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<PAGE>
Intraware
Statement of Cash Flows
5/31/00
<TABLE>
<CAPTION>
For the Three Months Ended
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May 31, 2000 May 31, 1999
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(unaudited) (unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (11,783) $ (4,631)
Adjustments to reconcile net loss to net cash used
in operating activities:
Depreciation and amortization 1,843 290
Amortization of unearned compensation 846 811
Provision for doubtful accounts 459 36
Changes in assets and liabilities:
Accounts receivable (7,757) (2,756)
Prepaid licenses and services (5,328) 5,828
Other current assets (460) 198
Other assets (117) 236
Accounts payable (7,779) (8,765)
Accrued expenses (1,544) 1,168
Deferred revenue 4,859 2,321
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Net cash used in operating activities (26,761) (5,264)
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Cash flows from investing activities:
Purchase of property and equipment (3,132) (2,350)
Proceeds from sales of investments 27,516 -
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Net cash provided by (used) in investment activities 24,384 (2,350)
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Cash flows from financing activities:
Payments on bank borrowings - (871)
Proceeds from initial public offering - 59,520
Proceeds from Common Stock 1,023 5,158
Proceeds (principal payments) on
capital lease obligation (12) (36)
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Net cash provided by financing activities 1,011 63,771
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Net increase (decrease) in cash and cash equivalents (1,366) 56,157
Cash and cash equivalents at beginning of period 16,013 3,286
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Cash and cash equivalents at end of period $ 14,647 $ 59,443
==================== ===================
Supplemental disclosure of cash flow information:
Cash paid for interest $ 21 $ 35
Supplemental non-cash activity:
Property and equipment leases $ 486 $ -
Prepaid maintenance leases $ 221 $ -
</TABLE>
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