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j2 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2012, 2011 and 2010
(In thousands)
See Notes to Condensed Consolidated Financial Statements
- 49 -
2012
2011
2010
Cash flows from operating activities:
Net earnings
$
121,663
$
114,766
$
83,047
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
22,164
19,756
14,510
Amortization of discount or premium of investments
1,603
941
837
Amortization of financing costs and discounts
249
—
—
Share-based compensation
9,132
8,968
10,937
Excess tax benefits from share-based compensation
(961
)
(13,561
)
(62
)
Provision for doubtful accounts
4,289
6,900
1,965
Deferred income taxes
1,150
6,822
(541
)
Loss on disposal of fixed assets
54
117
64
(Gain) loss on available-for-sale investments
(266
)
(552
)
(4,477
)
Changes in assets and liabilities, net of effects of business combinations:
Decrease (increase) in:
Accounts receivable
(5,417
)
(9,509
)
(246
)
Prepaid expenses and other current assets
(2,028
)
4,261
(2,253
)
Other assets
(243
)
204
(162
)
Increase (decrease) in:
Accounts payable and accrued expenses
5,138
847
1,318
Income taxes payable
4,139
9,679
(15,767
)
Deferred revenue
1,612
8,664
(1,592
)
Liability for uncertain tax positions
7,601
(7,786
)
8,114
Other
32
231
693
Net cash provided by operating activities
169,911
150,748
96,385
Cash flows from investing activities:
Maturity of certificates of deposit
8,000
—
31,653
Purchase of certificates of deposit
(34,673
)
(8,000
)
—
Sales of available-for-sale investments
138,709
29,777
48,843
Purchase of available-for-sale investments
(151,989
)
(82,879
)
(52,921
)
Purchases of property and equipment
(5,061
)
(6,844
)
(1,842
)
Proceeds from sale of assets
156
4
13
Acquisition of businesses, net of cash received
(198,341
)
(3,926
)
(248,568
)
Purchases of intangible assets
(6,295
)
(4,312
)
(8,312
)
Net cash used in investing activities
(249,494
)
(76,180
)
(231,134
)
Cash flows from financing activities:
Issuance of long-term debt
245,000
—
—
Debt issuance costs
(1,384
)
—
—
Repurchases of common stock and restricted stock
(60,282
)
(1,281
)
(4,221
)
Issuance of common stock under employee stock purchase plan
157
142
109
Exercise of stock options
5,646
7,090
6,721
Mandatorily redeemable financial instrument
8,557
—
—
Dividends paid
(40,263
)
(19,174
)
—
Excess tax benefits from share-based compensation
961
13,561
62
Net cash provided by financing activities
158,392
338
2,671
Effect of exchange rate changes on cash and cash equivalents
512
(299
)
(581
)
Net change in cash and cash equivalents
79,321
74,607
(132,659
)
Cash and cash equivalents at beginning of period
139,359
64,752
197,411
Cash and cash equivalents at end of period
$
218,680
$
139,359
$
64,752