SABA » Topics » LIQUIDITY AND CAPITAL RESOURCES

This excerpt taken from the SABA 10-Q filed Apr 8, 2009.

LIQUIDITY AND CAPITAL RESOURCES

 

     Nine months ended  

(in thousands)

   February 28,
2009
    February 29,
2008
 

Net cash provided by operating activities

   $ 7,519     $ 2,129  

Net cash used in investing activities

   $ (2,030 )   $ (2,788 )

Net cash used in financing activities

   $ (191 )   $ (2,482 )

We have funded our operations through financing activities and our operations and our most significant source of operating cash flows stems from customer purchases of our license, license updates and product support, OnDemand and professional services. Our primary uses of cash from operating activities are for personnel and facilities related expenditures. As of February 28, 2009, we had $20 million in available cash and cash equivalents.

This excerpt taken from the SABA 10-Q filed Jan 9, 2009.

LIQUIDITY AND CAPITAL RESOURCES

 

     Six months ended  

(in thousands)

   November 30,
2008
    November 30,
2007
 

Net cash used in operating activities

   $ (755 )   $ (1,738 )

Net cash used in investing activities

   $ (1,707 )   $ (1,655 )

Net cash provided by (used in) financing activities

   $ 48     $ (2,242 )

 

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We have funded our operations through financing activities and our operations and our most significant source of operating cash flows stems from customer purchases of our license, license updates and product support, OnDemand and professional services. Our primary uses of cash from operating activities are for personnel and facilities related expenditures. As of November 30, 2008, we had $12.9 million in available cash and cash equivalents.

This excerpt taken from the SABA 10-Q filed Oct 10, 2008.

LIQUIDITY AND CAPITAL RESOURCES

 

     Three months ended  
(in thousands)    August 31,
2008
    August 31,
2007
 

Net cash provided by (used in) operating activities

   $ 637     $ (3,674 )

Net cash used in investing activities

   $ (1,194 )   $ (816 )

Net cash used in financing activities

   $ (19 )   $ (1,730 )

We have funded our operations through financing activities and our operations and our most significant source of operating cash flows stems from customer purchases of our license, license updates and product support, OnDemand and professional services. Our primary uses of cash from operating activities are for personnel and facilities related expenditures. As of August 31, 2008, we had $15.5 million in available cash and cash equivalents.

These excerpts taken from the SABA 10-K filed Aug 14, 2008.

LIQUIDITY AND CAPITAL RESOURCES

 

     Years ended May 31,  
     2008     2007     2006  
     (in thousands)  

Cash provided by (used in) operating activities

   $ 5,052     $ (2,453 )   $ 87  

Cash (used in) provided by investing activities

     (3,327 )     (2,949 )     7,222  

Cash (used in) provided by financing activities

     (3,069 )     189       392  

Effect of exchange rate changes on cash and cash equivalents

     (120 )     272       (80 )

 

We have funded our operations through financing activities and our most significant source of operating cash flows stems from customer purchases of our license, license updates and product support, OnDemand and professional services. Our primary uses of cash from operating activities are for personnel and facilities related expenditures. As of May 31, 2008, we had $16.6 million in available cash and cash equivalents.

 

LIQUIDITY AND CAPITAL RESOURCES

STYLE="margin-top:0px;margin-bottom:0px"> 































































































   Years ended May 31, 
   2008  2007  2006 
   (in thousands) 

Cash provided by (used in) operating activities

  $5,052  $(2,453) $87 

Cash (used in) provided by investing activities

   (3,327)  (2,949)  7,222 

Cash (used in) provided by financing activities

   (3,069)  189   392 

Effect of exchange rate changes on cash and cash equivalents

   (120)  272   (80)

 

We have funded our
operations through financing activities and our most significant source of operating cash flows stems from customer purchases of our license, license updates and product support, OnDemand and professional services. Our primary uses of cash from
operating activities are for personnel and facilities related expenditures. As of May 31, 2008, we had $16.6 million in available cash and cash equivalents.

SIZE="1"> 

This excerpt taken from the SABA 10-Q filed Apr 9, 2008.

