| Cash Flow for Ultimate Software Group Inc. (ULTI) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 33,129 | 4,133 | 3,425 | (5,024) | (9,169) | | Depreciation & Amortization | 7,068 | 5,371 | 4,426 | 5,055 | 5,032 | | Deferred Income Taxes | (19,851) | - | - | - | - | | Operating Losses | - | - | 1,636 | 696 | 345 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (9,588) | (8,940) | (6,395) | (3,727) | 876 | | Decrease in Inventories | - | - | - | - | - | | Decrease in Other Current Assets | - | - | (1,066) | (471) | (838) | | Increase in Payables | (366) | 1,021 | 411 | (347) | (144) | | Increase in Other Current Liabilities | 2,039 | 3,365 | 5,372 | 4,503 | (3,356) | | Decrease in Other Working Capital | 6,222 | 6,105 | - | - | - | | Other Non-Cash Items | 11,677 | 7,059 | - | - | - | | Net Cash from Continuing Operations | 29,140 | 15,430 | 5,397 | 280 | (8,690) | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 29,140 | 15,430 | 5,397 | 280 | (8,690) | | | | Sale of Property, Plant, Equipment | - | - | - | - | - | | Sale of Short Term Investments | 17,890 | 20,990 | 16,914 | - | - | | | Purchase of Property, Plant, Equipment | (9,082) | (8,168) | (3,022) | (4,695) | (1,953) | | Acquisitions | (24) | (3,627) | - | - | (350) | | Purchase of Short Term Investments | (20,036) | (22,208) | (21,421) | (10,560) | - | | Other Investment Changes, Net | - | - | (182) | - | - | | Cash from Investing Activities | (11,252) | (13,013) | (7,711) | (15,255) | (2,303) | | | Issuance of Debt | - | - | 751 | 449 | - | | Issuance of Capital Stock | 7,617 | 8,602 | 5,846 | 16,625 | 18,066 | | | Repayment of Debt | (2,813) | (2,218) | (1,318) | (1,116) | (2,264) | | Repurchase of Capital Stock | (21,957) | (9,797) | - | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | - | - | - | - | - | | Cash from Financing Activities | (17,153) | (3,413) | 5,279 | 15,958 | 15,802 | | | | Effect of Exchange Rate Changes | (7) | (1) | - | - | - | | Net Change in Cash | 728 | (997) | 2,965 | 983 | 4,809 | | | Cash at Beginning of Year | 16,734 | 17,731 | 14,766 | 13,783 | 8,974 | | Cash at End of Period | 17,462 | 16,734 | 17,731 | 14,766 | 13,783 | | | |
