Stamps.com 2015 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2015 Stamps.com 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 102

  • 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

TABLE OF CONTENTS
STAMPS.COM INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(inthousands)
Year Ended December 31,
2015 2014 2013
Operatingactivities:    
Net(loss)income $ (4,198) $ 36,882 $ 44,153
Adjustmentstoreconcilenet(loss)incometonetcashprovidedbyoperating
activities:    
Depreciationandamortization 7,702  4,833  2,538
Stock-basedcompensationexpense 15,895  4,799  4,492
Deferredincometaxes (3,408)  (13,554)  (9,713)
Stockoptionwindfalltaxbenefit (618)  — —
Accretionofdebtissuancecosts 31  —  —
Contingentconsideration,includingrelatedcompensationexpense 47,419  8,773  —
Changesinoperatingassetsandliabilities,netofassetsandliabilities
acquired:    
Accountsreceivable,net (32,480)  5,787 (3,072)
Othercurrentassets (1,737)  557 (834)
Otherassets 678 (3,208)  (1,034)
Deferredrevenue 779  210  (107)
Accountspayableandaccruedexpenses 16,053  6,646  (667)
Netcashprovidedbyoperatingactivities 46,116  51,725  35,756
Investingactivities:    
Saleofshort-terminvestments 6,424  6,556  6,159
Purchaseofshort-terminvestments (2,438)  (6,536)  (6,454)
Saleoflong-terminvestments 2,586  6,627  6,949
Purchaseoflong-terminvestments — (2,887)  (10,258)
AcquisitionofShipStation(netofcashacquired) — (48,883)  —
AcquisitionofShipWorks(netofcashacquired) — (21,149)  —
AcquisitionofEndicia (214,165)  — —
Acquisitionofproperty,equipmentandintangibles (2,291)  (2,858)  (5,282)
Netcashusedininvestingactivities (209,884)  (69,130)  (8,886)
Financingactivities:    
Proceedsfromshorttermfinancingobligation,netofrepayments 13,313  —  —
Proceedsfromdebt,netofdebtissuancecost 162,620  —  —
Principalpaymentontermloan (1,031)  — —
Proceedsfromexerciseofstockoptions 10,887  3,314  13,425
IssuanceofcommonstockunderESPP 1,554  1,238  1,114
Stockoptionwindfalltaxbenefit 618  —  —
Repurchaseofcommonstock — (12,888)  (4,311)
Netcashprovidedby(usedin)financingactivities 187,961 (8,336)  10,228
Netincrease(decrease)incashandcashequivalents 24,193 (25,741)  37,098
Cashandcashequivalentsatbeginningofperiod 40,933  66,674  29,576
Cashandcashequivalentsatendofperiod $ 65,126 $ 40,933 $ 66,674
   
Supplementalcashflowinformation:    
Incometaxespaidduringtheperiod $ 956 $ 856 $ 362
Capitalexpendituresaccruedbutnotpaidatperiodend $ 78 $ 6 $ 572
Issuanceof2014earn-outshares(seeNote–3“Acquisitions”) $ 9,225  —  —
The accompanying notes are an integral part of these consolidated financial statements.
F-6