Expedia 2014 Annual Report Download - page 90

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EXPEDIA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31,
2014 2013 2012
(In thousands)
Operating activities:
Net income $ 372,950 $ 216,358 $ 280,440
Less: Discontinued operations, net of tax — — (22,539)
Net income from continuing operations 372,950 216,358 302,979
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 265,817 211,744 164,247
Amortization of stock-based compensation 85,011 130,173 64,596
Amortization of intangible assets 79,615 71,731 31,705
Deferred income taxes (79,031) (772) (55,120)
Foreign exchange (gain) loss on cash, cash equivalents and short-term
investments, net 79,410 56,822 (19,904)
Realized (gain) loss on foreign currency forwards 5,481 (40,850) 12,954
Other 8,966 10,576 17,521
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable (157,957) (127,327) (84,017)
Prepaid expenses and other current assets (65,203) (18,724) (3,386)
Accounts payable, merchant 110,603 91,503 146,469
Accounts payable, other, accrued expenses and other current liabilities 271,454 (68,239) 294,466
Tax payable/receivable, net 39,971 (29,746) 51,472
Deferred merchant bookings 331,133 246,229 312,059
Deferred revenue 18,739 13,722 1,141
Net cash provided by operating activities from continuing operations 1,366,959 763,200 1,237,182
Investing activities:
Capital expenditures, including internal-use software and website
development (328,387) (308,581) (235,697)
Purchases of investments (1,194,210) (1,216,591) (1,873,519)
Sales and maturities of investments 1,162,557 1,502,576 1,955,955
Acquisitions, net of cash acquired (560,668) (541,247) (199,360)
Net settlement of foreign currency forwards (5,481) 40,850 (12,954)
Other, net 1,932 (2,520) (2,250)
Net cash used in investing activities from continuing operations (924,257) (525,513) (367,825)
Financing activities:
Proceeds from issuance of long-term debt, net of issuance costs 492,894 — —
Purchases of treasury stock (537,861) (522,900) (417,571)
Proceeds from issuance of treasury stock 20,404 25,273 —
Payment of dividends to stockholders (84,697) (75,760) (130,423)
Proceeds from exercise of equity awards and employee stock purchase plan 108,121 56,836 241,193
Excess tax benefit on equity awards 58,156 39,606 41,100
Other, net (8,868) (15,571) (7,086)
Net cash provided by (used in) financing activities from continuing
operations 48,149 (492,516) (272,787)
Net cash provided by (used in) continuing operations 490,851 (254,829) 596,570
Net cash provided by (used in) discontinued operations — 13,637 (7,607)
Effect of exchange rate changes on cash and cash equivalents (109,184) (30,936) 15,064
Net increase (decrease) in cash and cash equivalents 381,667 (272,128) 604,027
Cash and cash equivalents at beginning of year 1,021,033 1,293,161 689,134
Cash and cash equivalents at end of year $ 1,402,700 $ 1,021,033 $ 1,293,161
Supplemental cash flow information
Cash paid for interest from continuing operations $ 87,555 $ 84,136 $ 86,024
Income tax payments, net from continuing operations 70,339 73,439 9,632
See notes to consolidated financial statements.
F-8