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IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
Years Ended December 31,
2014
2013
2012
(In thousands)
Cash flows from operating activities attributable to continuing operations:
Net earnings
$
409,230
$
283,725
$
160,796
Less: earnings (loss) from discontinued operations, net of tax
174,673
1,926
(9,051
)
Earnings from continuing operations
234,557
281,799
169,847
Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities
attributable to continuing operations:
Non-cash compensation expense
59,634
53,005
85,625
Depreciation
61,156
58,909
52,481
Amortization of intangibles
57,926
59,843
35,771
Excess tax benefits from stock-based awards
(44,957
)
(32,891
)
(57,101
)
Deferred income taxes
76,869
(9,096
)
37,076
Acquisition-related contingent consideration fair value adjustments
(13,367
)
343
—
Impairment of long-term investments
66,601
5,268
8,685
Equity in losses of unconsolidated affiliates
9,697
6,615
25,345
Gains on sales of long-term investments, assets and a business
(21,946
)
(50,608
)
(3,576
)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable
(19,918
)
10,421
(30,991
)
Other assets
(3,606
)
(34,632
)
(22,991
)
Accounts payable and other current liabilities
5,206
(766
)
(14,384
)
Income taxes payable
(94,492
)
49,191
47,010
Deferred revenue
30,142
(5,841
)
1,864
Other, net
20,546
19,401
19,866
Net cash provided by operating activities attributable to continuing operations
424,048
410,961
354,527
Cash flows from investing activities attributable to continuing operations:
Acquisitions, net of cash acquired
(259,391
)
(40,434
)
(400,254
)
Capital expenditures
(57,233
)
(80,311
)
(51,201
)
Proceeds from maturities and sales of marketable debt securities
21,644
12,502
195,501
Purchases of marketable debt securities
(175,826
)
—
(
53,952
)
Proceeds from sales of long-term investments, assets and a business
58,388
83,091
14,616
Purchases of long-term investments
(24,334
)
(51,080
)
(36,094
)
Other, net
(3,042
)
(3,529
)
(9,923
)
Net cash used in investing activities attributable to continuing operations
(439,794
)
(79,761
)
(341,307
)
Cash flows from financing activities attributable to continuing operations:
Proceeds from issuance of long-term debt
—
500,000
500,000
Principal payments on long-term debt
—
(
15,844
)
—
Purchase of treasury stock
—
(
264,214
)
(691,830
)
Dividends
(97,338
)
(79,189
)
(68,163
)
Issuance of common stock, net of withholding taxes
1,609
(5,077
)
262,841
Excess tax benefits from stock-based awards
44,957
32,891
57,101
Purchase of noncontrolling interests
(33,165
)
(67,947
)
(4,891
)
Funds returned from (transferred to) escrow for Meetic tender offer
12,354
(71,512
)
—
Acquisition-related contingent consideration payments
(8,109
)
(256
)
(10,781
)
Debt issuance costs
(383
)
(7,399
)
(11,001
)
Other, net
(905
)
(3,787
)
244
Net cash (used in) provided by financing activities attributable to continuing operations
(80,980
)
17,666
33,520
Total cash (used in) provided by continuing operations
(96,726
)
348,866
46,740
Total cash used in discontinued operations
(145
)
(1,877
)
(3,472
)
Effect of exchange rate changes on cash and cash equivalents
(13,168
)
3,478
2,556
Net (decrease) increase in cash and cash equivalents
(110,039
)
350,467
45,824