8x8 2009 Annual Report Download - page 52

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8X8, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
2009 2008 2007
Cash flows from operating activities:
Net income (loss) $ (2,500) $ 30 $ (9,930)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization 1,269 1,529 1,430
Stock compensation expense 3,295 1,272 1,810
Income on change in fair value of warrant liability (314) (2,142) (3,736)
Amortization of discount and premium on marketable securities (8) (55) 32
Other 1,118 390 251
Changes in assets and liabilities:
Accounts receivable, net 1,032 (1,202) (72)
Inventory (1,356) 994 (1,035)
Other current and noncurrent assets (406) (97) 300
Deferred cost of goods sold 750 121 478
Accounts payable (177) (54) 466
Accrued compensation 216 223 (112)
Accrued warranty 14 (9) 22
Accrued taxes (1,119) 818 1,315
Deferred revenue (885) 1,651 (1,005)
Other current and noncurrent liabilities 1,325 (438) (136)
Net cash provided by (used in) operating activities 2,254 3,031 (9,922)
Cash flows from investing activities:
Acquisitions of property and equipment (801) (699) (1,424)
Proceeds from the sale of property and equipment - 37 19
Purchase of investments - (5,323) (2,300)
Sales of short-term investments - 3,520 1,100
Maturities of short-term investments 3,385 3,650 12,700
Net cash provided by investing activities 2,584 1,185 10,095
Cash flows from financing activities:
Bank overdraft - - (153)
Proceeds from issuance of common stock under employee stock plans 391 272 475
Cap ital lease payments (38 ) (38) (19)
Net cash provided by financing activities 353 234 303
Net increase in cash and cash equivalents 5,191 4,450 476
Cash and cash equivalents, beginning of year 11,185 6,735 6,259
Cash and cash equivalents, end of year $ 16,376 $ 11,185 $ 6,735
Supplemental and non-cash disclosures:
Conversion of warrant liability to equity $ - $ 910 $ -
Assets acquired under capital lease $ - $ - $ 119
Assets disposed under capital lease $ - $ - $ (29)
Interest paid $ 9 $ 8 $ 6
Years Ended March 31,
The accompanying notes are an integral part of these consolidated financial statements.
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