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TRAVELZOO INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
2009 2008 2007
Year Ended December 31,
(In thousands)
Cash flows from operating activities:
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,185 $ (4,116) $ 9,109
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,992 667 193
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 769 584
Stock-based compensation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 — —
Provision for losses on accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . 258 316 (48)
Tax benefit of stock option exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (110) —
Foreign currency translation loss related to dissolution of Asia Pacific
business segment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 — —
Net foreign currency effects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 (500) —
Changes in operating assets and liabilities:
Accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (197) (2,443) (2,614)
Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15) 25 (300)
Income tax receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,352) (1,709) —
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . (357) 1,059 (1,465)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 877 1,054 2,110
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 877 2,404
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 314 (302)
Deferred rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (163) 828 109
Income tax payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 3
Other non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,239 (356) 111
Net cash provided by (used in) operating activities . . . . . . . . . . . . . 5,125 (3,325) 9,894
Cash flows from investing activities:
Purchases of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,992) (3,867) (627)
Purchases of restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (875) —
Purchases of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,760) — (36)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . (3,752) (4,742) (663)
Cash flows from financing activities:
Proceeds from stock option exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,158 75 —
Tax benefit from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 110 —
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (19,822)
Proceeds from sale of Asia Pacific business segment, net of cash provided . . . . . 2,061 — —
Net cash provided by (used in) financing activities . . . . . . . . . . . . . 4,219 185 (19,822)
Effect of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . . . 5 (580) (183)
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . 5,597 (8,462) (10,774)
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . 14,179 22,641 33,415
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,776 $14,179 $ 22,641
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds received . . . . . . . . . . . . . . . . . . . . . $ 5,760 $ 8,193 $ 13,334
See accompanying notes to consolidated financial statements
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