LIQUIDITY AND CAPITAL RESOURCES

 

     Nine months ended  
(in thousands)    February 29,
2008
    February 28,
2007
 

Net cash provided by operating activities

   $ 2,129     $ 655  

Net cash used in investing activities

   $ (2,788 )   $ (1,756 )

Net cash (used in) provided by financing activities

   $ (2,482 )   $ 676  

We have funded our operations through financing activities and our operations and our most significant source of operating cash flows stems from customer purchases of our license, license updates and product support, OnDemand and professional services. Our primary uses of cash from operating activities are for personnel and facilities related expenditures. As of February 29, 2008, we had $15.0 million in available cash and cash equivalents.

This excerpt taken from the SABA 10-Q filed Jan 9, 2008.

LIQUIDITY AND CAPITAL RESOURCES

 

     Six months ended  
(in thousands)   

November 30,

2007

   

November 30,

2006

 

Net cash used in operating activities

   $ (1,738 )   $ (3,567 )

Net cash used in investing activities

   $ (1,655 )   $ (1,065 )

Net cash (used in) provided by financing activities

   $ (2,242 )   $ 198  

We have funded our operations through financing activities and our operations and our most significant source of operating cash flows stems from customer purchases of our license, license updates and product support, OnDemand and professional services. Our primary uses of cash from operating activities are for personnel and facilities related expenditures. As of November 30, 2007, we had $12.4 million in available cash and cash equivalents.

This excerpt taken from the SABA 10-Q filed Oct 10, 2007.

LIQUIDITY AND CAPITAL RESOURCES

 

     Three months ended  
    

August 31,

2007

   

August 31,

2006

 
(in thousands)             

Cash used in operating activities

   $ (3,674 )   $ (6,679 )

Cash used in investing activities

   $ (816 )   $ (363 )

Cash provided by (used in) financing activities

   $ (1,730 )   $ 3,722  

We have funded our operations through financing activities and our operations and our most significant source of operating cash flows stems from customer purchases of our license, license updates and product support, OnDemand and professional services. Our primary uses of cash from operating activities are for personnel and facilities related expenditures. As of August 31, 2007, we had $11.8 million in available cash and cash equivalents.

This excerpt taken from the SABA 10-K filed Aug 13, 2007.

LIQUIDITY AND CAPITAL RESOURCES

 

     Years ended May 31,  
     2007     2006     2005  
     (in thousands)  

Cash provided by (used in) operating activities

   $ (2,453 )   $ 87     $ (6,949 )

Cash provided by (used in) investing activities

     (2,949 )     7,222       (412 )

Cash provided by financing activities

     189       392       6,135  

Effect of exchange rate changes on cash and cash equivalents

     272       (80 )     6  

 

We have funded our operations through financing activities and our most significant source of operating cash flows stems from customer purchases of our license, license updates and product support, OnDemand and professional services. Our primary uses of cash from operating activities are for personnel and facilities related expenditures. As of May 31, 2007, we had $18.1 million in available cash and cash equivalents.

 

This excerpt taken from the SABA 10-Q filed Apr 16, 2007.

LIQUIDITY AND CAPITAL RESOURCES

 

     Nine months ended
(in thousands)   

February 28,

2007

   

February 28,

2006

Cash provided by operating activities

   $ 655     $ 247

Cash (used in) provided by investing activities

   $ (1,756 )   $ 7,665

Cash provided by financing activities

   $ 676     $ 407

We have funded our operations through financing activities and our operations and our most significant source of operating cash flows stems from customer purchases of our license, license updates and product support, OnDemand and professional services. Our primary uses of cash from operating activities are for personnel and facilities related expenditures. As of February 28, 2007, we had $22.8 million in available cash and cash equivalents.

 

30


This excerpt taken from the SABA 10-Q filed Jan 12, 2007.

