’s Largest and Most Intelligent Travel Marketplace Suppliers Customers 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 Travel products Travel info Technology |
5 Q410 Company Overview Expedia - the Travel Sector Leader 1 Sources: comScore MediaMetrix, December 2010 & 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 realized gains/(losses) from revenue hedges. Global presence & portfolio of category leading brands Premier Brand Portfolio #1 Online Travel Agency (OTA) globally, with presence in 20 countries Leading hotel specialist globally, with over 75 localized sites Leading value-based travel provider #1 online travel community, operating in North America, Europe & APAC Key Statistics • Traffic (December 2010 unique visitors): 61mm • FY 2010 number of transactions: 66mm 12.31.10 •Gross bookings: $ 26.0b •Revenue: $ 3.3b •OIBA 2 : $831mm •Adjusted EBITDA 2 $949mm • $6.8b market cap (January 28, 2011) • Member of S&P 500 & NASDAQ 100 stock indices 1 |
Largest Worldwide Audience Source: comScore MediaMetrix, December 2010 1 Denotes Expedia’s percentage difference over next largest competitor U.S. Worldwide +152% 1 +150% 1 +126% 1 +87% 1 +171% 1 +152% 1 Orbitz Yahoo Travel Priceline Travelocity UV's 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 Min Spent Online Page Views 0 5 10 15 20 25 30 UV's 0 100 200 300 400 500 600 700 Min Spent Online Page Views 0 10 20 30 40 50 60 70 80 6 Q410 Company Overview |
7 Q410 Company Overview Expedia’s Virtuous Cycle 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 Q410 Company Overview Scale drives opportunity to enhance supplier, traveler & advertiser value propositions, reward stakeholders |
8 Q410 Company Overview Revenue by Product & Geography * 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 Business mix shifting to hotel & advertising, increasingly global Source: Company financial reports; some numbers may not add due to rounding. Hotel 63% Revenue Air 12% Domestic 62% Revenue International 38% Advertising & Media 13% Car, Cruise & Other 13% Product Categories (2010) Geographic Split (2010) |
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 Sample Expedia Revenue: $350 night stay at luxury hotel Cost to Traveler Cost to Expedia $350 $280 Revenue to Expedia 1 $70 •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 1 Includes service fee and spread 9 Q410 Company Overview Reduced E.com service fees beginning Apr-09 |
Trended Worldwide Hotel Growth Statistics (y/y) -30% -20% -10% 0% 10% 20% 30% Hotel Revenue ADRs Room Nights Stayed 10 Q410 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 Q410 Company Overview 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) •2010 revenue of $423mm, +36% 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 1 Trailing twelve months; growth due in part to acquisitions Revenue Drivers Sources: Company reports 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 Growth in TTM Net Advertising Revenues¹ TripAdvisor Reviews and Opinions - Robust Growth |
12 Q410 Company Overview Product Category - Air Business Overview • Air revenue = 12% of Expedia’s worldwide annual revenue - 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 Agency Model / Illustrative Transaction Airlines (Supplier) 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 GDS No online booking fees on E.com air tickets |
Source: Company financial reports Trended Worldwide Air Growth Statistics (y/y) -35% -25% -15% -5% 5% 15% 25% 35% Air Revenue Airfares Rev. Per Ticket Ticket Growth 13 Q410 Company Overview |
14 Q410 Company Overview 12.5% 12.6% 12.6% 12.4% 12.1% 11.6% 11.3% 11.2% 11.3% 13.8% 14.0% 14.1% 13.9% 13.6% 13.1% 12.8% 12.8% 12.9% 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Stable Supplier Relationships & Economics Trended Revenue Margin (TTM) 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 |
