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Table of Contents
TIVO INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Fiscal Year Ended January 31,
2009 2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $103,592 $(31,591) $(49,058)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization of property and equipment and intangibles 9,783 10,326 7,759
Stock-based compensation expense 23,420 22,839 14,712
Inventory write-down — 5,892 —
Loss on inventory barter transaction and utilization of trade credits 638 1,331 —
Allowance for doubtful accounts 471 1,059 718
Changes in assets and liabilities:
Accounts receivable 5,265 (437) (1,248)
Inventories 4,721 3,566 (19,041)
Prepaid expenses and other (1,497) 227 5,643
Accounts payable (14,623) (12,437) 11,963
Accrued liabilities (4,530) (9,358) 641
Deferred revenue (21,352) (22,254) (5,754)
Deferred rent and other long-term liabilities (183) (1,253) 158
Net cash provided by (used in) operating activities $105,705 $(32,090) $(33,507)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of short-term investments (49,976) (30,808) (28,621)
Sales of short-term investments 20,300 50,200 7,850
Acquisition of property and equipment (4,549) (7,422) (7,341)
Acquisition of capitalized software and intangibles (319) (375) (13,125)
Net cash provided by (used in) investing activities $ (34,544) $ 11,595 $(41,237)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of financing expenses related to line of credit — — (641)
Proceeds from issuance of common stock, net — — 64,539
Proceeds from issuance of common stock related to exercise of warrants — — 3,330
Proceeds from issuance of common stock related to exercise of common stock options 9,240 7,107 9,075
Proceeds from issuance of common stock related to employee stock purchase plan 3,963 3,397 2,792
Treasury Stock - repurchase of stock for tax withholding (813) (276) (570)
Payment under capital lease obligation (26) — —
Net cash provided by financing activities $ 12,364 $ 10,228 $ 78,525
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ 83,525 $(10,267) $ 3,781
CASH AND CASH EQUIVALENTS:
Balance at beginning of period 78,812 89,079 85,298
Balance at end of period $162,337 $ 78,812 $ 89,079
Cash paid for interest $ 53 $ 56 $ 51
Cash paid for income taxes 2,037 30 52
SUPPLEMENTAL DISCLOSURE OF OTHER NON-CASH INVESTING AND FINANCING INFORMATION
Assets acquired under capital lease 74 — —
Reversal of unamortized deferred compensation and additional paid-in capital related to prior year issuance of restricted
common stock — — 2,421
The accompanying notes are an integral part of these consolidated financial statements.
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