ServiceMagic 2009 Annual Report Download - page 66

Table of Contents
IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
58
Years Ended December 31,
2009 2008 2007
(In thousands)
Cash flows from operating activities attributable to continuing operations:
Net loss
$
(979,912
)
$
(162,050
)
$
(146,083
)
Less: loss from discontinued operations, net of tax
10,896
293,230
139,672
(Loss) earnings from continuing operations
(969,016
)
131,180
(6,411
)
Adjustments to reconcile (loss) earnings from continuing operations to net cash
provided by (used in) operating activities attributable to continuing operations:
Depreciation
64,633
71,051
59,861
Amortization of non
-
cash marketing
15,868
20,002
49,670
Amortization of intangibles
157,671
43,918
35,733
Goodwill impairment
917,924
11,600
—
Impairment of long
-
term investments
4,936
180,021
—
Non
-
cash compensation expense
69,886
86,539
73,585
Deferred income taxes
28,689
(158,749
)
(4,426
)
Equity in losses (income) of unconsolidated affiliates
14,014
(16,640
)
(22,352
)
Gain on sale of Match Europe
(132,244
)
—
—
Loss on extinguishment of Senior Notes
—
63,218
—
Gain on sale of long
-
term investments
(28,835
)
(381,099
)
(16,669
)
Net decrease (increase) in the fair value of the derivatives created in the HSE sale and
the Expedia spin
-
off
58,097
(6,185
)
(29,355
)
Changes in current assets and liabilities:
Accounts receivable
(16,300
)
7,653
(8,863
)
Other current assets
6,712
(4,957
)
(19,033
)
Accounts payable and other current liabilities
17,414
(80,638
)
51,861
Income taxes payable
100,038
119,495
(209,709
)
Deferred revenue
12,753
6,422
5,148
Other, net
9,299
14,845
14,485
Net cash provided by (used in) operating activities attributable to continuing
operations
331,539
107,676
(26,475
)
Cash flows from investing activities attributable to continuing operations:
Acquisitions, net of cash acquired
(85,534
)
(148,631
)
(45,894
)
Capital expenditures
(37,922
)
(65,554
)
(112,901
)
Proceeds from sales and maturities of marketable securities
229,583
356,252
1,367,178
Purchases of marketable securities
(586,274
)
(169,958
)
(783,783
)
Proceeds from sales of long
-
term investments
64,046
549,305
125,592
Purchases of long
-
term investments
(6,482
)
(67,936
)
(229,954
)
Proceeds from sale of discontinued operations
—
32,246
4,173
Net cash distribution from spun
-
off businesses
—
441,658
—
Other, net
(4,022
)
42
12,984
Net cash (used in) provided by investing activities attributable to continuing
operations
(426,605
)
927,424
337,395
Cash flows from financing activities attributable to continuing operations:
Repurchase of Senior Notes
—
(
519,944
)
—
Principal payments on long
-
term obligations
—
—
(
7,576
)
Purchase of treasury stock
(545,489
)
(145,590
)
(542,946
)
Issuance of common stock, net of withholding taxes
151,933
(10,564
)
(64,194
)
Excess tax benefits from stock
-
based awards
796
763
75,422
Settlement of vested stock
-
based awards denominated in subsidiaries' equity
(14,331
)
—
—
Collection of note receivable from key executive for common stock issuance
—
—
4,998
Other, net
1,078
1,219
779
Net cash used in financing activities attributable to continuing operations
(406,013
)
(674,116
)
(533,517
)
Total cash (used in) provided by continuing operations
(501,079
)
360,984
(222,597
)
Net cash (used in) provided by operating activities attributable to discontinued
operations
(3,519
)
266,389
897,233
Net cash used in investing activities attributable to discontinued operations
—
(
495,130
)
(265,546
)
Net cash provided by (used in) financing activities attributable to discontinued
operations
—
50,484
(275,204
)
Total cash (used in) provided by discontinued operations
(3,519
)
(178,257
)
356,483
Effect of exchange rate changes on cash and cash equivalents
5,601
(23,035
)
23,276
Net (decrease) increase in cash and cash equivalents
(498,997
)
159,692
157,162
Cash and cash equivalents at beginning of period
1,744,994
1,585,302
1,428,140
Cash and cash equivalents at end of period
$
1,245,997
$
1,744,994
$
1,585,302