Expedia 2012 Annual Report Download - page 90

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EXPEDIA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31,
2012 2011 2010
(In thousands)
Operating activities:
Net income $ 280,440 $ 474,603 $ 425,560
Less: Discontinued operations, net of tax (22,539) 148,262 120,063
Net income from continuing operations 302,979 326,341 305,497
Adjustments to reconcile net income from continuing operations to net cash
provided by operating activities:
Depreciation of property and equipment, including internal-use software and
website development 164,247 133,009 105,531
Amortization of stock-based compensation 64,596 63,847 52,507
Amortization of intangible assets 31,705 21,925 22,514
Deferred income taxes (55,120) 9,942 19,181
Foreign exchange (gain) loss on cash, cash equivalents and short-term
investments, net (19,904) 17,525 20,988
Realized (gain) loss on foreign currency forwards 12,954 6,190 (8,822)
Other 17,521 14,807 (494)
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable (84,017) (70,012) (22,440)
Prepaid expenses and other current assets (3,386) (20,035) 82,733
Accounts payable, merchant 146,469 80,390 49,648
Accounts payable, other, accrued expenses and other current liabilities 345,938 65,152 3,213
Deferred merchant bookings 312,059 178,807 (24,679)
Deferred revenue 1,141 (2,159) 10
Net cash provided by operating activities from continuing operations 1,237,182 825,729 605,387
Investing activities:
Capital expenditures, including internal-use software and website
development (235,697) (207,837) (136,376)
Purchases of investments (1,873,519) (1,723,350) (970,339)
Sales and maturities of investments 1,955,955 1,507,240 366,036
Acquisitions, net of cash acquired (199,360) (35,221) (16,019)
Net settlement of foreign currency forwards (12,954) (6,190) 8,822
Other, net (2,250) 1,898 3,529
Net cash used in investing activities from continuing operations (367,825) (463,460) (744,347)
Financing activities:
Treasury stock activity (417,571) (294,027) (501,993)
Payment of dividends to stockholders (130,423) (76,550) (79,076)
Purchases of interest in controlled subsidiaries, net (2,015) (22,485) (77,929)
Proceeds from issuance of long-term debt, net of issuance costs — — 742,470
Proceeds from exercise of equity awards 241,193 34,489 50,615
Excess tax benefit on equity awards 41,100 7,271 6,940
Other, net (5,071) (2,192) (13,167)
Net cash provided by (used in) financing activities from continuing operations (272,787) (353,494) 127,860
Net cash provided by (used in) continuing operations 596,570 8,775 (11,100)
Net cash provided by (used in) discontinued operations (7,607) 76,903 40,999
Effect of exchange rate changes on cash and cash equivalents 15,064 (17,743) (19,880)
Net increase in cash and cash equivalents 604,027 67,935 10,019
Cash and cash equivalents at beginning of year 689,134 621,199 611,180
Cash and cash equivalents at end of year $ 1,293,161 $ 689,134 $ 621,199
Supplemental cash flow information
Cash paid for interest from continuing operations $ 86,024 $ 87,094 $ 44,379
Income tax payments, net from continuing operations 9,632 53,772 97,371
See notes to consolidated financial statements.
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