Stamps.com 2009 Annual Report Download - page 55

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TABLE OF CONTENTS
STAMPS.COM INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
The accompanying notes are an integral part of these consolidated financial statements.
2009
2008
2007
Operating activities:
Net income
$
6,177
$
10,164
$
10,666
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
1,216
1,928
3,047
Stock-based compensation expense
3,097
3,344
2,707
Other-than-temporary impairment
83
—
—
Changes in operating assets and liabilities:
Accounts receivable
(204
)
(435
)
(692
)
Other current assets
1,138
(1,937
)
(394
)
Other assets
(239
)
(96
)
53
Deferred revenue
327
1,167
2,020
Deferred income taxes
—
(
3,671
)
—
Accounts payable and accrued expenses
(1,591
)
1,239
(524
)
Net cash provided by operating activities
10,004
11,703
16,883
Investing activities:
Sale of short-term investments
16,462
29,035
57,952
Purchase of short-term investments
(2,396
)
(23,627
)
(34,347
)
Sale of long-term investments
4,146
28,536
33,251
Purchase of long-term investments
(22,240
)
(9,689
)
(9,246
)
Acquisition of property and equipment
(225
)
(858
)
(668
)
Net cash (used in) provided by investing activities
(4,253
)
23,397
46,942
Financing activities:
Proceeds from exercise of stock options
115
336
933
Issuance of common stock under ESPP
300
349
477
Repurchase of common stock
(13,731
)
(26,876
)
(33,308
)
Net cash used in financing activities
(13,316
)
(26,191
)
(31,898
)
Net (decrease) increase in cash and cash equivalents
(7,565
)
8,909
31,927
Cash and cash equivalents at beginning of period
52,576
43,667
11,740
Cash and cash equivalents at end of period
$
45,011
$
52,576
$
43,667
Supplemental cash flow information:
Income taxes paid during the period
$
706
$
833
$
354