| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Operating activities: | |||||||||
Net income | |||||||||
126,000 | 113,000 | -19,000 | 120,000 | 198,000 | 226,000 | 205,000 | 195,000 | 177,791 | 138,954 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||
Depreciation of property and equipment, including amortization of internal-use software and website development | |||||||||
93,000 | 82,000 | 79,000 | 69,000 | 57,000 | 47,000 | 30,000 | 20,000 | 18,362 | 12,871 |
Amortization of intangible assets | |||||||||
33,000 | 34,000 | 32,000 | 32,000 | 36,000 | 18,000 | 6,000 | 6,000 | 7,523 | 14,609 |
Stock-based compensation expense | |||||||||
124,000 | 118,000 | 96,000 | 85,000 | 72,000 | 63,000 | 49,000 | 30,000 | 17,344 | 7,183 |
Deferred income tax expense (benefit) and other, net | |||||||||
14,000 | 12,000 | 39,000 | -10,000 | - | - | - | - | - | - |
Non-cash contribution to charitable foundation (Note 17) | |||||||||
- | - | - | - | 67,000 | - | - | - | - | - |
Gain on sale of business (Note 3) | |||||||||
- | - | - | - | 20,000 | - | - | - | - | - |
Amortization of deferred financing costs | |||||||||
- | - | - | - | - | - | - | 1,000 | 21 | - |
Amortization of discounts and premiums on marketable securities, net | |||||||||
- | - | - | - | - | - | - | -1,000 | 0 | - |
Deferred tax expense (benefit) | |||||||||
- | - | - | - | -37,000 | -17,000 | 5,000 | -5,000 | -931 | -653 |
Provision (recovery) for doubtful accounts | |||||||||
- | - | - | - | - | - | - | 1,000 | 909 | 3,383 |
Foreign currency transaction (gains) losses, net | |||||||||
- | - | - | - | - | - | - | - | -209 | 541 |
Other, net | |||||||||
- | - | - | - | -9,000 | -18,000 | -8,000 | -1,000 | 131 | -164 |
Excess tax benefits from stock-based compensation | |||||||||
- | - | - | - | - | - | 12,000 | 3,000 | 1,571 | 1,813 |
Changes in operating assets and liabilities, net of effects from acquisitions and other investments: | |||||||||
Accounts receivable and contract assets, prepaid expenses and other assets | |||||||||
-23,000 | 8,000 | 36,000 | 24,000 | 31,000 | 26,000 | 12,000 | 32,000 | - | - |
Accounts receivable | |||||||||
- | - | - | - | - | - | - | - | 15,910 | 14,853 |
Receivable from Expedia, net | |||||||||
- | - | - | - | - | - | - | - | 0 | - |
Taxes receivable | |||||||||
- | - | - | - | - | - | - | - | 0 | - |
Prepaid expenses and other assets | |||||||||
- | - | - | - | - | - | - | - | 1,821 | 328 |
Accounts payable, accrued expenses and other liabilities | |||||||||
-1,000 | 22,000 | - | 7,000 | 13,000 | 18,000 | 17,000 | 32,000 | 82 | - |
Deferred merchant payables | |||||||||
-3,000 | 14,000 | 14,000 | 21,000 | 15,000 | -9,000 | 17,000 | -1,000 | 1,752 | - |
Accounts payable | |||||||||
- | - | - | - | - | - | - | - | 4,133 | 1,273 |
Income tax receivables/payables, net | |||||||||
17,000 | 13,000 | 38,000 | 20,000 | 32,000 | 60,000 | 27,000 | -17,000 | 3,244 | 17,359 |
Deferred revenue | |||||||||
-2,000 | 5,000 | -5,000 | 1,000 | 7,000 | 9,000 | 9,000 | 12,000 | 6,876 | 9,600 |
Accrued expenses and other liabilities | |||||||||
- | - | - | - | - | - | - | - | - | 9,707 |
Net cash provided by operating activities | |||||||||
424,000 | 405,000 | 238,000 | 321,000 | 418,000 | 407,000 | 349,000 | 239,000 | 217,882 | 196,915 |
Investing activities: | |||||||||
Capital expenditures, including internal-use software and website development | |||||||||
83,000 | 61,000 | 64,000 | 72,000 | 109,000 | 81,000 | 55,000 | 29,000 | 21,323 | 18,813 |
Acquisitions and other investments, net of cash acquired (Note 3) | |||||||||
110,000 | 24,000 | - | 43,000 | 29,000 | 331,000 | 35,000 | 3,000 | 7,894 | 34,446 |
Proceeds from sale of business, net of cash sold (Note 3) | |||||||||
- | - | - | - | 25,000 | - | - | - | - | - |
Purchases of marketable securities | |||||||||
133,000 | 16,000 | 63,000 | 166,000 | 205,000 | 251,000 | 432,000 | 219,000 | 0 | 20,090 |
Sales of marketable securities | |||||||||
80,000 | 59,000 | 105,000 | 84,000 | 187,000 | 336,000 | 175,000 | - | 0 | - |
Maturities of marketable securities | |||||||||
70,000 | 5,000 | 28,000 | 32,000 | 71,000 | 93,000 | 151,000 | - | 20,090 | - |
Acquisitions, net of cash acquired, from Expedia | |||||||||
- | - | - | - | - | - | - | - | 28,099 | - |
Transfers to Expedia, net | |||||||||
- | - | - | - | - | - | - | - | 95,967 | 66,421 |
Distributions proceeds from Expedia related to Spin-Off | |||||||||
