Incredimail 2013 Annual Report Download - page 102

PERION
NETWORK LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
The accompanying notes are an integral part of the consolidated financial statements.
Year ended December 31,
2011 2012 2013
Operating activities:
Net income
$
5,668
$
3,534
$
310
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
1,388
3,572
10,719
Stock based compensation expense, net
1,183
1,056
1,526
Accretion of payment obligation related to acquisitions
100
177
1,131
Amortization of premium and accrued interest on marketable securities and deposits
(16
)
-
(33
)
Realized loss from marketable securities, net
100
-
-
Deferred taxes, net
(1,140
)
(172
)
(356
)
Accrued severance pay, net
(40
)
(3
)
64
Net changes in operating assets and liabilities:
Trade receivables
(383
)
491
(8,419
)
Other receivables and prepaid expenses
(1,100
)
1,658
1,455
Other long
-
term assets
60
82
110
Trade payables
108
4,035
4,340
Deferred revenues
998
(268
)
3,920
Accrued expenses and other liabilities
112
2,101
1,129
Net cash provided by operating activities
7,038
16,263
15,896
Investing activities:
Purchase of property and equipment
(316
)
(662
)
(671
)
Proceeds from sale of property and equipment
-
-
4
Restricted cash
90
-
(171
)
Capitalization of software development and content costs
(829
)
(819
)
(1,627
)
Cash paid by employees on previously exercised options of acquired company
-
727
-
Cash paid in connection with acquisitions, net of cash acquired
(21,712
)
(7,307
)
-
Proceeds from sales of marketable securities
26,704
-
-
Investment in marketable securities
(11,915
)
-
-
Net cash used in investing activities
(7,978
)
(8,061
)
(2,465
)
F
-
10