8x8 2013 Annual Report Download - page 48

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46
8X8, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
2013
2012
2011
Cash flows from operating activities:
Net income
$
13,939
$
69,228
$
6,494
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation
2,523
1,535
1,235
Amortization 1,428 788 94
Stock-based compensation expense 2,634 1,506 458
Tax benefit from stock-based compensation
(49)
-
-
Change in fair value of warrant liability - - (167)
Deferred income tax expense (benefit)
9,308
(62,422)
-
Other
616
561
84
Changes in assets and liabilities:
Accounts receivable
(2,171)
(1,059)
(358)
Inventory
27
1,535
29
Other current and noncurrent assets (30) 489 75
Deferred cost of goods sold
(60)
1
(16)
Accounts payable 410 (1,214) 916
Accrued compensation 524 128 278
Accrued warranty
65
25
31
Accrued taxes 440 (356) 24
Deferred revenue 345 (197) (475)
Other current and noncurrent liabilities
1,839
(1,337)
(113)
Net cash provided by operating activities 31,788 9,211 8,589
Cash flows from investing activities:
Acquisitions of property and equipment (5,678) (2,300) (2,057)
Cost of capitalized software
(190)
-
-
Restricted cash decrease
-
28
-
Purchase of investments - - (2,000)
Purchase of strategic investment
-
-
(315)
Acquisition of businesses, net of cash acquired - (713) (998)
Proceeds from the sale of property and equipment - - 6
Net cash used in investing activities
(5,868)
(2,985)
(5,364)
Cash flows from financing activities:
Capital lease payments
(86)
(275)
(38)
Repurchase of common stock (419) (2,550) (7,662)
Buyback of employee stock options and stock purchase rights - (384) (539)
Proceeds from exercise of warrants
-
-
880
Tax benefit from stock-based compensation 49 - -
Proceeds from (cost of) issuance of common stock, net
(43)
(60)
278
Proceeds from issuance of common stock under employee stock plans
2,458
2,995
2,274
Net cash provided by (used in) financing activities 1,959 (274) (4,807)
Net increase (decrease) in cash and cash equivalents
27,879
5,952
(1,582)
Cash and cash equivalents, beginning of year
22,426
16,474
18,056
Cash and cash equivalents, end of year
$
50,305
$
22,426
$
16,474
Supplemental and non-cash disclosures:
Issuance of common stock in connection with acquisitions of businesses
$
-
$
31,358
$
600
Fair value of options assumed in connection with acquisitions of businesses
-
274
-
Acquisition of property and equipment, net in connection with
acquisitions of businesses
-
364
80
Acquisition of capital lease in connection with acquisitions of businesses - 317 -
Transfer of net assets in purchase of strategic investment
-
-
41
Assets acquired under capital lease
-
45
-
Interest paid 8 5 10
Income taxes paid 415 94 6
Years Ended March 31,
The accompanying notes are an integral part of these consolidated financial statements.