EX-99.13 41 a2187104zex-99_13.htm EXHIBIT 99.13

Exhibit 99.13

 

Ticketmaster and Subsidiaries

 

Combined Statements of Operations

 

Year Ended December 31, 2007

 

(In thousands)

 

 

 

Quarter Ended
March 31

 

Quarter Ended
June 30

 

Quarter Ended
September 30

 

Quarter Ended
December 31

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

Revenue

 

$

303,577

 

$

293,416

 

$

292,466

 

$

351,018

 

Cost of sales (exclusive of depreciation shown separately below)

 

184,784

 

183,860

 

181,186

 

216,708

 

Gross profit

 

118,793

 

109,556

 

111,280

 

134,310

 

Selling and marketing expense

 

7,073

 

8,158

 

8,560

 

19,696

 

General and administrative expense

 

34,258

 

39,892

 

39,108

 

36,220

 

Amortization of intangibles

 

6,853

 

6,667

 

6,081

 

6,599

 

Depreciation

 

9,121

 

9,471

 

9,495

 

10,371

 

Operating income

 

61,488

 

45,368

 

48,036

 

61,424

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

5,378

 

8,499

 

8,533

 

10,655

 

Interest expense

 

(266

)

(133

)

(242

)

(362

)

Equity in income of uncombined affiliates

 

865

 

960

 

1,196

 

3,280

 

Other income (expense)

 

83

 

(208

)

230

 

1,015

 

Total other income, net

 

6,060

 

9,118

 

9,717

 

14,588

 

Earnings before income taxes and minority interest

 

67,548

 

54,486

 

57,753

 

76,012

 

Income tax provision

 

(24,637

)

(19,873

)

(18,671

)

(25,826

)

Minority interest in losses of combined subsidiaries

 

14

 

191

 

1,459

 

895

 

Net income

 

$

42,925

 

$

34,804

 

$

40,541

 

$

51,081

 

 

 

 

 

 

 

 

 

 

 

Non-cash compensation expense is included in the following line items in the combined statements of operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

$

148

 

$

242

 

$

211

 

$

199

 

Selling and marketing expense

 

163

 

265

 

230

 

218

 

General and administrative expense

 

1,568

 

2,556

 

4,082

 

2,690

 

Total non-cash compensation expense

 

$

1,879

 

$

3,063

 

$

4,523

 

$

3,107

 

 

9



 

Ticketmaster and Subsidiaries

 

Combined Statements of Operations (Continued)

 

Year Ended December 31, 2007

 

(In thousands)

 

 

 

Quarter Ended
March 31

 

Six Months
Ended
June 30

 

Nine Months
Ended
September 30

 

Year Ended
December 31

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(audited)

 

Revenue

 

$

303,577

 

$

596,993

 

$

889,459

 

$

1,240,477

 

Cost of sales (exclusive of depreciation shown separately below)

 

184,784

 

368,644

 

549,830

 

766,538

 

Gross profit

 

118,793

 

228,349

 

339,629

 

473,939

 

Selling and marketing expense

 

7,073

 

15,231

 

23,791

 

43,487

 

General and administrative expense

 

34,258

 

74,150

 

113,258

 

149,478

 

Amortization of intangibles

 

6,853

 

13,520

 

19,601

 

26,200

 

Depreciation

 

9,121

 

18,592

 

28,087

 

38,458

 

Operating income

 

61,488

 

106,856

 

154,892

 

216,316

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

5,378

 

13,877

 

22,410

 

33,065

 

Interest expense

 

(266

)

(399

)

(641

)

(1,003

)

Equity in income of uncombined affiliates

 

865

 

1,825

 

3,021

 

6,301

 

Other income (expense)

 

83

 

(125

)

105

 

1,120

 

Total other income, net

 

6,060

 

15,178

 

24,895

 

39,483

 

Earnings before income taxes and minority interest

 

67,548

 

122,034

 

179,787

 

255,799

 

Income tax provision

 

(24,637

)

(44,510

)

(63,181

)

(89,007

)

Minority interest in losses of combined subsidiaries

 

14

 

205

 

1,664

 

2,559

 

Net income

 

$

42,925

 

$

77,729

 

$

118,270

 

$

169,351

 

 

 

 

 

 

 

 

 

 

 

Non-cash compensation expense is included in the following line items in the combined statements of operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

$

148

 

$

390

 

$

601

 

$

800

 

Selling and marketing expense

 

163

 

428

 

658

 

876

 

General and administrative expense

 

1,568

 

4,124

 

8,206

 

10,896

 

Total non-cash compensation expense

 