LIQUIDITY AND CAPITAL RESOURCES

 

     Six months ended  
    

November 30,

2006

   

November 30,

2005

 

Cash used in operating activities

   $ (3,567 )   $ (356 )

Cash used in investing activities

   $ (1,065 )   $ (381 )

Cash provided by (used in) financing activities

   $ 198     $ (868 )

We have funded our operations through financing activities and our operations and our most significant source of operating cash flows stems from customer purchases of our license, license updates and product support, OnDemand and professional services. Our primary uses of cash from operating activities are for personnel and facilities related expenditures. As of November 30, 2006, we had $18.7 million in available cash and cash equivalents.

This excerpt taken from the SABA 10-Q filed Oct 13, 2006.

LIQUIDITY AND CAPITAL RESOURCES

 

     Three months ended  
    

August 31,

2006

   

August 31,

2005

 

Cash used in operating activities

   $ (6,679 )   $ (2,967 )

Cash used in investing activities

   $ (363 )   $ (265 )

Cash provided by (used in) financing activities

   $ 3,722     $ (374 )

We have funded our operations primarily through our operations and our most significant source of operating cash flows stems from customer purchases of our license, license updates and product support, OnDemand and professional services. Our primary uses of cash from operating activities are for personnel and facilities related expenditures. As of August 31, 2006, we had $19.7 million in available cash and cash equivalents.

This excerpt taken from the SABA 10-K filed Aug 18, 2006.

LIQUIDITY AND CAPITAL RESOURCES

 

As of May 31, 2006, our principal source of liquidity included cash and cash equivalents of $23.0 million. At May 31, 2006, our bank facility covenants required us to maintain cash, net of the outstanding term debt, of $6.0 million on a monthly basis.

 

     Years ended May 31,

 
     2006

   2005

    2004

 

Cash provided by (used in) operating activities

   $ 93    $ (7,318 )   $ (7,194 )

Cash provided by (used in) investing activities

     7,121      (148 )     3,203  

Cash provided by financing activities

     407      6,246       3,053  

 

This excerpt taken from the SABA 10-Q filed Apr 14, 2006.

LIQUIDITY AND CAPITAL RESOURCES

 

      Nine months ended  

$ in thousands

 

   February 28,
2006
   February 28,
2005
 
     (in thousands)  

Cash provided by (used in) operating activities

   $ 263    $ (6,215 )

Cash provide by (used in) investing activities

   $ 7,752    $ (229 )

Cash provided by financing activities

   $ 220    $ 5,178  

As of February 28, 2006, our principal source of liquidity included cash and cash equivalents of $23.6 million. On January 31, 2006, Saba entered into a new credit facility with a bank. The credit facility replaces Saba’s existing credit facility with the bank. The credit facility provides for (i) a term loan in a principal amount of $6,500,000, and (ii) a receivables borrowing base revolving credit line in an aggregate principal amount of up to $7,500,000 at any time outstanding, which includes a sub-limit of up to $5,000,000 for letters of credit, cash management and foreign exchange services. The term loan will be repaid in 36 equal monthly installments of principal, plus interest. The maturity date of the term loan and the revolving credit line is January 31, 2009. The interest rate applicable to the loans under the credit facility is the bank’s prime rate plus 0.50% for the term loan and the bank’s prime rate plus 0.25% for borrowings under the revolving credit line. Saba is required to pay an early termination fee if the credit facility is terminated by the bank due to the occurrence of an event of default or is refinanced by another financial institution, in each case, prior to the second anniversary of the credit facility.

The credit facility is secured by all of Saba’s personal property other than its intellectual property. The credit facility includes certain negative covenants restricting or limiting the ability of Saba and its subsidiaries to, among other things: incur additional indebtedness; create liens on its property; make certain investments and acquisitions; merge or consolidate with any other entity; convey, sell, lease, transfer or otherwise dispose of assets; change its business; change of control; pay dividends, distributions or make other specified restricted payments; and enter into certain transactions with affiliates. Such restrictions and limitations are subject to usual and customary exceptions contained in credit agreements of this nature. In addition, the credit facility requires Saba to satisfy a minimum consolidated EBITDA covenant on a quarterly basis, and a minimum liquidity covenant on a monthly basis.

