Stamps.com 2004 Annual Report Download - page 40

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The accompanying notes are an integral part of these financial statements.
F-5
STAMPS.COM INC.
STATEMENTS OF CASH FLOWS
(in thousands)
2004 2003 2002
Operating activities:
Net loss ............................................................................................... $ (4,733) $ (9,327) $ (6,847)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation and amortization ....................................................... 3,154 3,763 6,382
Loss on disposal of capitalized assets ............................................ 987
—
—
Compensation charge relating to the return of
capital dividend............................................................................
1,780
—
—
Amortization of deferred compensation.........................................
—
9 291
Changes in operating assets and liabilities:
Trade accounts receivable .............................................................. (586) (286) 623
Other accounts receivable .............................................................. 607 (464) 402
Other assets .................................................................................... 433 (107) 3,010
Prepaid expenses............................................................................ (30) (277) 147
Accounts payable and accrued expenses ....................................... 1,762 1,164 (2,614)
Net cash provided by (used in) operating activities................... 3,374 (5,525) 1,394
Investing activities
Sale of short-term investments............................................................ 62,460 34,072 76,921
Purchase of short-term investments .................................................... (33,321) (49,530) (31,924)
Sale of long-term investments ............................................................ 92,139 28,459
—
Purchase of long-term investments..................................................... (62,830) (43,995) (64,525)
Sale of restricted cash investments ..................................................... 3,168 641 2,958
Purchase of restricted cash investments..............................................
—
(554)
—
Acquisition of property and equipment .............................................. (2,296) (782) (282)
Purchase of intellectual property and intangible assets.......................
—
(1,100) (38)
Net cash provided by (used in) investing activities................... 59,320 (32,789) (16,890)
Financing activities
Proceeds from exercise of stock options............................................. 1,388 601 1,699
Issuance of common stock under ESPP.............................................. 285 137 74
Return of capital dividend................................................................... (77,695)
—
—
Repurchase of common stock .............................................................
—
(2,673) (23,107)
Repayment of capital lease obligations...............................................
—
—
(98)
Net cash used in financing activities ......................................... (76,022) (1,935) (21,432)
Net decrease in cash and cash equivalents ................................ (13,328) (40,249) (36,928)
Cash and cash equivalents at beginning of period ................................... 24,526 64,775 101,703
Cash and cash equivalents at end of period ............................................. $ 11,198 $ 24,526 $ 64,775
The accompanying notes are an integral part of these financial statements.