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j2 GLOBAL COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2009, 2008 and 2007
(In thousands)
2009
2008
2007
Cash flows from operating activities:
Net earnings
$
66,827
$
72,562
$
68,461
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization
14,707
13,177
10,134
Share
-
based compensation
11,018
7,986
7,414
Excess tax benefit from share
-
based compensation
(3,063
)
(1,565
)
(4,731
)
Provision for doubtful accounts
2,378
2,815
780
Deferred income taxes
(629
)
(2,908
)
212
Loss/(Gain) on disposal of fixed assets
2,529
(6
)
229
Loss on trading securities
4
418
—
Gain on available
-
for
-
sale investment
(1,812
)
—
—
Other
-
than
-
temporary impairment losses
9,343
—
—
Changes in assets and liabilities, net of effects of business
combinations:
Decrease (increase) in:
Accounts receivable
(6
)
(1,809
)
(3,886
)
Prepaid expenses and other current assets
(2,253
)
1,403
(133
)
Other assets
(35
)
46
(201
)
Increase (decrease) in:
Accounts payable and accrued expenses
(3,677
)
(994
)
(2,580
)
Income taxes payable
(1,161
)
(5,633
)
9,672
Deferred revenue
(537
)
(2,118
)
2,991
Accrued income tax liability
8,178
7,399
5,898
Other
22
(57
)
(53
)
Net cash provided by operating activities
101,833
90,716
94,207
Cash flows from investing activities:
Purchases of available
-
for
-
sale investments
(12,900
)
—
(
311,003
)
Sales of available
-
for
-
sale investments
2,706
36,170
279,088
Purchases of held
-
to
-
maturity investments
—
—
(
26,498
)
Redemptions/Sales of held
-
to
-
maturity investments
—
27,881
78,954
Purchase of certificates of deposit
(31,372
)
—
—
Purchases of property and equipment
(3,251
)
(2,507
)
(10,315
)
Proceeds from the sale of property and equipment
—
25
—
Acquisition of businesses, net of cash received
(12,500
)
(42,825
)
(11,165
)
Purchases of intangible assets
(5,472
)
(3,818
)
(6,038
)
Proceeds from sale of intangible assets
1,340
—
—
Net cash provided by (used in) investing activities
(61,449
)
14,926
(6,977
)
Cash flows from financing activities:
Repurchases of common stock and restricted stock
(470
)
(108,492
)
(42,427
)
Issuance of common stock under employee stock purchase plan
120
183
266
Exercise of stock options
2,708
1,829
7,700
Excess tax benefits on from share
-
based compensation
3,063
1,565
4,731
Repayment of other long
-
term liabilities
—
—
(
153
)
Net cash provided by (used in) financing activities
5,421
(104,915
)
(29,883
)
Effect of exchange rate changes on cash and cash equivalents
826
(4,167
)
1,268
Net (decrease) increase in cash and cash equivalents
46,631
(3,440
)
58,615
Cash and cash equivalents at beginning of year
150,780
154,220
95,605
Cash and cash equivalents at end of year
$
197,411
$
150,780
$
154,220
-
38
-