VTAL » Topics » Liquidity and capital resources

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

Liquidity and capital resources

 

As of September 30, 2008, we had $157.8 million in cash, cash equivalents and marketable securities, $150.2 million of working capital (defined as current assets less current liabilities) and no borrowings. As of December 31, 2007, we had $178.4 million in cash, cash equivalents and marketable securities, $173.9 million of working capital and no borrowings. We began repurchasing shares of our common stock in the second quarter of 2008 under a $25.0 million share repurchase program authorized by our Board of Directors. The repurchase program was increased to $40.0 million during the third quarter. We repurchased 784,000 shares of our common stock for $11.3 million during the 2008 third quarter and 1.7 million shares our common stock for $25.4 million during the first nine months of 2008. The total shares repurchased as of September 30, 2008 represented 10.2% of our shares outstanding at March 31, 2008.

 

Operating activities

 

During the first nine months of 2008, cash provided by operations was $6.3 million, which consisted of a net loss of $2.4 million, an increase of $6.1 million from other non-cash operating activities, primarily equity-based compensation and depreciation, and an increase of $2.6 million from changes in working capital accounts. Changes in working capital accounts primarily related to a decrease in accounts receivable of $1.2 million due to the timing of customer payments and increases in accounts payable of $349,000 due to the general timing of payments to vendors; deferred revenue of $835,000 due to increased maintenance and service contracts and an increased customer base; and accrued expenses and other liabilities of $584,000. Days’ sales outstanding (calculated by dividing ending net accounts receivable by revenue per day) were 74 and 83 as of September 30, 2008 and December 31, 2007, respectively. Our accounts receivable aging remains relatively current, with 10% or less of receivables greater than 90 days past due as of both September 30, 2008 and December 31, 2007. We use days’ sales outstanding as an activity measure which places emphasis and focus on accounts receivable, but this measure is not defined under U.S. generally accepted accounting principles, and similarly titled measures may not be computed in the same way by other companies. The increases in cash from changes in working capital accounts were offset by an increase in prepaid expenses of $282,000.

 

During the first nine months of 2007, cash provided by operations was $13.3 million, which consisted of net income of $2.9 million, an increase of $2.4 million from changes in working capital accounts, an increase of $199,000 in deferred rent relating to payments made by our Minnetonka landlord for our benefit, and an increase of $7.8 million from other non-cash operating activities. Changes in working capital accounts primarily related to a decrease in accounts receivable of $4.4 million due to decreased sales in the third quarter of 2007, and an increase in deferred revenue of $683,000 due to increased maintenance and service contracts and an increased customer base in 2007. Our aging remains relatively current, with less than 10% of receivables greater than 90 days past due as of September 30, 2007 and December 31, 2006, respectively. The increases in cash were offset by a decrease in accrued expenses and other liabilities of $1.4 million due primarily to the payment in 2007 of 2006 bonuses; an increase in prepaid expenses and other current assets of $1.0 million due primarily to increases in prepaid insurance and estimated tax payments paid in the 2007 second quarter; and a decrease in accounts payable of $300,000 due to the general timing of vendor payments.

 

Investing activities

 

Net cash used in investing activities was $29.9 million during the first nine months of 2008. Net cash used by investing activities was $9.9 million during the first nine months of 2007.

 

We used $4.0 million for purchases of property and equipment during the nine months ended September 30, 2008, compared to $4.9 million for the same period in 2007. The purchases for the first nine months of 2008 were primarily related to our continued implementation of an enterprise resource planning (“ERP”) system. The purchases for the first nine months of 2007 were principally to expand our facilities, upgrade computer equipment, purchase computer equipment for new personnel, and begin implementation of our ERP system. We anticipate that we will continue to purchase property and equipment in the normal course of business. The amount and timing of these purchases and the related cash outflows in future periods are difficult to predict and depend on a number of factors, including the hiring of employees and the rate of change of computer hardware.

 

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We used $76.3 million to purchase investments in marketable securities during the first nine months of 2008, compared to $36.4 million for the same period in 2007. We realized $50.4 million of proceeds from maturities and sales of marketable securities during the first nine months of 2008, compared to $31.4 million for the same period in 2007. As of September 30, 2008, our marketable securities consisted of U.S. government obligations, asset-backed securities and corporate commercial obligations.

 

Financing activities

 

Cash used by financing activities totaled $23.4 million for the first nine months of 2008, compared to cash provided by financing activities of $3.9 million for the same period in 2007. We used $25.4 million of cash to repurchase common stock during the first nine months of 2008. Proceeds from sales of common stock under stock plans were $1.7 million and $2.6 million during the first nine months of 2008 and 2007, respectively. The remaining portion of cash used or provided by financing activities in the first nine months of 2008 and 2007 related to the excess tax benefit from stock transactions.

 

We have never paid or declared any cash dividends and do not intend to pay cash dividends in the foreseeable future.

 

Off-balance-sheet arrangements

 

We did not have any off-balance sheet arrangements as of September 30, 2008 or December 31, 2007.

 

Other purchase commitments

 

We had no significant outstanding purchase orders as of September 30, 2008. We have entered into a number of technology licensing agreements that provide for the payment of royalties when we sell our products; we are not obligated for any minimum payments under such agreements.

 

This excerpt taken from the VTAL 10-Q filed Aug 11, 2008.

Liquidity and capital resources

 

As of June 30, 2008, we had $168.4 million in cash, cash equivalents and marketable securities, working capital (defined as current assets less current liabilities) of $145.6 million and no borrowings, as compared to $178.4 million in cash, cash equivalents and marketable securities, working capital of $173.9 million and no borrowings as of December 31, 2007. During the 2008 second quarter, we repurchased 961,000 shares of our common stock, which represented 5.6% of our shares outstanding at March 31, 2008, for $14.1 million under a $25.0 million share repurchase program authorized by our Board of Directors in April 2008.

