Web.com Group, Inc. |
Consolidated Statements of Cash Flows |
(in thousands) |
Year Ended December 31 |
|
2015 |
2014 |
Net income (loss) |
$ 89,961 |
$ (12,458) |
Adjustments to reconcile net income (loss) to net |
|
|
cash provided by operating activities: |
|
|
Gain on sale of equity method investment |
- |
- |
Loss from debt extinguishment |
- |
1,249 |
Depreciation and amortization |
56,345 |
74,779 |
Stock based compensation |
20,064 |
19,567 |
Deferred income taxes |
(50,242) |
20,244 |
Amortization of debt issuance costs and other |
11,392 |
10,932 |
Asset impairment |
- |
2,040 |
Changes in operating assets and liabilities: |
|
|
Accounts receivable, net |
4,000 |
821 |
Prepaid expenses and other assets |
2,235 |
(2,255) |
Deferred expenses |
4,206 |
5,610 |
Accounts payable |
(489) |
(2,739) |
Accrued expenses and other liabilities |
(792) |
1,394 |
Accrued compensation and benefits |
8,065 |
(7,788) |
Accrued restructuring costs |
- |
(1,139) |
Deferred revenue |
7,986 |
6,949 |
Net cash provided by operating activities |
152,731 |
117,206 |
Cash flows from investing activities |
|
|
Business acquisitions, net of cash acquired |
(1,330) |
(19,246) |
Proceeds from sale of equity method investment |
- |
- |
Capital expenditures |
(14,747) |
(15,166) |
Other |
- |
- |
Net cash used in investing activities |
(16,077) |
(34,412) |
Cash flows from financing activities |
|
|
Stock issuance costs |
(104) |
(98) |
Common stock repurchased |
(2,412) |
(6,327) |
Payments of long-term debt and revolving credit |
|
|
facility |
(95,250) |
(367,328) |
Proceeds from exercise of stock options |
7,952 |
9,899 |
Proceeds from long-term debt issued |
- |
192,020 |
Proceeds from borrowings on revolving credit |
|
|
facility |
- |
112,208 |
Debt issuance costs |
- |
(3,680) |
Common stock purchases under repurchase plan |
(50,617) |
(10,785) |
Net cash used in financing activities |
(140,431) |
(74,091) |
Effect of exchange rate changes on cash |
(2) |
(24) |
Net (decrease) increase in cash and cash |
|
|
equivalents |
(3,779) |
8,679 |
Cash and cash equivalents, beginning of year |
22,485 |
13,806 |
Cash and cash equivalents, end of year |
$ 18,706 |
$ 22,485 |
Supplemental cash flow information |
|
|
Interest paid |
$ 8,761 |
$ 17,303 |
Income tax paid |
$ 2,076 |
$ 1,134 |
Supplemental disclosure of non-cash transactions |
|
|
Common stock issued for acquisition |
$ - |
$ 5,660 |