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Expedia, Inc.

SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30


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Selected tables from the SEC filing

Table 0

Financial table in standard format

 
Part I    Financial Information   
Item 1    Consolidated Financial Statements   
  

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2010 and 2009 (unaudited)

   2
  

Consolidated Balance Sheets as of June 30, 2010 (unaudited), and December 31, 2009

   3
  

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2010 and 2009 (unaudited)

   4
  

Notes to Consolidated Financial Statements (unaudited)

   5
Item 2    Managements Discussion and Analysis of Financial Condition and Results of Operations    19
Item 3    Quantitative and Qualitative Disclosures about Market Risk    32
Item 4    Controls and Procedures    33
Part II    Other Information   
Item 1    Legal Proceedings    34
Item 1A    Risk Factors    36
Item 6    Exhibits    37
Signature    38
Expedia, Inc. CIK:1324424
Notes to Consolidated Financial Statements (unaudited)5
Item 219
Item 332
Item 433
Part II
Item 134
Item 1A36
Item 637
Signature38
Data column 1: "numyear" is ambiguous (2010 or 2009 or 2010 or 2009 or 2010 or 2009)
Data column 1: "month" is ambiguous (6 or 6 or 12 or 6)
Data column 1: "dayofmonth" is ambiguous (30 or 30 or 31 or 30)
Data column 1: Unable to interpret date in column header
Data column 2: Unable to interpret date in column header
Row "Signature": Multi-column field in a numeric row

Table 1

Financial table in standard format

 
     Parent     Guarantor
Subsidiaries
    Non-Guarantor
Subsidiaries
    Eliminations     Consolidated  

Revenue

   $         $ 701,400      $ 227,015      $ (94,455   $ 833,960   

Costs and expenses:

          

Cost of revenue

               150,786        18,961        (1,176     168,571   

Selling and marketing

               285,957        104,138        (93,265     296,830   

Technology and content

               70,130        17,290                  87,420   

General and administrative

               35,839        43,280        (14     79,105   

Amortization of intangible assets

               2,951        5,393                  8,344   
                                        

Operating income

               155,737        37,953                  193,690   

Other income (expense):

          

Equity in pre-tax earnings of consolidated subsidiaries

     125,239        11,339                  (136,578          

Other, net

     (18,157     32,840        (32,854               (18,171
                                        

Total other income (expense), net

     107,082        44,179        (32,854     (136,578     (18,171
                                        

Income before income taxes

     107,082        199,916        5,099        (136,578     175,519   

Provision for income taxes

     7,180        (73,849     6,503                  (60,166
                                        

Net income

     114,262        126,067        11,602        (136,578     115,353   

Net income attributable to noncontrolling interest

                         (1,091               (1,091
                                        

Net income attributable to Expedia, Inc.

   $ 114,262      $ 126,067      $ 10,511      $ (136,578   $ 114,262   
                                        

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended June 30, 2009

(In thousands)

  

  

  

     Parent     Guarantor
Subsidiaries
    Non-Guarantor
Subsidiaries
    Eliminations     Consolidated  

Revenue

   $         $ 660,787      $ 205,433      $ (96,452   $ 769,768   

Costs and expenses:

          

Cost of revenue

               119,740        30,284        (1,262     148,762   

Selling and marketing

               257,164        109,517        (95,189     271,492   

Technology and content

               62,411        15,464        6        77,881   

General and administrative

               44,789        22,598        (7     67,380   

Amortization of intangible assets

               2,841        6,461                  9,302   

Occupancy tax assessments and legal reserves

       74,211                            74,211   

Restructuring charges

               3,771        2,327                  6,098   
                                        

Operating income

               95,860        18,782                  114,642   

Other income (expense):

          

Equity in pre-tax earnings of consolidated subsidiaries

     52,566        1,269                  (53,835          

Other, net

     (18,188     (13,966     (6,307               (38,461
                                        

Total other income (expense), net

     34,378        (12,697     (6,307     (53,835     (38,461
                                        

Income before income taxes

     34,378        83,163        12,475        (53,835     76,181   

Provision for income taxes

     6,524        (29,247     (11,615               (34,338
                                        

Net income

     40,902        53,916        860        (53,835     41,843   

Net income attribuatable to noncontrolling interest

                         (941               (941
                                        

Net income (loss) attributable to Expedia, Inc.

