8x8 2005 Annual Report Download - page 48

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45
8X8, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
The accompanying notes are an integral part of these consolidated financial statements.
Years Ended March 31,
2005 2004 2003
Cash flows from operating activities:
Net loss.........................................................................................................
.
$ (19,148) $ (3,039) $ (11,403)
Adjustments to reconcile net loss to net cash used
in operating activities:
Depreciation and amortization....................................................................
.
215 565 1,780
Stock compensation expense....................................................................... 5 1,311 1
Non-cash portion of restructuring and other charges.................................... -- -- 2,273
Gain on sale of Centile Europe SA...............................................................
.
-- (790) --
Other........................................................................................................... 32 (69) 204
Changes in assets and liabilities, net of effects
of businesses sold:
Accounts receivable, net............................................................................ (536) 682 (71)
Inventory.................................................................................................. (1,522) 325 298
Other current and noncurrent assets........................................................... (28) 219 64
Deferred cost of goods sold........................................................................ (1,812) (310) --
Accounts payable....................................................................................... 3,642 263 104
Accrued compensation............................................................................... 100 (258) (249)
Accrued warranty....................................................................................... (7) (234) (1)
Deferred revenue.......................................................................................
.
2,055 2 (1,876)
Other current and noncurrent liabilities...................................................... 453 (249) 39
Net cash used in operating activities.......................................................
.
(16,551) (1,582) (8,837)
Cash flows from invest ing act ivities:
Acquisitions of property and equipment......................................................... (1,588) (106) (137)
Purchase of investments ............................................................................... (9,665) -- (208)
Sales and maturities of short-term investments ............................................. 611 208 --
Proceeds from the sale of equipment.............................................................
.
-- 79 42
Restricted cash decrease (increase)................................................................. 300 (800) --
Proceeds from sale of Centile Europe SA, net................................................ -- 398 --
Net cash used in investing activities........................................................ (10,342) (221) (303)
Cash flows from financing activities:
Proceeds from equity financing transactions, net........................................... 35,735 9,799 --
Proceeds from issuance of common stock under employee benefit plans........ 424 1,882 89
Net cash provided by financing activities................................................ 36,159 11,681 89
N
et increase (decrease) in cash and cash equivalents......................................... 9,266 9,878 (9,051)
Cash and cash equivalents, beginning of year.................................................... 13,249 3,371 12,422
Cash and cash equivalents, end of year............................................................. $ 22,515 $ 13,249 $ 3,371
Supplemental and non-cash disclosures:
Income taxes paid.......................................................................................... $ -- $ -- $ 36