TeleNav 2010 Annual Report Download - page 80

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TELENAV, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except per share data)
Fiscal Year Ended June 30,
2010 2009 2008
Operating activities
Net income .......................................................... $ 41,410 $29,618 $ 4,607
Adjustments to reconcile net income to net cash provided by (used in) operating
activities:
Depreciation and amortization ................................... 5,197 2,390 1,495
Stock-based compensation expense ............................... 4,927 507 455
Loss on disposal of property and equipment ......................... 66 63 26
Revaluation of preferred stock warrants ............................ 346 843 652
Excess tax benefit from employee stock option plans ................. (375) — —
Changes in operating assets and liabilities:
Accounts receivable .................................... (13,384) (9,385) (10,812)
Deferred income taxes .................................. (2,645) (2,476) —
Prepaid expenses and other current assets ................... (148) (2,196) 32
Other assets ........................................... (1,243) (908) (151)
Accounts payable ...................................... 587 522 266
Accrued compensation .................................. 1,799 1,683 1,206
Accrued royalties ...................................... (347) 1,417 937
Accrued expenses and other liabilities ...................... 3,412 59 (57)
Income taxes payable ................................... 1,402 (183) 183
Deferred revenue ...................................... 3,446 1,086 875
Net cash provided by (used in) operating activities ........................... 44,450 23,040 (286)
Investing activities
Capital expenditures ............................................... (7,375) (5,368) (1,283)
Additions to capitalized software ..................................... (2,440) (1,626) (438)
Net cash used in investing activities ................................... (9,815) (6,994) (1,721)
Financing activities
Proceeds from exercise of stock options ................................ 457 68 41
Proceeds from initial public offering, net of costs ........................ 44,638 — —
Proceeds from exercise of common stock warrants ....................... — — 60
Proceeds from exercise of Series E preferred stock warrants ................ 862 — 37
Repurchase of common stock ........................................ (1,228) — —
Settlement of stock options .......................................... — — (173)
Excess tax benefit from employee stock option plans ..................... 375 — —
Net cash provided by (used in) financing activities ....................... 45,104 68 (35)
Effect of exchange rate changes on cash and cash equivalents ............... (5) 164 159
Net increase (decrease) in cash and cash equivalents ...................... 79,734 16,278 (1,883)
Cash and cash equivalents, at beginning of period ........................ 33,128 16,850 18,733
Cash and cash equivalents, at end of period ............................. $112,862 $33,128 $ 16,850
Supplemental disclosure of cash flow information
Income taxes paid ................................................. $ 23,737 $15,916 $ 1
Non-cash financing activities
Issuance of common stock in the form of a stock dividend to Series E preferred
stockholders .................................................... $ 5,089 $ — $ —
See Notes to Consolidated Financial Statements.
77