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F-7
Demand Media, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year ended December 31,
2014 2013 2012
Cash flows from operating activities
N
et income (loss) .................................................................................................. $ (267,357) $ (20,174 ) $ 6,176
Adjustments to reconcile net income (loss) to net cash provided by operating
activities:
Depreciation and amortization .......................................................................... 59,473 64,910 60,334
Deferred income taxes....................................................................................... (14,409) 3,901 2,196
Stock-based compensation ................................................................................ 21,815 27,384 31,368
Goodwill impairment charge ............................................................................ 232,270 — —
Gain on disposals .............................................................................................. (795) — —
Gain on other assets, net ................................................................................... (5,745) (4,232 ) —
Extinguishment of debt ..................................................................................... 1,656 — —
Other .................................................................................................................. (1,650) (861 ) (479)
Change in operating assets and liabilities, net of effect of acquisition:
Accounts receivable, net ................................................................................ 10,844 12,393 (12,191)
Prepaid expenses and other current assets ..................................................... (145) (375 ) 1,048
Deferred registration costs ............................................................................. (8,876) (9,780 ) (8,847)
Deposits with registries ................................................................................. (259) (914 ) 721
Other long-term assets ................................................................................... (585) (2,572 ) 74
Accounts payable ........................................................................................... (2,192) 2,973 121
Accrued expenses and other liabilities .......................................................... (1,341 ) (5,960 ) 5,788
Deferred revenue ........................................................................................... 11,957 9,470 4,674
Net cash provided by operating activities .................................................. 34,661 76,163 90,983
Cash flows from investing activities
Purchases of property and equipment .................................................................. (8,918) (26,746 ) (17,708)
Purchases of intangible assets .............................................................................. (5,688) (16,772 ) (13,237 )
Payments for gTLD applications, net ................................................................... (15,829) (3,949 ) (18,202)
Proceeds from gTLD withdrawals, net................................................................. 6,105 5,616 —
Cash received from disposal of business, net of cash disposed ........................... 13,696 — —
Cash paid for acquisitions, net of cash acquired .................................................. (2,240) (73,626 ) (17,480)
Restricted cash ...................................................................................................... (3,064 ) — —
Other ..................................................................................................................... 1,017 942 (855)
Net cash used in investing activities .......................................................... (14,921) (114,535 ) (67,482)
Cash flows from financing activities
Long-term debt borrowings .................................................................................. - 96,250 -
Long-term debt repayments .................................................................................. (96,250) - -
Proceeds from exercises of stock options and contributions to ESPP ................. 478 4,746 12,467
Repurchases of common stock ............................................................................. — (4,835 ) (8,869)
Debt issuance costs ............................................................................................... — (1,936 ) (144 )
N
et taxes paid on RSUs and options exercised .................................................... (2,902) (4,576 ) (9,496)
Cash distribution related to spin-off ..................................................................... (24,145) - -
Cash paid for acquisition holdback ...................................................................... (1,945) - -
Other ..................................................................................................................... (654) (619 ) (524)
Net cash provided by (used in) financing activities ................................... (125,418) 89,030 (6,566)
Effect of foreign currency on cash and cash equivalents ..................................... (13) (80 ) (37)
Change in cash and cash equivalents ......................................................... (105,691) 50,578 16,898
Cash and cash equivalents, beginning of period .................................................. 153,511 102,933 86,035
Cash and cash equivalents, end of period ............................................................ $ 47,820 $ 153,511 $ 102,933
Supplemental disclosure of cash flows
Cash paid for interest ............................................................................................ $ 2,296 $ 849 $ 414
Cash paid for taxes ............................................................................................... $ 104 $ 99 $ 916
Stock issued for acquisitions ................................................................................ $ 10,258 $ 16,281 $ -
Holdback liability related to acquisitions ............................................................. $ 1,700 $ 8,247 $-
N
otes received for disposal .................................................................................. $ 4,946 $ - $-
The accompanying notes are an integral part of these consolidated financial statements.