Cash Flow
CHECKFREE HOLDINGS CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
NINE MONTHS ENDED MARCH 31,
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1998 1999
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(IN THOUSANDS)
Cash Flows From Operating Activities:
Net income (loss)........................................ $ (9,461) $ 9,599
Adjustments to reconcile net income (loss) to cash
provided by (used in) operating activities:
Charge for stock warrants............................. 32,409 --
Depreciation and amortization......................... 19,380 18,001
Exclusivity amortization.............................. 2,963 --
Deferred income taxes (net of acquisitions)........... (4,082) (10,418)
Net gain on dispositions of assets.................... (28,449) (3,914)
Write-off of in-process research and development...... 719 2,201
Loss on disposal of property and equipment............ 506 202
Proceeds from maturities and sales of
investments-trading................................. -- 18,169
Purchases of investments-trading...................... -- (3,061)
Changes in operating assets and liabilities (net of
acquisitions):
Accounts receivable, net............................ (6,228) (6,401)
Prepaid expenses and other.......................... (1,408) 1,570
Accounts payable.................................... (2,222) (943)
Accrued liabilities and customer deposits........... 2,725 (1,012)
Deferred revenues................................... 2,019 5,257
Income taxes payable................................ 30 (4,541)
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Net cash provided by operating activities........ 8,901 24,709
Cash Flows From Investing Activities:
Purchase of property and software........................ (17,183) (21,581)
Capitalization of software development costs............. -- (5,111)
Proceeds from the sale of property and equipment......... 344 --
Purchase of business, net of cash acquired............... (11,000) (125)
Proceeds from purchase price adjustment.................. 8,889 --
Proceeds from the sale of assets......................... 36,900 11,421
Purchase of investments.................................. (7,941) --
Proceeds from maturities and sales of investments, net... 12,372 1,006
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Net cash provided by (used in) investing
activities..................................... 22,381 (14,390)
Cash Flows From Financing Activities:
Repayment of notes payable............................... (1,144) (752)
Principal payments under capital lease obligations....... (549) (822)
Purchase of treasury stock............................... -- (31,335)
Proceeds from exercise of stock options including related
tax benefits.......................................... 1,544 1,184
Proceeds from employee stock purchase plan............... 754 1,070
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Net cash provided by (used in) financing
activities..................................... 605 (30,655)
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Net Increase (Decrease) In Cash And Cash Equivalents....... 31,887 (20,336)
Cash And Cash Equivalents At Beginning Of Period........... 32,086 36,535
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Cash And Cash Equivalents At End Of Period................. $ 63,973 $ 16,199
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Supplemental Disclosure of Cash Flow Information
Interest paid............................................ $ 401 $ 491
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Income taxes paid........................................ $ 1,587 $ 2,392
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Capital lease additions.................................. $ -- $ 1,583
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Stock funding of 401(k) match............................ $ 1,692 $ 1,932
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