Q111 Company Overview Q1 2011 Company Overview Exhibit 99.2 |
2 Q111 Company Overview Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance. These forward-looking statements are based on management’s expectations as of April 28, 2011 and assumptions which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The use of words such as "intends" and “expects,” among others, generally identify 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 / (loss), 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: declines or disruptions in the travel industry; changes in our relationships and contractual agreements with travel suppliers or supplier intermediaries; risks relating to the announced spin-off of our TripAdvisor business; increases in the costs of maintaining and enhancing our brand awareness; changes in search engine algorithms and dynamics, or search engine disintermediation; our inability to adapt to technological developments or to maintain our existing technologies; our ability to expand successfully in international markets; changes in senior management; volatility in our stock price; changing laws, rules and regulations and legal uncertainties relating to our business; unfavorable new, or adverse application of existing, tax laws, rules or regulations; adverse outcomes in legal proceedings to which we are party; provisions in certain credit card processing agreements that could adversely impact our liquidity and financial positions; fluctuations in our effective tax rate; our inability to access the capital markets when necessary; risks related to our long term indebtedness; fluctuations in foreign exchange rates; risks related to the failure of counterparties to perform on financial obligations; potential liabilities resulting from our processing, storage, use and disclosure of personal data; the integration of current and acquired businesses; the risk that our intellectual property is not protected from copying or use by others, including competitors; and other risks detailed in our public filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2010. Except as required by law, we undertake no obligation to update any forward-looking or other statements in this press release, 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 Global Opportunity Sizeable markets Higher growth online Penetration tailwinds OTA Share of Online Bookings OTA share stabilizing CAGR 2008 2009 2010 (E) 2011 (E) ‘08 – ‘11 Travel Market Size: U.S. 274 233 255 271 Flat Europe 350 313 320 332 -1% APAC 215 202 212 227 1% LATAM 56 52 58 63 3% 4 Region Total 895 800 845 893 Flat Online Bookings: U.S. 143 132 139 145 Flat Europe 107 107 118 129 5% APAC 31 36 44 55 15% LATAM 5 6 8 11 24% 4 Region Online 285 280 310 339 5% Europe, APAC & LATAM 142 148 171 195 8% Online Penetration: U.S. 52% 57% 54% 53% Europe 30% 34% 37% 39% APAC 14% 18% 21% 24% LATAM 9% 11% 14% 18% 4 Region Online Pen. 32% 35% 37% 38% Figures in $billions Sources: U.S. Online Travel Overview 10th Edition (November 2010); U.S. Online Travel Overview 8th Edition Update: 2009 – 2010 (April 2009); U.S. Corporate Travel Distribution 4th Edition (July 2009); US Online figure for 2011 assumes ~$40 million in online corporate travel bookings; European Online Travel Overview 6th Edition (November 2010); European Online Travel Overview 5th Edition (October 2009); European figures assume Euro/USD exchange rate in each period of $1.45; APAC data - PhoCusWright Asia Pacific Online Travel Overview – Third Edition (August 2009) & EyeForTravel APAC Overview (April 2007). APAC data excludes managed travel. LATAM data – PhoCusWright Latin America: Navigating the Emerging Online Travel Marketplace (April 2011). LATAM data excludes managed travel. Q111 Company Overview |
4 Q111 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 Q111 Company Overview Expedia - the Travel Sector Leader Sources: comScore MediaMetrix, March 2011 & 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 22 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 (March 2011 unique visitors): 75mm • TTM 3.31.11 number of transactions: 67mm TTM 3.31.11 •Gross bookings: $ 26.6b •Revenue: $ 3.5b •OIBA ² : $817mm •Adjusted EBITDA $944mm • $6.5b market cap (April 15, 2011) • Member of S&P 500 & NASDAQ 100 stock indices 2 1 1 |
6 Q111 Company Overview Largest Worldwide Audience Source: comScore MediaMetrix, March 2011 1 Denotes Expedia’s percentage difference over next largest competitor +157% 1 +136% 1 +108% 1 +80% 1 +136% 1 +104% 1 Orbitz Yahoo Travel Priceline Travelocity U.S. Worldwide 0 100 200 300 400 500 600 700 Min Spent Online Page Views UV’s Min Spent Online Page Views UV’s |
7 Q111 Company Overview 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 Improved traveler experience User- generated content Cash flow to invest in More ad revenue |
8 Q111 Company Overview Revenue by Product & Geography Hotel 63% Revenue Air 11% * 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 61% Revenue International 39% Advertising & Media 13% Car, Cruise & Other 13% Business mix shifting to hotel & advertising, increasingly global Source: Company financial reports; some numbers may not add due to rounding. Geographic Split (TTM 3.31.2011) Product Categories (TTM 3.31.2011) |