$

1,879

 

$

4,942

 

$

9,465

 

$

12,572

 

 

10



 

Ticketmaster and Subsidiaries

 

Combined Statements of Operations

 

Year Ended December 31, 2006

 

(In thousands)

 

 

 

Quarter Ended
March 31

 

Quarter Ended
June 30

 

Quarter Ended
September 30

 

Quarter Ended
December 31

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

Revenue

 

$

240,722

 

$

287,595

 

$

258,497

 

$

275,858

 

Cost of sales (exclusive of depreciation shown separately below)

 

140,932

 

171,998

 

158,384

 

165,838

 

Gross profit

 

99,790

 

115,597

 

100,113

 

110,020

 

Selling and marketing expense

 

4,247

 

5,116

 

5,091

 

5,669

 

General and administrative expense

 

21,737

 

29,450

 

34,136

 

32,994

 

Amortization of intangibles

 

6,898

 

7,036

 

6,571

 

6,604

 

Depreciation

 

8,765

 

8,780

 

8,782

 

8,753

 

Operating income

 

58,143

 

65,215

 

45,533

 

56,000

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

4,230

 

7,621

 

9,236

 

12,895

 

Interest expense

 

(44

)

(75

)

(67

)

(116

)

Equity in income of uncombined affiliates

 

872

 

612

 

835

 

678

 

Other income

 

412

 

70

 

61

 

439

 

Total other income, net

 

5,470

 

8,228

 

10,065

 

13,896

 

Earnings before income taxes and minority interest

 

63,613

 

73,443

 

55,598

 

69,896

 

Income tax provision

 

(23,977

)

(27,682

)

(20,921

)

(13,387

)

Minority interest in losses of combined subsidiaries

 

 

 

29

 

89

 

Net income

 

$

39,636

 

$

45,761

 

$

34,706

 

$

56,598

 

 

 

 

 

 

 

 

 

 

 

Non-cash compensation expense is included in the following line items in the combined statements of operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

$

149

 

$

63

 

$

269

 

$

173

 

Selling and marketing expense

 

92

 

70

 

294

 

190

 

General and administrative expense

 

1,206

 

667

 

2,836

 

1,830

 

Total non-cash compensation expense

 

$

1,447

 

$

800

 

$

3,399

 

$

2,193

 

 

11



 

Ticketmaster and Subsidiaries

 

Combined Statements of Operations (Continued)

 

Year Ended December 31, 2006

 

(In thousands)

 

 

 

Quarter Ended
March 31

 

Six Months
Ended
June 30

 

Nine Months
Ended
September 30

 

Year Ended
December 31

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(audited)

 

Revenue

 

$

240,722

 

$

528,317

 

$

786,814

 

$

1,062,672

 

Cost of sales (exclusive of depreciation shown separately below)

 

140,932

 

312,930

 

471,314

 

637,152

 

Gross profit

 

99,790

 

215,387

 

315,500

 

425,520

 

Selling and marketing expense

 

4,247

 

9,363

 

14,454

 

20,123

 

General and administrative expense

 

21,737

 

51,187

 

85,323

 

118,317

 

Amortization of intangibles

 

6,898

 

13,934

 

20,505

 

27,109

 

Depreciation

 

8,765

 

17,545

 

26,327

 

35,080

 

Operating income

 

58,143

 

123,358

 

168,891

 

224,891

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

4,230

 

11,851

 

21,087

 

33,982

 

Interest expense

 

(44

)

(119

)

(186

)

(302

)

Equity in income of uncombined affiliates

 

872

 

1,484

 

2,319

 

2,997

 

Other income

 

412

 

482

 

543

 

982

 

Total other income, net

 

5,470

 

13,698

 

23,763

 

37,659

 

Earnings before income taxes and minority interest

 

63,613

 

137,056

 

192,654

 

262,550

 

Income tax provision

 

(23,977

)

(51,659

)

(72,580

)

(85,967

)

Minority interest in losses of combined subsidiaries

 

 

 

29

 

118

 

Net income

 

$

39,636

 

$

85,397

 

$

120,103

 

$

176,701

 

 

 

 

 

 

 

 

 

 

 

Non-cash compensation expense is included in the following line items in the combined statements of operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

$

149

 

$

212

 

$

481

 

$

654

 

Selling and marketing expense

 

92

 

162

 

456

 

646

 

General and administrative expense

 

1,206

 

1,873

 

4,709

 

6,539

 

Total non-cash compensation expense

 

$

1,447

 

$

2,247

 

$

5,646

 

$

7,839

 

 

12