15 Q410 Company Overview 2010 Results Figures in $mm unless otherwise noted Healthy Unit Growth Q410 worldwide room night growth of 15% Q410 worldwide air ticket growth of 6% * 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. Q410 Q409 y/y 2010 2009 y/y Transactions (mm) 14.8 13.1 13% 65.6 57.8 14% Gross Bookings $5,755 $5,049 14% $25,962 $21,811 19% Revenue 808 698 16% 3,348 2,955 13% Cost of Revenue 176 145 21% 690 605 14% Selling & Marketing 279 232 20% 1,190 1,015 17% Tech & Content 91 82 12% 348 304 15% General & Administrative 83 74 12% 285 259 10% Total Costs and Expenses 629 533 18% 2,514 2,183 15% OIBA 175 163 7% 831 762 9% OIBA Margin 22% 23% (170bps) 25% 26% (96bps) Adjusted EBITDA 207 190 9% 949 864 10% Adj. EBITDA Margin 26% 27% (170bps) 28% 29% (90bps) Free Cash Flow (202) (173) (17%) 622 584 7% Source: Company financial reports 1 * 1 * 1 * 1 * 1 * 1 ** 1 *** 1 1 1 |
Trended Free Cash Flow (TTM) $millions ‘08 cash flows down due to taxes, slowing merchant hotel & one- time cap ex Approximately $1.6B in free cash flow* generated in past 3 years ‘09 cash flows improved due to higher earnings, merchant hotel recovery & normalized cap ex ‘10 cash flows improved due to higher earnings, lower occupancy tax assessment payments and lower cash tax payments - 100 200 300 400 500 600 700 800 900 Source: Company financial reports * Free cash flow is a non-GAAP measure calculated by adding capital expenditures to net cash provided by or used in operating activities. See Appendix B for reconciliation of non-GAAP to GAAP numbers 16 Q410 Company Overview |
Efficiently Managing Dilution 13% reduction in share base since Q107 millions of adjusted diluted shares Source: Company financial reports 2007 repurchased 55mm shares for $1.4b 2010 repurchased 20.6mm shares for $489mm 17 Q410 Company Overview 260 270 280 290 300 310 320 330 340 |
18 Q410 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) 12/31/10 Cash and Cash Equivalents¹ $714 Revolving Credit Facility² -- 5.950% Notes due 2020 750 7.456% Notes due 2018 500 8.500% Notes due 2016 395 Total Debt $1,645 Net Debt 931 Market Value of Equity³ $6,846 Total Capitalization $7,777 Adjusted EBITDA 4 $949 1.7 1.0 Total Debt / Adj. EBITDA 4 Net Debt / Adj. EBITDA 4 Does not include restricted cash, short-term investments and corporate bond investments that are included in long-term assets. Total size of revolving credit facility closed in February 2010 is $750 million; available capacity reduced by $27mm in outstanding letters of credit as of December 31, 2010. Based on 274mm outstanding shares & January 28, 2011 closing share price of $24.98. 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 2 3 4 |
19 Q410 Company Overview 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 12.31.06 12.31.07 12.31.08 12.31.09 12.31.10 Leverage Measures Total Debt / TTM Adjusted EBITDA 1 0.8 1.5 2.0 1.0 1.7 Net Debt / TTM Adjusted EBITDA 1 N/A 0.6 1.1 0.3 1.0 Coverage Measures TTM Adj. EBITDA / TTM Interest Expense 1 37.5 13.8 10.8 10.3 9.4 TTM Free Cash Flow / TTM Int. Expense 1 30.4 11.8 5.0 6.9 6.1 |
20 Q410 Company Overview Rating Agency Snapshot S&P (Analyst: Andy Liu) Rating maintained at ‘BBB-’; Outlook Stable Moody’s (Analyst: Stephen Sohn) Rating Affirmed at Ba1 / Outlook Positive November 5, 2010 and January 31, 2011 Credit Opinions: “The company’s investment-grade attributes include its leading position in the consumer online travel agency market, globally recognized brand, the scalability of its distribution and processing network, and very strong credit profile (e.g., low leverage, high profitability, and strong cash flow generation).” “For 2011 at least, AA’s retreat from the GDS model would have no material effect on the credit metrics of the GDS providers or the travel companies. These companies draw only a small percentage of their annual revenues from sales of AA tickets.” “Air revenues comprise only 12% of Expedia’s total revenue stream, compared to about 36% for Orbitz. Since no single carrier represents more than 15% of Expedia’s air revenues, AA tickets account for no more than 2% of Expedia’s total revenues.” 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. Solid execution & adequate liquidity |
