Groupon 2011 Annual Report Download - page 75

See Notes to Consolidated Financial Statements.
70
Year Ended December 31,
2009
2010 2011
Operating activities
Net loss $
(1,341
) $
(413,386
) $
(297,762
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
80
12,952
32,055
Stock-based compensation
115
36,168
93,590
Deferred income taxes — (
7,349
)
32,203
Excess tax benefit on stock-based compensation
(143
)
(32
)
(10,178
)
Losses in equity interests — —
26,652
Non-cash interest expense —
106
—
Acquisition-related expense (benefit) —
203,183
(4,537
)
Gain on return of common stock —
— (
4,916
)
Change in assets and liabilities, net of acquisitions:
Restricted cash — — (
12,519
)
Accounts receivable
(601
)
(34,905
)
(70,376
)
Prepaid expenses and other current assets
(67
)
(2,467
)
(36,292
)
Accounts payable
182
50,835
(20,997
)
Accrued merchant payable
4,305
149,044
380,108
Accrued expenses and other current liabilities
5,038
94,592
189,127
Due to related parties
(20
)
(319
)
347
Other
(38
)
(1,537
)
(6,058
)
Net cash provided by operating activities
7,510
86,885
290,447
Investing activities
Purchases of property and equipment
(290
)
(14,681
)
(43,811
)
Acquisitions of businesses, net of acquired cash —
3,816
(14,400
)
Purchases of intangible assets
(271
)
(922
)
(14,517
)
Changes in restricted cash
(1,400
)
(92
) —
Purchases of investments in subsidiaries — — (
42,663
)
Purchases of equity investments —
— (
32,042
)
Net cash used in investing activities
(1,961
)
(11,879
)
(147,433
)
Financing activities
Proceeds from issuance of stock, net of issuance costs
29,946
584,658
1,266,392
Tax withholdings related to net shares settlements of restricted stock units — — (
3,770
)
Excess tax benefit on stock-based compensation
143
32
10,178
Loans from related parties —
5,035
—
Repayments of loans to related parties — — (
14,358
)
Repurchase of common stock — (
503,173
)
(353,768
)
Proceeds from exercise of stock options
72
195
3,008
Dividends paid on common and preferred stock
(26,363
)
(1,299
) —
Conversion of preferred stock — —
51
Partnership distribution — — (
5,525
)
Redemption of preferred stock —
(
55,003
)
(35,003
)
Net cash provided by financing activities
3,798
30,445
867,205
Effect of exchange rate changes on cash and cash equivalents —
1,069
(6,117
)
Net increase in cash and cash equivalents
9,347
106,520
1,004,102
Cash and cash equivalents, beginning of year
2,966
12,313
118,833
Cash and cash equivalents, end of year $
12,313
$
118,833
$
1,122,935
Supplemental disclosure of cash flow information
Income tax payments $ — $
140
$
1,635
Cash interest payments $ — $
287
$ —
Non-cash investing activity
Contingent consideration given in connection with acquisitions $
— $
63,180
$
17,755
Issuance of common stock in connection with acquisitions $ — $
80,200
$
11,067
Investments in equity interests $ — $ — $
45,218
Stock issued in exchange for additional interests in majority owned subsidiary $ — $ — $
10,400