Classmates.com 2011 Annual Report Download - page 114

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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.
Year Ended December 31,
2011 2010 2009
Cash flows from operating activities:
Net income
$
51,730
$
53,687
$
70,085
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
57,360
58,645
59,673
Stock
-
based compensation
17,213
27,043
40,080
Provision for doubtful accounts receivable
2,808
5,449
6,481
Accretion of discounts and amortization of debt issue costs
1,484
4,446
6,179
Loss on extinguishment of debt
6,078
—
—
Deferred taxes, net
(446
)
77
(8,902
)
Tax shortfalls from equity awards
(711
)
(390
)
(2,996
)
Excess tax benefits from equity awards
(265
)
(1,099
)
(584
)
Other
(57
)
551
474
Changes in operating assets and liabilities:
Accounts receivable, net
3,736
286
(3,073
)
Other assets
(3,100
)
(871
)
9,258
Accounts payable and accrued liabilities
(370
)
(82
)
(6,496
)
Member redemption liability
(2,412
)
(890
)
(220
)
Deferred revenue
(16,322
)
(1,969
)
(4,475
)
Other liabilities
(5,609
)
(1,080
)
(1,958
)
Net cash provided by operating activities
111,117
143,803
163,526
Cash flows from investing activities:
Purchases of property and equipment
(24,552
)
(27,269
)
(26,196
)
Purchases of rights, content and intellectual property
(3,313
)
(4,722
)
—
Proceeds from sales of investments
403
—
—
Proceeds from sales of assets, net
221
235
36
Net cash used for investing activities
(27,241
)
(31,756
)
(26,160
)
Cash flows from financing activities:
Proceeds from term loans
261,325
—
—
Payments on term loans
(265,950
)
(74,819
)
(90,119
)
Payments for debt issue costs
(778
)
—
—
Proceeds from exercises of stock options
37
1,698
546
Proceeds from employee stock purchase plans
3,907
4,440
4,069
Repurchases of common stock
(7,743
)
(20,565
)
(6,842
)
Dividends and dividend equivalents paid on outstanding
shares and restricted stock units
(37,213
)
(36,966
)
(36,257
)
Excess tax benefits from equity awards
265
1,099
584
Net cash used for financing activities
(46,150
)
(125,113
)
(128,019
)
Effect of foreign currency exchange rate changes on cash and
cash equivalents
(1,885
)
(2,179
)
1,648
Change in cash and cash equivalents
35,841
(15,245
)
10,995
Cash and cash equivalents, beginning of period
100,264
115,509
104,514
Cash and cash equivalents, end of period
$
136,105
$
100,264
$
115,509
Supplemental disclosure of cash flows:
Cash paid for interest
$
19,012
$
20,273
$
29,204
Cash paid for income taxes
$
33,498
$
43,703
$
53,228
Supplemental disclosure of non
-
cash investing and financing
activities:
Increase (decrease) in dividend equivalents payable on
restricted stock units
$
(174
)
$
(138
)
$
207