Stamps.com 2001 Annual Report Download - page 47

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STAMPS.COM INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31,
------------------------------
2001 2000 1999
--------- --------- --------
(in thousands)
Operating Activities
Net Loss..................................................................... $(209,573) $(212,949) $(56,487)
Adjustments to reconcile net loss to net cash used in operating activities
Provision for doubtful accounts........................................... 613 4,029 --
Depreciation and amortization............................................. 17,708 54,938 1,285
Write-down of goodwill and other intangibles.............................. 163,634 -- --
Amortization of deferred compensation..................................... 2,521 10,832 5,708
Charge for acquired in-process research and development................... -- 2,000 --
Loss on disposal and writedown of assets.................................. 25,974 2,756 --
Loss on sale of iShip..................................................... 9,397 -- --
Net gain on shut down of EncrypTix........................................ (23,195) -- --
Changes in operating assets and liabilities, net of acquisition of iShip..
Accounts receivable.................................................... (67) (3,095) (134)
Note receivable from former officer.................................... -- (6,527) --
Prepaid expenses....................................................... 4,421 18,698 (23,835)
Other assets........................................................... 1,054 (4,762) --
Accounts payable....................................................... (3,592) (1,435) 2,315
Minority interest...................................................... (11,570) -- --
Accrued expenses....................................................... (14,313) 10,601 3,471
Deferred revenue....................................................... (1,809) 1,627 182
--------- --------- --------
Net cash used in operating activities............................... (38,797) (123,287) (67,495)
Investing activities
Sale (purchase) of short term investments, net............................... 97,846 (126,467) (46,422)
Proceeds from sale of iShip.................................................. 2,800 -- --
Purchase of long term investments, net....................................... (7,533) -- --
Purchase of restricted cash investments...................................... (2,757) (4,010) --
Purchase of intellectual property............................................ (7,500) -- --
Capital expenditures......................................................... (4,132) (30,701) (9,557)
Acquisition of iShip.com, net of cash acquired............................... -- (2,111) --
Other........................................................................ -- -- (1,742)
--------- --------- --------
Net cash provided by (used in) investing activities................. 78,724 (163,289) (57,721)
Financing activities
Repayment of capital lease obligations....................................... (9,016) (7,938) (264)
Issuance of preferred stock by subsidiary, net............................... -- 34,765 28,300
Issuance of common stock under ESPP.......................................... 408 920 422,964
Repurchase of common stock................................................... -- -- (939)
Proceeds from exercise of stock options...................................... 848 1,545 9
--------- --------- --------
Net cash (used in) provided by financing activities................. (7,760) 29,292 450,070
Net increase (decrease) in cash and equivalents.............................. 32,167 (257,284) 324,854
Cash and cash equivalents at beginning of period............................. 69,536 326,820 1,966
--------- --------- --------
Cash and cash equivalents at end of period................................... 101,703 69,536 326,820
Short term investments....................................................... 76,921 174,393 47,926
Restricted cash.............................................................. 6,767 4,010 --
Long term investments........................................................ 7,533 -- --
--------- --------- --------
Cash, short term and long term investments.......................... $ 192,924 $ 247,939 $374,746
========= ========= ========
Cash paid for:
Interest.................................................................. $ 39 $ 576 $ 173
Non-cash investing and financing activity:
Equipment acquired under capital lease, net of acquisition of iShip....... $ -- $ 10,481 $ 742
Retirement of treasury stock.............................................. $ -- $ (939) $ --
Reduction in deferred compensation related to terminated employees........ $ (8,937) $ (11,623) $ --
See accompanying notes
F-5
2002. EDGAR Online, Inc.