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Table of Contents
UNITED ONLINE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
The accompanying notes are an integral part of these consolidated financial statements.
F-8
Year Ended December 31,
2009 2008 2007
Cash flows from operating activities:
Net income (loss)
$
70,085
$
(94,657
)
$
57,777
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
59,673
39,773
32,950
Stock
-
based compensation
40,080
36,527
19,549
Provision for doubtful accounts receivable
6,481
2,322
1,323
Impairment of goodwill, intangible assets and long
-
lived assets
—
176,150
—
Accretion of discounts and amortization of debt issue costs
6,179
1,470
—
Deferred taxes, net
(8,902
)
(16,557
)
7,248
Tax benefits (shortfalls) from equity awards
(2,996
)
(467
)
4,622
Excess tax benefits from equity awards
(584
)
(295
)
(3,168
)
Other
474
15
929
Changes in operating assets and liabilities (net of effects of acquisitions):
Accounts receivable
(3,073
)
1,242
2,138
Other assets
9,258
4,194
(9,018
)
Accounts payable and accrued liabilities
(6,496
)
(2,688
)
(9,025
)
Member redemption liability
(220
)
1,415
4,572
Deferred revenue
(4,475
)
12,201
11,430
Other liabilities
(1,958
)
3,404
5,898
Net cash provided by operating activities
163,526
164,049
127,225
Cash flows from investing activities:
Purchases of property and equipment
(26,196
)
(19,886
)
(25,509
)
Purchases of short
-
term investments
—
(
120,378
)
(228,920
)
Proceeds from maturities of short
-
term investments
—
82,765
72,890
Proceeds from sales of short
-
term investments
—
106,364
229,994
Cash paid for acquisitions, net of cash acquired
—
(
307,496
)
—
Proceeds from sales of assets, net
36
45
71
Net cash provided by (used for) investing activities
(26,160
)
(258,586
)
48,526
Cash flows from financing activities:
Proceeds from term loans and revolver
—
421,988
—
Payments on term loans and revolver
(90,119
)
(313,718
)
—
Payments on capital leases
—
(
13
)
(16
)
Payments for debt issue costs
—
(
249
)
—
Proceeds from exercises of stock options
546
1,668
8,605
Proceeds from employee stock purchase plan
4,069
3,754
5,413
Repurchases of common stock
(6,842
)
(8,841
)
(5,601
)
Payments for dividends
(36,257
)
(53,060
)
(57,130
)
Excess tax benefits from equity awards
584
295
3,168
Net cash provided by (used for) financing activities
(128,019
)
51,824
(45,561
)
Effect of foreign currency exchange rate changes on cash and cash equivalents
1,648
(2,280
)
65
Change in cash and cash equivalents
10,995
(44,993
)
130,255
Cash and cash equivalents, beginning of period
104,514
149,507
19,252
Cash and cash equivalents, end of period
$
115,509
$
104,514
$
149,507
Supplemental disclosure of cash flows:
Cash paid for interest
$
29,204
$
9,587
$
2
Cash paid for income taxes
$
53,228
$
36,350
$
34,855
Supplemental disclosure of non
-
cash investing and financing activities:
Reduction in goodwill in connection with a release of a portion of the valuation
allowance for deferred tax assets
$
—
$
128
$
375
Dividends payable on restricted stock units
$
207
$
385
$
—
Issuance of common stock in connection with the acquisition of FTD (see Note 13)
$
—
$
126,151
$
—