eBay 1999 Annual Report Download - page 56

eBAY INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
Year Ended December 31,
1997 1998 1999
Cash flows from operating activities:
Net income ........................................................................... $ 7,061 $ 7,273 $ 10,828
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for doubtful accounts and authorized credits ........................................ 373 3,377 4,771
Depreciation and amortization .......................................................... 1,519 4,526 20,650
Amortization of unearned compensation .................................................. 25 2,661 4,681
Compensation expense associated with purchases of Common Stock by outside directors .............. — 429 —
Charitable contribution of Common Stock ................................................. — 1,215 —
Series B Preferred stock issued for services ................................................ — 93 —
Minority interest in deficit of consolidated companies......................................... 24 764 1,651
Loss on impairment of asset held for sale ................................................. — 200 100
Acquired research and development ...................................................... — 150 —
Equity in partnership net loss .......................................................... (146) (4,025) —
Loss on sale of property .............................................................. — (333) —
Changes in assets and liabilities:
Accounts receivable .............................................................. (1,302) (8,369) (28,884)
Other current and non-current assets .................................................. (742) (3,702) (15,336)
Accounts payable ............................................................... 3,104 (3,112) 21,541
Accrued expenses ............................................................... 769 3,164 25,973
Income tax payable .............................................................. 363 (35) 17,247
Other liabilities ................................................................. 579 1,765 3,342
Net cash provided by operating activities ......................................................... 11,627 6,041 66,564
Cash flows from investing activities:
Purchases of property and equipment ........................................................ (2,990) (12,758) (86,432)
Purchases of short-term investments, net ...................................................... — (40,401) (140,685)
Purchases of long-term investments, net ...................................................... — — (368,894)
Proceeds from sale of property and equipment.................................................. — 1,274 173
Purchases of intangible assets .............................................................. (141) (1,248) (7,159)
Payments (advances) on notes receivable ..................................................... 145 109 109
Net cash used in investing activities ............................................................. (2,986) (53,024) (602,888)
Cash flows from financing activities:
Proceeds from issuance of Preferred Stock, net ................................................. 2,972 2,110 —
Proceeds from issuance of Common Stock, net ................................................. — 69,305 710,449
Repayments of Stockholder loans ........................................................... — 316 1,062
Proceeds (principal payments) on long-term debt and leases ........................................ 1,506 (1,967) 4,895
Contributions from Stockholders ............................................................ 638 5,623 6,204
Distributions to Stockholders .............................................................. (4,556) (3,228) (3,892)
Net cash provided by financing activities ......................................................... 560 72,159 718,718
Net increase in cash and cash equivalents ......................................................... 9,201 25,176 182,394
Cash and cash equivalents at beginning of year .................................................... 2,908 12,109 37,285
Cash and cash equivalents at end of year ......................................................... $12,109 $ 37,285 $ 219,679
Supplemental cash flow disclosures:
Cash paid for interest .................................................................... $ 1,893 $ 1,710 $ 1,465
Cash paid for income taxes ................................................................ $ 540 $ 4,932 $ (1,927)
Non-cash investing and financing activities:
Common Stock issued for notes receivable .................................................... $ — $ 1,378 $ —
Common Stock issued for acquisition ............................................................ $ — $ 2,000 $ 6,943
Issuance of note payable for non-compete agreement ................................................ $ 240 $ — $ —
Property and equipment leases ................................................................. $ 23 $ — $ —
Building and inventory obtained in connection with foreclosure ........................................ $ 1,510 $ 751 $ —
Notes and accounts payable assumed in connection with foreclosure ..................................... $ 695 $ — $ —
Receivables cancelled in connection with foreclosure ................................................ $ 815 $ 500 $ —
Land and Building transferred for assumption of debt ................................................ $ — $ 835 $ —
The accompanying notes are an integral part of these consolidated financial statements.
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