XML 35 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 15,056 $ 18,620
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,757 2,738
Write-off of property and equipment 367  
Deferred taxes (4,181) 15,086
Non-cash equity-based compensation 15,728 4,422
Change in fair value of contingent consideration 110  
Excess tax benefit from the exercise of stock options (10,224) (3,226)
Bad debt reserve 516 464
Chargeback and sales refund reserves 170 85
Amortization of deferred financing fees   125
Changes in operating assets and liabilities:    
Credit card receivables (1,704) (1,153)
Accounts receivable (7,374) (4,176)
Prepaid expenses and other current and non-current assets 15,574 (20,508)
Accounts payable and other current and non-current liabilities 7,978 5,971
Contributor royalties payable 3,059 2,018
Deferred revenue 18,667 11,995
Net cash provided by operating activities 59,499 32,461
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (16,334) (4,788)
Purchase of investments (214,506)  
Sale and maturities of investments 219,239  
Acquisition of business (10,056)  
Acquisition of digital content (331)  
Security deposit receipt/(payment) 145 (1,821)
Net cash used in investing activities (21,843) (6,609)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from issuance of common stock in follow-on offering   65,895
Proceeds from exercise of stock options 6,673 4,003
Proceeds from issuance of common stock under Employee Stock Purchase Plan 945 1,065
Excess tax benefit from the exercise of stock options 10,224 3,226
Payment of term loan   (6,000)
Payment of offering fees   (618)
Net cash provided by financing activities 17,842 67,571
Effect of foreign exchange rates changes on cash (93)  
Net increase in cash and cash equivalents 55,405 93,423
Cash and cash equivalents-Beginning 155,355 102,096
Cash and cash equivalents-Ending 210,760 195,519
Cash paid for:    
Income taxes 235 14,194
Interest   34
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Capital expenditures in accounts payable and other liabilities $ 4,436 $ 1,160