Travelzoo 2007 Annual Report Download - page 70

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TRAVELZOO INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
2007 2006 2005
Year Ended December 31,
(In thousands)
Cash flows from operating activities:
Net income .............................................. $ 9,109 $ 16,803 $ 7,963
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization .............................. 193 131 167
Deferred income taxes .................................... 584 (929) (676)
Provision for losses on accounts receivable .................... (48) 304 317
Tax benefit of stock option exercises ......................... — — 435
Accrued income for short-term investments .................... — (449) (49)
Changes in operating assets and liabilities:
Accounts receivable .................................... (2,614) 1,511 (4,019)
Deposits ............................................ (300) (95) (55)
Prepaid expenses and other current assets .................... (1,465) 136 40
Accounts payable ..................................... 2,110 440 1,940
Accrued expenses ..................................... 2,404 (1,278) 938
Deferred revenue ...................................... (302) 449 205
Deferred rent ......................................... 109 — —
Income tax payable .................................... 3 285 919
Other non-current liabilities .............................. 111 — —
Net cash provided by operating activities .................. 9,894 17,308 8,125
Cash flows from investing activities:
Purchases of property and equipment ........................... (627) (119) (156)
Purchase of short-term investments ............................ — (14,663) (49,500)
Sale of short-term investments................................ — 35,000 39,693
Purchases of intangible assets ................................ (36) (34) —
Net cash provided by (used in) investing activities . . ......... (663) 20,184 (9,963)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of related costs . ......... — — (124)
Proceeds from stock option exercises ............................ — — 35
Repurchase of common stock .................................. (19,822) (28,579) —
Net cash used in financing activities ...................... (19,822) (28,579) (89)
Effect of exchange rate changes on cash and cash equivalents . ......... (183) 33 (39)
Net increase (decrease) in cash and cash equivalents ................. (10,774) 8,946 (1,966)
Cash and cash equivalents at beginning of year . . ................... 33,415 24,469 26,435
Cash and cash equivalents at end of year .......................... $22,641 $ 33,415 $ 24,469
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds received.................. $13,334 $ 14,845 $ 7,176
See accompanying notes to consolidated financial statements
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