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Table of Contents
TRIPADVISOR, INC.
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(in thousands)
The accompanying notes are an integral part of these consolidated and combined financial statements.
72
Year ended December 31,
2011
2010
2009
Operating activities:
Net income
$
177,791
$
138,954
$
102,215
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment, including internal
-
use software and website
development costs
18,362
12,871
9,330
Stock
-
based compensation
17,344
7,183
5,905
Amortization of intangible assets
7,523
14,609
13,806
Amortization of deferred financing costs
21
—
—
Deferred tax expense (benefit)
(931
)
(653
)
7,218
Excess tax benefits from stock
-
based compensation
(1,571
)
(1,813
)
(112
)
Provision for doubtful accounts
909
3,383
1,423
Foreign exchange (gain) loss on cash and cash equivalents, net
209
(541
)
—
Other
(131
)
164
—
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable
(15,910
)
(14,853
)
(7,419
)
Prepaid expenses and other current assets
(1,821
)
(328
)
(1,293
)
Accounts payable
5,885
1,273
(802
)
Taxes payable
3,244
17,359
1,879
Accrued expenses and other current liabilities
82
9,707
(6,821
)
Deferred revenue
6,876
9,600
409
Net cash provided by operating activities
217,882
196,915
125,738
Investing activities:
Acquisitions, net of cash acquired
(7,894
)
(34,446
)
(44,971
)
Capital expenditures, including internal
-
use software and website development costs
(21,323
)
(18,813
)
(13,873
)
Transfers to Expedia, Inc., net
(95,967
)
(66,421
)
(90,086
)
Acquisitions, net of cash acquired, from Expedia, Inc
(28,099
)
—
—
Distribution to Expedia, Inc., related to Spin
-
Off
(405,516
)
—
—
Purchase of short
-
term investments
—
(
20,090
)
—
Maturity of short
-
term investments
20,090
—
—
Other
(153
)
—
—
Net cash used in investing activities
(538,862
)
(139,770
)
(148,930
)
Financing activities:
Acquisitions funded by Expedia, Inc.
5,135
—
45,958
Payments on acquisition earn
-
out
(9,546
)
—
—
Proceeds from credit facilities
18,158
1,733
—
Proceeds from issuance of long
-
term debt, net of issuance costs
396,516
—
—
Excess tax benefits from stock
-
based compensation
1,571
1,813
112
Change in restricted cash
—
475
—
Net cash provided by financing activities
411,834
4,021
46,070
Effect of exchange rate changes on cash and cash equivalents
(455
)
603
485
Net increase in cash and cash equivalents
90,399
61,769
23,363
Cash and cash equivalents at beginning of year
93,133
31,364
8,001
Cash and cash equivalents at end of year
$
183,532
$
93,133
$
31,364
Supplemental disclosure of cash flow information:
Income taxes paid directly to taxing authorities, net
$
42,220
$
26,654
$
7,168
Income taxes paid to Expedia, Inc.
49,570
41,333
48,078
Total income taxes paid, net
$
91,790
$
67,987
$
55,246
Supplemental disclosure of non
-
cash investing and financing activities:
Distribution receivable from Expedia, Inc.
$
(7,028
)
$
—
$
—