XML 54 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated and Combined Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Operating activities:      
Net income $ 194,588 $ 177,791 $ 138,954
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property and equipment, including internal-use software and website development costs 19,966 18,362 12,871
Stock-based compensation 30,102 17,344 7,183
Amortization of intangible assets 6,110 7,523 14,609
Amortization of deferred financing costs 889 21  
Amortization of discounts and premiums on marketable securities, net 527    
Deferred tax benefit (4,960) (931) (653)
Excess tax benefits from stock-based compensation (2,717) (1,571) (1,813)
(Recovery) provision for doubtful accounts (1,050) 909 3,383
Foreign currency transaction (gains) losses, net 1,644 209 (541)
Other, net 187 (131) 164
Changes in operating assets and liabilities, net of effects from acquisitions:      
Accounts receivable (11,810) (15,910) (14,853)
Related parties (16,921)    
Taxes receivable (24,243)    
Prepaid expenses and other assets (3,305) (1,821) (328)
Accounts payable 13,977 5,885 1,273
Taxes payable 7,073 3,244 17,359
Accrued expenses and other liabilities 17,067 82 9,707
Deferred revenue 11,942 6,876 9,600
Net cash provided by operating activities 239,066 217,882 196,915
Investing activities:      
Acquisitions, net of cash acquired (3,007) (7,894) (34,446)
Capital expenditures, including internal-use software and website development costs (29,282) (21,323) (18,813)
Transfers to Expedia, net   (95,967) (66,421)
Acquisitions, net of cash acquired, from Expedia   (28,099)  
Distribution to Expedia related to Spin-Off 7,028 (405,516)  
Purchase of marketable securities and other investments (218,922)   (20,090)
Proceeds from maturities of marketable securities and other investments   20,090  
Other   (153)  
Net cash used in investing activities (244,183) (538,862) (139,770)
Financing activities:      
Acquisitions funded by Expedia   5,135  
Payments on acquisition earn-out   (9,546)  
Payments to purchase subsidiary shares from noncontrolling interest (22,304)    
Proceeds from credit facilities 15,372 18,158 1,733
Payments on credit facilities (10,000)    
Principal payments on long-term debt (20,000)    
Proceeds from issuance of long-term debt, net of issuance costs   396,516  
Proceeds from exercise of stock options and warrants 230,711    
Payment of minimum withholding taxes on net share settlements of equity awards (6,675)    
Excess tax benefits from stock-based compensation 2,717 1,571 1,813
Change in restricted cash     475
Net cash provided by financing activities 189,821 411,834 4,021
Effect of exchange rate changes on cash and cash equivalents (721) (455) 603
Net increase in cash and cash equivalents 183,983 90,399 61,769
Cash and cash equivalents at beginning of year 183,532 93,133 31,364
Cash and cash equivalents at end of year 367,515 183,532 93,133
Supplemental disclosure of cash flow information:      
Income taxes paid directly to taxing authorities, net 107,799 42,220 26,654
Income taxes paid to Expedia, Inc.   49,570 41,333
Total income taxes paid, net 107,799 91,790 67,987
Cash paid during the period for interest 9,792 313 7
Supplemental disclosure of non-cash investing and financing activities:      
Non-cash fair value increase for redeemable noncontrolling interests 14,617 571 1,152
Distribution receivable from Expedia, Inc.   $ (7,028)