'forests Rattles* of concentrating (41,743) interests (50362) (83662) Aclustment of redeemable me/controlling I merest& and roncontroeing irterests to fair value 21,072 — (30.441) (30.441) 9.369 (21072) Net decrease n i4C/InterActrveCorp's investment in Match Grow Inc 34 (91,437) (91,437) (91037) Other (286) (286) Salons* as of December 31, 2014 3.678 10.071 5877.635 5(78.048) 5799.587 5 189 5799.776 the accanpaving NOW to Conde& Financial Statements wean entegrat pert of these stalemeas F-26 Table of Cc-ten' Match Group, Inc. and Subsidiaries Combined statement of cash flows Years ended December 31, 2012 2013 2014 (In thousands) Cash flows from operating activities: Net earnings S 90.281 S 126.627 S 148.359 Adjustments to reconcile earnings to net cash provided by operating activities: Stock-based compensation expense 16,064 12.228 20,851 Depredation 16,341 20.202 25.547 Amortization of intangibles 17,455 17,125 11395 Impairment of long-term investments 8,685 Excess tax benefits from stock-based awards (8,368) (10,763) (5.319) Deferred income taxes (3.290) (3.651) (5.904) Acquisition-related contingent consideration fair value adjustments 343 (12.912) Changes in assets and totalities. net of effects of acquisitions: Accounts receivable 2,848 (3.651) 2.399 Other current assets 4.552 (155) (10,551) Accounts payable and accrued expenses and other current liabilities (4,709) (972) (7,980) Income taxes payable 15,105 4,808 8,103 Deferred revenue 8,659 12,401 8.643 Other. net 748 255 (9,016) Net cash provided by operating activities 164,371 174.797 173,615 Cash flows from investing activities: Acquisitions, net of cash acquired (59.484) (32,145) (114.051) Capital expenditures (19.853) (19,807) (21.793) Purchases of long-term investments (24) (4,536) Other, net 6 (2,034) 180 Net cash used In investing activities (79,355) (53,986) (140,200) Cash fl