8x8 2012 Annual Report Download - page 45

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8X8, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
2012 2011 2010
Cash flows from o
p
eratin
g
activities:
Net income $ 69,228 $ 6,494 $ 3,879
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation 1,535 1,235 998
Amortization 788 94 -
Stock-based compensation expense 1,506 458 204
Change in fair value of warrant liability - (167) 146
Deferred income tax benefit (62,422) - -
Other 561 84 (306)
Changes in assets and liabilities:
Accounts receivable (1,059) (358) (253)
Inventory 1,535 29 545
Other current and noncurrent assets 489 75 41
Deferred cost of goods sold 1 (16) 86
Accounts payable (1,214) 916 (1,323)
Accrued compensation 128 278 180
Accrued warranty 25 31 3
Accrued taxes (356) 24 27
Deferred revenue (197) (475) (944)
Other current and noncurrent liabilities (1,337) (113) (792)
Net cash provided by operating activities 9,211 8,589 2,491
Cash flows from investin
g
activities:
Acquisitions of property and equipment (2,300) (2,057) (1,052)
Restricted cash decrease 28 - 100
Purchase of investments - (2,000) -
Purchase of strategic investment - (315) -
Acquisition of businesses, net of cash acquired (713) (998) -
Proceeds from the sale of property and equipment - 6 4
Net cash used in investing activities (2,985) (5,364) (948)
Cash flows from financin
g
activities:
Capital lease payments (275) (38) (50)
Repurchase of common stock (2,550) (7,662) (212)
Buyback of employee stock options and stock purchase rights (384) (539) -
Proceeds from exercise of warrants - 880 -
Proceeds from (cost of) issuance of common stock, net (60) 278 -
Proceeds from issuance of common stock under employee stock plans 2,995 2,274 399
Net cash provided by (used in) financing activities (274) (4,807) 137
Net increase (decrease) in cash and cash equivalents 5,952 (1,582) 1,680
Cash and cash equivalents, beginning of yea
r
16,474 18,056 16,376
Cash and cash equivalents, end of yea
r
$ 22,426 $ 16,474 $ 18,056
Su
pp
lemental and non-cash disclosures:
Issuance of common stock in connection with acquisitions of businesses $ 31,358 $ 600 $ -
Fair value of options assumed in connection with acquisitions of businesses 274 - -
Acquisition of property and equipment, net in connection with
acquisitions of businesses 364 80 -
Acquisition of capital lease in connection with acquisitions of businesses 317 - -
Transfer of net assets in purchase of strategic investment - 41 -
Assets acquired under capital lease 45 - 46
Interest paid 5 10 29
Income taxes paid 94 6 105
Years Ended March 31,
The accompanying notes are an integral part of these consolidated financial statements.
43