Juno 2012 Annual Report Download - page 165
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Table of Contents
The Company leases certain office space, data centers, vehicles, and office equipment under operating leases expiring at various periods through
2018. Certain of the Company's operating leases include rent holidays, as well as rent escalation provisions. The Company records rent expense on a
straight-line basis over the lease term. Rent expense under operating leases for the years ended December 31, 2012, 2011 and 2010 was $13.8 million,
$15.2 million and $16.7 million, respectively.
In December 2010, the Company's MyPoints subsidiary entered into a sublease agreement with Blackrock, Inc., a five percent or more
shareholder, and Blackrock Realty Advisors, Inc., whereby MyPoints leases approximately 18,000 square feet of office space in San Francisco,
California. In connection with the sublease agreement, United Online, Inc. entered into a parent guaranty of all obligations under the sublease. The term
of the sublease will expire in 2014.
Letters of credit are maintained pursuant to certain of the Company's lease arrangements. The letters of credit remain in effect, generally, at
declining levels through the terms of the related leases. In addition, standby letters of credit are maintained by FTD to secure credit card processing
activity and certain inventory purchases. Certificates of deposit totaling $0.3 million and $0.3 million at December 31, 2012 and 2011, respectively,
were maintained by the Company in connection with certain of these letters of credit and were included in other current assets and other assets in the
consolidated balance sheets. Commitments under letters of credit at December 31, 2012 were scheduled to expire as follows (in thousands):
Contingent consideration at December 31, 2012 was as follows:
Purchase obligations at December 31, 2012 were as follows:
F-48
Letters of credit $ 1,731 $ 1,553 $ 16 $ — $ — $ — $ 162
Contingent consideration $ 8,561 $ 3,899 $ 2,417 $ 2,245
Purchase obligations $ 14,709 $ 12,684 $ 1,664 $ 361