Stamps.com 2008 Annual Report Download - page 41

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TABLE OF CONTENTS
STAMPS.COM INC.
STATEMENTS OF CASH FLOWS
(In Thousands)
The accompanying notes are an integral part of these financial statements.
2008
2007
2006
Operating activities:
Net income
$
10,164
$
10,666
$
16,462
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
1,928
3,047
2,937
Stock-based compensation expense
3,344
2,707
2,638
Changes in operating assets and liabilities:
Trade accounts receivable
(443
)
(154
)
(234
)
Other accounts receivable
8
(538
)
(43
)
Other current assets
(1,937
)
(394
)
(817
)
Other assets
(96
)
53
(1,025
)
Deferred revenue
1,167
2,020
131
Deferred income taxes
(3,671
)
0
0
Accounts payable and accrued expenses
1,239
(524
)
2,369
Net cash provided by operating activities
11,703
16,883
22,418
Investing activities:
Sale of short-term investments
29,035
57,952
34,475
Purchase of short-term investments
(23,627
)
(34,347
)
(36,298
)
Sale of long-term investments
28,536
33,251
31,447
Purchase of long-term investments
(9,689
)
(9,246
)
(40,717
)
Acquisition of property and equipment
(858
)
(668
)
(2,429
)
Proceeds from other investing activities
—
—
610
Net cash provided by (used in) investing activities
23,397
46,942
(12,912
)
Financing activities:
Proceeds from exercise of stock options
336
933
7,620
Issuance of common stock under ESPP
349
477
538
Repurchase of common stock
(26,876
)
(33,308
)
(26,692
)
Net cash used in financing activities
(26,191
)
(31,898
)
(18,534
)
Net increase (decrease) in cash and cash equivalents
8,909
31,927
(9,028
)
Cash and cash equivalents at beginning of period
43,667
11,740
20,768
Cash and cash equivalents at end of period
$
52,576
$
43,667
$
11,740
Supplemental cash flow information:
Income taxes paid during the period
$
833
$
354
$
192