8x8 2008 Annual Report Download - page 49

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8X8, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
2008 2007 2006
Cash flows from operating activities:
Net income (loss) $ 30 $ (9,930) $ (23,253)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization 1,529 1,430 787
Stock compensation expense 1,272 1,810 237
Income on change in fair value of warrant liability (2,142) (3,736) (886)
Amortization of discount and premium on marketable securities (55) 32 96
Other 390 251 6
Changes in assets and liabilities:
Accounts receivable, net (1,202) (72) 363
Inventory 994 (1,035) (136)
Other current and noncurrent assets (97) 300 (410)
Deferred cost of goods sold 121 478 580
Accounts payable (54) 466 258
Accrued compensation 223 (112) 422
Accrued warranty (9) 22 114
Accrued taxes 818 1,315 524
Deferred revenue 1,651 (1,005) (109)
Other current and noncurrent liabilities (438) (136) 201
Net cash provided by (used in) operating activities 3,031 (9,922) (21,206)
Cash flows from investing activities:
Acquisitions of property and equipment (699) (1,424) (1,900)
Proceeds from the sale of property and equipment 37 19 -
Purchase of investments (5,323) (2,300) (16,424)
Sales of short-term investments 3,520 1,100 850
Maturities of short-term investments 3,650 12,700 8,050
Net cash provided by (used in) investing activities 1,185 10,095 (9,424)
Cash flows from financing activities:
Bank overdraft - (153) 153
Proceeds from equity financing transactions, net - - 13,960
Proceeds from issuance of common stock under employee stock plans 272 475 279
Capital lease payments (38) (19) (18)
Net cash provided by financing activities 234 303 14,374
Net increase (decrease) in cash and cash equivalents 4,450 476 (16,256)
Cash and cash equivalents, beginning of year 6,735 6,259 22,515
Cash and cash equivalents, end of year $ 11,185 $ 6,735 $ 6,259
Supplemental and non-cash disclosures:
Conversion of warrant liability to equity $ 910 $ - $ -
Assets acquired under capital lease $ - $ 119 $ 108
Assets disposed under capital lease $ - $ (29) $ -
Interest paid $ 8 $ 6 $ 7
Years Ended March 31,
The accompanying notes are an integral part of these consolidated financial statements.
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