Incredimail 2012 Annual Report Download - page 100

PERION NETWORK LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
The accompanying notes are an integral part of the consolidated financial statements.
Year ended December 31,
2010
2011
2012
Cash flows from operating activities:
Net income
$
8,389
$
5,668
$
3,534
Adjustments required to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization
739
1,388
3,572
Stock based compensation expense, net
761
1,183
1,056
Accretion of payment obligation related to acquisitions
-
100
177
Excess tax benefit from share
-
based payment arrangements
(209
)
-
-
Amortization of premium and accrued interest on marketable securities
42
(16
)
-
Loss (gain) from marketable securities, net
(107
)
100
-
Deferred taxes, net
(385
)
(1,140
)
(172
)
Accrued severance pay, net
216
(40
)
(3
)
Net changes in operating assets and liabilities:
Trade receivables
(475
)
(383
)
491
Other receivables and prepaid expenses
544
(1,100
)
1,658
Other long
-
term assets
17
60
82
Trade payables
374
108
4,035
Deferred revenues
(106
)
998
(268
)
Accrued expenses and other liabilities
(25
)
112
2,101
Other
8
-
-
Net cash provided by operating activities
9,783
7,038
16,263
Cash flows from investing activities:
Purchase of property and equipment
(246
)
(316
)
(662
)
Proceeds from sale of property and equipment
12
-
-
Restricted cash
-
90
-
Capitalization of software development and content costs
(180
)
(829
)
(819
)
Cash paid by employees on previously exercised options of acquired company
-
-
727
Cash paid in connection with acquisitions, net of cash acquired
-
(21,712
)
(7,307
)
Proceeds from sales of marketable securities
10,745
26,704
-
Investment in marketable securities
(20,534
)
(11,915
)
-
Net cash used in investing activities
(10,203
)
(7,978
)
(8,061
)
F
-
8