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UNITED ONLINE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Six Months
Ended
December 31,
2003
Year Ended June 30,
Year Ended
December 31,
2004
2003
2002
Cash flows from operating activities:
Net income (loss)
$
117,480
$
33,327
$
27,792
$
(47,810
)
Adjustments to reconcile net income (loss) to net cash
provided by (used for) operating activities:
Depreciation and amortization
29,151
11,076
27,560
32,415
Allowance for doubtful accounts
—
—
—
Stock
-
based charges
2,449
—
107
6,417
Deferred taxes
(61,478
)
(5,632
)
(4,336
)
—
Tax benefits from stock options
25,156
7,000
1,464
—
Other
1,005
621
866
275
Changes in operating assets and liabilities (excluding
the effects of acquisitions):
Accounts receivable
220
(1,645
)
(2,832
)
3,730
Other assets
(4,122
)
(3,180
)
4,050
16,540
Accounts payable and accrued liabilities
11,356
5,302
6,678
(20,103
)
Deferred revenue
848
1,023
3,757
3,885
Other liabilities
1,895
—
—
—
Net cash provided by (used for) operating activities
123,960
47,892
65,106
(4,553
)
Cash flows from investing activities:
Purchases of property and equipment
(12,510
)
(5,075
)
(5,983
)
(1,465
)
Purchases of patent rights
(926
)
—
—
(
)
Purchases of short
-
term investments
(329,083
)
(228,941
)
(141,422
)
(139,826
)
Proceeds from maturities of short
-
term investments
344,519
208,130
75,400
90,841
Proceeds from sales of assets, net
92
—
—
1,011
Proceeds from sale of cost
-
basis investment
—
—
750
—
Cash paid for acquisitions, net of cash acquired
(110,102
)
—
(
8,388
)
32,496
Net cash used for investing activities
(108,010
)
(25,886
)
(79,643
)
(16,961
)
Cash flows from financing activities:
Payments on capital leases
(166
)
(34
)
(2,968
)
(5,197
)
Proceeds from term loan and line of credit, net
107,569
—
—
—
Repayment of line of credit
(10,300
)
—
—
(
2,143
)
Repayment of notes receivable from stockholders
—
—
1,653
6
Proceeds from exercises of stock options
6,015
8,971
6,962
2,930
Proceeds from employee stock purchase plan
3,045
1,679
1,862
516
Repurchases of common stock and option shares
exercised
(74,509
)
(40,002
)
(7,777
)
(3,592
)
Net cash provided by (used for) financing activities
31,654
(29,386
)
(268
)
(7,480
)
Change in cash and cash equivalents
47,604
(7,380
)
(14,805
)
(28,994
)
Cash and cash equivalents, beginning of period
8,908
16,288
31,093
60,087
Cash and cash equivalents, end of period
$
56,512
$
8,908
$
16,288
$
31,093
Supplemental disclosure of cash flows:
Cash paid for interest
$
9
$
1
$
$
547
Cash paid for income taxes
2,851
250
225
—
Supplemental disclosure of non
-
cash investing and
financing activities:
Stock option tax benefits recognized in connection
with the release of the deferred tax valuation
allowance
$
—
$
15,006
$
3,720
$
—
Reduction in goodwill and intangibles in connection
with the release of the deferred tax valuation