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AOL INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years Ended December 31,
2014 2013 2012
Operating Activities
Net income ................................................... $ 122.8 $ 90.6 $ 1,047.7
Adjustments for non-cash and non-operating items:
Depreciation and amortization ................................ 200.3 174.0 176.9
Asset impairments and write-offs .............................. 13.6 30.6 6.1
(Gain) loss on step acquisitions and disposal of assets, net .......... (3.8) (1.5) (975.5)
Amortization of debt discount and issuance costs ................. 6.2 0.3 —
Equity-based compensation .................................. 70.7 47.0 39.5
Deferred income taxes ....................................... 62.2 51.5 124.1
Other non-cash adjustments .................................. 0.6 4.4 (2.6)
Changes in operating assets and liabilities, net of acquisitions
Receivables ............................................... (65.2) (104.5) (33.4)
Accrued expenses .......................................... (20.3) 21.7 4.6
Deferred revenue ........................................... 42.9 7.9 (12.7)
Other balance sheet changes .................................. (20.3) (3.1) (9.1)
Cash provided by operating activities ............................. 409.7 318.9 365.6
Investing Activities
Investments and acquisitions, net of cash acquired .................... (248.2) (337.9) (32.0)
Proceeds from disposal of assets, net ............................... 38.7 1.5 952.3
Capital expenditures and product development costs ................... (73.9) (65.7) (64.9)
Cash (used) provided by investing activities ........................ (283.4) (402.1) 855.4
Financing Activities
Borrowings under the credit facility agreement ....................... 105.0 — —
Repayments under the credit facility agreement ....................... (105.0) — —
Repurchases of common stock (see Note 7) .......................... (98.6) (134.8) (698.7)
Proceeds from issuance of convertible notes ......................... 379.5 — —
Payments of issuance costs ....................................... (10.9) (3.1) —
Payments for note hedges ........................................ (70.1) — —
Proceeds from issuance of warrants ................................ 33.5 — —
Principal payments on capital leases ................................ (71.8) (61.1) (55.6)
Tax withholdings related to net share settlements of restricted stock units . . (26.4) (16.5) (7.6)
Proceeds from exercise of stock options ............................. 15.5 35.3 35.2
Cash dividends paid and dividend equivalent payments on restricted stock
units ....................................................... (3.5) (4.4) (434.4)
Other financing activities ........................................ 12.1 9.2 0.3
Cash provided (used) by financing activities ....................... 159.3 (175.4) (1,160.8)
Effect of exchange rate changes on cash and equivalents ................ (4.2) (0.7) (1.1)
Increase (decrease) in cash and equivalents .......................... 281.4 (259.3) 59.1
Cash and equivalents at beginning of period ......................... 207.3 466.6 407.5
Cash and equivalents at end of period ............................ $ 488.7 $ 207.3 $ 466.6
Supplemental disclosures of cash flow information
Cash paid for interest ........................................... $ 8.6 $ 6.0 $ 6.1
Cash paid for income taxes ....................................... $ 4.6 $ 12.8 $ 26.3
See accompanying notes.
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