eBay 2010 Annual Report Download - page 95

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eBay Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
2008 2009 2010
(In thousands)
Cash flows from operating activities:
Net income ................................................. $1,779,474 $ 2,389,097 $ 1,800,961
Adjustments:
Provision for transaction and loan losses .......................... 347,453 382,825 392,240
Depreciation and amortization .................................. 719,814 810,946 762,465
Stock-based compensation ..................................... 353,323 394,807 381,492
Deferred income taxes ........................................ (206,636) (178,813) 349,595
Excess tax benefits from stock-based compensation ................. (4,701) (4,750) (41,891)
Gain on sale of Skype ........................................ — (1,449,800) —
Joltid legal settlement ........................................ — 343,199 —
Changes in assets and liabilities, net of acquisition and disposition
effects:
Accounts receivable ...................................... (66,853) (97,494) (111,614)
Other current assets ...................................... (91,188) 126,270 (251,821)
Other non-current assets ................................... 8,158 (31,292) 73,978
Accounts payable ........................................ 14,946 (27,235) (9,263)
Accrued expenses and other liabilities ........................ (220,591) (86,504) (95,522)
Deferred revenue ........................................ 10,350 56,855 (3,348)
Income taxes payable and other tax liabilities .................. 238,446 279,975 (501,512)
Net cash provided by operating activities ............................. 2,881,995 2,908,086 2,745,760
Cash flows from investing activities:
Purchases of property and equipment, net ......................... (565,890) (567,094) (723,912)
Principal loans receivable, net of collections ....................... (106,508) (121,138) (379,730)
Purchases of investments ...................................... (108,128) (1,142,098) (2,643,514)
Maturities and sales of investments .............................. 136,200 103,572 1,436,207
Acquisitions, net of cash acquired ............................... (1,360,293) (1,209,433) (90,568)
Proceeds from the sale of Skype, net of cash disposed ............... — 1,780,321 —
Repayment of Skype note receivable ............................. — — 125,000
Other ...................................................... (52,727) 6,487 (5,953)
Net cash used in investing activities ................................. (2,057,346) (1,149,383) (2,282,470)
Cash flows from financing activities:
Proceeds from issuance of common stock ......................... 152,799 102,526 235,527
Repurchases of common stock, net .............................. (2,177,942) — (711,068)
Excess tax benefits from stock-based compensation ................. 4,701 4,750 41,891
Tax withholdings related to net share settlements of restricted stock
awards and units ........................................... (19,428) (37,670) (120,646)
Proceeds from issuance of long-term debt, net ..................... — — 1,488,702
Net borrowings (repayments) under commercial paper program ....... — — 300,000
Repayment of acquired line of credit ............................. (433,981) — —
Net borrowings (repayments) under credit agreement ................ 800,000 (1,000,000) —
Funds receivable and customer accounts .......................... 45,617 (561,709) (392,786)
Funds payable and amounts due to customers ...................... (45,617) 561,709 392,786
Other ...................................................... — (15,262) —
Net cash (used in) provided by financing activities ...................... (1,673,851) (945,656) 1,234,406
Effect of exchange rate changes on cash and cash equivalents ............. (183,061) (2,157) (120,103)
Net increase (decrease) in cash and cash equivalents .................... (1,032,263) 810,890 1,577,593
Cash and cash equivalents at beginning of period ....................... 4,221,191 3,188,928 3,999,818
Cash and cash equivalents at end of period ............................ $3,188,928 $ 3,999,818 $ 5,577,411
Supplemental cash flow disclosures:
Cash paid for interest ......................................... $ 7,759 $ 6,050 $ 54
Cash paid for income taxes .................................... 366,824 342,173 645,783
Non-cash investing and financing activities:
Common stock options assumed pursuant to acquisition ............. 92,092 5,361 2,947
The accompanying notes are an integral part of these consolidated financial statements.
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