Travelzoo 2010 Annual Report Download - page 68

Download and view the complete annual report

Please find page 68 of the 2010 Travelzoo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 101

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101

TRAVELZOO INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
2010 2009 2008
Year Ended December 31,
(In thousands)
Cash flows from operating activities:
Net income (loss) . ....................................... $13,157 $ 5,185 $ (4,116)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization ............................. 2,389 1,992 667
Deferred income taxes .................................. (1,276) 139 769
Stock-based compensation ............................... 750 94 —
Provision for losses on accounts receivable ................... 199 258 316
Tax benefit of stock option exercises ........................ — — (110)
Foreign currency translation loss related to dissolution of Asia
Pacific business segment ............................... — 110 —
Net foreign currency effects ............................ 197 78 (500)
Changes in operating assets and liabilities:
Accounts receivable................................. (2,323) (197) (2,443)
Deposits . . ....................................... 20 (15) 25
Income tax receivable ............................... 5,797 (4,352) (1,709)
Prepaid expenses and other current assets ................. (413) (357) 1,059
Accounts payable .................................. 3,232 877 1,054
Accrued expenses .................................. 1,830 77 877
Deferred revenue ................................... 498 160 314
Deferred rent...................................... (72) (163) 828
Income tax payable ................................. 630 — —
Other non-current liabilities ........................... (690) 1,239 (356)
Net cash provided by (used in) operating activities ........ 23,925 5,125 (3,325)
Cash flows from investing activities:
Purchases of property and equipment ........................... (1,279) (1,992) (3,867)
Purchases of restricted cash .................................. (2,248) — (875)
Purchases of intangible assets ................................. — (1,760) —
Net cash used in investing activities ................... (3,527) (3,752) (4,742)
Cash flows from financing activities:
Proceeds from stock option exercises ........................... — 2,158 75
Tax benefit from exercise of stock options ....................... — — 110
Repurchase of common stock ................................. — — —
Proceeds from sale of Asia Pacific business segment, net of cash
provided .............................................. 1,076 2,061 —
Net cash provided by financing activities ............... 1,076 4,219 185
Effect of exchange rate changes on cash and cash equivalents ......... (66) 5 (580)
Net increase (decrease) in cash and cash equivalents ................ 21,408 5,597 (8,462)
Cash and cash equivalents at beginning of year .................... 19,776 14,179 22,641
Cash and cash equivalents at end of year ........................ $41,184 $19,776 $14,179
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds received ................ $ 5,857 $ 5,760 $ 8,193
See accompanying notes to consolidated financial statements
41