eBay 2012 Annual Report Download - page 97

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eBay Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
2012
2011
2010
(In millions)
Cash flows from operating activities:
Net income
$
2,609
$
3,229
$
1,801
Adjustments:
Provision for transaction and loan losses
580
517
392
Depreciation and amortization
1,200
940
762
Stock-based compensation
488
458
381
Deferred income taxes
(35
)
17
349
Excess tax benefits from stock-based compensation
(130
)
(80
)
(42
)
Gain on sale of Skype —
(
1,664
)
—
(Gain) loss on divestiture of businesses
(118
)
257
—
Gain on acquisitions —
(
79
)
—
Changes in assets and liabilities, net of acquisition effects
Accounts receivable
(207
)
(292
)
(112
)
Other current assets
(310
)
18
(252
)
Other non-current assets
(96
)
(18
)
74
Accounts payable
(16
)
29
(9
)
Accrued expenses and other liabilities
(164
)
(202
)
(95
)
Deferred revenue
28
12
(3
)
Income taxes payable and other tax liabilities
9
132
(500
)
Net cash provided by operating activities
3,838
3,274
2,746
Cash flows from investing activities:
Purchases of property and equipment, net
(1,257
)
(963
)
(724
)
Changes in principal loans receivable, net
(727
)
(587
)
(380
)
Purchases of investments
(3,128
)
(2,290
)
(2,644
)
Maturities and sales of investments
1,421
1,596
1,436
Acquisitions, net of cash acquired
(143
)
(3,223
)
(91
)
Repayment of Skype note receivable —
—
125
Proceeds from divested business, net of cash disposed
144
—
—
Proceeds from the sale of Skype —
2,269
—
Other
(73
)
(109
)
(6
)
Net cash used in investing activities
(3,763
)
(3,307
)
(2,284
)
Cash flows from financing activities:
Proceeds from issuance of common stock
483
242
236
Repurchases of common stock
(898
)
(1,064
)
(711
)
Excess tax benefits from stock-based compensation
130
80
42
Tax withholdings related to net share settlements of restricted stock awards and units
(186
)
(147
)
(121
)
Proceeds from issuance of long-term debt, net
2,976
—
1,489
Net (repayments) and borrowings under commercial paper program
(550
)
250
300
Repayment of acquired debt —
(
199
)
—
Funds receivable and customer accounts
(4,126
)
(1,369
)
(393
)
Funds payable and amounts due to customers
4,126
1,369
393
Other
(4
)
—
—
Net cash (used in) provided by financing activities
1,951
(838
)
1,235
Effect of exchange rate changes on cash and cash equivalents
100
(15
)
(120
)
Net (decrease) increase in cash and cash equivalents
2,126
(886
)
1,577
Cash and cash equivalents at beginning of period
4,691
5,577
4,000