8x8 2007 Annual Report Download - page 49

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8X8, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
2007 2006 2005
(Restated) (Restated)
Cash flows from operating activities:
Net loss $ (9,930) $ (23,253) $ (15,348)
Adjustments to reconcile net loss to net cash used
in operating activities:
Depreciation and amortization 1,430 787 215
Stock compensation expense 1,810 237 5
Income on change in fair value of warrant liability (3,736) (886) (3,800)
Amortization of discount and premium on marketable securities 32 96 -
Other 251 6 32
Changes in assets and liabilities:
Accounts receivable, net (72) 363 (536)
Inventory (1,035) (136) (1,522)
Other current and noncurrent assets 300 (410) (28)
Deferred cost of goods sold 478 580 (1,812)
Accounts payable 466 258 3,642
Accrued compensation (112) 422 100
Accrued warranty 22 114 (7)
Deferred revenue (1,005) (109) 2,055
Other current and noncurrent liabilities 1,179 725 453
Net cash used in operating activities (9,922) (21,206) (16,551)
Cash flows from investing activities:
Acquisitions of property and equipment (1,424) (1,900) (1,588)
Proceeds from the sale of property and equipment 19 - -
Purchase of investments (2,300) (16,424) (9,665)
Sales of short-term investments 1,100 850 161
Maturities of short-term investments 12,700 8,050 450
Restricted cash decrease - - 300
Net cash provided by (used in) investing activities 10,095 (9,424) (10,342)
Cash flows from financing activities:
Bank overdraft (153) 153 -
Proceeds from equity financing transactions, net - 13,960 35,735
Proceeds from issuance of common stock under employee stock plans 475 279 424
Capital lease payments (19) (18) -
Net cash provided by financing activities 303 14,374 36,159
Net increase (decrease) in cash and cash equivalents 476 (16,256) 9,266
Cash and cash equivalents, beginning of year 6,259 22,515 13,249
Cash and cash equivalents, end of year $ 6,735 $ 6,259 $ 22,515
Supplemental and non-cash disclosures:
Assets acquired under capital lease $ 119 $ 108 $ -
Assets disposed under capital lease $ (29) $ - $ -
Interest paid $ 6 $ 7 $ -
Years Ended March 31,
The accompanying notes are an integral part of these consolidated financial statements.
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