   $ 40,902      $ 53,916      $ (81   $ (53,835   $ 40,902   
                                        
Expedia, Inc. CIK:1324424
2009-03-30
to
2009-06-30
(3-months)
2009-03-30
to
2009-06-30
(3-months)
2009-03-30
to
2009-06-30
(3-months)
2009-03-30
to
2009-06-30
(3-months)
2009-03-30
to
2009-06-30
(3-months)
Parent
Revenue$660,787$205,433$(96,452)$769,768
Costs and expenses:
Cost of revenue119,74030,284(1,262)148,762
Selling and marketing257,164109,517(95,189)271,492
Technology and content62,41115,464677,881
General and administrative44,78922,598(7)67,380
Amortization of intangible assets2,8416,4619,302
Occupancy tax assessments and legal reserves74,21174,211
Restructuring charges3,7712,3276,098
Operating income95,86018,782114,642
Other income (expense):
Equity in pre-tax earnings of consolidated subsidiaries52,5661,269(53,835)
Other, net(18,188)(13,966)(6,307)(38,461)
Total other income (expense), net34,378(12,697)(6,307)(53,835)(38,461)
Income before income taxes34,37883,16312,475(53,835)76,181
Provision for income taxes6,524(29,247)(11,615)(34,338)
Net income40,90253,916860(53,835)41,843
Net income attribuatable to noncontrolling interest(941)(941)
Net income (loss) attributable to Expedia, Inc.$40,902$53,916$(81)$(53,835)$40,902

Table 2

Financial table in standard format

 
     Parent     Guarantor
Subsidiaries
    Non-Guarantor
Subsidiaries
    Eliminations     Consolidated  

Revenue

   $         $ 1,299,449      $ 442,526      $ (190,096   $ 1,551,879   

Costs and expenses:

          

Cost of revenue

               282,949        44,948        (1,296     326,601   

Selling and marketing

               569,095        197,378        (188,805     577,668   

Technology and content

               139,280        34,918        13        174,211   

General and administrative

               73,459        76,712        (8     150,163   

Amortization of intangible assets

               6,414        10,958                  17,372   
                                        

Operating income

               228,252        77,612                  305,864   

Other income (expense):

          

Equity in pre-tax earnings of consolidated subsidiaries

     195,910        24,828                  (220,738          

Other, net

     (36,337     55,187        (57,061               (38,211
                                        

Total other income (expense), net

     159,573        80,015        (57,061     (220,738     (38,211
                                        

Income before income taxes

     159,573        308,267        20,551        (220,738     267,653   

Provision for income taxes

     14,084        (109,876     4,091                  (91,701
                                        

Net income

     173,657        198,391        24,642        (220,738     175,952   

Net income attributable to noncontrolling interest

                         (2,295               (2,295
                                        

Net income attributable to Expedia, Inc.

   $ 173,657      $ 198,391      $ 22,347      $ (220,738   $ 173,657   
                                        

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Six Months Ended June 30, 2009

(In thousands)

  

  

  

     Parent     Guarantor
Subsidiaries
    Non-Guarantor
Subsidiaries
    Eliminations     Consolidated  

Revenue

   $         $ 1,210,843      $ 369,746      $ (175,109   $ 1,405,480   

Costs and expenses:

          

Cost of revenue

               237,533        57,146        (2,404     292,275   

Selling and marketing

               473,772        206,278        (172,674     507,376   

Technology and content

               125,042        30,502        9        155,553   

General and administrative

               90,916        44,413        (40     135,289   

Amortization of intangible assets

               5,680        12,691                  18,371   

Occupancy tax assessments and legal reserves

       74,211                    74,211   

Restructuring charges

               10,775        4,041                  14,816   
                                        

Operating income

               192,914        14,675                  207,589   

Other income (expense):

          

Equity in pre-tax earnings (losses) of consolidated subsidiaries

     103,376        (1,551               (101,825          

Other, net

     (36,363     (20,777     (7,242               (64,382
                                        

Total other income (expense), net

     67,013        (22,328     (7,242     (101,825     (64,382
                                        

Income before income taxes

     67,013        170,586        7,433        (101,825     143,207   

Provision for income taxes

     13,273        (64,901     (9,982               (61,610
                                        

Net income (loss)

     80,286        105,685        (2,549     (101,825     81,597   

Net income attribuatable to noncontrolling interest

                         (1,311               (1,311
                                        

Net income (loss) attributable to Expedia, Inc.

   $ 80,286      $ 105,685      $ (3,860   $ (101,825   $ 80,286   
                                        
Expedia, Inc. CIK:1324424
2008-12-30
to
2009-06-30
(6-months)
2008-12-30
to
2009-06-30
(6-months)
2008-12-30
to
2009-06-30
(6-months)
2008-12-30
to
2009-06-30
(6-months)
2008-12-30
to
2009-06-30
(6-months)
Parent
Revenue$1,210,843$369,746$(175,109)$1,405,480
Costs and expenses:
Cost of revenue237,53357,146(2,404)292,275
Selling and marketing473,772206,278(172,674)507,376
Technology and content125,04230,5029155,553
General and administrative90,91644,413(40)135,289
Amortization of intangible assets5,68012,69118,371
Occupancy tax assessments and legal reserves74,21174,211
Restructuring charges10,7754,04114,816
Operating income192,91414,675207,589
Other income (expense):
Equity in pre-tax earnings (losses) of consolidated subsidiaries103,376(1,551)(101,825)
Other, net(36,363)(20,777)(7,242)(64,382)
Total other income (expense), net67,013(22,328)(7,242)(101,825)(64,382)
Income before income taxes67,013170,5867,433(101,825)143,207
Provision for income taxes13,273(64,901)(9,982)(61,610)
Net income (loss)80,286105,685(2,549)(101,825)81,597
Net income attribuatable to noncontrolling interest(1,311)(1,311)
Net income (loss) attributable to Expedia, Inc.$80,286$105,685$(3,860)$(101,825)$80,286

