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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net earnings $ 419,548 $ 540,270
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Stock-based compensation expense 179,922 172,006
Amortization of intangibles 65,576 60,293
Depreciation 63,152 56,987
Bad debt expense 50,507 35,521
Deferred income taxes (85,040) (36,866)
Unrealized gains on equity securities, net (24,181) (126,444)
Losses (gains) from the sale of investments and businesses, net 6,028 (27,240)
Other adjustments, net 29,381 12,677
Changes in assets and liabilities, net of effects of acquisitions and dispositions:    
Accounts receivable (133,492) (78,665)
Other assets 11,324 (48,935)
Accounts payable and other liabilities 53,957 57,891
Income taxes payable and receivable (2,951) 1,971
Deferred revenue 55,035 52,234
Net cash provided by operating activities 688,766 671,700
Cash flows from investing activities:    
Acquisitions, net of cash acquired (200,338) (17,635)
Capital expenditures (103,645) (60,113)
Proceeds from maturities of marketable debt securities 163,500 125,000
Purchases of marketable debt securities (39,740) (326,906)
Net proceeds from the sale of businesses and investments 24,757 28,630
Purchases of investments (250,095) (32,180)
Other, net (1,733) 9,646
Net cash used in investing activities (407,294) (273,558)
Cash flows from financing activities:    
Repurchases of IAC debt (35,035) (363)
Purchase of exchangeable note hedges (303,428) 0
Proceeds from issuance of warrants 166,520 0
Debt issuance costs (27,815) (532)
Purchase of noncontrolling interests (6,192) (4,798)
Other, net (3,799) (4,526)
Net cash provided by (used in) financing activities 535,530 (359,856)
Total cash provided 817,002 38,286
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2,534) (207)
Net increase in cash, cash equivalents, and restricted cash 814,468 38,079
Cash, cash equivalents, and restricted cash at beginning of period 2,133,685 1,633,682
Cash, cash equivalents, and restricted cash at end of period 2,948,153 1,671,761
IAC/InterActiveCorp    
Cash flows from financing activities:    
Proceeds from issuance of debt 1,150,000 0
Purchase of treasury stock   (82,891)
Proceeds from the exercise of stock options 10,225 38,903
Withholding taxes paid on behalf of employees on net settled stock-based awards (88,269) (3,011)
Match Group and ANGI Homeservices    
Cash flows from financing activities:    
Purchase of treasury stock (209,715) (86,239)
Withholding taxes paid on behalf of employees on net settled stock-based awards (197,222) (208,962)
Match Group    
Cash flows from financing activities:    
Proceeds from issuance of debt 40,000 0
Proceeds from Match Group 2019 Senior Notes offering 350,000 0
Principal payments on debt (300,000) 0
ANGI Homeservices    
Cash flows from financing activities:    
Principal payments on debt (10,313) (10,313)
Proceeds from the exercise of stock options $ 573 $ 2,876