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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Total revenues $ 15,066 $ 14,527 $ 12,681
Cost of revenues     242
Gross profit     12,439
Operating expenses:      
Performance marketing 4,419 4,447 4,161
Brand marketing 548 509 435
Sales and other expenses 955 830 517
Personnel, including stock-based compensation of $308, $317 and $261, respectively 2,248 2,042 1,660
General and administrative 797 699 576
Information technology 285 233 189
Depreciation and amortization 469 426 363
Total operating expenses 9,721 9,186 7,901
Operating income 5,345 5,341 4,538
Other income (expense):      
Interest income 152 187 157
Interest expense (266) (269) (254)
Net unrealized gains (losses) on marketable equity securities 745 (367) 0
Foreign currency transactions and other (18) (57) (42)
Total other income (expense) 613 (506) (139)
Earnings before income taxes 5,958 4,835 4,399
Income tax expense 1,093 837 2,058
Net income $ 4,865 $ 3,998 $ 2,341
Net income applicable to common stockholders per basic common share $ 112.93 $ 84.26 $ 47.78
Weighted-average number of basic common shares outstanding (in 000's) 43,082 47,446 48,994
Net income applicable to common stockholders per diluted common share $ 111.82 $ 83.26 $ 46.86
Weighted-average number of diluted common shares outstanding (in 000's) 43,509 48,017 49,954
Agency Revenue      
Total revenues $ 10,117 $ 10,480 $ 9,714
Merchant Revenue      
Total revenues 3,830 2,987 2,133
Advertising and other revenues      
Total revenues $ 1,119 $ 1,060 $ 834