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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Total revenues $ 2,640 $ 5,040 [1] $ 5,558 $ 11,727 [1]
Operating expenses:        
Marketing expenses 731 1,415 1,793 3,975
Sales and other expenses 129 276 637 739
Personnel, including stock-based compensation of $80, $79, $163 and $232, respectively 517 566 1,453 1,686
General and administrative 148 225 453 596
Information technology 71 71 219 206
Depreciation and amortization 115 117 344 352
Restructuring and other exit costs 41 0 75 0
Impairment of goodwill 573 0 1,062 0
Total operating expenses 2,325 2,670 6,036 7,554
Operating income (loss) 315 2,370 (478) 4,173
Other income (expense):        
Interest income 5 44 49 113
Interest expense (98) (70) (258) (204)
Net gains (losses) on marketable equity securities 730 (49) 1,258 419
Impairment of investment 0 0 (100) 0
Foreign currency transactions and other (117) 68 (149) 37
Total other income (expense) 520 (7) 800 365
Income before income taxes 835 2,363 322 4,538
Income tax expense 34 413 98 844
Net income $ 801 $ 1,950 $ 224 $ 3,694
Net income applicable to common stockholders per basic common share (in dollars per share) $ 19.56 $ 46.01 $ 5.46 $ 84.84
Weighted-average number of basic common shares outstanding (in shares) 40,935 42,389 40,983 43,540
Net income applicable to common stockholders per diluted common share (in dollars per share) $ 19.49 $ 45.54 $ 5.44 $ 84.06
Weighted-average number of diluted common shares outstanding (in shares) 41,081 42,831 41,142 43,947
Agency revenues        
Total revenues $ 1,723 $ 3,435 $ 3,504 $ 7,991
Merchant revenues        
Total revenues 837 1,313 1,741 2,875
Advertising and other revenues        
Total revenues $ 80 $ 292 $ 313 $ 861
[1] (1) Geographic information for the three and nine months ended September 30, 2019 has been recast to conform to the current period presentation