Expedia 2013 Annual Report Download - page 90

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EXPEDIA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31,
2013 2012 2011
(In thousands)
Operating activities:
Net income $ 216,358 $ 280,440 $ 474,603
Less: Discontinued operations, net of tax — (22,539) 148,262
Net income from continuing operations 216,358 302,979 326,341
Adjustments to reconcile net income from continuing operations to net cash
provided by operating activities:
Depreciation of property and equipment, including internal-use software and
website development 211,744 164,247 133,009
Amortization of stock-based compensation 130,173 64,596 63,847
Amortization of intangible assets 71,731 31,705 21,925
Deferred income taxes (772) (55,120) 9,942
Foreign exchange (gain) loss on cash, cash equivalents and short-term
investments, net 56,822 (19,904) 17,525
Realized (gain) loss on foreign currency forwards (40,850) 12,954 6,190
Other 10,576 17,521 14,807
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable (127,327) (84,017) (70,012)
Prepaid expenses and other current assets (18,724) (3,386) (20,035)
Accounts payable, merchant 91,503 146,469 80,390
Accounts payable, other, accrued expenses and other current liabilities (97,985) 345,938 65,152
Deferred merchant bookings 246,229 312,059 178,807
Deferred revenue 13,722 1,141 (2,159)
Net cash provided by operating activities from continuing operations 763,200 1,237,182 825,729
Investing activities:
Capital expenditures, including internal-use software and website
development (308,581) (235,697) (207,837)
Purchases of investments (1,216,591) (1,873,519) (1,723,350)
Sales and maturities of investments 1,502,576 1,955,955 1,507,240
Acquisitions, net of cash acquired (541,247) (199,360) (35,221)
Net settlement of foreign currency forwards 40,850 (12,954) (6,190)
Other, net (2,520) (2,250) 1,898
Net cash used in investing activities from continuing operations (525,513) (367,825) (463,460)
Financing activities:
Purchases of treasury stock (522,900) (417,571) (294,027)
Proceeds from issuance of treasury stock 25,273 — —
Payment of dividends to stockholders (75,760) (130,423) (76,550)
Purchases of interest in controlled subsidiaries, net (14,923) (2,015) (22,485)
Proceeds from exercise of equity awards and employee stock purchase plan 56,836 241,193 34,489
Excess tax benefit on equity awards 39,606 41,100 7,271
Other, net (648) (5,071) (2,192)
Net cash used in financing activities from continuing operations (492,516) (272,787) (353,494)
Net cash provided by (used in) continuing operations (254,829) 596,570 8,775
Net cash provided by (used in) discontinued operations 13,637 (7,607) 76,903
Effect of exchange rate changes on cash and cash equivalents (30,936) 15,064 (17,743)
Net increase (decrease) in cash and cash equivalents (272,128) 604,027 67,935
Cash and cash equivalents at beginning of year 1,293,161 689,134 621,199
Cash and cash equivalents at end of year $ 1,021,033 $ 1,293,161 $ 689,134
Supplemental cash flow information
Cash paid for interest from continuing operations $ 84,136 $ 86,024 $ 87,094
Income tax payments, net from continuing operations 73,439 9,632 53,772
See notes to consolidated financial statements.
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