eFax 2014 Annual Report Download - page 55

j2 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2014, 2013 and 2012
(In thousands)
See Notes to Condensed Consolidated Financial Statements
- 54 -
2014
2013 2012
Cash flows from operating activities:
Net earnings
$
125,327
$
107,522
$
121,663
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
62,953
39,788
22,164
Accretion and amortization of discount and premium of investments
1,334
1,796
1,603
Amortization of financing costs and discounts
5,045
613
249
Share-based compensation
8,908
9,720
9,132
Excess tax benefits from share-based compensation
(5,512
)
(2,695
)
(961
)
Provision for doubtful accounts
4,702
3,135
4,289
Deferred income taxes
(10,033
)
250
1,150
Loss on disposal of fixed assets —
8
54
(Gain) loss on available-for-sale investments
(90
)
66
(266
)
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
(11,078
)
(9,588
)
(5,417
)
Prepaid expenses and other current assets
(3,212
)
149
(2,028
)
Other assets
(42
)
168
(243
)
Increase (decrease) in:
Accounts payable and accrued expenses
(5,447
)
9,126
5,138
Income taxes payable
10,797
667
4,139
Deferred revenue
(711
)
12,368
1,612
Liability for uncertain tax positions
(6,313
)
6,186
7,601
Other long-term liabilities
603
(392
)
32
Net cash provided by operating activities
177,231
193,324
169,911
Cash flows from investing activities:
Maturity of certificates of deposit
14,520
42,615
8,000
Purchase of certificates of deposit
(65
)
(22,071
)
(34,673
)
Sales of available-for-sale investments
110,363
140,126
138,709
Purchase of available-for-sale investments
(138,452
)
(168,901
)
(151,989
)
Purchases of property and equipment
(11,829
)
(18,627
)
(5,061
)
Proceeds from sale of assets
608
1
156
Acquisition of businesses, net of cash received
(245,278
)
(126,341
)
(198,341
)
Purchases of intangible assets
(5,336
)
(14,200
)
(6,295
)
Net cash used in investing activities
(275,469
)
(167,398
)
(249,494
)
Cash flows from financing activities:
Issuance of long-term debt
402,500
—
245,000
Debt issuance costs
(11,991
)
(47
)
(1,384
)
Repurchases of common stock and restricted stock
(5,663
)
(4,587
)
(60,282
)
Issuance of common stock under employee stock purchase plan
265
213
157
Exercise of stock options
6,621
13,604
5,646
Mandatorily redeemable financial instrument — —
8,557
Dividends paid
(52,269
)
(45,134
)
(40,263
)
Excess tax benefits from share-based compensation
5,512
2,695
961
Deferred payments for acquisitions
(16,512
) — —
Other
(933
)
(2,437
) —
Net cash (used in) provided by financing activities
327,530
(35,693
)
158,392
Effect of exchange rate changes on cash and cash equivalents
(3,430
)
(1,112
)
512
Net change in cash and cash equivalents
225,862
(10,879
)
79,321
Cash and cash equivalents at beginning of period
207,801
218,680
139,359
Cash and cash equivalents at end of period
$
433,663
$
207,801
$
218,680