GXDX » Topics » Operating Activities

This excerpt taken from the GXDX 10-Q filed Apr 30, 2009.

Operating Activities

Net cash provided by operating activities during the three months ended March 31, 2009 and 2008 was $5.3 million and $581,000, respectively. For the three months ended March 31, 2009 as compared to March 31, 2008, the net incremental increase of $4.7 million was primarily due to incremental increases of $935,000 in net income due primarily to increased revenues and the reduction in operating expense as a percentage of revenue due to operating efficiencies gained, adjusted for non-cash incremental changes such as an additional $1.4 million of stock-based compensation expense; an additional $595,000 of depreciation and amortization expense due to assets placed into service from increased facility, equipment and related capitalized costs; an increased provision for doubtful accounts of $398,000 due to increased contracted revenues; an increase of $3.9 million in income taxes primarily due to increased profits as a fully taxed corporation with limited remaining tax credits applied, excess tax benefits related to disqualifying dispositions from stock-based compensation awards and the recent California legislation temporarily suspending the benefit of utilizing our net operating losses through 2010; an increase of $1.2 million in accounts payable, accrued expenses and accrued compensation due to timing of payouts; and $506,000 change in deferred revenues. These are offset by additional non-cash changes that incrementally reduced net income by $962,000 of excess tax benefits related to disqualifying dispositions on stock-based compensation awards categorized as a financing activity and $3.2 million of incremental increases to accounts receivable as a result of increased revenue and the associated timing of collection efforts.

This excerpt taken from the GXDX 10-K filed Feb 26, 2009.

Operating Activities

Net cash provided by operating activities during the years ended December 31, 2008 and 2007 were $28.2 million and $13.1 million, respectively. For the year ended December 31, 2008 compared to the same period in 2007, the net incremental increase of $15.1 million, or 115%, was primarily due to incremental increases of $18.0 million in net income due primarily to increased revenues, adjusted for non-cash changes such as an additional $6.5 million of stock-based compensation expense, an additional $808,000 of depreciation and amortization expense due to assets placed into service from increased facility and related capitalized costs and an increased provision for doubtful accounts of $2.1 million due to increased contracted revenues; as well as, an increase of $2.9 million in income taxes primarily due to recent California legislation retroactive to January 1,

 

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2008, temporarily suspending the benefit of utilizing our net operating losses, as we move into a fully taxable position; offset by an increase of $1.6 million in accounts payable, accrued expenses and accrued compensation due to timing of payouts, a $6.7 million change in deferred taxes primarily due to the release of our valuation allowance against our net deferred tax assets, a $3.0 million change in excess tax benefits for stock-based compensation awards reflected as equity financing activities and $4.4 million of incremental increases to accounts receivable as a result of increased revenue and collection efforts.

Net cash provided by operating activities during the year ended December 31, 2007 was $13.1 million and net cash used in operating activities during the year ended December 31, 2006 was $3.4 million. For the year ended December 31, 2007 compared to the same period in 2006, the net incremental increase of $16.5 million, was primarily due to a net income increase of $17.1 million due primarily to increased revenues, an additional increase of $2.3 million in accounts payable, accrued expenses and accrued compensation due to timing of payouts; offset by a decrease of $1.6 million in accounts receivable and other assets associated with increased revenue and timing of cash receipts.

This excerpt taken from the GXDX 10-Q filed Nov 6, 2008.

Operating Activities

 

Net cash provided by operating activities during the nine months ended September 30, 2008 and 2007 was $23.4 million and $9.1 million, respectively. The net incremental increase of $14.4 million, or 159%, was primarily due to incremental increases of $17.3 million in net income due primarily to increased revenues, an additional $4.8 million of non-cash stock-based compensation expense, an increased provision for doubtful accounts of $1.1 million, an additional increase of $2.4 million in accounts payable, accrued expenses and accrued compensation due to timing of payouts, an increase of $2.8 million in income tax payable primarily due to a recent California law temporarily suspending the use of net operating loss benefits resulting in retroactive California state income tax payable since January 1, 2008; offset by a $9.5 million change in deferred taxes primarily due to the release of our valuation allowance against our net deferred tax assets and $5.7 million of incremental increases to accounts receivable as a result of increased revenues.

