Stamps.com 2011 Annual Report Download - page 55

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STAMPS.COM INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Year Ended December 31,
2011
2010
2009
Operating activities:
Net income
$
26,265
$
5,532
$
6,177
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
885
894
1,216
Non
-
operating asset write
-
off
—
634
—
Stock
-
based compensation expense
3,419
2,840
3,097
Deferred income taxes
(8,475
)
(3,979
)
—
Other
-
than
-
temporary impairment
—
—
83
Changes in operating assets and liabilities:
Accounts receivable
(5,598
)
(501
)
(204
)
Other current assets
(1,461
)
(727
)
1,138
Other assets
(517
)
556
(239
)
Deferred revenue
(2,295
)
123
327
Accounts payable and accrued expenses
3,064
(572
)
(1,591
)
Net cash provided by operating activities
15,287
4,800
10,004
Investing activities:
Sale of short
-
term investments
10,831
4,835
16,462
Purchase of short
-
term investments
(8
)
(14,776
)
(2,396
)
Sale of long
-
term investments
3,473
19,506
4,146
Purchase of long
-
term investments
(1,982
)
(9,984
)
(22,240
)
(Purchase) release of restricted cash
(500
)
554
—
Acquisition of property, equipment and intellectual property
(1,308
)
(1,507
)
(225
)
Net cash provided by (used in) investing activities
10,506
(1,372
)
(4,253
)
Financing activities:
Dividend payment
—
(
1,921
)
—
Return of capital
—
(
27,023
)
—
Proceeds from exercise of stock options
25,038
2,024
115
Issuance of common stock under ESPP
506
359
300
Repurchase of common stock
(5,321
)
(13,807
)
(13,731
)
Net cash provided by (used in) financing activities
20,223
(40,368
)
(13,316
)
Net increase (decrease) in cash and cash equivalents
46,016
(36,940
)
(7,565
)
Cash and cash equivalents at beginning of period
8,071
45,011
52,576
Cash and cash equivalents at end of period
$
54,087
$
8,071
$
45,011
Supplemental cash flow information:
Income taxes paid during the period
$
124
$
199
$
706
F
-
5