CBEYOND, INC.

CIK:0001205727|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenue:
Revenue	$ 108,537	$ 119,946
Operating expenses:
Cost of revenue (exclusive of depreciation and amortization shown separately below)	36,556	38,788
Selling, general and administrative (exclusive of depreciation and amortization of shown separately below)	61,220	63,771
Depreciation and amortization	16,191	17,605
Total operating expenses	113,967	120,164
Operating income (loss)	(5,430)	(218)
Other (expense) income:
Interest expense	(232)	(153)
Income (loss) before income taxes	(5,662)	(371)
Income tax (expense) benefit	(263)	(185)
Net income (loss)	$ (5,925)	$ (556)
Net income (loss) per common share:
Basic	$ (0.19)	$ (0.02)
Diluted	$ (0.19)	$ (0.02)
Weighted average common shares outstanding:
Basic	30,586	30,175
Diluted	30,586	30,175

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating Activities:
Net income (loss)	$ (5,925)	$ (556)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	16,191	17,605
Deferred taxes	112	119
Provision for doubtful accounts	1,059	919
Share-based compensation expense	2,713	2,979
Changes in operating assets and liabilities:
Accounts receivable	(206)	(974)
Inventory	(671)	(307)
Prepaid expenses and other current assets	(850)	(1,835)
Other assets	1,293	784
Accounts payable	731	(3,667)
Other liabilities	(2,268)	(7,637)
Net cash provided by operating activities	12,179	7,430
Investing Activities:
Purchases of property and equipment	(12,929)	(12,434)
Net cash used in investing activities	(12,929)	(12,434)
Financing Activities:
Taxes paid on vested restricted shares	(1,058)	(1,478)
Repayments of Long-term Capital Lease Obligations	(900)	(244)
Financing issuance costs	0	(120)
Proceeds from exercise of stock options	94	46
Net cash used in financing activities	(1,864)	(1,796)
Net increase (decrease) in cash and cash equivalents	(2,614)	(6,800)
Cash and cash equivalents at beginning of period	28,879	30,620
Cash and cash equivalents at end of period	26,265	23,820
Supplemental disclosure:
Interest paid	204	116
Proceeds from Income Tax Refunds	381	0
Non-cash purchases of property and equipment	$ 1,242	$ 3,017

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 26,265	$ 28,879
Accounts receivable, net	21,291	22,144
Prepaid expenses	12,186	10,857
Inventory, net	1,997	1,326
Other assets	1,249	1,728
Total current assets	62,988	64,934
Property and equipment, net	152,014	153,758
Goodwill	19,814	19,814
Intangible assets, net	5,315	5,595
Other non-current assets	3,274	4,567
Total assets	243,405	248,668
Current liabilities:
Accounts payable	12,782	12,051
Accrued telecommunications costs	13,699	12,546
Deferred customer revenue	10,929	11,455
Other accrued liabilities	18,013	19,820
Current portion of fiber debt	4,268	3,963
Total current liabilities	59,691	59,835
Non-current fiber debt	14,768	14,874
Other non-current liabilities	6,558	7,349
Stockholders' equity:
Common stock, $0.01 par value; 50,000 shares authorized; 30,751 and 29,924 shares issued and outstanding, respectively	310	303
Preferred stock, $0.01 par value; 15,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	336,108	334,412
Accumulated deficit	(174,030)	(168,105)
Total stockholders' equity	162,388	166,610
Total liabilities and stockholders' equity	$ 243,405	$ 248,668