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Table of Contents
2007 were commensurate with the fluctuations in operating income for those periods (after excluding the effect of the non-deductible goodwill impairment
charge in 2008). See "Note 13: Related Party Transactions" in our accompanying consolidated financial statements for further information on the tax matters
agreement.
INVESTING ACTIVITIES
The following table presents cash provided (used) by investing activities for the periods presented (in millions):
Years Ended December 31,
2009 2008 2007
Investments and acquisitions, net of cash acquired:
Bebo $ (7.8) $ (852.0) $ —
buy.at — (125.2) —
Quigo — — (346.4)
TACODA — — (273.9)
ADTECH AG — — (105.9)
Third Screen Media — — (105.4)
All other (10.3) (58.2) (49.8)
Capital expenditures and product development costs (135.8) (172.2) (280.2)
Proceeds from disposal of assets and consolidated businesses, net:
German access service business — — 849.6
United Kingdom access service business — 126.9 118.7
All other — — 66.5
Investment activities from discontinued operations:
Proceeds from the sale of Tegic — — 265.0
All other — — (4.0)
Other investment proceeds 2.1 8.4 8.0
Cash provided (used) by investing activities $ (151.8) $ (1,072.3) $ 142.2
Cash used by investing activities decreased by $920.5 million to $151.8 million for the year ended December 31, 2009, as compared to the year ended
December 31, 2008, due to a decrease in cash used for acquisitions, partially offset by a decrease related to proceeds received in 2008 from the sale of our
United Kingdom access service business.
Cash used by investing activities for the year ended December 31, 2008 was $1,072.3 million, a decrease of $1,214.5 million as compared to cash
provided by investing activities of $142.2 million for the year ended December 31, 2007. This decrease was due to a decrease in proceeds received from sold
businesses and an increase in cash used for acquisitions, partially offset by reduced capital expenditures and product development costs.
Capital expenditures and product development costs are mainly for the purchase of computer hardware, software, network equipment, furniture, fixtures
and other office equipment.
FINANCING ACTIVITIES
The following table presents cash provided (used) by financing activities for the periods presented (in millions):
Years Ended December 31,
2009 2008 2007
Debt repayments $ — $ (54.0) $ (25.9)
Principal payments on capital leases (31.1) (25.1) (36.1)
Excess tax benefits on stock options — 2.1 34.4
Net contribution from (distribution to) Time Warner (709.3) 210.4 (1,390.3)
Other (9.2) 1.5 (7.4)
Cash provided (used) by financing activities $ (749.6) $ 134.9 $ (1,425.3)
54