We are not a capital-intensive business. Our capital expenditures heretofore
have been comprised of technology, fixtures and equipment to accommodate our
growth and we acquired and renovated a building placed into service in 2011.
Additionally, we capitalize the application development costs for new technology
and enhancements to our innovation platform. In 2013, we invested approximately
Initial Public Offering
February 7, 2012, we completed an initial public offering of common stock. The total offering size was 7,666,667 shares (after exercise by the underwriters of their over-allotment option), consisting of 6,388,883 shares issued and sold by us. Net proceeds to the Company were approximately $56.3 million, of which $23.3 millionwas used for a cash payment to holders of our outstanding preferred stock concurrently with the conversion of such shares into shares of common stock in connection with the closing of the IPO. Certain holders of our outstanding preferred stock who received cash payments included certain executive officers and directors. The Company did not receive proceeds from the sale of shares by the selling shareholders and none of that cash was used in the Company's operations. The net proceeds to the Company were $33.0 millionwhich was used in the ongoing operations and used to fund certain acquisitions and certain construction of the campus facilities.
Cash Flow Summary
Cash and cash equivalents were
$3.2 millionand $5.6 millionat June 30, 2013and 2012, respectively. As of June 30, 2013and 2012, we also had $8.0and $29.4 million, respectively, in short-term investments classified as available for sale. Our cash flows from operating, investing and financing activities, as reported in our consolidated financial statements included elsewhere in this report, are summarized as follows: For the years ended June 30, 2011 2012 2013
Net cash provided by operating activities
Net cash used in investing activities (20,314 ) (42,136 )
Net cash provided by financing activities 614 33,713