eBay 2011 Annual Report Download - page 95

eBay Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
2011
2010 2009
(In thousands)
Cash flows from operating activities:
Net income
$
3,229,387
$
1,800,961
$
2,389,097
Adjustments:
Provision for transaction and loan losses
516,656
392,240
382,825
Depreciation and amortization
939,953
762,465
810,946
Stock-based compensation
457,188
381,492
394,807
Deferred income taxes
16,958
349,595
(178,813
)
Excess tax benefits from stock-based compensation
(79,681
)
(41,891
)
(4,750
)
Gain on sale of Skype
(1,664,075
) — (
1,449,800
)
Joltid legal settlement — —
343,199
Loss on divestiture of a business
256,501
— —
Gain on acquisitions
(79,082
) — —
Changes in assets and liabilities, net of acquisition effects
Accounts receivable
(291,822
)
(111,614
)
(97,494
)
Other current assets
19,380
(251,821
)
126,270
Other non-current assets
(18,298
)
73,978
(31,292
)
Accounts payable
29,424
(9,263
)
(27,235
)
Accrued expenses and other liabilities
(202,478
)
(95,522
)
(86,504
)
Deferred revenue
11,785
(3,348
)
56,855
Income taxes payable and other tax liabilities
131,878
(501,512
)
279,975
Net cash provided by operating activities
3,273,674
2,745,760
2,908,086
Cash flows from investing activities:
Purchases of property and equipment, net
(963,498
)
(723,912
)
(567,094
)
Changes in principal loans receivable, net
(586,508
)
(379,730
)
(121,138
)
Purchases of investments
(2,290,183
)
(2,643,514
)
(1,142,098
)
Maturities and sales of investments
1,596,064
1,436,207
103,572
Acquisitions, net of cash acquired
(3,223,055
)
(90,568
)
(1,209,433
)
Repayment of Skype note receivable —
125,000
—
Proceeds from the sale of Skype
2,269,146
—
1,780,321
Other
(108,828
)
(5,953
)
6,487
Net cash used in investing activities
(3,306,862
)
(2,282,470
)
(1,149,383
)
Cash flows from financing activities:
Proceeds from issuance of common stock
242,210
235,527
102,526
Repurchases of common stock
(1,063,986
)
(711,068
) —
Excess tax benefits from stock-based compensation
79,681
41,891
4,750
Tax withholdings related to net share settlements of restricted stock awards and units
(147,130
)
(120,646
)
(37,670
)
Proceeds from issuance of long-term debt, net —
1,488,702
—
Net borrowings under commercial paper program
250,000
300,000
—
Repayment of acquired debt
(199,271
) — —
Net borrowings (repayments) under credit agreement — — (
1,000,000
)
Funds receivable and customer accounts
(1,368,501
)
(392,786
)
(561,709
)
Funds payable and amounts due to customers
1,368,501
392,786
561,709
Other —
— (
15,262
)
Net cash (used in) provided by financing activities
(838,496
)
1,234,406
(945,656
)
Effect of exchange rate changes on cash and cash equivalents
(14,626
)
(120,103
)
(2,157
)
Net (decrease) increase in cash and cash equivalents
(886,310
)
1,577,593
810,890
Cash and cash equivalents at beginning of period
5,577,411
3,999,818
3,188,928