9 Q111 Company Overview Product Category - Hotel 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 $70 1 Includes service fee and spread •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 Business Overview 1 Reduced E.com service fees beginning Apr-09 |
10 Q111 Company Overview Trended Worldwide Hotel Growth Statistics (y/y) Source: Company financial reports . 2005 – 2007 data is for merchant hotel only; 2008 – 2011 data is for both agency and merchant hotel. |
11 Q111 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 •Two primary businesses – •TripAdvisor Media Group (leading global collection of user-generated content sites) •Expedia Media (monetizing global Expedia, Hotels & Hotwire sites beyond transactions) •TTM revenue of $446mm, +32% y/y •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 Sources: Company reports Business Overview Ad & Media Brand Portfolio Revenue Drivers Growth in TTM Net Advertising Revenues 1 TripAdvisor Reviews and Opinions - Robust Growth |
12 Q111 Company Overview Product Category - Air • Air revenue = 11% of Expedia’s worldwide trailing twelve months 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 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 Agency Model / Illustrative Transaction Business Overview |
13 Q111 Company Overview Trended Worldwide Air Growth Statistics (y/y) Source: Company financial reports |
14 Q111 Company Overview 12.5% 12.5% 12.6% 12.6% 12.4% 12.1% 11.6% 11.3% 11.2% 11.3% 11.3% 13.7% 13.8% 14.0% 14.1% 13.9% 13.6% 13.1% 12.8% 12.8% 12.9% 13.0% 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Stable Supplier Relationships & Economics Trended Revenue Margin (TTM) Stable supplier margins indicate healthy supplier relationships 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 Q111 Company Overview Q111 Results Figures in $mm unless otherwise noted * 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. Source: Company financial reports Q111 Q110 y/y Transactions (mm) 17.1 15.8 8% Gross Bookings $7,294 $6,632 10% Revenue 822 718 15% Cost of Revenue * 177 157 13% Selling & Marketing * 337 277 22% Tech & Content * 98 82 19% General & Administrative * 75 62 22% Total Costs and Expenses * 688 578 19% OIBA ** 129 143 -9% OIBA Margin 16% 20% (413bps) Adjusted EBITDA *** 163 168 -3% Adj. EBITDA Margin 20% 23% (365bps) Free Cash Flow 678 590 15% Unit Growth • Q111 worldwide room night growth of 15% • Q111 worldwide air tickets declined 10% 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 $1.7B 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 ‘10 cash flows improved due to higher earnings, lower occupancy tax assessment payments and lower cash tax payments 16 Q111 Company Overview * 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 |
17 Q111 Company Overview Efficiently Managing Dilution 15% 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 |
18 Q111 Company Overview Capitalization 3/31/11 Cash and Cash Equivalents $953 Revolving Credit Facility -- 5.950% Notes due 2020 750 7.456% Notes due 2018 500 8.500% Notes due 2016 395 Total Debt $1,645 Net Debt 692 Market Value of Equity $6,468 Total Capitalization $7,160 Adjusted EBITDA TTM $944 Total Debt / Adj. EBITDA 1.7 Net Debt / Adj. EBITDA 0.7 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) 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 $27mm in outstanding letters of credit as of March 31, 2011. 3 Based on 273mm outstanding shares and April 15, 2011 closing share price of $23.66. 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 2 3 4 4 4 |
19 Q111 Company Overview 12.31.07 12.31.08 12.31.09 12.31.10 TTM 3.31.11 Leverage Measures Total Debt / TTM Adjusted EBITDA ¹ 1.5 2.0 1.0 1.7 1.7 Net Debt / TTM Adjusted EBITDA ¹ 0.6 1.1 0.3 1.0 0.7 Coverage Measures TTM Adj. EBITDA / TTM Interest Expense ¹ 13.8 10.8 10.3 9.4 8.5 TTM Free Cash Flow / TTM Int. Expense ¹ 11.8 5.0 6.9 6.1 6.4 Trended Credit Metrics Demonstrated strong credit metrics, consistent with investment grade rating See Appendix B for reconciliation of non-GAAP to GAAP numbers. Source: Company financial reports 1 |
20 Q111 Company Overview Rating Agency Snapshot S&P (Analyst: Andy Liu) Rating ‘BBB-’ on CreditWatch with negative implications April 7, 2011 Research Update: “The CreditWatch placement is based on the company’s plan to split off its TripAdvisor unit…we believe it will reduce Expedia’s growth rate, EBITDA margin, and discretionary cash flow going forward.” Moody’s (Analyst: Stephen Sohn) Rating Affirmed at Ba1 / Outlook Stable April 7, 2011 and April 11, 2011 Credit Opinions: “The revised stable outlook for Expedia reflects our view that a near term upgrade is unlikely until there is more clarity regarding the capital structure post spin-off of TripAdvisor.” “Expedia’s Ba1 rating is supported by the company’s leading position in the consumer online travel agency market, moderate leverage, solid profitability, and steady cash flow generation.” Although Expedia is a globally recognized brand, the company may have to pursue opportunistic acquisitions to maintain its leadership position while achieving its growth objectives.” 