Incredimail 2014 Annual Report Download - page 50

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For 2012, 2013 and 2014, our cash flows from continuing operations were as follows:
Net cash provided by operating activities
. In 2014, our operating activities provided cash in the amount of $72.0 million, primarily due
to net income of $42.8 million, increased by non-cash depreciation, amortization and impairment expenses of $42.0 million, non-cash stock-
based compensation expenses of $15.1 million, other non-
cash expenses of $3.5 million and an increase in accounts payable and accrued
expenses of $12.0 million, offset by a net increase of $13.9 million in deferred tax assets, an increase in accounts receivable of $23.6 million and
changes of $5.9 million in other operating assets and liabilities.
In 2013, our continuing operating activities provided cash in the amount of $85.3 million primarily due to net income from continuing
operations of $62.4 million, increased by non-cash depreciation and amortization of $2.1 million, non-cash stock-
based compensation expenses
of $10.4 million, other non-
cash expenses of $1.2, a decrease in accounts receivables of $18.0 million and an increase in accounts payable of
$8.7 million, offset by a decrease in deferred revenues of $6.2 million and changes in other operating assets and liabilities of $11.3 million.
In 2012, our continuing operating activities provided cash in the amount of $328.5 million primarily due to net income from continuing
operations of $314.7 million, increased by non-cash depreciation and amortization of $1.9 million, non-cash stock-
based compensation expenses
of $1.6 million, an increase in accounts payables of $10.4 million, an increase in accrued expenses and other current liabilities of $13.0 and an
increase in other receivables of $2.0 million, partially offset by an increase in accounts receivable of $7.7 million, decrease in deferred revenues
of $6.3 million and non-cash financial income of $1.3 million.
Net cash provided by (used in) investing activities
. In 2014, our investing activities used cash in the amount of $7.0 million, primarily
due to $10.9 million invested in the purchase of property and equipment, $4.3 million in cash used for the acquisition of Grow Mobile and a
deposit of $15.0 million in short term bank deposits, partially offset by cash acquired through the acquisition of Perion in the amount of $23.4
million.
In 2013, our continuing investing activities used cash in the amount of $77.9 million, primarily due to investments in short term
investments, net of proceeds, of $76.0 million and purchase of property and equipment of $1.9 million.
In 2012, our continuing investing activities provided cash in the amount of $61.2 million, primarily due to net proceeds from short term
investments of $62.9 million, offset by purchase of property and equipment of $1.7 million.
Net cash provided by (used in) financing activities.
In 2014, our financing activities provided cash in the amount of $35.2 million,
primarily from $37.9 million raised from the Israeli public in long-
term, convertible debt, $1.6 million from the exercise of stock options and
$0.5 million contribution by shareholders, offset by $2.5 million payment made in connection with an acquisition and $2.3 million repayment of
long-term bank loans.
In 2013, our continuing financing activities used cash in the amount of $64.2 million, primarily due to the $65 million of payment of
dividend made upon consummation of the spin-
off of ClientConnect from Conduit, partially offset by proceeds from exercise of stock options in
the amount of $0.8 million.
In 2012, our continuing financing activities used cash in the amount of $335.6 million, primarily due to the $338.7 million payment of
dividend, offset by proceeds from the exercise of stock options in the amount of $3.1 million.
Year ended December 31,
2012
2013
2014
Net cash provided by operating activities
$
328,460
$
85,291
$
72,042
Net cash provided by (used in) investing activities
61,211
(77,873
)
(6,984
)
Net cash provided by (used in) financing activities
(335,603
)
$
(64,159
)
35,176
$
54,068
$
(56,741
)
$
100,234
45