8x8 2016 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 2016 8x8 annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 149

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149

8X8, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
Years Ended March 31,
2016 2015 2014
Cash flows from operating activities:
Net income (loss) $ (5,120) $ 1,926 $ 2,514
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation 4,994 3,540 2,567
Amortization of intangibles 3,557 2,232 1,643
Impairment of long-lived assets 640 - -
Amortization of capitalized software 456 341 147
Net accretion of discount and amortization of
premium on marketable securities 740 896 114
Gain on disposal of discontinued operations - - (596)
Gain on escrow settlement - - (565)
Stock-based compensation expense 16,334 9,347 7,595
Tax benefit from stock-based compensation expense (224) (151) (142)
Deferred income tax (benefit) expense (1,493) 2,390 2,266
Other 533 256 650
Changes in assets and liabilities:
Accounts receivable (4,539) (1,529) (1,575)
Inventory 136 52 (276)
Other current and noncurrent assets (1,432) (196) (488)
Deferred cost of goods sold (224) (207) 163
Accounts payable 2,473 610 (1,237)
Accrued compensation 3,566 1,632 488
Accrued warranty (13) (321) 208
Accrued taxes 2,292 490 276
Accrued outside commissions 1,744 (5) 202
Deferred revenue (273) (1,065) 681
Other current and noncurrent liabilities (580) 1,002 282
Net cash provided by operating activities 23,567 21,240 14,917
Cash flows from investing activities:
Acquisitions of property and equipment (4,894) (5,826) (2,853)
Cost of capitalized software (2,095) (724) (755)
Purchase of investments - available for sale (126,723) (106,021) (141,604)
Sales of investments - available for sale 56,302 36,764 24,219
Proceeds from maturities of investments - available for sale 64,361 63,546 -
Acquisition of businesses, net of cash acquired (23,246) - (18,474)
Proceeds from disposition of discontinued operations, net of transaction costs - - 3,000
Net cash used in investing activities (36,295) (12,261) (136,467)
Cash flows from financing activities:
Capital lease payments (446) (149) (85)
Payment of contingent consideration (200) - -
Repurchase of common stock (11,653) (19,371) (489)
Tax benefit from stock-based compensation expense 224 151 142
Proceeds from issuance of common stock, net of issuance costs - - 125,750
Proceeds from issuance of common stock under employee stock plans 4,827 4,455 5,167
Net cash (used in) provided by financing activities (7,248) (14,914) 130,485
Effect of exchange rate changes on cash 442 (114) (81)
Net (decrease) increase in cash and cash equivalents (19,534) (6,049) 8,854
Cash and cash equivalents, beginning of year 53,110 59,159 50,305
Cash and cash equivalents, end of year $ 33,576 $ 53,110 $ 59,159
Supplemental and non-cash disclosures:
Acquisition of property and equipment, net in connection with
acquisitions of businesses $ 1,453 $ - $ 956
Acquisition of capital lease in connection with acquisitions of businesses 1,332 - 216
Equipment acquired under capital leases 573 - -
Cash paid for interest 44 5 5
Cash paid for income taxes 445 159 427