- | - | - | - | - | - | - | 7,000 | 405,516 | - |
Other investing activities, net | |||||||||
- | 12,000 | - | -2,000 | -2,000 | -1,000 | - | - | 153 | - |
Net cash provided by investing activities | |||||||||
-176,000 | -49,000 | 6,000 | -163,000 | -58,000 | -233,000 | -196,000 | -244,000 | -538,862 | -139,770 |
Repurchase of common stock (Note 12) | |||||||||
60,000 | 100,000 | 250,000 | 105,000 | - | - | 145,000 | - | 0 | - |
Payment of common stock cash dividends to stockholders (Note 16) | |||||||||
488,000 | - | - | - | - | - | - | - | - | - |
Principal payments on credit facilities | |||||||||
- | - | - | - | - | - | 40,000 | 20,000 | 0 | - |
Proceeds from credit facility, net of financing costs | |||||||||
- | - | - | - | - | - | - | - | 396,516 | - |
Payments to credit facility | |||||||||
- | - | - | - | - | - | - | 10,000 | 0 | - |
Proceeds from credit facility | |||||||||
- | - | - | - | - | - | - | 15,000 | 18,158 | 1,733 |
Proceeds from exercise of stock options | |||||||||
2,000 | 6,000 | 3,000 | 7,000 | 12,000 | 3,000 | 24,000 | 231,000 | 0 | - |
Payment of withholding taxes on net share settlements of equity awards | |||||||||
29,000 | 26,000 | 17,000 | 15,000 | 73,000 | 33,000 | 14,000 | 7,000 | 0 | - |
Payments of finance lease obligation | |||||||||
5,000 | - | - | - | - | - | - | - | - | - |
Excess tax benefits from stock-based compensation | |||||||||
- | - | - | - | - | - | 12,000 | 3,000 | 1,571 | 1,813 |
Payments to purchase subsidiary shares from noncontrolling interest | |||||||||
- | - | - | - | - | - | - | -22,000 | - | - |
Other financing activities, net | |||||||||
- | - | - | - | 12,000 | -1,000 | -2,000 | - | - | - |
Acquisitions funded by Expedia | |||||||||
- | - | - | - | - | - | - | - | 5,135 | - |
Payments on acquisition earn-out | |||||||||
- | - | - | - | - | - | - | - | 9,546 | - |
Change in restricted cash | |||||||||
- | - | - | - | - | - | - | - | - | -475 |
Net cash used in financing activities | |||||||||
-580,000 | -358,000 | -200,000 | -143,000 | -189,000 | -61,000 | -170,000 | 190,000 | 411,834 | 4,021 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | |||||||||
-4,000 | -16,000 | 17,000 | -17,000 | -12,000 | -9,000 | 1,000 | -1,000 | -455 | 603 |
Net increase in cash, cash equivalents and restricted cash | |||||||||
-336,000 | -18,000 | 61,000 | -2,000 | 159,000 | 104,000 | -16,000 | 184,000 | 90,399 | 61,769 |
Supplemental disclosure of cash flow information: | |||||||||
Income taxes paid directly to taxing authorities, net of refunds | |||||||||
- | - | - | - | - | - | - | - | 42,220 | 26,654 |
Income taxes paid to Expedia | |||||||||
- | - | - | - | - | - | - | - | 49,570 | 41,333 |
Cash paid during the period for income taxes, net of refunds | |||||||||
47,000 | 53,000 | 62,000 | 29,000 | 43,000 | 54,000 | 50,000 | 108,000 | 91,790 | 67,987 |
Cash paid during the period for interest | |||||||||
6,000 | 8,000 | 13,000 | 10,000 | 7,000 | 7,000 | 8,000 | 10,000 | 313 | 7 |
Supplemental disclosure of non-cash investing and financing activities: | |||||||||
Stock-based compensation capitalized with internal-use software and website development costs | |||||||||
19,000 | 13,000 | 13,000 | 12,000 | 8,000 | 8,000 | - | - | - | - |
Equity method investment acquired for non-cash consideration | |||||||||
41,000 | - | - | - | - | - | - | - | - | - |
Capitalization of construction in-process related to build to suit lease | |||||||||
- | - | - | - | 6,000 | 52,000 | 8,000 | - | 0 | - |
Capital expenditures incurred but not yet paid related to build to suit lease | |||||||||
- | - | - | - | - | 10,000 | - | - | - | - |
Non-cash fair value increase for redeemable noncontrolling interests | |||||||||
- | - | - | - | - | - | - | 15,000 | 571 | 1,152 |
Distribution receivable from Expedia, Inc. | |||||||||
- | - | - | - | - | - | - | - | 7,028 | - |
2015 Credit Facility | |||||||||
Proceeds from credit facility, net of financing costs | |||||||||
- | 5,000 | 433,000 | 101,000 | - | - | - | - | - | - |
Payments to credit facility | |||||||||
- | 235,000 | 296,000 | 210,000 | - | - | - | - | - | - |
Chinese Credit Facilities | |||||||||
Payments to credit facility | |||||||||
- | 10,000 | - | 1,000 | - | - | - | - | - | - |
Proceeds from credit facility | |||||||||
- | 2,000 | - | 7,000 | - | - | - | - | - | - |
2016 Credit Facility | |||||||||
Payments to credit facility | |||||||||
- | - | 73,000 | 73,000 | - | - | - | - | - | - |