Item 6. Selected Financial Data

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Item 6. Selected Financial Data

SELECTED FINANCIAL DATA

The selected consolidated financial data presented below is derived from the Consolidated Financial Statements and related Notes of the Company, and should be read in connection with those statements, some of which are included herein. Selected financial data reflects data related to rentalcars.com from its acquisition date of May 2010, KAYAK from its acquisition date of May 2013 and OpenTable from its acquisition date of July 2014. The information set forth below is not necessarily indicative of future results and should be read in conjunction with Part II Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations.



	Year Ended December 31,
	2014		2013		2012		2011		2010
	(In thousands, except per share amounts)

Total revenues	$	8,441,971	$	6,793,306	$	5,260,956	$	4,355,610	$	3,084,905
Cost of revenues	857,841		1,077,420		1,177,275		1,275,730		1,175,934
Gross profit	7,584,130		5,715,886		4,083,681		3,079,880		1,908,971
Total operating expenses	4,510,818		3,303,472		2,253,888		1,680,958		1,122,174
Operating income	3,073,312		2,412,414		1,829,793		1,398,922		786,797
Total other expense	83,864		115,877		67,924		31,128		40,514
Income tax expense	567,695		403,739		337,832		308,663		218,141
Net income	2,421,753		1,892,798		1,424,037		1,059,131		528,142
Net income attributable to noncontrolling interests(1)	—		135		4,471		2,760		601
Net income applicable to common stockholders	2,421,753		1,892,663		1,419,566		1,056,371		527,541
Net income applicable to common stockholders per basic common share	46.30		37.17		28.48		21.27		11.00
Net income applicable to common stockholders per diluted share	45.67		36.11		27.66		20.63		10.35
Total assets	14,940,563		10,444,460		6,569,742		3,970,671		2,905,953
Long-term obligations, redeemable noncontrolling interests(2)	5,031,073		2,304,917		1,731,385		788,218		621,624
Total liabilities	6,373,540		3,526,198		2,457,825		1,191,971		1,046,828
Total stockholders' equity	8,566,694		6,909,729		3,896,975		2,574,295		1,813,336


(1)	Redeemable noncontrolling interests beginning in 2010 relates to the Company's purchase of rentalcars.com in May 2010. In April 2011, in connection with the exercise of certain call and put options in March 2011, the redeemable noncontrolling interests in rentalcars.com were reduced from 24.4% to 19.0%. In April 2012, in connection with the exercise of certain call and put options in March 2012, the redeemable noncontrolling interests in rentalcars.com were reduced from 19.0% to 12.7%. In April 2013, in connection with the exercise of certain call and put options in March 2013, the Company purchased the remaining outstanding shares underlying the redeemable noncontrolling interests.

(1)

Redeemable noncontrolling interests beginning in 2010 relates to the Company's purchase of rentalcars.com in May 2010. In April 2011, in connection with the exercise of certain call and put options in March 2011, the redeemable noncontrolling interests in rentalcars.com were reduced from 24.4% to 19.0%. In April 2012, in connection with the exercise of certain call and put options in March 2012, the redeemable noncontrolling interests in rentalcars.com were reduced from 19.0% to 12.7%. In April 2013, in connection with the exercise of certain call and put options in March 2013, the Company purchased the remaining outstanding shares underlying the redeemable noncontrolling interests.


(2)	Includes convertible debt which is classified as a current liability.

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