LOGM 2017 Annual Report

our acquisition of LastPass. Net cash provided by financing activities also includes $17.8 million in proceeds received from the issuance of common stock upon exercise of stock options and a $2.7 million income tax benefit realized from stock-based awards. Net cash provided by financing activities was offset by $18.1 million for the purchase of treasury stock pursuant to our share repurchase program, the payment of $11.6 million for payroll withholding taxes related to vesting of restricted stock units, and the payment of $1.0 million in deferred financ- ing costs associated with the credit facility. Net cash used in financing activities for the year ended December 31, 2016 related to the purchase of $25.4 million of treasury stock pursuant to our share repurchase program, the repayment of $30.0 million related to our credit facility, the payment of $14.4 million for payroll withholding taxes related to vesting of restricted stock units and cash dividend payments to our stockholders of $25.5 million. These payments were partially off- set by $11.8 million in proceeds received from the issuance of common stock upon exercise of stock options. Net cash used in financing activities for the year ended December 31, 2017 related to purchases of $69.2 million of treasury stock pursuant to our share repurchase program, dividend payments to our stockholders of $52.3 million including a special cash dividend of $12.8 million related to the Merger with the GoTo Business, the payment of $34.5 million for payroll withholding taxes related to vesting of restricted stock units, the repay- ment of $30.0 million of borrowings under our credit facility and the payment of $2.0 million in deferred financ- ing costs associated with the credit facility. These payments were partially offset by $6.5 million in proceeds received from the issuance of common stock upon exercise of stock options. We have available a multi-currency credit facility with a syndicate of banks, financial institutions and other lend- ing entities that provides for a secured revolving line of credit of up to $400 million, which may be increased by an additional $200 million subject to further commitment from the lenders. The credit facility matures on Febru- ary 1, 2022 and includes certain financial covenants with which we must comply. We expect to use the credit facility for general corporate purposes, including the potential acquisition of complementary products or busi- nesses, share repurchases, as well as for working capital (see Note 14 to the Consolidated Financial Statements for additional details). As of December 31, 2017, we had no outstanding borrowings under the credit facility. On February 8, 2017, we announced our plan to acquire all of the outstanding equity of Jive Communications, Inc., or Jive, for approximately $342.0 million, which we expect to fund through a combination of cash and debt (see Note 15 to the Consolidated Financial Statements for more details). Future Expectations We believe that our current cash and cash equivalents, together with cash generated from operations and our credit facility, will be sufficient to meet our ongoing operations working capital and capital expenditure require- ments, as well as our acquisition-related fees and expenses. We have been purchasing treasury stock since 2013 pursuant to share repurchase programs approved by our Board of Directors. As of December 31, 2017, we had $591.3 million remaining under the current $700 million capital return program, under which $69.2 million have been share repurchases and $39.5 million have been cash dividend payments to our shareholders. We have continued to repurchase shares in 2018 and on February 1, 2018, our Board of Directors declared a $0.30 per share cash dividend to be paid on February 28, 2018 to stock- holders of record as of February 12, 2018, totaling approximately $16 million. Our Board of Directors will con- tinue to review this capital return plan for potential modifications based on our financial performance, business outlook and other considerations. Our ability to repurchase our shares and/or pay cash dividends to our stock- holders is subject to our having sufficient cash available and our maintaining compliance with our credit facility covenants as well as any potential tax restrictions which may be imposed on us related to the Merger. We may elect to raise additional capital through the sale of additional equity or debt securities or expand our credit facility to develop or enhance our services, to fund expansion, to respond to competitive pressures or to acquire complementary products, businesses or technologies. If we elect to do so, additional financing may not be available in amounts or on terms that are favorable to us, if at all. During the last three years, inflation and changing prices have not had a material effect on our business and we do not expect that inflation or changing prices will materially affect our business in the foreseeable future. 47