 

This excerpt taken from the GXDX 10-Q filed Jul 31, 2008.

Operating Activities

 

Net cash provided by operating activities during the six months ended June 30, 2008 and 2007 was $12.9 million and $4.8 million, respectively. The net incremental increase of $8.1 million, or 170%, was primarily due to incremental increases of $5.5 million in net income due to increased revenues, an additional $3.0 million of non-cash expenses consisting primarily of stock-based compensation expense, an additional increase of $1.8 million in accrued compensation relating to bonus, commissions, and other payroll accruals, and an increased provision for doubtful accounts of $711,000; offset by $2.6 million of incremental increases to accounts receivable as a result of increased revenues and a $400,000 change in income taxes.

 

This excerpt taken from the GXDX 10-Q filed May 8, 2008.

Operating Activities

 

Net cash provided by operating activities during the three months ended March 31, 2008 and 2007 was $581,000 and $640,000, respectively.  The net decrease of $59,000, or 9%, was primarily due to $4.7 million of incremental increases to accounts receivable as a result of the timing of specific payments received in early April 2008 rather than March 2008, offset by an increase in net income of $3.7 million, as well as an additional $784,000 of non-cash expenses primarily consisting of stock-based compensation expense.

 

This excerpt taken from the GXDX 10-K filed Feb 12, 2008.

Operating Activities

        Net cash provided by operating activities during the year ended December 31, 2007 consisted of net income of $13,353 plus $2,325 of growth in accounts payable and accrued liabilities, $1,438 of accrued compensation, $1,093 of provision for doubtful accounts, $580 of depreciation, $540 of stock-based compensation and $166 of non-cash interest expense, offset by $5,340 of growth in accounts receivable and $1,050 of changes in working capital and other operating assets and liabilities. The increase in accounts receivable during 2007 was a result of revenue growth offset by reductions in our DSO. The growth in accounts payable and accrued liabilities during 2007 was a result of increases in overall spending in support of our revenue growth. The increase in accrued compensation during 2007 was a result of increased overall headcount of 61% during 2007 resulting in increased bonus, commissions, vacation and profit sharing. Net cash used in operating activities in 2006 primarily reflected our net loss of $3,759 and $2,075 of changes in working capital and other operating assets and liabilities, offset by $1,258 for the provision for doubtful accounts, $630 of depreciation, $235 for the loss on impairment of fixed assets, $201 of stock-based compensation and $85 of non-cash interest expense. Net cash used in operating activities in 2005 primarily reflected the net loss of $9,172 and $1,411 of changes in working capital and other operating assets and liabilities, offset by $815 of depreciation, $97 for the provision for doubtful accounts and $35 of non-cash interest expense and other.

This excerpt taken from the GXDX 10-Q filed Dec 12, 2007.

Operating Activities

 

Net cash provided by operating activities during the nine months ended September 30, 2007 consisted of net income of $8,679 plus $2,473 of growth in accounts payable and accrued liabilities, $1,152 of provision for doubtful accounts, $405 of depreciation, $390 of stock-based compensation and $57 of non-cash interest expense, offset by $3,960 of growth in accounts receivable and $143 of changes in working capital and other operating assets and liabilities. The increase in accounts receivable was a result of revenue growth offset by reductions in our DSO. The growth in accounts payable and accrued liabilities was a result of increases in overall spending in support of our revenue growth. Net cash used in operating activities during the nine months ended September 30, 2006 primarily reflected our net loss of $3,401 and $2,127 of cash used to fund certain changes in working capital and other operating assets and liabilities, offset by non-cash adjustments of $836 for the provision for doubtful accounts, $493 of depreciation, $235 for the loss on impairment of fixed assets, $107 of stock-based compensation and $62 of non-cash interest expense.

 

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