Incredimail 2011 Annual Report Download - page 94

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PERION NETWORK LTD. AND ITS SUBSIDIARIES
(Formerly: Incredimail Ltd.)
CONSOLIDATED STATEMENTS OF CASH F LO WS
U.S. dollars in thousands
The accompanying notes are an integral part of the consolidated financial statements.
Year ended December 31,
2009
2010
2011
Cash flows from operating activities:
Net income
$
8,013
$
8,389
$
5,668
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
715
739
1,388
Stock based compensation expense, net
672
761
1,183
Accretion of payment obligation related to acquisition
-
-
100
Excess tax benefit from share
-
based payment arrangements
-
(209
)
-
Amortization of premium and accrued interest on marketable securities
105
42
(16
)
Loss (gain) from marketable securities and long
-
term investment, net
20
(108
)
100
Deferred taxes, net
1,515
(385
)
(1,140
)
Accrued severance pay, net
(144
)
216
(40
)
Net changes in operating assets and liabilities:
Trade receivables
(126
)
(475
)
(383
)
Other receivables and prepaid expenses
122
544
(1,100
)
Other long
-
term assets
(45
)
17
60
Trade payables
(909
)
374
108
Deferred revenues
(462
)
(106
)
998
Accrued expenses and other liabilities
1,198
(25
)
112
Other
-
9
-
Net cash provided by operating activities
10,674
9,783
7,038
Cash flows from investing activities:
Purchase of property and equipment
(513
)
(246
)
(316
)
Proceeds from sale of property and equipment
-
12
-
Proceeds from short
-
term bank deposits
1,042
-
-
Investment in short
-
term bank deposits
(974
)
-
-
Restricted cash
169
-
90
Capitalization of software development and content costs
(75
)
(180
)
(829
)
Acquisition of subsidiary, net of acquired cash
-
-
(21,712
)
Proceeds from sales of marketable securities
23,277
10,745
26,704
Investment in marketable securities
(9,435
)
(20,534
)
(11,915
)
Net cash (used in) provided by investing activities
13,491
(10,203
)
(7,978
)
F
-
7