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F-7
Demand Media, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year ended December 31,
2015
2014
2013
Cash flows from operating activities
Net loss .........................................................................
$
(43,501)
$
(267,357)
$
(20,174)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization .....................................................
29,884
59,473
64,910
Deferred income taxes ...........................................................
—
(14,409)
3,901
Stock-based compensation ........................................................
7,562
21,815
27,384
Goodwill impairment charge ......................................................
—
232,270
—
Gain on disposal of businesses and properties .........................................
(3,156)
(795)
—
Gain on other assets, net ..........................................................
—
(5,745)
(4,232)
Extinguishment of debt ..........................................................
—
1,656
—
Other ........................................................................
(105)
(1,650)
(861)
Change in operating assets and liabilities, net of effect of acquisition:
Accounts receivable, net .......................................................
3,840
10,844
12,393
Prepaid expenses and other current assets ..........................................
917
(145)
(375)
Deferred registration costs .....................................................
—
(8,876)
(9,780)
Deposits with registries ........................................................
—
(259)
(914)
Other long-term assets ........................................................
(131)
(585)
(2,572)
Accounts payable ............................................................
(2,794)
(2,192)
2,973
Accrued expenses and other liabilities ............................................
(1,177)
(1,341)
(5,960)
Deferred revenue .............................................................
223
11,957
9,470
Net cash (used in) provided by operating activities ................................
(8,438)
34,661
76,163
Cash flows from investing activities
Purchases of property and equipment ..................................................
(4,732)
(8,918)
(26,746)
Purchases of intangible assets ........................................................
(87)
(5,688)
(16,772)
Payments for gTLD applications ......................................................
—
(15,829)
(3,949)
Proceeds from gTLD withdrawals, net .................................................
—
6,105
5,616
Cash received from disposal of businesses and properties, net of cash disposed ..................
5,071
13,696
—
Cash received from early repayment of promissory note ...................................
5,100
—
—
Cash received from disposition holdback ...............................................
998
—
—
Cash paid for acquisitions, net of cash acquired ..........................................
(58)
(2,240)
(73,626)
Restricted deposits .................................................................
671
(3,064)
—
Other ...........................................................................
126
1,017
942
Net cash provided by (used in) investing activities ................................
7,089
(14,921)
(114,535)
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 ..........................
464
478
4,746
Repurchases of common stock .......................................................
—
—
(4,835)
Debt issuance costs ................................................................
—
—
(1,936)
Net taxes paid on restricted stock units and options exercised ...............................
(668)
(2,902)
(4,576)
Cash paid for acquisition holdback ....................................................
(7,561)
(1,945)
—
Cash distribution related to spin-off ...................................................
—
(24,145)
—
Other ...........................................................................
(121)
(654)
(619)
Net cash (used in) provided by financing activities ................................
(7,886)
(125,418)
89,030
Effect of foreign currency on cash and cash equivalents ....................................
(15)
(13)
(80)
Change in cash and cash equivalents ...........................................
(9,250)
(105,691)
50,578
Cash and cash equivalents, beginning of period ..........................................
47,820
153,511
102,933
Cash and cash equivalents, end of period ...............................................
$
38,570
$
47,820
$
153,511
Supplemental disclosure of cash flows
Cash paid for interest ...............................................................
$
143
$
2,296
$
849
Cash paid for taxes ................................................................
$
116
$
104
$
99
Stock issued for acquisitions .........................................................
$
731
$
10,258
$
16,281
Holdback liability related to acquisitions ...............................................
$
—
$
1,700
$
8,247
Note receivable related to disposal of a business ..........................................
$
—
$
4,946
$
—
The accompanying notes are an integral part of these consolidated financial statements.