ServiceMagic 2012 Annual Report Download - page 51

IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
Years Ended December 31,
2012
2011 2010
(In thousands)
Cash flows from operating activities attributable to continuing operations:
Net earnings
$
160,796
$
171,577
$
94,352
Less: (loss) earnings from discontinued operations, net of tax
(9,051
)
(3,992
)
103,745
Earnings (loss) from continuing operations
169,847
175,569
(9,393
)
Adjustments to reconcile earnings (loss) from continuing operations to net cash provided by operating
activities attributable to continuing operations:
Non-cash compensation expense
85,625
88,588
84,280
Depreciation
52,481
56,719
63,897
Amortization of intangibles
35,771
22,057
27,472
Goodwill impairment
—
—
28,032
Impairment of long-term investments
8,685
—
7,844
Deferred income taxes
37,076
(35,483
)
(6,074
)
Equity in losses of unconsolidated affiliates
25,345
36,300
25,676
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable
(30,991
)
(58,314
)
(32,901
)
Other current assets
(22,991
)
1,287
(8,636
)
Accounts payable and other current liabilities
(14,384
)
57,228
54,188
Income taxes payable
(10,091
)
(29,215
)
76,749
Deferred revenue
1,864
48,950
19,653
Other, net
16,290
8,700
9,920
Net cash provided by operating activities attributable to continuing operations
354,527
372,386
340,707
Cash flows from investing activities attributable to continuing operations:
Acquisitions, net of cash acquired
(411,035
)
(278,469
)
(17,333
)
Capital expenditures
(51,201
)
(39,954
)
(39,829
)
Proceeds from maturities and sales of marketable debt securities
195,501
584,935
763,326
Purchases of marketable debt securities
(53,952
)
(203,970
)
(838,155
)
Proceeds from sales of long-term investments
14,194
15,214
5,324
Purchases of long-term investments
(36,094
)
(90,245
)
(2,283
)
Dividend received from Meetic S.A.
—
—
11,355
Other, net
(9,501
)
(12,697
)
(501
)
Net cash used in investing activities attributable to continuing operations
(352,088
)
(25,186
)
(118,096
)
Cash flows from financing activities attributable to continuing operations:
Proceeds from issuance of long-term debt
500,000
—
—
Purchase of treasury stock
(691,830
)
(507,765
)
(539,598
)
Issuance of common stock, net of withholding taxes
262,841
132,785
25,939
Dividends
(68,163
)
(10,668
)
—
Excess tax benefits from stock-based awards
57,101
22,166
14,291
Liberty Exchange
—
—
(
217,921
)
Other, net
(15,648
)
(8,751
)
79
Net cash provided by (used in) financing activities attributable to continuing operations
44,301
(372,233
)
(717,210
)
Total cash provided by (used in) continuing operations
46,740
(25,033
)
(494,599
)
Total cash used in discontinued operations
(3,472
)
(8,417
)
(7,545
)
Effect of exchange rate changes on cash and cash equivalents
2,556
(4,496
)
(1,754
)
Net increase (decrease) in cash and cash equivalents
45,824
(37,946
)
(503,898
)
Cash and cash equivalents at beginning of period
704,153
742,099
1,245,997
Cash and cash equivalents at end of period
$
749,977
$
704,153
$
742,099