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 February 14, 2011 Research Update: “Results should benefit from a continued strengthening of industry travel trends and be positively impacted by continued share gains at Expedia as consumers increasingly utilize online travel agents (OTAs).” “Advertising revenue, which is growing significantly faster than airline and hotel revenue and now represents over 10% of total revenue, represents a strong source of revenue diversification and positively impacts overall profitability.” Solid execution & adequate liquidity |
21 Q111 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 (TTM 3.31.11: $710mm) Modest leverage (1.7x) Strong interest coverage (8.5x) 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 Q111 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 Legal reserves, occupancy tax & 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 Q111 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 • Positive top-line growth • Investing in business to drive accelerated transaction growth. • $3.6B in cumulative OIBA & $2.7B in cumulative free cash flow (Figures in $millions) * 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 Q111 Company Overview Appendix B |
26 Q111 Company Overview Tabular Reconciliations For Non-GAAP Data Operating Income Before Amortization 3 Months Ended 3 Months Ended (figures in $000s) Mar 31, 2010 Mar 31, 2011 OIBA $ 142,544 $ 129,258 Amortization of intangible assets (9,028) (7,951) Stock-based compensation (18,892) (17,272) Legal reserves and occupancy tax assessments - (1,100) Restructuring charges - - Realized (gain) loss on revenue hedges (2,450) 5,306 Operating income 112,174 108,241 Operating income margin 16% 13% Interest expense, net (20,608) (27,839) Other, net 568 (6,217) Provision for income taxes (31,535) (21,976) Net income attributable to noncontrolling interests (1,204) (170) Net income attributable to Expedia, Inc. $ 59,395 $ 52,039 |
27 Q111 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) - Legal reserves and occupancy tax assessments - - - (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) 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 (195,008) |
28 Q111 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 Mar 31, 2010 Quarter Ended Mar 31, 2011 Total costs and expenses* 596,717 704,885 Less: stock-based compensation (18,892) (17,272) Costs and expenses excluding stock-based compensation 577,825 687,613 |
29 Q111 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 Mar 31, 2010 Qtr Ended Mar 31, 2011 TTM 3.31.11 Adjusted EBITDA 168,159 162,545 943,509 Adjusted EBITDA margin 23% 20% 27% Depreciation (25,615) (33,287) (126,074) OIBA 142,544 129,258 817,435 |
30 Q111 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 3.31.10 3.31.11 Cost of revenue 607,251 692,832 158,030 177,842 Less: stock-based compensation (2,285) (2,401) (789) (810) Cost of revenue excluding stock-based compensation 604,966 690,431 157,241 177,032 Selling and marketing 1,027,062 1,204,141 280,838 341,158 Less: stock-based compensation (12,440) (13,867) (4,317) (4,314) Selling and marketing excluding stock-based compensation 1,014,622 1,190,274 276,521 336,844 Technology and content 319,708 362,447 86,791 103,184 Less: stock-based compensation (15,700) (14,326) (4,381) (4,751) Technology and content excluding stock- based compensation 304,008 348,121 82,410 98,433 General and administrative 290,484 314,109 71,058 82,701 Less: stock-based compensation (31,236) (29,096) (9,405) (7,397) General and administrative excluding stock- based compensation 259,248 285,013 61,653 75,304 Source: Company financial reports |
31 Q111 Company Overview Tabular Reconciliations For Non-GAAP Data Free Cash Flow (figures in $000s) 3 months ended Mar 31, 2010 3 months ended Mar 31, 2011 Net cash used in operating activities 619,527 729,090 Less: capital expenditures (29,675) (51,079) Free cash flow 589,852 678,011 |
32 Q111 Company Overview Tabular Reconciliations For Non-GAAP Data Free Cash Flow TTM = Trailing Twelve Month periods ended (figures in $000s) TTM 6.07 TTM 9.07 TTM 12.07 TTM 3.08 TTM 6.08 TTM 9.08 TTM 12.08 TTM 3.09 Net cash provided by operating activities 831,140 859,228 712,069 737,792 660,510 514,242 520,688 458,913 Less: capital expenditures (97,576) (82,671) (86,658) (101,514) (118,417) (148,022) (159,827) (150,025) Free cash flow 733,564 776,557 625,411 636,278 542,093 366,220 360,861 308,888 TTM 6.09 TTM 9.09 TTM 12.09 TTM 3.10 TTM 6.10 TTM 9.10 TTM 12.10 TTM 3.11 Net cash provided by operating activities 494,184 573,491 676,004 793,527 764,787 793,389 777,483 887,046 Less: capital expenditures (131,146) (103,775) (92,017) (98,306) (123,093) (142,409) (155,189) (176,593) Free cash flow 363,038 469,715 583,987 695,221 641,694 650,980 622,294 710,453 Source: Company financial reports. Numbers may not add due to rounding. |