ServiceMagic 2010 Annual Report Download - page 61

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.
56
Years Ended December 31,
2010 2009 2008
(In thousands)
Cash flows from operating activities attributable to continuing operations:
Net earnings (loss)
$
94,352
$
(979,912
)
$
(164,161
)
Less: (earnings) loss from discontinued operations, net of tax
(103,745
)
23,439
306,096
(Loss) earnings from continuing operations
(9,393
)
(956,473
)
141,935
Adjustments to reconcile (loss) earnings from continuing operations to net cash
provided by operating activities attributable to continuing operations:
Depreciation
63,897
61,391
67,716
Amortization of intangibles
27,472
157,031
43,053
Amortization of non
-
cash marketing
—
15,868
20,002
Goodwill impairment
28,032
916,868
11,600
Impairment of long
-
term investments
7,844
4,936
180,021
Non
-
cash compensation expense
84,280
70,081
85,773
Deferred income taxes
(6,074
)
27,707
(153,490
)
Equity in losses (income) of unconsolidated affiliates
25,676
14,014
(16,640
)
Gain on sale of Match Europe
—
(
132,244
)
—
Loss on extinguishment of Senior Notes
—
—
63,218
Gain on sales of long
-
term investments
(3,989
)
(28,835
)
(381,099
)
Decrease (increase) in the fair value of the derivative asset related to Arcandor AG
stock
—
58,097
(5,785
)
Changes in current assets and liabilities:
Accounts receivable
(32,901
)
(18,121
)
5,625
Other current assets
(8,636
)
6,458
(4,571
)
Accounts payable and other current liabilities
54,188
18,825
(80,667
)
Income taxes payable
76,749
109,009
121,238
Deferred revenue
19,653
14,238
6,463
Other, net
13,909
9,697
14,528
Net cash provided by operating activities attributable to continuing operations
340,707
348,547
118,920
Cash flows from investing activities attributable to continuing operations:
Acquisitions, net of cash acquired
(17,333
)
(85,534
)
(148,631
)
Capital expenditures
(39,829
)
(33,938
)
(58,983
)
Proceeds from sales and maturities of marketable debt securities
763,326
229,583
356,252
Purchases of marketable debt securities
(838,155
)
(586,274
)
(169,958
)
Proceeds from sales of investments
5,324
64,046
549,305
Purchases of long
-
term investments
(2,283
)
(6,482
)
(67,936
)
Dividend received from Meetic, an equity method investee
11,355
—
—
Proceeds from sale of discontinued operations
—
—
32,246
Net cash distribution from spun
-
off businesses
—
—
441,658
Other, net
(501
)
(4,041
)
42
Net cash (used in) provided by investing activities attributable to continuing
operations
(118,096
)
(422,640
)
933,995
Cash flows from financing activities attributable to continuing operations:
Purchase of treasury stock
(539,598
)
(545,489
)
(145,590
)
Issuance of common stock, net of withholding taxes
25,939
151,933
(10,564
)
Excess tax benefits from stock
-
based awards
14,291
796
763
Settlement of vested stock
-
based awards denominated in a subsidiary's equity
—
(
14,331
)
—
Repurchase of Senior Notes
—
—
(
519,944
)
Liberty Exchange
(217,921
)
—
—
Other, net
79
1,294
1,219
Net cash used in financing activities attributable to continuing operations
(717,210
)
(405,797
)
(674,116
)
Total cash (used in) provided by continuing operations
(494,599
)
(479,890
)
378,799
Net cash (used in) provided by operating activities attributable to discontinued
operations
(4,601
)
(20,527
)
255,145
Net cash used in investing activities attributable to discontinued operations
(2,944
)
(3,965
)
(501,701
)
Net cash (used in) provided by financing activities attributable to discontinued
operations
—
(
216
)
50,484
Total cash used in discontinued operations
(7,545
)
(24,708
)
(196,072
)
Effect of exchange rate changes on cash and cash equivalents
(1,754
)
5,601
(23,035
)
Net (decrease) increase in cash and cash equivalents
(503,898
)
(498,997
)
159,692
Cash and cash equivalents at beginning of period
1,245,997
1,744,994
1,585,302
Cash and cash equivalents at end of period
$
742,099
$
1,245,997
$
1,744,994