 

Operating activities

 

During the first six months of 2008, cash provided by operations was $4.6 million, which consisted of a net loss of $2.2 million, an increase of $3.7 million from other non-cash operating activities, primarily equity-based compensation and depreciation, and an increase of $3.1 million from changes in working capital accounts. Changes in working capital accounts primarily related to a decrease in accounts receivable of $1.7 million due to timing of customer payments and increases in accounts payable of $111,000 due to the general timing of payments to vendors; deferred revenue of $801,000 due to increased maintenance and service contracts and an increased customer base; and accrued expenses and other liabilities of $571,000. Days’ sales outstanding (calculated by dividing ending net accounts receivable by revenue per day) were 77 and 83 as of June 30, 2008 and December 31, 2007, respectively. Our accounts receivable aging remains relatively current, with less than 10% of receivables greater than 90 days past due as of both June 30, 2008 and December 31, 2007. We use days’ sales outstanding as an activity measure which places emphasis and focus on accounts receivable, but this measure is not defined under U.S. generally accepted accounting principles, and similarly titled measures may not be computed in the same way by other companies. The increases in cash from changes in working capital accounts were offset by an increase in prepaid expenses of $137,000.

 

During the first six months of 2007, cash provided by operations was $9.2 million, which consisted of net income of $2.0 million, an increase of $2.3 million from changes in working capital accounts, an increase of $199,000 in deferred rent relating to payments made by our Minnetonka landlord for our benefit, and an increase of $4.7 million from other non-cash operating activities. Changes in working capital accounts primarily related to a decrease in accrued expenses and other liabilities of $1.3 million, due primarily to the payment of 2006 bonuses during the first six months of 2007; a decrease in accounts payable of $340,000, due to the general timing of vendor payments; a decrease in accounts receivable of $4.5 million, due to decreased sales in the second quarter of 2007; an increase in prepaid expenses and other current assets of $1.1 million, due primarily to increases in prepaid insurance and estimated tax payments paid in the 2007 second quarter; and an increase in deferred revenue of $623,000, due to increased maintenance and service contracts and an increased customer base. Our aging remains relatively current, with less than 6% and 2% of receivables greater than 90 days past due as of June 30, 2007 and December 31, 2006, respectively.

 

Investing activities

 

Net cash used in investing activities was $32.7 million during the first six months of 2008. Net cash used by investing activities was $15.5 million during the first six months of 2007.

 

We used $2.8 million for purchases of property and equipment during the six months ended June 30, 2008, compared to $3.4 million for the same period in 2007. The purchases for the first six months of 2008 were primarily related to our continued implementation of an enterprise resource planning system (“ERP”). The purchases for the first six months of 2007 were principally to expand our facilities, upgrade computer equipment, purchase computer equipment for new personnel, and begin implementation of our ERP system. We anticipate that we will continue to purchase property and equipment in the normal course of business. The amount and timing of these purchases and

 

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the related cash outflows in future periods are difficult to predict and depend on a number of factors, including the hiring of employees and the rate of change of computer hardware.

 

We used $68.4 million to purchase investments in marketable securities during the first six months of 2008, compared to $27.6 million for the same period in 2007. We realized $38.5 million of proceeds from maturities and sales of marketable securities during the first six months of 2008, compared to $15.5 million for the same period in 2007. As of June 30, 2008, our marketable securities consisted of U.S. government obligations, U.S. government agency obligations, corporate commercial obligations and certificates of deposit.

 

Financing activities

 

Cash used by financing activities totaled $12.2 million for the first six months of 2008, compared to cash provided by financing activities of $3.7 million for the same period in 2007. We used $13.3 million of cash to repurchase common stock during the first six months of 2008. Proceeds from sales of common stock under stock plans were $999,000 and $2.4 million during the first six months of 2008 and 2007, respectively. The remaining portion of cash used or provided by financing activities in the first six months of 2008 and 2007 related to the excess tax benefit from stock transactions.

 

We have never paid or declared any cash dividends and do not intend to pay cash dividends in the foreseeable future.

 

Off-balance-sheet arrangements

 

We did not have any off-balance sheet arrangements as of June 30, 2008 or December 31, 2007.

 

Other purchase commitments

 

We had no significant outstanding purchase orders as of June 30, 2008. We have entered into a number of technology licensing agreements that provide for the payment of royalties when we sell our products; we are not obligated for any minimum payments under such agreements.

 

This excerpt taken from the VTAL 10-Q filed May 12, 2008.

Liquidity and capital resources

 

As of March 31, 2008, we had $178.9 million in cash, cash equivalents and marketable securities, working capital (defined as current assets less current liabilities) of $171.4 million and no borrowings, as compared to $178.4 million in cash, cash equivalents and marketable securities, working capital of $173.9 million and no borrowings as of December 31, 2007.

 

Operating activities

 

During the first three months of 2008, cash provided by operations was $1.1 million, which consisted of a net loss of $594,000, an increase of $2.1 million from other non-cash operating activities, primarily equity-based compensation and depreciation, and a decrease of $420,000 from changes in working capital accounts. Changes in working capital accounts primarily related to an increase in accounts receivable of $439,000 due to timing of customer payments and a decrease in accounts payable of $439,000 due to the general timing of payments to vendors. Days’ sales outstanding (calculated by dividing ending net accounts receivable by revenue per day) were 84 and 83 as of March 31, 2008 and December 31, 2007, respectively. Our aging remains relatively current, with less than 10% of receivables greater than 90 days past due as of March 31, 2008 and December 31, 2007. We use days’ sales outstanding as an activity measure which places emphasis and focus on accounts receivable, but this measure is not defined under U.S. generally accepted accounting principles, and similarly titled measures may not be computed in the same way by other companies. The decreases in cash were offset by increases in deferred revenue of $388,000, accrued expenses and other liabilities of $65,000 and an increase in prepaid expenses of $5,000.

 

During the first three months of 2007, cash provided by operations was $2.8 million, which consisted of net income of $2.4 million, a decrease of $2.4 million from changes in working capital accounts, an increase of $199,000 in deferred rent relating to payments made by our Minnetonka landlord for our benefit, and an increase of $2.6 million from other non-cash operating activities. Changes in working capital accounts primarily related to a decrease in accrued expenses and other liabilities of $1.3 million, a decrease in accounts payable of $915,000, an increase in accounts receivable of $942,000, and an increase in deferred revenue of $876,000. Days’ sales outstanding were 90 and 101 as of March 31, 2007 and December 31, 2006, respectively. Our aging was relatively current, with less than 10% of receivables greater than 90 days past due as of March 31, 2007 and December 31, 2006.

