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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]        
Agency revenues $ 2,607 $ 2,567 $ 4,556 $ 4,680
Merchant revenues 959 710 1,562 1,236
Advertising and other revenues 284 260 569 549
Total revenues 3,850 3,537 6,687 6,465
Operating expenses:        
Performance marketing 1,192 1,142 2,222 2,248
Brand marketing 175 124 338 225
Sales and other expenses 248 203 463 369
Personnel, including stock-based compensation of $79, $75, $153 and $146, respectively 619 522 1,120 1,021
General and administrative 180 159 371 322
Information technology 70 59 135 119
Depreciation and amortization 119 107 235 210
Total operating expenses 2,603 2,316 4,884 4,514
Operating income 1,247 1,221 1,803 1,951
Other income (expense):        
Interest income 34 46 69 93
Interest expense (68) (65) (134) (135)
Net unrealized gains on marketable equity securities 17 21 468 76
Foreign currency transactions and other (23) (13) (31) (22)
Total other (expense) income (40) (11) 372 12
Earnings before income taxes 1,207 1,210 2,175 1,963
Income tax expense 228 232 431 378
Net income [1] $ 979 $ 978 $ 1,744 $ 1,585
Net income applicable to common stockholders per basic common share (in dollars per share) $ 22.62 $ 20.34 $ 39.52 $ 32.87
Weighted-average number of basic common shares outstanding (in shares) 43,251 48,055 44,124 48,202
Net income applicable to common stockholders per diluted common share (in dollars per share) $ 22.44 $ 20.13 $ 39.17 $ 32.42
Weighted-average number of diluted common shares outstanding (in shares) 43,601 48,550 44,514 48,877
[1] The Company reclassified from accumulated other comprehensive income net gains of $10 million ($9 million, net of tax) and $11 million ($10 million, net of tax) for the three and six months ended June 30, 2019, respectively, and a net loss of $1 million ($1 million, net of tax) for the six months ended June 30, 2018 from sales of investments in debt securities. The reclassified net gains (losses) are included in "Foreign currency transactions and other" in the Unaudited Consolidated Statements of Operations.