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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.
F-6
Table of Contents
Year Ended December 31,
2013
2012
2011
Operating activities:
Net income
$
44,153
$
38,557
$
26,265
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
2,538
1,649
885
Stock
-
based compensation expense
4,492
3,991
3,419
Deferred income taxes
(9,713
)
(14,424
)
(8,475
)
Changes in operating assets and liabilities:
Accounts receivable
(3,072
)
(3,966
)
(5,598
)
Other current assets
(834
)
110
(1,461
)
Other assets
(1,034
)
(209
)
(517
)
Deferred revenue
(107
)
(366
)
(2,295
)
Accounts payable and accrued expenses
(667
)
1,948
3,064
Net cash provided by operating activities
35,756
27,290
15,287
Investing activities:
Sale of short
-
term investments
6,159
1,621
10,831
Purchase of short
-
term investments
(6,454
)
(6,473
)
(8
)
Sale of long
-
term investments
6,949
8,254
3,473
Purchase of long
-
term investments
(10,258
)
(5,703
)
(1,982
)
Release (purchase) of restricted cash
—
500
(500
)
Acquisition of property, equipment and intangibles
(5,282
)
(26,481
)
(1,308
)
Net cash (used in) provided by investing activities
(8,886
)
(28,282
)
10,506
Financing activities:
Proceeds from exercise of stock options
13,425
7,306
25,038
Issuance of common stock under ESPP
1,114
915
506
Repurchase of common stock
(4,311
)
(31,740
)
(5,321
)
Net cash provided by (used in) financing activities
10,228
(23,519
)
20,223
Net increase (decrease) in cash and cash equivalents
37,098
(24,511
)
46,016
Cash and cash equivalents at beginning of period
29,576
54,087
8,071
Cash and cash equivalents at end of period
$
66,674
$
29,576
$
54,087
Supplemental cash flow information:
Income taxes paid during the period
$
362
$
221
$
124
Capital expenditure accrued but not paid at period end
$
572
$
2,294
—
Treasury stock accrued but not paid at period end
—
$
49
—