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Our cash and cash equivalent balances decreased $13.8 million during the year ended March 31, 2011, compared to an increase of $27.8 million during the year ended March 31, 2010. The cash was generated from or used in: Operating Activities. During the year ended March 31, 2011, we used $21.9 million in cash in our operating activities, which consisted of a net loss for the period of $38.5 million, offset by non-cash adjustments (primarily change in fair value of warrant liability, employee stock-based compensation, depreciation and amortization, warranty and inventory charges) of $13.8 million and cash generated from working capital of $2.8 million. During the year ended March 31, 2010, operating cash usage was $34.6 million, which consisted of a net loss for the period of $67.2 million and cash used for working capital of $1.3 million offset by non-cash adjustments of $33.9 million. During the year ended March 31, 2011, an additional $4.1 million in cash was generated from working capital compared to the year ended March 31, 2010. The increase in cash generated from working capital during the year ended March 31, 2011 reflects the following: • An increase in accounts receivable of $1.1 million during the year ended March 31, 2011 compared to an increase in accounts receivable of $7.8 million during the year ended March 31, 2010. The change in accounts receivable decreased $6.7 million during the year ended March 31, 2011 compared to the year ended March 31, 2010 because of the timing of collections and higher sales occurring at the end of the period. • An increase in accounts payable and accrued expenses of $5.0 million during the year ended March 31, 2011 compared to an increase in accounts payable and accrued expenses of $4.1 million during the year ended March 31, 2010. The change in accounts payable and accrued expenses increased $0.9 million during the year ended March 31, 2011 compared to the year ended March 31, 2010 primarily because of an increase in inventory purchases as a result of higher unit shipments. • No change in other current liabilities during the year ended March 31, 2011 compared to a decrease in other current liabilities of $0.8 million during the year ended March 31, 2010. Other current liabilities during the year ended March 31, 2011 remained stable as certain Carrier Corporation Development Agreement milestones were completed during the first quarter of Fiscal 2010. • A decrease in accrued warranty reserve of $2.0 million during the year ended March 31, 2011 compared to a decrease in accrued warranty reserve of $2.6 million during the year ended March 31, 2010. The change in accrued warranty reserve decreased $0.6 million during the year ended March 31, 2011 compared to the year ended March 31, 2010 because of lower warranty costs incurred in the current year for our C200 and C1000 Series systems. • An increase in deferred revenues of $0.2 million during the year ended March 31, 2011 compared to a decrease in deferred revenues of $0.3 million during the year ended March 31, 2010. The change in deferred revenues increased $0.5 million during the year ended March 31, 2011 compared to the year ended March 31, 2010 because of an increase in advanced payments from our comprehensive FPP service programs compared to the same period last year. • An increase in prepaid expenses and other current assets of $0.9 million during the year ended March 31, 2011 compared to a decrease in prepaid expenses and other current assets of $0.3 million during the year ended March 31, 2010. The change in prepaid expenses and other current assets increased $1.2 million during the year ended March 31, 2011 compared to the year ended March 31, 2010 because of prepaid inventory held at vendor sites for which title remains with the vendor. 45PDF Image | 2011 Annual Report Capstone Turbine Corporation
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