Summarized
condensed financial information for this investee, as provided to
us by LivingSocial, is as follows (in millions):
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Year Ended
December 31, |
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2012 |
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2011 |
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Statement of
Operations:
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Revenue
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|
$ |
536 |
|
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$ |
250 |
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Operating
expense
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|
862 |
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|
669 |
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Impairment
charge
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|
579 |
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— |
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Operating loss
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(905 |
) |
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(419 |
) |
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Net loss (1)
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$ |
(650 |
) |
|
$ |
(499 |
) |
| (1) |
The difference between the
operating loss and net loss for 2012 is primarily due to the
recognition of non-operating, non-cash gains on previously held
equity positions in companies that LivingSocial acquired during
Q1 2012. |
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December 31, |
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2012 |
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|
2011 |
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Balance Sheet:
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Current assets
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|
$ |
76 |
|
|
$ |
176 |
|
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Noncurrent
assets
|
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|
218 |
|
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|
271 |
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Current
liabilities
|
|
|
338 |
|
|
|
210 |
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Noncurrent
liabilities
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|
|
14 |
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|
32 |
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Mandatorily redeemable
stock
|
|
|
205 |
|
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|
201 |
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