Travelzoo 2012 Annual Report Download - page 106

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TRAVELZOO INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
See accompanying notes to consolidated financial statements.
48
Year Ended December 31,
2012
2011
2010
Cash flows from operating activities:
Net income
$
18,198
$
3,319
$
13,157
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
2,539
2,725
2,389
Deferred income tax
(2,178
)
(337
)
(1,276
)
Stock-based compensation
1,207
750
750
Provision for losses on accounts receivable
162
52
199
Tax benefit of stock option exercise
—
(
268
)
—
Net foreign currency effect
(4
)
81
197
Changes in operating assets and liabilities:
Accounts receivable
(285
)
(146
)
(2,323
)
Deposits
(406
)
(667
)
20
Income tax receivable
5,171
(3,093
)
5,797
Prepaid expenses and other current assets
87
(584
)
(413
)
Accounts payable
6,403
12,074
3,232
Accrued expenses
5,568
256
1,830
Deferred revenue
513
853
498
Deferred rent
45
209
(72
)
Income tax payable
(285
)
(369
)
630
Other non-current liabilities
(35
)
776
(690
)
Net cash provided by operating activities
36,700
15,631
23,925
Cash flows from investing activities:
Purchases of property and equipment
(2,744
)
(2,460
)
(1,279
)
Purchases of intangible asset
(677
)
—
—
Purchases of restricted cash
(272
)
—
(
2,248
)
Net cash used in investing activities
(3,693
)
(2,460
)
(3,527
)
Cash flows from financing activities:
Repurchase of common stock
(11,510
)
(15,123
)
—
Proceeds from sale of Asia Pacific business segment, net of cash provided
—
—
1,076
Proceeds from exercise of stock options
—
40
—
Tax benefit of stock option exercise
—
268
—
Net cash provided by (used in) financing activities
(11,510
)
(14,815
)
1,076
Effect of exchange rate changes on cash and cash equivalents
928
(796
)
(66
)
Net increase (decrease) in cash and cash equivalents
22,425
(2,440
)
21,408
Cash and cash equivalents at beginning of period
38,744
41,184
19,776
Cash and cash equivalents at end of period
$
61,169
$
38,744
$
41,184
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds received
$
4,937
$
15,025
$
5,857