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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Total revenues $ 5,462 $ 4,294 $ 9,240 $ 6,989
Operating expenses:        
Marketing expenses 1,801 1,737 3,318 2,884
Sales and other expenses 666 465 1,208 804
Personnel, including stock-based compensation of $128, $108, $241, and $201, respectively 752 635 1,474 1,231
General and administrative 304 207 593 365
Information technology 144 137 281 271
Depreciation and amortization 121 107 241 218
Restructuring, disposal, and other exit activities 1 6 2 42
Total operating expenses 3,789 3,294 7,117 5,815
Operating income 1,673 1,000 2,123 1,174
Interest expense (241) (76) (435) (144)
Other income (expense), net 186 220 233 (735)
Income before income taxes 1,618 1,144 1,921 295
Income tax expense 328 287 365 138
Net income $ 1,290 $ 857 $ 1,556 $ 157
Net income applicable to common stockholders per basic common share (in dollars per share) $ 35.16 $ 21.15 $ 41.88 $ 3.86
Weighted-average number of basic common shares outstanding (in shares) 36,678 40,512 37,147 40,715
Net income applicable to common stockholders per diluted common share (in dollars per share) $ 34.89 $ 21.07 $ 41.51 $ 3.84
Weighted-average number of diluted common shares outstanding (in shares) 36,964 40,665 37,471 40,927
Merchant revenues        
Total revenues $ 2,770 $ 1,749 $ 4,522 $ 2,799
Agency revenues        
Total revenues 2,429 2,301 4,211 3,751
Advertising and other revenues        
Total revenues $ 263 $ 244 $ 507 $ 439