XML 28 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities:      
Net income $ 261,285 $ 722,748 $ 372,950
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property and equipment, including internal-use software and website development 477,061 336,680 265,817
Amortization of stock-based compensation 242,417 178,068 85,011
Amortization of intangible assets 317,141 156,458 76,773
Impairment of intangible assets 34,890 7,207 2,842
Deferred income taxes (14,088) (21,635) (79,031)
Foreign exchange (gain) loss on cash, cash equivalents and short-term investments, net 16,253 88,528 79,410
Realized (gain) loss on foreign currency forwards 53,089 (54,226) 5,481
Gain on sale of business 0 (508,810) 0
Non-controlling interest basis adjustment 0 (77,400) 0
Other 7,555 15,865 8,966
Changes in operating assets and liabilities, net of effects from acquisitions and disposals:      
Accounts receivable (276,154) (198,262) (157,957)
Prepaid expenses and other assets (30,198) 97,701 (65,203)
Accounts payable, merchant 184,398 97,248 110,603
Accounts payable, other, accrued expenses and other current liabilities 79,202 194,458 271,454
Tax payable/receivable, net (100,525) 39,776 39,971
Deferred merchant bookings 261,402 299,534 331,133
Deferred revenue 50,606 (5,893) 18,739
Net cash provided by operating activities 1,564,334 1,368,045 1,366,959
Investing activities:      
Capital expenditures, including internal-use software and website development (749,348) (787,041) (328,387)
Purchases of investments (45,352) (521,329) (1,194,210)
Sales and maturities of investments 60,935 410,923 1,162,557
Acquisitions, net of cash acquired (777) (2,063,649) (560,668)
Proceeds from sale of business, net of cash divested and disposal costs 67,088 523,882 0
Net settlement of foreign currency forwards (53,089) 54,226 (5,481)
Other, net 2,222 11,728 1,932
Net cash used in investing activities (718,321) (2,371,260) (924,257)
Financing activities:      
Payment of HomeAway Convertible Notes (401,424) 0 0
Proceeds from issuance of long-term debt, net of issuance costs (2,093) 1,441,860 492,894
Purchases of treasury stock (455,746) (60,546) (537,861)
Proceeds from issuance of treasury stock 0 22,575 20,404
Payment of dividends to stockholders (150,159) (108,527) (84,697)
Proceeds from exercise of equity awards and employee stock purchase plan 141,043 97,716 108,121
Sales (purchases) of interest in controlled subsidiaries, net 208,016 (8,518) (3,272)
Excess tax benefit on equity awards 0 90,855 58,156
Withholding taxes for stock option exercises (1,282) (85,033) 0
Other, net (28,974) 13,817 (5,596)
Net cash provided by (used in) financing activities (690,619) 1,404,199 48,149
Effect of exchange rate changes on cash and cash equivalents (34,882) (127,385) (109,184)
Net increase in cash and cash equivalents 120,512 273,599 381,667
Cash and cash equivalents at beginning of year 1,676,299 1,402,700 1,021,033
Cash and cash equivalents at end of year 1,796,811 1,676,299 1,402,700
Supplemental cash flow information      
Cash paid for interest 153,755 109,507 87,555
Cash paid for interest $ 124,291 $ 96,834 $ 70,339