LinkedIn 2015 Annual Report Download - page 114
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Amortization expense for the years ended December 31, 2015, 2014 and 2013 was $134.7 million,
$34.6 million and $16.4 million, respectively. Estimated amortization of purchased intangible assets for
future periods is as follows (in thousands):
Amortization
Year Ending December 31, expense
2016 ............................................................. $169,435
2017 ............................................................. 102,682
2018 ............................................................. 53,731
2019 ............................................................. 20,507
2020 ............................................................. 5,052
Thereafter ......................................................... 20,904
Total ........................................................... $372,311
8. Accrued Liabilities
The following table presents the detail of accrued liabilities for the periods presented (in
thousands):
December 31,
2015 2014
Accrued incentives ............................................ $ 96,708 $ 69,583
Accrued payroll taxes and other employee-related expenses .............. 75,881 56,394
Accrued commissions .......................................... 65,794 59,357
Other accrued expenses ........................................ 44,987 31,900
Accrued sales tax and value-added taxes ............................ 23,681 11,249
Accrued vacation ............................................. 9,741 31,706
Total .................................................... $316,792 $260,189
Effective November 1, 2015, the Company implemented a discretionary-time-off policy for certain
US employees, wherein there is no set amount of minimum or maximum vacation time. The Company
paid-out in cash $34.5 million of accrued vacation balances in 2015 and will no longer monitor, track,
and accrue vacation for these employees.
9. Convertible Senior Notes
On November 12, 2014, the Company issued $1,322.5 million aggregate principal amount of
convertible senior notes (the ‘‘Notes’’). The total net proceeds from this offering were $1,305.3 million,
after deducting transaction costs related to the initial purchasers’ discount and debt issuance costs.
The Notes are governed by an indenture between the Company, as the issuer, and U.S. Bank
National Association, as Trustee. The Notes are unsecured and do not contain any financial covenants
or any restrictions on the payment of dividends, the incurrence of senior debt or other indebtedness, or
the issuance or repurchase of securities by the Company. The Notes mature on November 1, 2019,
unless converted, and bear interest at a rate of 0.50% payable semi-annually in arrears on May 1 and
November 1 of each year, commencing May 1, 2015.
The Notes are convertible at an initial conversion rate of 3.3951 shares of common stock per
$1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately
$294.54 per share of common stock.
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