Travelzoo 2011 Annual Report Download - page 64

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37
TRAVELZOO INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2009
2010 2011
(In thousands)
Cash flows from operating activities:
Net income .......................................................................................................................... $ 5,185 $ 13,157 $ 3,319
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ................................................................................... 1,992 2,389 2,725
Deferred income taxes ............................................................................................... 139 (1,276 ) (337 )
Stock-based compensation ......................................................................................... 94 750 750
Provision for losses on accounts receivable ............................................................... 258 199 52
Tax benefit of stock option exercises ......................................................................... — — (268 )
Foreign currency translation loss related to dissolution of Asia Pacific business
segment ................................................................................................................. 110
— —
Net foreign currency effects ....................................................................................... 78 197 81
Changes in operating assets and liabilities:
Accounts receivable ......................................................................................... (197 ) (2,323 ) (146 )
Deposits ............................................................................................................ (15 ) 20 (667 )
Income tax receivable ....................................................................................... (4,352 ) 5,797 (3,093 )
Prepaid expenses and other current assets ........................................................ (357 ) (413 ) (584 )
Accounts payable ............................................................................................. 877 3,232 12,074
Accrued expenses ............................................................................................. 77 1,830 256
Deferred revenue .............................................................................................. 160 498 853
Deferred rent .................................................................................................... (163 ) (72 ) 209
Income tax payable ........................................................................................... — 630 (369 )
Other non-current liabilities ............................................................................. 1,239 (690 ) 776
Net cash provided by operating activities ......................................................... 5,125 23,925 15,631
Cash flows from investing activities:
Purchases of property and equipment ........................................................................................... (1,992 ) (1,279 ) (2,460 )
Purchases of restricted cash .......................................................................................................... — (2,248 ) —
Purchases of intangible assets ....................................................................................................... (1,760 ) — —
Net cash (used in) investing activities .............................................................. (3,752 ) (3,527 ) (2,460 )
Cash flows from financing activities:
Proceeds from stock option exercises ........................................................................................... 2,158 — 40
Tax benefit from exercise of stock options ................................................................................... — — 268
Repurchase of common stock ....................................................................................................... —
— (15,123 )
Proceeds from sale of Asia Pacific business segment, net of cash provided ................................. 2,061 1,076 —
Net cash provided by (used in) financing activities .......................................... 4,219 1,076 (14,815 )
Effect of exchange rate changes on cash and cash equivalents ..................................................... 5 (66 ) (796 )
N
et increase (decrease) in cash and cash equivalents ................................................................... 5,597 21,408 (2,440 )
Cash and cash equivalents at beginning of year ............................................................................ 14,179 19,776 41,184
Cash and cash equivalents at end of year ...................................................................................... $ 19,776 $ 41,184 $ 38,744
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds received ..................................................................... $ 5,760 $ 5,857 $ 15,025
See accompanying notes to consolidated financial statements