ServiceMagic 2011 Annual Report Download - page 63

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IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
Years Ended December 31,
2011
2010
2009
(In thousands)
Cash flows from operating activities attributable to
continuing operations:
Net earnings (loss)
$
171,577
$
94,352
$
(979,912
)
Less: loss (earnings) from discontinued operations, net of tax
3,992
(103,745
)
23,439
Earnings (loss) from continuing operations
175,569
(9,393
)
(956,473
)
Adjustments to reconcile earnings (loss) from continuing
operations to net cash provided by operating activities
attributable to continuing operations:
Non
-
cash compensation expense
88,588
84,280
70,081
Depreciation
56,719
63,897
61,391
Amortization of intangibles
22,057
27,472
157,031
Amortization of non
cash marketing
—
—
15,868
Goodwill impairment
—
28,032
916,868
Impairment of long
-
term investments
—
7,844
4,936
Deferred income taxes
(35,483
)
(6,074
)
27,707
Equity in losses of unconsolidated affiliates
36,300
25,676
14,014
Gain on sale of Match Europe
—
—
132,244
)
Gain on sales of investments
(1,974
)
(3,989
)
(28,835
)
Decrease in the fair value of the derivative asset related to
Arcandor AG stock
—
—
58,097
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable
(58,314
)
(32,901
)
(18,121
)
Other current assets
1,287
(8,636
)
6,458
Accounts payable and other current liabilities
57,228
54,188
18,825
Income taxes payable
(29,215
)
76,749
109,009
Deferred revenue
48,950
19,653
14,238
Other, net
10,674
13,909
9,697
Net cash provided by operating activities attributable to
continuing operations
372,386
340,707
348,547
Cash flows from investing activities attributable to
continuing operations:
Acquisitions, net of cash acquired
(278,469
)
(17,333
)
(85,534
)
Capital expenditures
(39,954
)
(39,829
)
(33,938
)
Proceeds from maturities and sales of marketable debt
securities
584,935
763,326
229,583
Purchases of marketable debt securities
(203,970
)
(838,155
)
(586,274
)
Proceeds from sales of investments
15,214
5,324
64,046
Purchases of long
-
term investments
(90,245
)
(2,283
)
(6,482
)
Dividend received from Meetic
—
11,355
—
Other, net
(12,697
)
(501
)
(4,041
)
Net cash used in investing activities attributable to
continuing operations
(25,186
)
(118,096
)
(422,640
)
Cash flows from financing activities attributable to
continuing operations:
Purchase of treasury stock
(507,765
)
(539,598
)
(545,489
)
Issuance of common stock, net of withholding taxes
132,785
25,939
151,933
Payment of dividends to IAC shareholders
(10,668
)
—
—
Excess tax benefits from stock
-
based awards
22,166
14,291
796
Settlement of vested stock
-
based awards denominated in
subsidiaries' equity
—
—
(
14,331
)
Liberty Exchange
—
217,921
)
—
Other, net
(8,751
)
79
1,294
Net cash used in financing activities attributable to
continuing operations
(372,233
)
(717,210
)
(405,797
)
Total cash used in continuing operations
(25,033
)
(494,599
)
(479,890
)
Total cash used in discontinued operations
(8,417
)
(7,545
)
(24,708
)
Effect of exchange rate changes on cash and cash equivalents
(4,496
)
(1,754
)
5,601
Net decrease in cash and cash equivalents
(37,946
)
(503,898
)
(498,997
)
Cash and cash equivalents at beginning of period
742,099
1,245,997
1,744,994