8x8 2015 Annual Report Download - page 57

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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,
2015
2014
2013
Cash flows from operating activities:
Net income
$
1,926
$
2,514
$
13,939
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation
3,540
2,567
2,523
Amortization of intangibles
2,232
1,643
1,428
Amortization of capitalized software
341
147
-
Net Accretion of discount and amortization of
premium on marketable securities
896
114
-
Gain on disposal of discontinued operations
-
(596)
-
Gain on escrow settlement
-
(565)
-
Stock
-
based compensation expense
9,347
7,595
2,634
Tax benefit from stock
-
based compensation
(151)
(142)
(49)
Deferred income tax expense
2,390
2,266
9,308
Other
256
650
616
Changes in assets and liabilities:
Accounts receivable
(1,529)
(1,575)
(2,171)
Inventory
52
(276)
27
Other current and noncurrent assets
(196)
(488)
(30)
Deferred cost of goods sold
(207)
163
(60)
Accounts payable
605
(1,035)
410
Accrued compensation
1,632
488
524
Accrued warranty
(321)
208
65
Accrued taxes
490
276
440
Deferred revenue
(1,065)
681
345
Other current and noncurrent liabilities
1,002
282
1,839
Net cash provided by operating activities
21,240
14,917
31,788
Cash flows from investing activities:
Acquisitions of property and equipment
(5,826)
(2,853)
(5,678)
Cost of capitalized software
(724)
(755)
(190)
Purchase of investments
(106,021)
(141,604)
-
Sales of investments
36,764
24,219
-
Proceeds from maturities of investments
63,546
-
-
Acquisition of businesses, net of cash acquired
-
(18,474)
-
Proceeds from disposition of discontinued operations, net of transaction costs
-
3,000
-
Net cash used in investing activities
(12,261)
(136,467)
(5,868)
Cash flows from financing activities:
Capital lease payments
(149)
(85)
(86)
Repurchase of common stock
(19,371)
(489)
(419)
Tax benefit from stock
-
based compensation
151
142
49
Proceeds from (cost of) issuance of common stock, net of issuance costs
-
125,750
(43)
Proceeds from issuance of common stock under employee stock plans
4,455
5,167
2,458
Net cash (used in) provided by financing activities
(14,914)
130,485
1,959
Effect of exchange rate changes on cash
(114)
(81)
-
Net (decrease) increase in cash and cash equivalents
(6,049)
8,854
27,879
Cash and cash equivalents, beginning of year
59,159
50,305
22,426
Cash and cash equivalents, end of year
$
53,110
$
59,159
$
50,305
Supplemental and non
-
cash disclosures:
Acquisition of property and equipment, net in connection with
acquisitions of businesses
$
-
$
956
$
-
Acquisition of capital lease in connection with acquisitions of businesses
-
216
-
Interest paid
5
5
8
Income taxes paid
159
427
415