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j2 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2013, 2012 and 2011
(In thousands)
See Notes to Condensed Consolidated Financial Statements
- 50 -
2013
2012
2011
Cash flows from operating activities:
Net earnings
$
107,522
$
121,663
$
114,766
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
39,788
22,164
19,756
Amortization of discount or premium of investments
1,796
1,603
941
Amortization of financing costs and discounts
613
249
—
Share-based compensation
9,720
9,132
8,968
Excess tax benefits from share-based compensation
(2,695
)
(961
)
(13,561
)
Provision for doubtful accounts
3,135
4,289
6,900
Deferred income taxes
250
1,150
6,822
Loss on disposal of fixed assets
8
54
117
(Gain) loss on available-for-sale investments
66
(266
)
(552
)
Loss on extinguishment of debt and related interest expense
14,437
—
—
Changes in assets and liabilities, net of effects of business combinations:
Decrease (increase) in:
Accounts receivable
(9,588
)
(5,417
)
(9,509
)
Prepaid expenses and other current assets
149
(2,028
)
4,261
Other assets
168
(243
)
204
Increase (decrease) in:
Accounts payable and accrued expenses
9,126
5,138
847
Income taxes payable
667
4,139
9,679
Deferred revenue
12,368
1,612
8,664
Liability for uncertain tax positions
6,186
7,601
(7,786
)
Other liabilities
(392
)
32
231
Net cash provided by operating activities
193,324
169,911
150,748
Cash flows from investing activities:
Maturity of certificates of deposit
42,615
8,000
—
Purchase of certificates of deposit
(22,071
)
(34,673
)
(8,000
)
Sales of available-for-sale investments
140,126
138,709
29,777
Purchase of available-for-sale investments
(168,901
)
(151,989
)
(82,879
)
Purchases of property and equipment
(18,627
)
(5,061
)
(6,844
)
Proceeds from sale of assets
1
156
4
Acquisition of businesses, net of cash received
(126,341
)
(198,341
)
(3,926
)
Purchases of intangible assets
(14,200
)
(6,295
)
(4,312
)
Net cash used in investing activities
(167,398
)
(249,494
)
(76,180
)
Cash flows from financing activities:
Issuance of long-term debt —
245,000
—
Debt issuance costs
(47
)
(1,384
)
—
Repurchases of common stock and restricted stock
(4,587
)
(60,282
)
(1,281
)
Issuance of common stock under employee stock purchase plan
213
157
142
Exercise of stock options
13,604
5,646
7,090
Mandatorily redeemable financial instrument —
8,557
—
Dividends paid
(45,134
)
(40,263
)
(19,174
)
Excess tax benefits from share-based compensation
2,695
961
13,561
Other
(2,437
)
—
—
Net cash (used in) provided by financing activities
(35,693
)
158,392
338
Effect of exchange rate changes on cash and cash equivalents
(1,112
)
512
(299
)
Net change in cash and cash equivalents
(10,879
)
79,321
74,607
Cash and cash equivalents at beginning of period
218,680
139,359
64,752
Cash and cash equivalents at end of period
$
207,801
$
218,680
$
139,359