eBay 2009 Annual Report Download - page 93

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eBay Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
2007 2008 2009
(In thousands)
Cash flows from operating activities:
Net income .................................................... $ 348,251 $ 1,779,474 $ 2,389,097
Adjustments:
Provision for transaction and loan losses ............................. 293,917 347,453 382,825
Depreciation and amortization ..................................... 601,621 719,814 810,946
Impairment of goodwill .......................................... 1,390,938 — —
Stock-based compensation ........................................ 301,813 353,323 394,807
Deferred income taxes ........................................... (123,371) (206,636) (178,813)
Excess tax benefits from stock-based compensation .................... (84,830) (4,701) (4,750)
Gain on sale of Skype............................................ — — (1,449,800)
Joltid legal settlement ............................................ — — 343,199
Changes in assets and liabilities, net of acquisition and disposition effects:
Accounts receivable ......................................... (185,516) (66,853) (97,494)
Other current assets ......................................... (105,186) (91,188) 126,270
Other non-current assets ...................................... (89,866) 8,158 (31,292)
Accounts payable ........................................... 36,954 14,946 (27,235)
Accrued expenses and other liabilities ........................... (75,668) (220,591) (86,504)
Deferred revenue and customer advances ........................ 37,807 10,350 56,855
Income taxes ............................................... 294,465 238,446 279,975
Net cash provided by operating activities ................................ 2,641,329 2,881,995 2,908,086
Cash flows from investing activities:
Purchases of property and equipment, net ............................ (453,967) (565,890) (567,094)
Principal loans receivable, net of collections .......................... — (106,508) (121,138)
Purchases of investments ......................................... (270,676) (108,128) (1,142,098)
Maturities and sales of investments ................................. 888,757 136,200 103,572
Acquisitions, net of cash acquired .................................. (863,565) (1,360,293) (1,209,433)
Proceeds from the sale of Skype, net of cash disposed .................. — — 1,780,321
Other ......................................................... 6,305 (52,727) 6,487
Net cash used in investing activities .................................... (693,146) (2,057,346) (1,149,383)
Cash flows from financing activities:
Proceeds from issuance of common stock ............................ 506,955 152,799 102,526
Repurchases of common stock, net ................................. (1,485,397) (2,177,942) —
Excess tax benefits from stock-based compensation .................... 84,830 4,701 4,750
Tax withholdings related to net share settlements of restricted stock awards
and units .................................................... — (19,428) (37,670)
Repayment of acquired line of credit ................................ — (433,981) —
Net borrowings (repayments) under credit agreement ................... 200,000 800,000 (1,000,000)
Funds receivable and customer accounts ............................. (336,875) 45,617 (561,709)
Funds payable and amounts due to customers ......................... 336,875 (45,617) 561,709
Other ......................................................... — — (15,262)
Net cash used in financing activities .................................... (693,612) (1,673,851) (945,656)
Effect of exchange rate changes on cash and cash equivalents ................ 303,828 (183,061) (2,157)
Net increase (decrease) in cash and cash equivalents ....................... 1,558,399 (1,032,263) 810,890
Cash and cash equivalents at beginning of period .......................... 2,662,792 4,221,191 3,188,928
Cash and cash equivalents at end of period ............................... $4,221,191 $ 3,188,928 $ 3,999,818
Supplemental cash flow disclosures:
Cash paid for interest ............................................ $ 10,474 $ 7,759 $ 6,050
Cash paid for income taxes ....................................... 363,047 366,824 342,173
Non-cash investing and financing activities:
Common stock options assumed pursuant to acquisition ................. 10,361 92,092 5,361
The accompanying notes are an integral part of these consolidated financial statements.
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