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 results of any acquired business from the date of acquisition, including data related to OpenTable from its acquisition date of July 24, 2014, the Momondo Group from its acquisition date of July 24, 2017, FareHarbor from its acquisition date of April 26, 2018 and HotelsCombined from its acquisition date of November 30, 2018. 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,
2018(1)
2017
2016
2015
2014
(In millions, except per share amounts)
Total revenues
$
14,527
$
12,681
$
10,743
$
9,224
$
8,442
Cost of revenues (2)
—
242
415
646
858
Gross profit (2)
—
12,439
10,328
8,578
7,584
Total operating expenses(2)(3)
9,186
7,901
7,422
5,319
4,511
Operating income(2)(3)
5,341
4,538
2,906
3,259
3,073
Total other expense(4)
506
139
193
131
84
Income tax expense(5)
837
2,058
578
577
568
Net income(3) (4)
3,998
2,341
2,135
2,551
2,422
Net income applicable to common stockholders per basic common share (3) (5)
84.26
47.78
43.14
50.09
46.30
Net income applicable to common stockholders per diluted common share (3) (5)
83.26
46.86
42.65
49.45
45.67
Total assets
22,687
25,451
19,839
17,421
14,771
Long-term obligations(6)
10,347
11,403
8,128
7,186
4,863
Total liabilities
13,902
14,187
9,990
8,626
6,204
Total stockholders' equity
8,785
11,261
9,820
8,795
8,567
(1)
The financial statements for the year ended December 31, 2018 are presented in accordance with the current revenue recognition accounting standard adopted on January 1, 2018. Financial statements for all periods prior to January 1, 2018 are presented under the previous revenue recognition accounting standard. See Note 2 to our Consolidated Financial Statements for further information.
(2)
Reflects the change in the presentation of advertising expenses and sales and marketing expenses and the reclassification of certain expenses from cost of revenues to operating expenses in our Consolidated Statements of Operations. See Note 2 to our Consolidated Financial Statements for further information.
(3)
Includes a non-cash charge related to an impairment of OpenTable goodwill of $941 million, which is not tax deductible, for the year ended December 31, 2016 (see Note 9 to the Consolidated Financial Statements). The goodwill impairment charge reduced the 2016 basic and diluted net income per share by $19.01 and $18.79, respectively.
(4)
Includes net unrealized losses on marketable equity securities of $367 million for the year ended December 31, 2018. Pursuant to the adoption of the accounting update on financial instruments in 2018, for periods beginning after December 31, 2017, marketable equity securities are reported at estimated fair value with changes in fair value recognized in net income rather than accumulated other comprehensive income within stockholders' equity. See Note 2 to our Consolidated Financial Statements for further information.
(5)
Includes an income tax benefit during the year ended December 31, 2018 of $46 million to adjust the 2017 provisional tax expense related to a one-time transitional tax on mandatory deemed repatriation of accumulated unremitted international earnings as a result of the U.S. Tax Cuts and Jobs Act (“Tax Act”) enacted in December 2017 (see Note 13 to the Consolidated Financial Statements). The income tax provision for the year ended December 31, 2017 includes a provisional tax expense of $1.6 billion related to the transition tax mentioned above and a provisional net
tax benefit of $217 million related to the remeasurement of the Company’s U.S. deferred tax assets and liabilities as a result of the Tax Act, which reduced the 2017 basic and diluted net income per share by $27.47 and $26.94, respectively.
(6)
Includes convertible debt which is classified as a current liability, when applicable. As of December 31, 2018, none of the Company's convertible debt was classified as a current liability.
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