Tucows 2015 Annual Report Download - page 175

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Tucows Inc.
Consolidated Statements of Cash Flows
(Dollar amounts in U.S. dollars)
Year ended December 31,
201520142013
Cash provided by:
Operating activities:
Net income for the year $ 11,373,730 $ 6,374,096 $ 4,180,464
Items not involving cash:
Depreciation of property and equipment 1,404,296 926,102 843,420
Amortization of intangible assets 262,726 596,620 959,910
Impairment of indefinite life intangible asset 206,116 577,145 -
Deferred income taxes (recovery) 134,861 (1,084,470) (247,371)
Excess tax benefits from share-based compensation expense - - (1,090,171)
Amortization of deferred rent 27,449 16,899 21,829
Disposal of domain names 24,066 26,878 52,513
Other income (note 14) (85,872) - -
Loss on change in the fair value of forward contracts 136,276 50,624 496,207
Stock-based compensation 526,025 542,738 430,903
Change in non-cash operating working capital:
Accounts receivable (220,188) (1,484,282) (892,138)
Inventory (442,806) (84,088) 277,418
Prepaid expenses and deposits (1,282,054) 611,747 772,369
Prepaid domain name registry and ancillary services fees 630,653 (331,453) 1,440,720
Income taxes recoverable (2,321,345) (75,744) 1,023,638
Accounts payable 249,931 1,152,042 529,537
Accrued liabilities 1,691,356 28,515 1,390,805
Customer deposits 675,182 (39,219) (454,725)
Deferred revenue 366,273 1,088,083 (982,115)
Accreditation fees payable (10,664) (14,889) (49,106)
Net cash provided by operating activities 13,346,011 8,877,344 8,704,107
Financing activities:
Proceeds received on exercise of stock options 803,136 1,478,924 1,492,174
Payment of tax obligations resulting from net exercise of stock
options (1,306,981) - -
Excess tax benefits from share-based compensation expense 3,431,017 1,888,734 1,090,171
Repurchase of common stock (23,616,286) (1,181,857) (6,537,616)
Proceeds received on loan payable 3,500,000 - 5,200,000
Repayment of loan payable - (6,300,000) (2,600,000)
Net cash used in financing activities (17,189,114) (4,114,199) (1,355,271)
Investing activities:
Additions to property and equipment (2,967,360) (711,656) (1,345,627)
Acquisition of other assets - (8,199,000) -
Gross proceeds from the waiver of rights to .online registry (note
14) 6,619,831 - -
Remaining payment for the acquisition of Ting Virginia, LLC.,
net of cash of $21,423 (note 3) (357,492) - -
Net cash provided by (used in) investing activities 3,294,979 (8,910,656) (1,345,627)
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