8x8 2016 Annual Report Download - page 48
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At March 31, 2016 and 2015, we had net deferred tax assets before valuation allowances of approximately $52.3 million and $52.5 million, respectively.
INCOMEFROMDISCONTINUEDOPERATIONS,NETOFINCOMETAXPROVISION
Years Ended March 31, Year-over-Year Change
2016 2015 2014 2015 to 2016 2014 to 2015
(dollaramountsinthousands)
Income from discontinued
operations, net of income tax provision $ - $ - $ 320 $ - N/A $ (320) -100.0%
Percentage of total revenue 0.0% 0.0% 0.2%
On September 30, 2013, we sold our dedicated server hosting business. The current and historical results of our dedicated server hosting business have been
reclassified to income from discontinued operations, net of income tax provision. For the years ended March 31, 2016, 2015 and 2014, income taxes were $0, $0,
and $0.3 million, respectively.
GAINONDISPOSALOFDISCONTINUEDOPERATIONS,NETOFINCOMETAXPROVISION
Years Ended March 31, Year-over-Year Change
2016 2015 2014 2015 to 2016 2014 to 2015
(dollaramountsinthousands)
Gain on disposal of discontinued
operations,net of income tax provision $ - $ - $ 596 $ - N/A $ (596) -100.0%
Percentage of total revenue 0.0% 0.0% 0.5%
For the year ended March 31, 2014, we recorded a gain on disposal of our dedicated server hosting business of $1.1 million, net of a tax provision of $0.5 million.
LIQUIDITYANDCAPITALRESOURCES
As of March 31, 2016, we had $162.9 million of cash and cash equivalents and investments. By comparison, at March 31, 2015, we had $177.1 million in cash and
cash equivalents and investments. During fiscal 2016, we repurchased approximately 1.4 million shares of our common stock on the market for a total of
approximately $11.7 million of which $11.2 million were related to our stock repurchase program, and $0.5 million related to shares withheld for employee payroll
taxes. We currently have no borrowing arrangements. We believe we have sufficient liquidity to fund operations for the foreseeable future. In addition, we have a
shelf registration statement that would allow us to raise up to an additional $123.7 million from the sale of new securities of ours.
2016 to 2015
Net cash provided by operating activities for fiscal 2016 was $23.6 million, compared with $21.2 million provided by operating activities for fiscal 2015. Cash
used in or provided by operating activities has historically been affected by:
the amount of net income or loss;
sales of subscriptions;
changes in working capital accounts, particularly in deferred revenue due to timing of annual plan renewals;
add-backs of non-cash expense items such as deferred income tax, depreciation and amortization; and
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