8x8 1999 Annual Report Download - page 44

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8X8, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
The accompanying notes are an integral part of these financial statements.
39
YEAR ENDED MARCH 31,
--------------------------------
1999 1998 1997
-------- -------- --------
Cash flows from operating activities:
Net income (loss).......................................... $(19,224) $ 3,727 $(13,613)
Adjustments to reconcile net income (loss) to net cash used
in operating activities:
Depreciation and amortization............................ 967 901 873
Amortization of deferred compensation.................... 416 1,265 4,486
Writedown of nonmarketable equity investment............. -- -- 400
Other.................................................... (148) (15) (5)
Changes in assets and liabilities:
Accounts receivable, net................................. (1,359) (3,515) 2,567
Inventory................................................ 8,843 (11,580) 6,092
Prepaid expenses and other current assets................ (2) (522) (70)
Deposits and other assets................................ 104 (46) --
Accounts payable......................................... (708) 1,246 (4,202)
Accrued compensation..................................... (209) 519 (853)
Accrued warranty......................................... (418) (142) 545
Deferred revenue......................................... 1,642 2,084 163
Other accrued liabilities................................ (197) 698 (852)
Income taxes payable..................................... (125) (1,118) 120
-------- -------- --------
Net cash used in operating activities................. (10,418) (6,498) (4,349)
-------- -------- --------
Cash flows from investing activities:
Acquisitions of property and equipment..................... (1,760) (927) (691)
Purchases of common stock from minority interest in
subsidiary............................................... (85) -- --
Sales of short-term investments -- available for sale...... -- -- 5,168
Short-term investments -- trading activity, net............ 60 (58) 71
-------- -------- --------
Net cash (used in) provided by investing activities... (1,785) (985) 4,548
-------- -------- --------
Cash flows from financing activities:
Proceeds from issuance of convertible noncumulative
preferred stock, net..................................... -- -- 3,765
Proceeds from issuance of common stock, net................ 838 25,276 29
Repayment of notes receivable from stockholders............ 498 162 --
Proceeds from minority interest in subsidiary.............. -- -- 77
-------- -------- --------
Net cash provided by financing activities............. 1,336 25,438 3,871
-------- -------- --------
Net increase (decrease) in cash and cash equivalents....... (10,867) 17,955 4,070
Cash and cash equivalents beginning of the year............ 26,677 8,722 4,652
-------- -------- --------
Cash and cash equivalents end of the year.................. $ 15,810 $ 26,677 $ 8,722
======== ======== ========
Supplemental non-cash disclosures:
Taxes paid (refunded), net................................. $ 126 $ 136 $ (139)
======== ======== ========
Repurchase of unvested common stock........................ $ 129 $ 23 $ --
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