Table 3

Financial table in standard format

 
     Parent    Guarantor
Subsidiaries
   Non-Guarantor
Subsidiaries
   Eliminations     Consolidated
ASSETS              

Total current assets

   $ 80,676    $ 2,484,526    $ 429,435    $ (1,178,946   $ 1,815,691

Investment in subsidiaries

     4,276,263      505,534              (4,781,797       

Intangible assets, net

             678,228      123,100                801,328

Goodwill

             3,057,801      538,963                3,596,764

Other assets, net

     2,670      323,428      83,013                409,111
                                   

TOTAL ASSETS

   $ 4,359,609    $ 7,049,517    $ 1,174,511    $ (5,960,743   $ 6,622,894
                                   
LIABILITIES AND STOCKHOLDERS EQUITY              

Total current liabilities

   $ 797,681    $ 2,368,382    $ 600,105    $ (1,178,946   $ 2,587,222

Long-term debt

     895,374                                895,374

Other liabilities

             389,801      83,943                473,744

Stockholders equity

     2,666,554      4,291,334      490,463      (4,781,797     2,666,554
                                   

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

   $ 4,359,609    $ 7,049,517    $ 1,174,511    $ (5,960,743   $ 6,622,894
                                   

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2009

(In thousands)

     Parent    Guarantor
Subsidiaries
   Non-Guarantor
Subsidiaries
   Eliminations     Consolidated
ASSETS              

Total current assets

   $ 95,846    $ 1,643,085    $ 420,379    $ (934,261   $ 1,225,049

Investment in subsidiaries

     4,163,845      590,536              (4,754,381       

Intangible assets, net

             684,367      138,664                823,031

Goodwill

             3,057,942      546,052                3,603,994

Other assets, net

     3,128      199,838      82,116                285,082
                                   

TOTAL ASSETS

   $ 4,262,819    $ 6,175,768    $ 1,187,211    $ (5,688,642   $ 5,937,156
                                   
LIABILITIES AND STOCKHOLDERS EQUITY              

Total current liabilities

   $ 618,007    $ 1,621,449    $ 529,862    $ (934,261   $ 1,835,057

Long-term debt

     895,086                                895,086

Other liabilities

             377,821      79,466                457,287

Stockholders equity

     2,749,726      4,176,498      577,883      (4,754,381     2,749,726
                                   

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

   $ 4,262,819    $ 6,175,768    $ 1,187,211    $ (5,688,642   $ 5,937,156
                                   
Expedia, Inc. CIK:1324424
2009-12-31 2009-12-31 2009-12-31 2009-12-31 2009-12-31
Parent
ASSETS
Total current assets$95,846$1,643,085$420,379$(934,261)$1,225,049
Investment in subsidiaries4,163,845590,536(4,754,381)
Intangible assets, net684,367138,664823,031
Goodwill3,057,942546,0523,603,994
Other assets, net3,128199,83882,116285,082
TOTAL ASSETS$4,262,819$6,175,768$1,187,211$(5,688,642)$5,937,156
LIABILITIES AND STOCKHOLDERS EQUITY
Total current liabilities$618,007$1,621,449$529,862$(934,261)$1,835,057
Long-term debt895,086895,086
Other liabilities377,82179,466457,287
Stockholders equity2,749,7264,176,498577,883(4,754,381)2,749,726
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY$4,262,819$6,175,768$1,187,211$(5,688,642)$5,937,156

Table 4

Financial table in standard format

 

Exhibit

No.

        Filed
Herewith
   Incorporated by Reference
  

Exhibit Description

      Form    SEC File No.    Exhibit    Filing Date

  31.1

   Certification of the Chairman and Senior Executive Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002    X            

  31.2

   Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002    X            

  31.3

   Certification of the Chief Financial Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002    X            

  32.1

   Certification of the Chairman and Senior Executive pursuant Section 906 of the Sarbanes-Oxley Act of 2002    X            

  32.2

   Certification of the Chief Executive Officer pursuant Section 906 of the Sarbanes-Oxley Act of 2002    X            

  32.3

   Certification of the Chief Financial Officer pursuant Section 906 of the Sarbanes-Oxley Act of 2002    X            

101*  

   The following financial statements from the Companys Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, formatted in XBRL: (i) Consolidated Statements of Operations, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Cash Flows, and (iv) Notes to Consolidated Financial Statements, tagged as blocks of text.               
Expedia, Inc. CIK:1324424
Data column 1: "numyear" is ambiguous (2002 or 2002 or 2002 or 2002 or 2002 or 2002 or 2010)
Data column 1: Unable to interpret date in column header
Data column 2: "numyear" is ambiguous (2002 or 2002 or 2002 or 2002 or 2002 or 2002 or 2010)
Data column 2: Unable to interpret date in column header

Original filing from SEC EDGAR system.