Priceline 2014 Annual Report Download - page 87

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The Priceline Group Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2014
2013
2012
OPERATING ACTIVITIES:
Net income
$
2,421,753
$
1,892,798
$
1,424,037
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
78,241
48,365
32,818
Amortization
129,579
69,610
32,323
Provision for uncollectible accounts, net
22,990
16,451
16,094
Deferred income tax expense (benefit)
31,707
(11,104
)
19,596
Stock-based compensation expense and other stock based payments
189,292
142,098
72,035
Amortization of debt issuance costs
5,229
7,898
5,212
Amortization of debt discount
54,731
55,718
39,820
Loss on early extinguishment of debt
6,270
26,661
—
Changes in assets and liabilities:
Accounts receivable
(182,209
)
(111,572
)
(105,277
)
Prepaid expenses and other current assets
(48,932
)
(6,909
)
(40,793
)
Accounts payable, accrued expenses and other current liabilities
203,870
182,163
256,021
Other
1,876
(10,741
)
33,864
Net cash provided by operating activities
2,914,397
2,301,436
1,785,750
INVESTING ACTIVITIES:
Purchase of investments
(10,552,214
)
(9,955,800
)
(6,352,495
)
Proceeds from sale of investments
10,902,500
8,291,283
4,799,412
Additions to property and equipment
(131,504
)
(84,445
)
(55,158
)
Acquisitions and other equity investments, net of cash acquired
(2,496,366
)
(331,918
)
(33,861
)
Proceeds from foreign currency contracts
14,354
3,266
86,159
Payments on foreign currency contracts
(94,661
)
(81,870
)
(4,014
)
Change in restricted cash
9,347
(2,783
)
(2,756
)
Net cash used in investing activities
(2,348,544
)
(2,162,267
)
(1,562,713
)
FINANCING ACTIVITIES:
Proceeds from revolving credit facility
995,000
—
—
Payments related to revolving credit facility
(995,000
)
—
—
Proceeds from the issuance of long-term debt
2,282,217
980,000
1,000,000
Payment of debt issuance costs
(17,464
)
(1,018
)
(20,916
)
Payments related to conversion of senior notes
(125,136
)
(414,569
)
(1
)
Repurchase of common stock
(750,378
)
(883,515
)
(257,021
)
Payments to purchase subsidiary shares from noncontrolling interests
—
(
192,530
)
(61,079
)
Payments of stock issuance costs
—
(
1,191
)
—
Proceeds from exercise of stock options
16,389
91,607
2,683
Proceeds from the termination of conversion spread hedges
—
19
—
Excess tax benefit from stock-based compensation
23,366
17,686
5,189
Net cash provided by (used in) financing activities
1,428,994
(403,511
)
668,855
Effect of exchange rate changes on cash and cash equivalents
(136,190
)
17,987
11,621
Net increase (decrease) in cash and cash equivalents
1,858,657
(246,355
)
903,513
Cash and cash equivalents, beginning of period
1,289,994
1,536,349
632,836
Cash and cash equivalents, end of period
$
3,148,651
$
1,289,994
$
1,536,349
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for income taxes
$
491,530
$
391,169
$
300,539