Excerpted from 'Covad Communications Group Reports First Quarter 2007 Results', page 3, last bullet:
Cash, cash equivalents and short-term investments, and restricted cash and cash equivalents at the end of the first quarter of 2007 totaled $72.1 million, a decrease of $9.5 million when compared to the balance of $81.6 million at the and of the fourth quarter of 2006. This change in cash, cash equivalents and short-term investments, and restricted cash and cash equivalents for the first quarter of 2007 included $2.5 million of expenditures related to the LPVA build-out, which is being funded with the proceeds from the strategic agreement with EarthLink, a $6.8 million payment related to incentive programs accrued at the end of 2006, a $1.8 million semi-annual interest payment related our 3% convertible note, and $0.2 million related to the acquisition of DataFlo’s assets.
There you have it: Accrued in Q406, paid in Q107.
covad.com
>>>The 6.8 million paid out to the employees as 2006 incentive awards, paid out of 1Q07 earnings
I cross posted this on the moderated Yahoo board and it got shot down. I also looked through a few financial statements to try to find out the specifics on how the bonuses were accounted for, but couldn't find the details.
Can you reference a source? |