 

Investing activities

 

Net cash used in investing activities was $4.1 million during the first three months of 2008. Net cash used by investing activities was $751,000 during the first three months of 2007.

 

We used $1.3 million for purchases of property and equipment during the three months ended March 31, 2008, compared to $1.9 million for the same period in 2007. The purchases for the first three months of 2008 were primarily related to our continued implementation of an enterprise resource planning system. The purchases for the first three months of 2007 were principally to expand our facilities, upgrade computer equipment and purchase computer equipment for new personnel. We anticipate that we will continue to purchase property and equipment in the normal course of business. The amount and timing of these purchases and the related cash outflows in future periods are difficult to predict and depend on a number of factors, including the hiring of employees and the rate of change of computer hardware.

 

We used $20.6 million to purchase investments in marketable securities during the first three months of 2008, compared to $9.8 million for the same period in 2007. We realized $17.8 million of proceeds from maturities and sales of marketable securities during the first three months of 2008, compared to $11.0 million for the same period in 2007. As of March 31, 2008, our marketable securities consisted of U.S. government obligations, U.S. government agency obligations, corporate commercial obligations and certificates of deposit.

 

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Financing activities

 

Cash provided by financing activities totaled $385,000 and $2.3 million for the first three months of 2008 and 2007, respectively. Proceeds from the sale of common stock under stock plans were $319,000 and $1.3 million during the first three months of 2008 and 2007, respectively. The remaining increase in the first three months of 2008 and 2007 related to the excess tax benefit from stock transactions.

 

We have never paid or declared any cash dividends and do not intend to pay dividends in the foreseeable future.

 

Off-balance-sheet arrangements

 

We did not have any off-balance sheet arrangements as of March 31, 2008 or December 31, 2007.

 

Other purchase commitments

 

We had no significant outstanding purchase orders as of March 31, 2008. We have entered into a number of technology licensing agreements that provide for the payment of royalties when we sell Vitrea and ViTALConnect; we are not obligated for any minimum payments under such agreements.

 

This excerpt taken from the VTAL 10-Q filed Nov 9, 2007.

Liquidity and capital resources

 

As of September 30, 2007, we had $178.9 million in cash, cash equivalents and marketable securities, working capital (defined as current assets less current liabilities) of $163.3 million and no borrowings, as compared to $166.0 million in cash, cash equivalents and marketable securities, working capital of $162.2 million and no borrowings as of December 31, 2006.

 

Operating activities

 

During the first nine months of 2007, cash provided by operations was $13.3 million, which consisted of net income of $2.9 million, an increase of $7.8 million from other non-cash operating activities, primarily equity-based compensation and depreciation, an increase of $2.4 million from changes in working capital accounts, and an increase of $199,000 in deferred rent relating to payments made by our Minnetonka landlord for our benefit. Changes in working capital accounts primarily related to a decrease in accounts receivable of $4.4 million due to decreased sales in the third quarter of 2007, and an increase in deferred revenue of $683,000 due to increased maintenance and service contracts and an increased customer base in 2007. Our aging remains relatively current, with less than 10% of receivables greater than 90 days past due as of September 30, 2007 and December 31, 2006. The increases in cash were offset by a decrease in accrued expenses and other liabilities of $1.4 million due primarily to the payment in 2007 of 2006 bonuses; an increase in prepaid expenses and other current assets of $1.0 million due primarily to increases in prepaid insurance and estimated tax payments paid in the 2007 second quarter; and a decrease in accounts payable of $300,000 due to the general timing of vendor payments.

 

During the first nine months of 2006, cash provided by operations was $9.4 million, which consisted of net income of $4.3 million, an increase of $6.1 million from other non-cash operating activities, and a decrease of $969,000 from changes in working capital accounts. Changes in working capital accounts primarily related to an increase in accounts receivable of $2.9 million due to timing of customer payments; a decrease in accrued expenses and other liabilities of $787,000 due primarily to the payment in 2006 of 2005 bonuses; a decrease in accounts payable of $627,000 due to the general timing of vendor payments; and an increase in prepaid expenses and other current assets

 

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of $447,000 due primarily to an increase in prepaid insurance. The decreases in cash were offset by an increase in deferred revenue of $3.8 million due to increased sales and an increased customer base.

 

Investing activities

 

Net cash used in investing activities was $9.9 million during the first nine months of 2007. Net cash provided by investing activities was $4.6 million during the first nine months of 2006.

 

We used $4.9 million for purchases of property and equipment during the nine months ended September 30, 2007, compared to $3.3 million for the same period in 2006. The purchases for all periods were principally to expand our facilities, upgrade computer equipment, purchase computer equipment for new personnel, and begin implementation of an enterprise resource planning (ERP) system. We anticipate that we will continue to purchase property and equipment in the normal course of business. The amount and timing of these purchases and the related cash outflows in future periods are difficult to predict and depend on a number of factors, including the hiring of employees and the rate of change of computer hardware.

 

We used $36.4 million to purchase investments in marketable securities during the first nine months of 2007, compared to $25.0 million for the same period in 2006. We realized $31.4 million of proceeds from maturities and sales of marketable securities during the first nine months of 2007, compared to $32.9 million for the same period in 2006. As of September 30, 2007, our marketable securities consisted of U.S. government obligations, U.S. government agency obligations and corporate commercial obligations.

 

Financing activities

 

Cash provided by financing activities totaled $3.9 million and $7.3 million for the first nine months of 2007 and 2006, respectively. Proceeds from the sale of common stock under stock plans were $2.6 million and $4.0 million during the first nine months of 2007 and 2006, respectively. The remaining increase in the first nine months of 2007 and 2006 related to the excess tax benefit from stock transactions.

 

We have never paid or declared any cash dividends and do not intend to pay dividends in the foreseeable future.

 

Off-balance-sheet arrangements

 

We did not have any off-balance sheet arrangements as of September 30, 2007 or December 31, 2006.

 

Other purchase commitments

 

We had no significant outstanding purchase orders as of September 30, 2007. We have entered into a number of technology licensing agreements that provide for the payment of royalties when we sell Vitrea and ViTALConnect. We are not obligated for any minimum payments under such agreements.

 

This excerpt taken from the VTAL 10-Q filed Aug 9, 2007.

