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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities:      
Net income $ 371,359 $ 261,285 $ 722,748
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property and equipment, including internal-use software and website development 614,099 477,061 336,680
Amortization of stock-based compensation 149,350 242,417 178,068
Amortization of intangible assets 275,445 317,141 156,458
Impairment of intangible assets 0 34,890 7,207
Deferred income taxes (103,308) (14,088) (21,635)
Foreign exchange (gain) loss on cash, cash equivalents and short-term investments, net (78,819) 16,253 88,528
Realized (gain) loss on foreign currency forwards (6,335) 53,089 (54,226)
Gain on sale of business 0 0 (508,810)
Non-controlling interest basis adjustment (1,678) 0 (77,400)
Other (13,660) 7,555 15,865
Changes in operating assets and liabilities, net of effects from acquisitions and disposals:      
Accounts receivable (455,668) (276,154) (198,262)
Prepaid expenses and other assets (116,768) (30,198) 97,701
Accounts payable, merchant 315,989 184,398 97,248
Accounts payable, other, accrued expenses and other current liabilities 256,728 79,202 194,458
Tax payable/receivable, net (30,577) (100,525) 39,776
Deferred merchant bookings 592,912 261,402 299,534
Deferred revenue 30,085 50,606 (5,893)
Net cash provided by operating activities 1,799,154 1,564,334 1,368,045
Investing activities:      
Capital expenditures, including internal-use software and website development (710,330) (749,348) (787,041)
Purchases of investments (1,811,355) (45,352) (521,329)
Sales and maturities of investments 1,096,404 60,935 410,923
Acquisitions, net of cash acquired (170,639) (777) (2,063,649)
Proceeds from sale of business, net of cash divested and disposal costs 0 67,088 523,882
Net settlement of foreign currency forwards 6,335 (53,089) 54,226
Other, net 7,195 2,222 11,728
Net cash used in investing activities (1,582,390) (718,321) (2,371,260)
Financing activities:      
Proceeds from issuance of long-term debt, net of issuance costs 989,600 (2,093) 1,441,860
Payment of HomeAway Convertible Notes 0 (401,424) 0
Purchases of treasury stock (312,089) (455,746) (60,546)
Proceeds from issuance of treasury stock 0 0 22,575
Payment of dividends to stockholders (175,775) (150,159) (108,527)
Proceeds from exercise of equity awards and employee stock purchase plan 229,081 141,043 97,716
Changes in controlled subsidiaries, net (18,137) 208,016 (8,518)
Excess tax benefit on equity awards 0 0 90,855
Withholding taxes for stock option exercises (9,063) (1,282) (85,033)
Other, net (16,103) (28,974) 13,817
Net cash provided by (used in) financing activities 687,514 (690,619) 1,404,199
Effect of exchange rate changes on cash and cash equivalents 145,640 (34,882) (127,385)
Net increase in cash and cash equivalents 1,049,918 120,512 273,599
Cash and cash equivalents at beginning of year 1,796,811 1,676,299 1,402,700
Cash and cash equivalents at end of year 2,846,729 1,796,811 1,676,299
Supplemental cash flow information      
Cash paid for interest 162,932 153,755 109,507
Cash paid for interest $ 174,180 $ 124,291 $ 96,834