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F-7
Demand Media, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year ended December 31,
2010 2011 2012
Cash flows from operating activities
Net income (loss) $ (5,325) $ (18,524) $ 6,176
Adjustments to reconcile net income (loss) to net cash provided by operating
activities
Depreciation and amortization 52,016 68,132 60,334
Deferred income taxes 2,980 3,170 2,196
Stock-based compensation 9,329 28,730 31,368
Other 394 321 (479)
Change in operating assets and liabilities, net of effect of acquisitions
Accounts receivable (8,344) (4,603) (12,191)
Prepaid expenses and other current assets 124 1,501 1,048
Deferred registration costs (8,600) (7,882) (8,847)
Deposits with registries (305) (840) 721
Other assets 545 522 74
Accounts payable 1,237 1,251 121
Accrued expenses and other liabilities 6,886 3,598 5,788
Deferred revenue 10,687 9,973 4,674
Net cash provided by operating activities 61,624 85,349 90,983
Cash flows from investing activities
Purchases of property and equipment (21,404) (18,246) (17,708)
Purchases of intangible assets (47,192) (49,283) (13,237)
Payments for gTLD applications — — (18,202)
Purchases of marketable securities (975) — —
Proceeds from maturities and sales of marketable securities 3,275 — —
Cash paid for acquisitions, net of cash acquired — (31,010) (17,480)
Other — — (855)
Net cash used in investing activities (66,296) (98,539) (67,482)
Cash flows from financing activities
Payments on line of credit (10,000) — —
Principal payments on capital lease obligations (546) (520) (565)
Proceeds from issuances of common stock (net of issuance costs of $3,336) — 78,480 —
Proceeds from exercises of stock options and contributions to ESPP 1,552 7,599 12,467
Windfall tax benefit from exercises of stock options 34 126 41
Repurchases of common stock — (17,064) (8,869)
Issuance costs related to debt and equity financings (1,577) (960) (144)
Payments of withholding tax on net exercise of stock-based awards — (725) (9,496)
Net cash provided by (used in) financing activities (10,537) 66,936 (6,566)
Effect of foreign currency on cash and cash equivalents (61) (49) (37)
Change in cash and cash equivalents (15,270) 53,697 16,898
Cash and cash equivalents, beginning of period 47,608 32,338 86,035
Cash and cash equivalents, end of period $ 32,338 $ 86,035 $ 102,933
Supplemental disclosure of cash flows
Cash paid for interest $ 358 $ 390 $ 414
Cash paid for income taxes 452 960 916
The accompanying notes are an integral part of these consolidated financial statements.