If we violate any of these restrictive covenants or otherwise breach the credit facility agreement, the Company may be required to repay the obligations under the credit facility prior to their stated maturity date, the Company’s ability to borrow under the revolving credit line may be terminated, and the bank may be able to foreclose on any collateral provided by the Company.

As of February 28, 2006, we had $6.5 million outstanding under the term loan, no outstanding borrowings under the receivables borrowing base revolving credit line and were in compliance with all of the covenants related to this credit facility.


Table of Contents
This excerpt taken from the SABA 10-Q filed Jan 17, 2006.

LIQUIDITY AND CAPITAL RESOURCES

 

     Six months ended

 
     November 30,
2005


   

November 30,

2004


 
     (in thousands)  

Cash used in operating activities

   $ (326 )   $ (6,832 )

Cash (used in) investing activities

   $ (313 )   $ (151 )

Cash used in (provided by) financing activities

   $ (1,055 )   $ 5,159  

 

As of November 30, 2005 our principal source of liquidity included cash and cash equivalents of $13.7 million.

 

Since August 2002, Saba has maintained a credit facility with a bank. The current credit facility grants Saba access to a revolving line of credit of $250,000, a new equipment term loan of up to $500,000 and a new term loan of up to $4.5 million. Borrowings on the revolving line of credit and new equipment term loan credit facilities may be made through March, 2006.

 

19


Table of Contents

On November 10, 2005, the Company amended the credit facility with the bank. The amended credit facility requires the Company to maintain a minimum balance of unrestricted cash and cash equivalents of (a) $11 million as of any fiscal quarter end through May 31, 2006, (b) $10 million for any date that is not a fiscal quarter from May 5, 2005 through September 15, 2005 and from December 1, 2005 through May 31, 2006, (c) $8 million for any date that is not a fiscal quarter end from September 16, 2005 through November 29, 2005 (d) $9 million at any time during the period from June 1, 2006 through May 31, 2007, and (e) $7.5 million for any date thereafter.

 

As of November 30, 2005, Saba had no outstanding borrowings under the revolving line of credit and was in compliance with all of the covenants related to this credit facility. On January 13, 2006, the Company further amended the credit facility to require the Company to maintain a minimum balance of unrestricted cash and cash equivalents of (a) $11 million as of any fiscal quarter end through May 31, 2006, (b) $10 million for any date that is not a fiscal quarter from May 5, 2005 through September 15, 2005 and from March 1, 2006 through May 30, 2006, (c) $8 million for any date that is not a fiscal quarter end from September 16, 2005 through November 29, 2005, (d) $7.5 million for any date that is not a fiscal quarter end from December 1, 2005 through February 27, 2006 (e) $9 million at any time during the period from May 31, 2006 through May 30, 2007, and (f) $7.5 million for any date thereafter.

 

Saba has and expects to continue to comply with the end of quarter cash covenants included in the credit facility. However, because of the variability in timing of accounts payable and accounts receivable within a quarter, the amendments to the credit facility have been and may continue to be necessary for Saba to remain compliant with the intra-quarter cash covenants. As a result of this intra-quarter variability, in the next twelve months Saba may not be compliant with the intra-quarter cash covenant and as a result, all outstanding amounts payable under the credit facility have been classified as a current liability in the accompanying balance sheet.

 

20


Table of Contents
This excerpt taken from the SABA 10-Q filed Oct 17, 2005.

LIQUIDITY AND CAPITAL RESOURCES

 

     Three months ended

 
     August 31,
2005


    August 31,
2004


 
     (in thousands)  

Cash used in operating activities

   $ (2,967 )   $ (4,923 )

Cash (used in) provided by investing activities

     (265 )     68  

Cash (used in) provided by financing activities

     (374 )     5,230  

 

As of August 31, 2005, our principal source of liquidity included cash and cash equivalents of $11.8 million. Until our current credit facility expires in March 2006, we also have the ability to borrow up to an additional $250,000 under our revolving line of credit. The line of credit is subject to our compliance with the financial covenants of our credit facility.

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