ServiceMagic 2013 Annual Report Download - page 58

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IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
Years Ended December 31,
2013
2012
2011
(In thousands)
Cash flows from operating activities attributable to continuing operations:
Net earnings
$
283,725
$
160,796
$
171,577
Less: earnings (loss) from discontinued operations, net of tax
1,926
(9,051
)
(3,992
)
Earnings from continuing operations
281,799
169,847
175,569
Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities
attributable to continuing operations:
Non-cash compensation expense
53,005
85,625
88,588
Depreciation
58,909
52,481
56,719
Amortization of intangibles
59,843
35,771
22,057
Impairment of long-term investments
5,268
8,685
—
Excess tax benefits from stock-based awards
(32,891
)
(57,101
)
(22,166
)
Deferred income taxes
(9,096
)
37,076
(35,483
)
Equity in losses of unconsolidated affiliates
6,615
25,345
36,300
Acquisition-related contingent consideration fair value adjustments
343
—
—
Gain on sales of long-term investments
(35,856
)
(3,326
)
(1,974
)
Gain on sales of assets
(14,752
)
(250
)
(1,338
)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable
10,421
(30,991
)
(58,314
)
Other assets
(34,632
)
(22,991
)
1,287
Accounts payable and other current liabilities
(766
)
(14,384
)
57,228
Income taxes payable
49,191
47,010
(7,048
)
Deferred revenue
(5,841
)
1,864
48,950
Other, net
19,401
19,866
12,011
Net cash provided by operating activities attributable to continuing operations
410,961
354,527
372,386
Cash flows from investing activities attributable to continuing operations:
Acquisitions, net of cash acquired
(40,690
)
(411,035
)
(278,469
)
Capital expenditures
(80,311
)
(51,201
)
(39,954
)
Proceeds from maturities and sales of marketable debt securities
12,502
195,501
584,935
Purchases of marketable debt securities
—
(
53,952
)
(203,970
)
Proceeds from sales of long-term investments
69,968
14,194
15,214
Purchases of long-term investments
(51,080
)
(36,094
)
(90,245
)
Other, net
9,594
(9,501
)
(12,697
)
Net cash used in investing activities attributable to continuing operations
(80,017
)
(352,088
)
(25,186
)
Cash flows from financing activities attributable to continuing operations:
Proceeds from issuance of long-term debt
500,000
500,000
—
Principal payments on long-term debt
(15,844
)
—
—
Purchase of treasury stock
(264,214
)
(691,830
)
(507,765
)
Dividends
(79,189
)
(68,163
)
(10,668
)
Issuance of common stock, net of withholding taxes
(5,077
)
262,841
132,785
Excess tax benefits from stock-based awards
32,891
57,101
22,166
Purchase of noncontrolling interests
(67,947
)
(4,891
)
(3,843
)
Funds transferred to escrow for Meetic tender offer
(71,512
)
—
—
Debt issuance costs
(7,399
)
(11,001
)
—
Other, net
(3,787
)
244
(4,908
)
Net cash provided by (used in) financing activities attributable to continuing operations
17,922
44,301
(372,233
)
Total cash provided by (used in) continuing operations
348,866
46,740
(25,033
)
Total cash used in discontinued operations
(1,877
)
(3,472
)
(8,417
)
Effect of exchange rate changes on cash and cash equivalents
3,478
2,556
(4,496
)