Liquidity and capital resources

As of June 30, 2007, we had $175.8 million in cash, cash equivalents and marketable securities, working capital (defined as current assets less current liabilities) of $160.3 million and no borrowings, as compared to $166.0 million in cash, cash equivalents and marketable securities, working capital of $162.2 million and no borrowings as of December 31, 2006.

Operating activities

During the first six months of 2007, cash provided by operations was $9.2 million, which consisted of net income of $2.0 million, an increase of $2.3 million from changes in working capital accounts, an increase of $199,000 in deferred rent relating to payments made by our Minnetonka landlord for our benefit, and an increase of $4.7 million from other non-cash operating activities. Changes in working capital accounts primarily related to a decrease in accrued expenses and other liabilities of $1.3 million, due primarily to the payment of 2006 bonuses during the first six months of 2007; a decrease in accounts payable of $340,000, due to the general timing of vendor payments; a decrease in accounts receivable of $4.5 million, due to decreased sales in the second quarter of 2007; an increase in prepaid expenses and other current assets of $1.1 million, due primarily to increases in prepaid insurance and estimated tax payments paid in the 2007 second quarter; and an increase in deferred revenue of $623,000, due to increased maintenance and service contracts and an increased customer base. Our aging remains relatively current, with less than 6% and 2% of receivables greater than 90 days past due as of June 30, 2007 and December 31, 2006, respectively.

During the first six months of 2006, cash provided by operations was $6.7 million, which consisted of net income of $2.7 million, an increase of $825,000 from changes in working capital accounts, and an increase of $3.2 million from other non-cash operating activities. Changes in working capital accounts primarily related to a decrease in accrued expenses and other liabilities of $1.5 million, due primarily to the payment in 2006 of 2005 bonuses; a decrease in accounts payable of $429,000, due to the general timing of vendor payments; an increase in prepaid expenses and other current assets of $333,000, due primarily to an increase in prepaid insurance; a decrease in accounts receivable of $945,000, due to timing of customer payments; and an increase in deferred revenue of $2.1 million, due to increased sales and an increased customer base.

Investing activities

Net cash used in investing activities was $15.5 million during the first six months of 2007. Net cash provided by investing activities was $16.7 million during the first six months of 2006.

We used $3.4 million for purchases of property and equipment during the six months ended June 30, 2007, compared to $1.8 million for the same period in 2006. The purchases for all periods were principally to expand our facilities, upgrade computer equipment, purchase computer equipment for new personnel, and begin implementation of an enterprise resource planning (ERP) system. We anticipate that we will continue to purchase property and equipment in the normal course of business. The amount and timing of these purchases and the related cash outflows in future periods are difficult to predict and depend on a number of factors, including the hiring of employees and the rate of change of computer hardware.

We used $27.6 million to purchase investments in marketable securities during the first six months of 2007, compared to $12.7 million for the same period in 2006. We realized $15.5 million of proceeds from maturities and sales of marketable securities during the first six months of 2007, compared to $31.2 million for the same period in 2006. As of June 30, 2007, our marketable securities consisted of U.S. government obligations, U.S. government agency obligations and corporate commercial obligations.

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Financing activities

Cash provided by financing activities totaled $3.7 million and $5.7 million for the first six months of 2007 and 2006, respectively. Proceeds from the sale of common stock under stock plans were $2.4 million and $2.9 million during the first six months of 2007 and 2006, respectively. The remaining increase in the first six months of 2007 and 2006 related to the excess tax benefit from stock transactions.

We have never paid or declared any cash dividends and do not intend to pay dividends in the foreseeable future.

Off-balance-sheet arrangements

We did not have any off-balance sheet arrangements as of June 30, 2007 or December 31, 2006.

Agreement with R2 Technology, Inc.

In the first quarter of 2007, we reversed $54,000 of the $167,000 expense recorded to sales and marketing in the second quarter of 2006 relating to our agreement with R2 Technology, Inc. (“R2”). In the first quarter of 2006, we reversed $236,000 of the $410,000 expense recorded in the fourth quarter of 2005 relating to our agreement with R2. As of June 30, 2007, there were no remaining potential aggregate applicable minimums under the agreement through the term of the agreement, which ends June 30, 2008. See Note 9 to the Condensed Consolidated Financial Statements for further discussion.

Other purchase commitments

We had no significant outstanding purchase orders as of June 30, 2007. We have entered into a number of technology licensing agreements that provide for the payment of royalties when we sell Vitrea and ViTALConnect. We are not obligated for any minimum payments under such agreements.

This excerpt taken from the VTAL 10-Q filed May 10, 2007.

Liquidity and capital resources

As of March 31, 2007, we had $169.2 million in cash, cash equivalents and marketable securities, working capital (defined as current assets less current liabilities) of $167.8 million and no borrowings, as compared to $166.0 million in cash, cash equivalents and marketable securities, working capital of $162.2 million and no borrowings as of December 31, 2006.

Operating activities

During the first three months of 2007, cash provided by operations was $2.8 million, which consisted of net income of $2.4 million, a decrease of $2.4 million from changes in working capital accounts, an increase of $199,000 in deferred rent relating to payments made by our Minnetonka landlord for our benefit, and an increase of $2.6 million from other non-cash operating activities. Changes in working capital accounts primarily related to a decrease in accrued expenses and other liabilities of $1.3 million due primarily to the payment of 2006 bonuses, a decrease in accounts payable of $915,000 due to the general timing of vendor payments, an increase in accounts receivable of $942,000 due to increased sales, and an increase in deferred revenue of $876,000 due to increased sales and an increased customer base. Our aging remains relatively current, with less than 3% of receivables greater than 90 days past due as of both March 31, 2007 and December 31, 2006.

During the first three months of 2006, cash provided by operations was $26,000, which consisted of net income of $1.4 million, a decrease of $1.9 million from changes in working capital accounts, and an increase of $500,000 from other non-cash operating activities. Changes in working capital accounts primarily related to a decrease in accrued expenses and other liabilities of $2.1 million due primarily to the payment of 2005 bonuses, a decrease in accounts payable of $717,000 due to the general timing of vendor payments, a decrease in accounts receivable of $372,000 due to timing of customer payments, and an increase in deferred revenue of $946,000 due to increased sales and an increased customer base.

Investing activities

Net cash used in investing activities was $751,000 during the first three months of 2007. Net cash provided by investing activities was $15.9 million during the first three months of 2006.

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We used $1.9 million and $817,000 for purchases of property and equipment during the three months ended March 31, 2007 and 2006, respectively. The purchases for all periods were principally to expand our facilities and upgrade computer equipment and to purchase computer equipment for new personnel. We anticipate that we will continue to purchase property and equipment in the normal course of business. The amount and timing of these purchases and the related cash outflows in future periods are difficult to predict and depend on a number of factors, including the hiring of employees and the rate of change of computer hardware.  We expect capital expenditures of $6.0 million to $6.5 million during 2007.

We used $9.8 million and $988,000 to purchase investments in marketable securities during the first three months of 2007 and 2006, respectively. We realized $11.0 million and $17.7 million of proceeds from maturities of marketable securities during the first three months of 2007 and 2006, respectively. As of March 31, 2007, our marketable securities consist of U.S. government obligations, U.S. government agency obligations and corporate commercial obligations.

Financing activities

Cash provided by financing activities totaled $2.3 million and $4.7 million for the first three months of 2007 and 2006, respectively. Proceeds from the sale of common stock under stock plans were $1.3 million and $2.2 million during the first three months of 2007 and 2006, respectively. The remaining increase in the first three months of 2007 and 2006 related to the excess tax benefit from stock option transactions.

We have never paid or declared any cash dividends and do not intend to pay dividends in the foreseeable future.

Off-balance-sheet arrangements

We did not have any off-balance sheet arrangements as of March 31, 2007 or December 31, 2006.

Agreement with R2 Technology, Inc.

In the first quarter of 2007, we reversed $54,000 of the $167,000 expense recorded to sales and marketing in the second quarter of 2006 relating to our agreement with R2.  In the first quarter of 2006, we reversed $236,000 of the $410,000 expense recorded in the fourth quarter of 2005.  The applicable minimum for the quarter ending June 30, 2007 is $0.  As of March 31, 2007, the remaining potential aggregate commitment under this agreement ranges from a minimum of $0 to a maximum of approximately $1.7 million and we estimate that we will incur no additional losses relating to this agreement. See Note 9 to the Condensed Consolidated Financial Statements for further discussion.

Other purchase commitments

We had no significant outstanding purchase orders as of March 31, 2007. We have entered into a number of technology licensing agreements that provide for the payment of royalties when we sell Vitrea. Except for the R2 purchase commitment described above, we are not obligated for any minimum payments under such agreements.

This excerpt taken from the VTAL 10-Q filed Nov 2, 2006.

Liquidity and capital resources

As of September 30, 2006, we had $63.5 million in cash, cash equivalents and marketable securities, working capital (defined as current assets less current liabilities) of $59.8 million and no borrowings, as compared to $49.8 million in cash, cash equivalents and marketable securities, working capital of $45.6 million and no borrowings as of December 31, 2005.

Operating activities

During the first nine months of 2006, cash provided by operations was $9.4 million. This amount includes a decrease of $3.2 million related to the excess tax benefit from stock transactions. Before our adoption of SFAS 123(R) as of January 1, 2006, we presented all tax benefits resulting from the exercise of stock options and settlement of restricted stock awards as operating cash inflows in the consolidated statements of cash flows in accordance with the provisions of the Emerging Issues Task Force (“EITF”) Issue No 00-15, “Classification in the Statement of Cash Flows of the Income Tax Benefit Received by a Company upon Exercise of a Nonqualified Employee Stock Option.” SFAS 123(R) requires the benefits of tax deductions in excess of the compensation cost recognized for those options and stock awards to be classified as financing cash inflows rather than operating cash inflows on a prospective basis. This amount is shown as “Excess tax benefit from stock transactions” on the Condensed Consolidated Statements of Cash Flows.

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During the first nine months of 2006, cash provided by operations included a decrease of  $969,000 due to changes in working capital accounts. The change primarily related to a $2.9 million increase in accounts receivable due to significant sales during the 2006 third quarter, a $787,000 decrease in accrued expenses and other current liabilities due primarily to the payment in March 2006 of bonuses earned in 2005, a $627,000 decrease in accounts payable due to the general timing of payments to vendors and a $447,000 increase in prepaid expenses and other current assets primarily due to an increase in prepaid insurance and prepaid trade shows.   The decreases in cash were offset by a $3.8 million increase in deferred revenue due to increased sales and an increased customer base.  Days’ sales outstanding (calculated by dividing quarterly revenue on an annualized basis by ending net accounts receivable) increased by two days to 88 days as of September 30, 2006, compared to 86 days as of December 31, 2005. We use days’ sales outstanding as an activity measure which places emphasis and focus on accounts receivable, but the measure used by us is not defined under U.S. generally accepted accounting principles, and similarly titled measures may not be computed the same by other companies.

During the nine months ended September 30, 2005, cash provided by operations was $6.3 million, which consisted of a decrease of $3.5 million from changes in working capital accounts, an increase of $1.2 million in deferred rent relating to payments and estimated payments to be made by our Minnetonka landlord for our benefit, and an increase of $8.6 million from other operating activities.  Changes in the working capital accounts included a $4.4 million increase in accounts receivable due to an increase in sales and an increase in days’ sales outstanding to 88 days as of September 30, 2005 from 67 days as of December 31, 2004, and an increase in deferred revenue of $1.3 million due to increased deferred maintenance and support revenue as resulting from increased sales to a larger customer base.  Other changes in working capital accounts consisted of an increase of $401,000 in prepaid expenses and other assets due to an increase in amounts prepaid for tradeshow related activity; a decrease of $286,000 in accounts payable due to increased operating costs and general timing of payments to vendors; and an increase of $388,000 in accrued liabilities due to an increase in amounts accrued for commissions and bonuses.

Investing activities

During the first nine months of 2006, cash provided by investing activities was $4.6 million, compared with a use of $17.3 million in the year-ago period.

We used $3.3 million and $3.6 million for purchases of property and equipment in the first nine months of 2006 and 2005, respectively.  We purchased furniture and fixtures and leasehold improvements related to the expansion of  Minnetonka headquarters in the first nine months of 2006 and our move to our Minnetonka headquarters in the first quarter of 2005.  In addition, the purchases in both periods related to the upgrade of computer equipment and purchase of computer equipment for new personnel. We anticipate that we will continue to purchase property and equipment necessary in the normal course of our business. The amount and timing of these purchases and the related cash outflows in future periods are difficult to predict and depend on a number of factors, including the hiring of employees, the rate of change of computer hardware and expansion of our office facilities.

We used $25.0 million and $21.6 million to purchase investments in marketable securities during the first nine months of 2006 and 2005, respectively. We realized $32.9 million and $7.9 million of proceeds from maturities of marketable securities during the first nine months of 2006 and 2005, respectively. As of September 30, 2006, our marketable securities consist of U.S. government obligations, U.S. government agency obligations and corporate commercial obligations.

Financing activities

Cash provided by financing activities totaled $7.3 million and $3.3 million for the first nine months of 2006 and 2005, respectively. Proceeds from the sale of common stock under stock plans were $4.0 million and $3.3 million during the first nine months of 2006 and 2005, respectively. The remaining increase in the first nine months of 2006 related to the excess tax benefit from stock transactions.

We have never paid or declared any cash dividends and do not intend to pay dividends in the foreseeable future.

28




Off-balance-sheet arrangements

We did not have any off-balance sheet arrangements as of September 30, 2006 or December 31, 2005.

Contingent consideration related to acquisition

We had a contingent consideration agreement related to our acquisition of HInnovation in February 2004. The maximum potential contingent consideration was initially $6.0 million with three different contingent consideration criteria.  Two of the contingent consideration criteria, based upon achieving revenue targets for the HInnovation products by March 2005 and licensing products using patents held by HInnovation by February 2006, were not met and expired.  The third contingent consideration criteria, based on the commercial launch of certain Vitrea software capabilities within the ViTALConnect software platform, which is the successor to HInnovation’s platform application known as “Iconnection,” was met on August 30, 2006.  As a result, we are to pay to the former shareholders of HInnovation contingent stock consideration consisting of 106,398 shares of our common stock, which, per the merger agreement, was determined by dividing $3.0 million by the average closing price of the Company’s common stock on the ten consecutive trading days ended on August 29, 2006, which is the day immediately prior to August 30, 2006.  The common stock was valued at $3.1 million for accounting purposes, which was based on the average of the closing sale prices of our common stock for several trading days occurring immediately before and immediately after August 30, 2006. The contingent payments resulted in a $3.1 million increase in goodwill.  The merger agreement provides for no additional consideration to be paid to the former HInnovation shareholders.

Agreement with R2 Technology, Inc.

In the first quarter of 2006, we reversed $236,000 of the $410,000 expense recorded in the fourth quarter of 2005 relating to our agreement with R2.  In the second quarter of 2006, we recorded a $167,000 expense relating to relating to our agreement with R2.  No such charges or reversals occurred during the third quarter of 2006.  As of September 30, 2006, the remaining potential aggregate commitment under this agreement ranges from a minimum of $0 to a maximum of approximately $2.5 million. See Note 9 to the Condensed Consolidated Financial Statements for further discussion.

Other purchase commitments

We had no significant outstanding purchase orders as of September 30, 2006. We have entered into a number of technology licensing agreements that provide for the payment of royalties when we sell Vitrea. Except for the R2 purchase commitment described above, we are not obligated for any minimum payments under such agreements.

Other matters

If our operations progress as anticipated, of which there can be no assurance, we believe that our cash and cash equivalents on hand and generated from operating and investing activities should be sufficient to satisfy our cash requirements, including commitments, for at least the next 12 months. The timing of our future capital requirements, however, will depend on a number of factors, including the ability and willingness of physicians to use advanced visualization and analysis software in clinical analysis, surgical planning, patient screening and other analysis and treatment protocols; our ability to successfully market our products; our ability to differentiate our volume rendering software from competing products employing surface rendering or other technologies; our ability to build and maintain an effective sales and distribution channel; the impact of competition in the medical visualization business; our ability to obtain any necessary regulatory approvals; our continued non-involvement in material regulatory matters of patent and intellectual property litigation; and our ability to enhance existing products and develop new products on a timely basis. To the extent that our operations do not progress as anticipated, additional capital may be required. There can be no assurance that any required additional capital will be available on acceptable terms or at all, and the failure to obtain any such capital would have a material adverse effect on the business.

29




This excerpt taken from the VTAL 10-Q filed Aug 9, 2006.

Liquidity and capital resources

As of June 30, 2006, we had $60.6 million in cash, cash equivalents and marketable securities, working capital (defined as current assets less current liabilities) of $55.7 million and no borrowings, as compared to $49.8 million in cash, cash equivalents and marketable securities, working capital of $45.6 million and no borrowings as of December 31, 2005.

Operating activities

During the first six months of 2006, cash provided by operations was $6.7 million. This amount includes a decrease of $2.7 million

22




 

related to the excess tax benefit from stock transactions. Before our adoption of SFAS 123(R) as of January 1, 2006, we presented all tax benefits resulting from the exercise of stock options and settlement of restricted stock awards as operating cash inflows in the consolidated statements of cash flows in accordance with the provisions of the Emerging Issues Task Force (“EITF”) Issue No 00-15, “Classification in the Statement of Cash Flows of the Income Tax Benefit Received by a Company upon Exercise of a Nonqualified Employee Stock Option.” SFAS 123(R) requires the benefits of tax deductions in excess of the compensation cost recognized for those options and stock awards to be classified as financing cash inflows rather than operating cash inflows on a prospective basis. This amount is shown as “Excess tax benefit from stock transactions” on the Condensed Consolidated Statements of Cash Flows.

Cash provided by operations increased $825,000 due to changes in working capital accounts. These changes were primarily related to a $2.1 million increase in deferred revenue due to increased sales and an increased customer base and a $945,000 decrease in accounts receivable due to improved collections.  Days’ sales outstanding (calculated by dividing quarterly revenue on an annualized basis by ending net accounts receivable) decreased to 72 days as of June 30, 2006 compared to 83 days as of December 31, 2005. We use days’ sales outstanding as an activity measure which places emphasis and focus on accounts receivable, but the measure used by us is not defined under U.S. generally accepted accounting principles, and similarly titled measures may not be computed the same by other companies.  These increases were offset by a $1.5 million decrease in accrued expenses and other current liabilities due to the payment in March 2006 of bonuses earned in 2005, a $429,000 decrease in accounts payable due to the general timing of payments to vendors and a $333,000 increase in prepaid expenses and other current assets due to an increase in prepaid insurance.

During the first six months of 2005, cash provided by operations was $5.3 million, which consisted of an increase of $369,000 from changes in working capital accounts and an increase of $5.0 million from other operating activities.  Noteworthy changes in the working capital accounts consisted of an increase in deferred revenue of $1.2 million due to increased deferred maintenance and support revenue as a result of an increase in our customer base and an increase of $1.2 million in deferred rent relating to payments and estimated payments to be made by our Minnetonka landlord for our benefit. These increases were offset by a $1.5 million increase in accounts receivable due to an increase in sales and an increase in days’ sales outstanding to 75 days as of June 30, 2005 from 67 days as of December 31, 2004.  Other changes in working capital accounts consisted of an increase of $451,000 in prepaid expenses and other assets due to an increase in prepaid insurance and an increase in hardware inventory; an increase of $367,000 in accounts payable due to increased operating costs and general timing of payments to vendors; and a decrease of $413,000 in accrued liabilities due to the payout of the 2004 annual bonus in the first quarter of 2005 as well as the payout of accrued commissions as of December 31, 2004 in the first quarter of 2005.

Investing activities

During the first six months of 2006, cash provided by investing activities was $16.7 million compared with a use of $5.5 million in the year-ago period.

We used $1.8 million and $3.7 million for purchases of property and equipment in the first six months of 2006 and 2005, respectively. The purchases for both periods were principally to upgrade computer equipment and to purchase computer equipment for new personnel. In addition, we purchased furniture and fixtures and leasehold improvements related to our move to our Minnetonka headquarters in the first quarter of 2005. We anticipate that we will continue to purchase property and equipment necessary in the normal course of business. The amount and timing of these purchases and the related cash outflows in future periods are difficult to predict and depend on a number of factors, including the hiring of employees, the rate of change of computer hardware and expansion of our office facilities.

We used $12.7 million and $7.5 million to purchase investments in marketable securities during the first six months of 2006 and 2005, respectively. We realized $31.2 million and $5.7 million of proceeds from maturities of marketable securities during the first six months of 2006 and 2005, respectively. As of June 30, 2006, our marketable securities consist of U.S. government obligations, U.S. government agency obligations, corporate commercial obligations and certificates of deposits.

Financing activities

Cash provided by financing activities totaled $5.7 million and $2.3 million for the first six months of 2006 and 2005, respectively. Proceeds from the sale of common stock under stock plans were $2.9 million and $2.3 million during the first six months of 2006 and 2005, respectively. The remaining increase in the first quarter of 2006 related to the excess tax benefit from stock transactions.

We have never paid or declared any cash dividends and do not intend to pay dividends in the foreseeable future.

Off-balance-sheet arrangements

We did not have any off-balance sheet arrangements as of June 30, 2006 or December 31, 2005.

23




 

Contingent consideration related to acquisition

We have a contingent consideration agreement related to the acquisition of HInnovation, Inc. The maximum potential contingent consideration was initially $6.0 million. No contingent consideration has been earned. As of June 30, 2006, the remaining potential contingent consideration consisted of $3.0 million in our common stock which may be earned upon porting our base software to HInnovation’s Web-based platform and the commercial launch of the ported product.  However, in no case shall the number of shares common stock comprising the contingent consideration exceed 300,000 shares and, if, at the time of issuance, the aggregate market value of the 300,000 shares is less than $3.0 million, we will pay cash to compensate for the shortfall.  The number of shares of common stock to be issued under the equity portion of the contingent consideration will be determined by the average closing price of our common stock during the 10 trading days before completion of the milestone.  Two other milestones, based upon achieving revenue targets for the HInnovation products by March 2005 and  licensing products using patents held by HInnovation by February 2006, were not met and expired. Any contingent payments made will result in an equivalent increase in goodwill.

Agreement with R2 Technology, Inc.

In the second quarter of 2006, we recorded a $167,000 expense relating to relating to our agreement with R2 Technology, Inc. (“R2”).  In the first quarter of 2006, we reversed $236,000 of the $410,000 expense recorded in the fourth quarter of 2005 relating to our agreement with R2.  As of June 30, 2006, the remaining potential aggregate commitment under this agreement ranges from a minimum of $0 to a maximum of approximately $2.8 million. See Note 9 to the Condensed Consolidated Financial Statements for further discussion.

Other purchase commitments

We had no significant outstanding purchase orders as of June 30, 2006. We have entered into a number of technology licensing agreements that provide for the payment of royalties when we sell Vitrea. Except for the R2 purchase commitment described above, we are not obligated for any minimum payments under such agreements.

Other matters

If our operations progress as anticipated, of which there can be no assurance, we believe that our cash and cash equivalents on hand and generated from operating and investing activities should be sufficient to satisfy our cash requirements, including commitments, for at least the next 12 months. The timing of our future capital requirements, however, will depend on a number of factors, including the ability and willingness of physicians to use advanced visualization and analysis software in clinical analysis, surgical planning, patient screening and other analysis and treatment protocols; our ability to successfully market our products; our ability to differentiate our volume rendering software from competing products employing surface rendering or other technologies; our ability to build and maintain an effective sales and distribution channel; the impact of competition in the medical visualization business; our ability to obtain any necessary regulatory approvals; our continued non-involvement in material regulatory matters of patent and intellectual property litigation; and our ability to enhance existing products and develop new products on a timely basis. To the extent that our operations do not progress as anticipated, additional capital may be required. There can be no assurance that any required additional capital will be available on acceptable terms or at all, and the failure to obtain any such capital would have a material adverse effect on the business.

This excerpt taken from the VTAL 10-Q filed May 10, 2006.

Liquidity and capital resources

 

As of March 31, 2006, we had $53.9 million in cash, cash equivalents and marketable securities, working capital of $51.9 million and no borrowings, as compared to $49.8 million in cash, cash equivalents and marketable securities, working capital of $45.6 million and no borrowings as of December 31, 2005.

 

Operating activities

 

During the first quarter of 2006, cash provided by operations was $26,000. This amount includes a decrease of $2.5 million

 

24



 

related to the excess tax benefit from stock transactions. Before our adoption of SFAS 123(R) as of January 1, 2006, we presented all tax benefits resulting from the exercise of stock options and settlement of restricted stock awards as operating cash inflows in the consolidated statements of cash flows in accordance with the provisions of the Emerging Issues Task Force (“EITF”) Issue No 00-15, “Classification in the Statement of Cash Flows of the Income Tax Benefit Received by a Company upon Exercise of a Nonqualified Employee Stock Option.” SFAS 123(R) requires the benefits of tax deductions in excess of the compensation cost recognized for those options and stock awards to be classified as financing cash inflows rather than operating cash inflows, on a prospective basis. This amount is shown as “Excess tax benefit from stock transactions” on the Condensed Consolidated Statements of Cash Flows.

 

Cash provided by operations also decreased $1.9 million due to changes in working capital accounts. These changes were primarily related to a $2.1 million decrease in accrued expenses and other current liabilities due to the payment in March 2006 of bonuses earned in 2005 and a $717,000 decrease in accounts payable due to the general timing of payments to vendors. These decreases were partially offset by a $946,000 increase in deferred revenue due to increased sales and an increased customer base. Other working capital changes included a $374,000 increase in prepaid expenses and other current assets and a $372,000 decrease in accounts receivable. Days’ sales outstanding (calculated by dividing quarterly revenue on an annualized basis by ending net accounts receivable) decreased to 81 days as of March 31, 2006 compared to 83 days as of December 31, 2005. We use days’ sales outstanding as an activity measure which places emphasis and focus on accounts receivable, but the measure used by us is not defined under U.S. generally accepted accounting principles, and similarly titled measures may not be computed the same by other companies.

 

Investing activities

 

We generated $15.9 million of cash related to investing activities in the first quarter of 2006 compared with a use of $2.2 million in the year-ago quarter.

 

We used $817,000 and $2.1 million for purchases of property and equipment in the first quarter of 2006 and 2005, respectively. The purchases for both periods were principally to upgrade computer equipment and to purchase computer equipment for new personnel. In addition, we purchased furniture and fixtures and leasehold improvements related to our move to our Minnetonka headquarters in the first quarter of 2005. We anticipate that we will continue to purchase property and equipment necessary in the normal course of business. The amount and timing of these purchases and the related cash outflows in future periods are difficult to predict and depend on a number of factors, including the hiring of employees and the rate of change of computer hardware.

 

We used $988,000 and $3.1 million to purchase investments in marketable securities during the first quarter of 2006 and 2005, respectively. We realized $17.7 million and $3.0 million of proceeds from maturities of marketable securities during the first quarter of 2006 and 2005, respectively. As of March 31, 2006, our marketable securities consist of U.S. government obligations, U.S. government agency obligations, corporate commercial obligations and certificates of deposits.

 

Financing activities

 

Cash provided by financing activities totaled $4.7 million and $1.1 million for the first quarter of 2006 and 2005, respectively. Proceeds from the sale of common stock under stock plans represented $2.2 million and $1.1 million during the first quarter of 2006 and 2005, respectively. The remaining $2.5 million increase in the first quarter of 2006 related to the excess tax benefit from stock transactions. Before our adoption of SFAS 123(R), we presented all tax benefits resulting from the exercise of stock options and settlement of restricted stock awards as operating cash inflows in the consolidated statements of cash flows, in accordance with the provisions of the Emerging Issues Task Force (“EITF”) Issue No 00-15, “Classification in the Statement of Cash Flows of the Income Tax Benefit Received by a Company upon Exercise of a Nonqualified Employee Stock Option.” SFAS 123(R) requires the benefits of tax deductions in excess of the compensation cost recognized for those options and stock awards to be classified as financing cash inflows rather than operating cash inflows, on a prospective basis. This amount is shown as “Excess tax benefit from stock transactions” on the Condensed Consolidated Statement of Cash Flows.

 

We have never paid or declared any cash dividends and do not intend to pay dividends in the near future.

 

25



 

Off-balance-sheet arrangements

 

We did not have any off-balance sheet arrangements as of March 31, 2006 or December 31, 2005.

 

Contingent consideration related to acquisition

 

We have a contingent consideration agreement related to the acquisition of HInnovation, Inc. The maximum potential contingent consideration was initially $6.0 million. No contingent consideration has been earned, and as of March 31, 2006, the remaining potential maximum contingent consideration was $1.5 million in cash, which may be earned upon porting our base software to HInnovation’s Web-based platform and the commercial launch of the ported product. Two other milestones, based upon achieving revenue targets for the HInnovation products by March 2005 and the licensing products incorporating patents held by HInnovation by February 2006, were not met and expired. Any contingent payments made will result in an equivalent increase in goodwill.

 

Agreement with R2 Technology, Inc.

 

In the first quarter of 2006, we reversed $236,000 of the $410,000 loss recorded in the fourth quarter of 2005 on relating our agreement with R2. See “Critical accounting policies and estimates – Agreement with R2 Technology, Inc.” for further discussion. As of March 31, 2006, the remaining potential aggregate commitment under this agreement ranges from a minimum of approximately $414,000 to a maximum of approximately $3.7 million.

 

Other purchase commitments

 

We had no significant outstanding purchase orders as of March 31, 2006. We have entered into a number of technology licensing agreements that provide for the payment of royalties when we sell Vitrea. Except for the R2 purchase commitment described above, we are not obligated for any minimum payments under such agreements.

 

Other matters

 

If our operations progress as anticipated, of which there can be no assurance, we believe that our cash and cash equivalents on hand and generated from operations should be sufficient to satisfy our cash requirements, including commitments, for at least the next 12 months. The timing of our future capital requirements, however, will depend on a number of factors, including the ability and willingness of physicians to use advanced visualization and analysis software in clinical analysis, surgical planning, patient screening and other analysis and treatment protocols; our ability to successfully market our products; our ability to differentiate our volume rendering software from competing products employing surface rendering or other technologies; our ability to build and maintain an effective sales and distribution channel; the impact of competition in the medical visualization business; our ability to obtain any necessary regulatory approvals; and our ability to enhance existing products and develop new products on a timely basis. To the extent that our operations do not progress as anticipated, additional capital may be required. There can be no assurance that any required additional capital will be available on acceptable terms or at all, and the failure to obtain any such capital would have a material adverse effect on the business.

 

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