8x8 2006 Annual Report Download - page 49

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46
8X8, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
The accompanying notes are an integral part of these consolidated financial statements.
Years Ended March 31,
2006 2005 2004
Cash flows from operating activities:
Net loss.........................................................................................................
.
$ (24,139) $ (19,148) $ (3,039)
Adjustments to reconcile net loss to net cash used
in operating activities:
Depreciation and amortization....................................................................
.
787 215 565
Stock compensation expense....................................................................... 237 5 1,311
Amortization of discount and premium on marketable securities.................. 96 -- --
Gain on sale of Centile Europe SA...............................................................
.
-- -- (790)
Other........................................................................................................... 6 32 (69)
Changes in assets and liabilities, net of effects
of businesses sold:
Accounts receivable, net............................................................................ 363 (536) 682
Inventory.................................................................................................. (136) (1,522) 325
Other current and noncurrent assets........................................................... (410) (28) 219
Deferred cost of goods sold........................................................................ 580 (1,812) (310)
Accounts payable....................................................................................... 258 3,642 263
Accrued compensation............................................................................... 422 100 (258)
Accrued warranty....................................................................................... 114 (7) (234)
Deferred revenue.......................................................................................
.
(109) 2,055 2
Other current and noncurrent liabilities...................................................... 725 453 (249)
Net cash used in operating activities.......................................................
.
(21,206) (16,551) (1,582)
Cash flows from invest ing act ivities:
Acquisitions of property and equipment......................................................... (1,900) (1,588) (106)
Purchase of investments ............................................................................... (16,424) (9,665) --
Sales of short-term investments .................................................................... 850 161 208
Maturities of short-term investments ...........................................................
.
8,050 450 --
Proceeds from the sale of equipment.............................................................
.
-- -- 79
Restricted cash decrease (increase)................................................................. -- 300 (800)
Proceeds from sale of Centile Europe SA, net................................................ -- -- 398
Net cash used in investing activities........................................................ (9,424) (10,342) (221)
Cash flows from financing activities:
Bank overdraft..............................................................................................
.
153 -- --
Proceeds from equity financing transactions, net........................................... 13,960 35,735 9,799
Proceeds from issuance of common stock under employee stock plans.......... 279 424 1,882
Capital lease payments..................................................................................
.
(18) -- --
Net cash provided by financing activities................................................ 14,374 36,159 11,681
N
et increase (decrease) in cash and cash equivalents......................................... (16,256) 9,266 9,878
Cash and cash equivalents, beginning of year.................................................... 22,515 13,249 3,371
Cash and cash equivalents, end of year............................................................. $ 6,259 $ 22,515 $ 13,249
Supplemental and non-cash disclosures:
Assets acquired under capital lease.................................................................. $ 108 $ -- $ --
Interest paid..................................................................................................
.
$ 7 $ -- $ --