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Table of Contents
TELENAV, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
See accompanying Notes to Consolidated Financial Statements.
F-7
Fiscal Year Ended June 30,
2013
2012
2011
Operating activities
Net income
$
13,067
$
32,408
$
42,574
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
8,408
8,171
7,709
Accretion of premium on short-term investments
4,424
4,598
2,630
Stock-based compensation expense
8,647
5,122
4,137
Write-off of long-term investments
335
250
—
Write-off due to impairment
438
—
714
Loss on disposal of property and equipment
173
—
—
Excess tax benefits from employee stock options
305
(797
)
(1,666
)
Changes in operating assets and liabilities:
Accounts receivable
(2,559
)
5,384
6,602
Deferred income taxes
(1,801
)
1,024
581
Prepaid expenses and other current assets
551
(4,101
)
(7,184
)
Other assets
(730
)
(391
)
964
Accounts payable
(1,221
)
266
406
Accrued compensation
(261
)
1,269
2,264
Accrued royalties
5,436
(307
)
1,716
Accrued expenses and other liabilities
10,152
3,869
2,537
Income taxes payable
(1,456
)
2,427
875
Deferred rent
1,295
9,674
(222
)
Deferred revenue
(2,290
)
(39,559
)
42,043
Net cash provided by operating activities
42,913
29,307
106,680
Investing activities
Purchases of property and equipment
(2,248
)
(13,470
)
(4,898
)
Additions to capitalized software
(948
)
(2,406
)
(1,234
)
Purchases of short-term investments
(124,707
)
(170,592
)
(241,269
)
Purchase of long-term investments
(950
)
(1,100
)
—
Proceeds from sales and maturities of short-term investments
146,922
152,623
59,703
Acquisitions, net of cash acquired
(18,254
)
(1,768
)
—
Net cash used in investing activities
(185
)
(36,713
)
(187,698
)
Financing activities
Proceeds from exercise of stock options
2,792
2,108
2,623
Repurchase of common stock
(26,310
)
(12,545
)
(12,024
)
Tax withholdings related to net share settlements of restricted stock units
(51
)
—
—
Excess tax benefits from employee stock options
(305
)
797
1,666
Net cash used in financing activities
(23,874
)
(9,640
)
(7,735
)
Effect of exchange rate changes on cash and cash equivalents
13
(87
)
(56
)
Net increase (decrease) in cash and cash equivalents
18,867
(17,133
)
(88,809
)
Cash and cash equivalents, at beginning of period
6,920
24,053
112,862
Cash and cash equivalents, at end of period
$
25,787
$
6,920
$
24,053
Supplemental disclosure of cash flow information
Income taxes paid
$
2,893
$
11,288
$
27,006