21 Q410 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 — Important 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 (FY10: $622mm) — Modest leverage (1.7x) — Strong interest coverage (9.4x) — High operating margins — Roughly 55% variable / 45% fixed cost base • Proven management 1 See Appendix B for reconciliation of non-GAAP to GAAP numbers. |
22 Q410 Company Overview Appendix A |
23 Q410 Company Overview Business Model – Income Statement (FY 2010) Source: Company financial reports 1 Excludes stock-based compensation. See Appendix B for reconciliation of non-GAAP to GAAP numbers. $ in millions Gross bookings $25,962 Revenue 3,348 Cost of revenue 1 690 Selling and marketing 1 1,190 General and administrative 1 285 Technology and content 1 348 “OIBA” 1 831 OIBA margin 1 25% Stock-based compensation 60 Amortization of intangibles 37 Occupancy tax, legal reserves & restructuring 6 Operating income (GAAP) 732 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 = 12.9% of ‘10 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 (73%) advertising expenses (search engine marketing & other online advertising, TV, etc.) and indirect, personnel-related costs (27%), including our supplier relationship function (PSG). Principally relates to payroll and related expenses, hardware & software, licensing & maintenance and software development cost amortization. |
24 Q410 Company Overview Growth 2006 2007 2008 2009 2010 2007 2008 2009 2010 Gross Bookings $16,882 $19,632 $21,269 $21,811 $25,962 16% 8% 3% 19% Revenue 2,238 2,665 2,937 2,955 3,348 19% 10% 1% 13% Cost & Expenses * 1,639 1,996 2,239 2,183 2,514 22% 12% (3%) 15% OIBA*** 599 670 698 762 831 12% 4% 9% 9% OIBA Margin*** 27% 25% 24% 26% 25% (165bps) (136bps) 201bps (96bps) Adj. EBITDA** 648 729 775 864 949 13% 6% 12% 10% EBITDA Margin*** 29% 27% 26% 29% 28% (160bps) (98bps) 287bps (90bps) Free Cash Flow*** 525 625 361 584 622 19% (42%) 62% 7% Trended Historical Results • • Investing in business to drive accelerated transaction growth. • $3.6B in cumulative OIBA & $2.7B in cumulative free cash flow (Figures in $millions) Positive top-line growth * Excludes stock-based compensation. See reconciliation of non-GAAP to GAAP numbers 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 to GAAP numbers. |
25 Q410 Company Overview Appendix B |
26 Q410 Company Overview Tabular Reconciliations For Non-GAAP Data Operating Income Before Amortization (figures in $000s) 3 Months Ended 3 Months Ended Dec 31, 2009 Dec 31, 2010 OIBA $ 162,903 $ 175,055 Amortization of intangible assets (9,722) (11,625) Stock-based compensation (14,994) (13,126) Restructuring charges (5,571) - Occupancy tax assessments and legal reserves 6,553 (5,542) Realized loss on revenue hedges 1,682 4,485 Operating income 140,851 149,247 Operating income margin 20% 18% Interest expense, net (19,638) (29,996) Other, net (4,595) (4,944) Provision for income taxes (12,405) (42,723) Net income attributable to noncontrolling interests (1,987) (291) Net income attributable to Expedia, Inc. $ 102,226 $ 71,293 |
27 Q410 Company Overview Tabular Reconciliations For Non-GAAP Data Operating Income Before Amortization (figures in $000s) Year Ended Dec. 31, 2006 Year Ended Dec. 31, 2007 Year Ended Dec. 31, 2008 Year Ended Dec. 31, 2009 Year Ended Dec. 31, 2010 OIBA $ 599,018 $ 669,487 $ 697,774 $ 761,532 $ 830,721 OIBA margin 27% 25% 24% 26% 25% Amortization of intangible assets (110,766) (77,569) (69,436) (37,681) (37,123) Amortization of non-cash distribution and marketing (9,638) - - - - Stock-based compensation (80,285) (62,849) (61,291) (61,661) (59,690) Restructuring charges - - - (34,168) - Occupancy tax assessments and legal reserves - - - (67,658) (5,542) Impairment of goodwill - - (2,762,100) - - Impairment of intangible & other long-lived assets (47,000) - (233,900) - - Realized loss on revenue hedges - - - 11,050 3,549 Operating income / (loss) 351,329 529,069 (2,428,953) 571,414 731,915 Operating income margin 16% 20% n/a 19% 22% Interest income (expense), net 14,799 (13,478) (41,573) (78,027) (94,131) Other, net 18,770 (18,607) (44,178) (35,364) (17,216) Provision for income taxes (139,451) (203,114) (5,966) (154,400) (195,008) Net (income) loss attributable to noncontrolling interests (513) 1,994 2,907 (4,097) (4,060) Net income / (loss) attributable to Expedia, Inc. $ 244,934 $ 295,864 $(2,517,763) $ 299,526 $ 421,500 Source: Company financial reports |
28 Q410 Company Overview Tabular Reconciliations For Non-GAAP Data Costs & Expenses (figures in $000s) Year Ended Dec. 31, 2006 Year Ended Dec. 31, 2007 Year Ended Dec. 31, 2008 Year Ended Dec. 31, 2009 Year Ended Dec. 31, 2010 Total costs and expenses* $ 1,718,853 $ 2,058,694 $ 2,300,530 $ 2,244,505 $ 2,573,529 Less: stock-based compensation (80,285) (62,849) (61,291) (61,661) (59,690) Costs and expenses excluding stock-based compensation 1,638,568 1,995,845 2,239,239 2,182,844 2,513,839 * Includes cost of revenue, selling and marketing, general and administrative and technology and content expenses. Source: Company financial reports (figures in $000s) Quarter Ended Dec 31, 2009 Quarter Ended Dec 31, 2010 Total costs and expenses* $ 547,927 641,956 Less: stock-based compensation (14,994) (13,126) Costs and expenses excluding stock-based compensation 532,933 628,830 |
29 Q410 Company Overview Tabular Reconciliations For Non-GAAP Data Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization (figures in $000s) Year Ended Dec. 31, 2006 Year Ended Dec. 31, 2007 Year Ended Dec. 31, 2008 Year Ended Dec. 31, 2009 Year Ended Dec. 31, 2010 Adjusted EBITDA 647,797 729,013 774,574 864,314 949,123 Adjusted EBITDA margin 29% 27% 26% 29% 28% Depreciation (48,779) (59,526) (76,800) (102,782) (118,402) OIBA 599,018 669,487 697,774 761,532 830,721 Source: Company financial reports (figures in $000s) Qtr Ended Dec 31, 2009 Qtr Ended Dec 31, 2010 Adjusted EBITDA 190,345 206,852 Adjusted EBITDA margin 27% 26% Depreciation (27,442) (31,797) OIBA 162,903 175,055 |
30 Q410 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) 12.31.09 12.31.10 12.31.09 12.31.10 Cost of revenue 607,251 692,832 145,540 176,198 Less: stock-based compensation (2,285) (2,401) (555) (576) Cost of revenue excluding stock-based compensation 604,966 690,431 144,985 175,622 Selling and marketing 1,027,062 1,204,141 234,839 282,454 Less: stock-based compensation (12,440) (13,867) (2,695) (3,405) Selling and marketing excluding stock-based compensation 1,014,622 1,190,274 232,144 279,049 Technology and content 319,708 362,447 85,518 94,939 Less: stock-based compensation (15,700) (14,326) (3,797) (3,486) Technology and content excluding stock- based compensation 304,008 348,121 81,721 91,453 General and administrative 290,484 314,109 82,030 88,365 Less: stock-based compensation (31,236) (29,096) (7,947) (5,659) General and administrative excluding stock- based compensation 259,248 285,013 74,083 82,706 Source: Company financial reports |
31 Q410 Company Overview Tabular Reconciliations For Non-GAAP Data Free Cash Flow (figures in $000s) 3 months ended Dec 31, 2009 3 months ended Dec 31, 2010 Net cash used in operating activities (144,328) (160,234) Less: capital expenditures (29,085) (41,865) Free cash flow (173,413) (202,099) |
32 Q410 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 TTM 12.10 Net cash provided by operating activities 458,913 494,184 573,491 676,004 793,527 764,787 793,389 777,483 Less: capital expenditures (150,025) (131,146) (103,775) (92,017) (98,306) (123,093) (142,409) (155,189) Free cash flow 308,888 363,038 469,715 583,987 695,221 641,694 650,980 622,294 Source: Company financial reports. Numbers may not add due to rounding. |