Travelzoo 2014 Annual Report Download - page 90

Download and view the complete annual report

Please find page 90 of the 2014 Travelzoo 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 124

  • 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
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124

55
TRAVELZOO INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2014 2013 2012
Cash flows from operating activities:
Net income (loss) $16,352 $ (5,011) $18,198
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 2,824 2,980 2,539
Provision for losses on accounts receivable 40 (29) 162
Stock-based compensation 982 1,384 1,207
Deferred income tax 304 706 (2,178)
Impairment of software 249 — —
Net foreign currency effect 68 33 (4)
Changes in operating assets and liabilities:
Accounts receivable (1,154)(173)(285)
Income tax receivable (1,114) 4,042 5,171
Prepaid expenses and other 393 (1,108)(391)
Accounts payable (6,883) 2,826 6,475
Reserve for unexchanged promotional shares (11,333) 9,726 3,000
Accrued expenses (427) 1,515 2,568
Income tax payable 608 (6)(285)
Other non-current liabilities 621 (33) 523
Net cash provided by operating activities 1,530 16,852 36,700
Cash flows from investing activities:
Purchases of property and equipment (3,260)(5,461)(2,744)
Purchases of intangible asset — — (677)
Release (increase) of restricted cash 200 1,786 (272)
Net cash used in investing activities (3,060)(3,675)(3,693)
Cash flows from financing activities:
Repurchase of common stock (5,855)(7,764)(11,510)
Reverse/forward stock split, including transaction costs (479)(688) —
Net cash used in financing activities (6,334)(8,452)(11,510)
Effect of exchange rate changes on cash and cash equivalents (3,547) 329 928
Net increase (decrease) in cash and cash equivalents (11,411) 5,054 22,425
Cash and cash equivalents at beginning of year 66,223 61,169 38,744
Cash and cash equivalents at end of year $54,812 $66,223 $61,169
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net $ 4,606 $ 2,609 $ 4,937
Funds held by transfer agent for settlement of reverse/forward stock split — 13,558 —
Payable to shareholders for reverse/forward stock split — 13,668 —
Leasehold improvements funded by landlord 624 705 —
See accompanying notes to consolidated financial statements.