Classmates.com 2007 Annual Report Download - page 88

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UNITED ONLINE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2007
2006
2005
Cash flows from operating activities:
Net income
$
57,777
$
42,272
$
47,127
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization
32,950
38,930
37,280
Stock
-
based compensation
19,549
19,168
9,952
Provision for (benefit from) doubtful accounts receivable
1,323
(81
)
633
Impairment of goodwill, intangible assets and long
-
lived assets
—
13,285
—
Deferred taxes
7,248
(3,609
)
1,577
Tax benefits from equity awards
4,622
5,781
15,170
Excess tax benefits from equity awards
(3,168
)
(3,863
)
—
Cumulative effect of accounting change, net of tax
—
(
1,041
)
—
Other
929
3,023
748
Changes in operating assets and liabilities (excluding the effects of
acquisitions):
Accounts receivable
2,138
(3,215
)
(2,302
)
Other assets
(9,018
)
844
1,806
Accounts payable and accrued liabilities
(9,025
)
(11,211
)
17,677
Member redemption liability
4,572
2,315
—
Deferred revenue
11,430
(999
)
5,181
Other liabilities
5,898
(129
)
2,198
Net cash provided by operating activities
127,225
101,470
137,047
Cash flows from investing activities:
Purchases of property and equipment
(25,509
)
(24,329
)
(21,653
)
Purchases of rights, patents and trademarks
—
(
509
)
(5,562
)
Purchases of short
-
term investments
(228,920
)
(324,328
)
(320,869
)
Proceeds from maturities of short
-
term investments
72,890
115,581
177,595
Proceeds from sales of short
-
term investments
229,994
209,599
175,738
Cash paid for acquisitions, net of cash acquired
—
(
61,155
)
(8,638
)
Payment for settlement of pre
-
acquisition liability
—
(
4,800
)
—
Proceeds from sales of assets, net
71
104
—
Net cash provided by (used for) investing activities
48,526
(89,837
)
(3,389
)
Cash flows from financing activities:
Payments on term loan
—
(
54,209
)
(45,792
)
Payments on capital leases
(16
)
(668
)
(621
)
Proceeds from exercises of stock options
8,605
9,452
5,874
Proceeds from employee stock purchase plan
5,413
5,004
3,169
Repurchases of common stock
(5,601
)
(2,684
)
(14,206
)
Payments for dividends
(57,130
)
(53,483
)
(38,067
)
Excess tax benefits from equity awards
3,168
3,863
—
Net cash used for financing activities
(45,561
)
(92,725
)
(89,643
)
Effect of exchange rate changes on cash and cash equivalents
65
(53
)
(130
)
Change in cash and cash equivalents
130,255
(81,145
)
43,885
Cash and cash equivalents, beginning of period
19,252
100,397
56,512
Cash and cash equivalents, end of period
$
149,507
$
19,252
$
100,397
Supplemental disclosure of cash flows:
Cash paid for interest
$
2
$
862
$
4,245
Cash paid for income taxes
$
34,855
$
34,352
$
13,970
Supplemental disclosure of non
-
cash investing and financing activities: