| COVISINT CORPORATION | |||||||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
| (In Thousands) | |||||||
| (Unaudited) | |||||||
|
SIX MONTHS
ENDED SEPTEMBER 30, | |||||||
| 2015 | 2014 | ||||||
| CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | |||||||
| Net loss | $ | (10,712 | ) | $ | (19,420 | ) | |
| Adjustments to reconcile net loss to cash provided by (used in) operations: | |||||||
| Depreciation and amortization | 3,497 | 4,687 | |||||
| Deferred income taxes | 48 | (56 | ) | ||||
| Stock award compensation | 1,822 | 3,874 | |||||
| Other | 5 | — | |||||
| Net change in assets and liabilities, net of effects from currency fluctuations: | |||||||
| Accounts receivable | 2,723 | 2,168 | |||||
| Other assets | 3,658 | 1,984 | |||||
| Accounts payable and accrued expenses | (1,625 | ) | 2,207 | ||||
| Deferred revenue | (2,986 | ) | (5,747 | ) | |||
| Net cash (used in) operating activities | $ | (3,570 | ) | $ | (10,303 | ) | |
| CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | |||||||
| Purchase of: | |||||||
| Property and equipment | (3,451 | ) | (1,873 | ) | |||
| Capitalized software | (1,526 | ) | (1,429 | ) | |||
| Proceeds from asset disposals | 29 | — | |||||
| Net cash (used in) investing activities | $ | (4,948 | ) | $ | (3,302 | ) | |
| CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | |||||||
| Cash payments from former parent company | — | 16,347 | |||||
| Cash payments to former parent company | — | (9,247 | ) | ||||
| Vendor financing payments | (369 | ) | — | ||||
| Net proceeds from exercise of stock awards | 486 | 1,184 | |||||
| Net cash provided by financing activities | $ | 117 | $ | 8,284 | |||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | 19 | (47 | ) | ||||
| NET CHANGE IN CASH | (8,382 | ) | (5,368 | ) | |||
| CASH AT BEGINNING OF PERIOD | 50,077 | 49,536 | |||||
| CASH AT END OF PERIOD | $ | 41,695 | $ | 44,168 | |||
