Barnes and Noble 2015 Annual Report Download - page 39

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CONSOLIDATED STATEMENTS OF CASH FLOWS
FISCAL YEAR (In thousands) Fiscal 2015 Fiscal 2014 Fiscal 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 36,596 (47,268) (157,806)
Adjustments to reconcile net income (loss) to net cash flows
from operating activities:
Depreciation and amortization
(including amortization of deferred financing fees) 199,652 222,764 232,604
Stock-based compensation expense 19,989 12,171 20,187
Non-cash impairment charges 373 32,390 24,473
Deferred taxes (12,578) 43,225 (118,893)
(Gain) loss on disposal of property and equipment 4,843 (572) (750)
Increase (decrease) in other long-term liabilities (30,532) (10,382) 24,985
Pension reclassification (see Note 8) 7,317 — —
Changes in operating assets and liabilities, net (169,752) 67,628 92,591
Net cash flows provided by operating activities 55,908 319,956 117,391
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (143,257) (134,981) (165,835)
Net (increase) decrease in other noncurrent assets (5,712) 6,482 (5,745)
Other investing activities, net (3,000) — (4,100)
Net cash flows used in investing activities (151,969) (128,499) (175,680)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of Preferred Membership interests — — 380,623
Net proceeds from Microsoft Commercial Agreement financing
arrangement 57,161 84,675 48,706
Proceeds from credit facility 349,400 734,000 1,639,600
Payments on credit facility (349,400) (811,000) (1,886,800)
Proceeds from exercise of common stock options 1,282 1,031 3,400
Purchase of treasury stock (10,607) (5,254) (5,573)
Excess tax benefit from stock-based compensation 1,865 560 439
Cash dividends paid to shareholders (16,026) (15,768) (15,767)
Payment of Junior Seller Note (127,250) — —
Acquisition of Preferred Membership Interests (76,175) — —
Net cash flows provided by (used in) financing activities (169,750) (11,756) 164,628
Net increase (decrease) in cash and cash equivalents (265,811) 179,701 106,339
Cash and cash equivalents at beginning of year 340,171 160,470 54,131
Cash and cash equivalents at end of year $ 74,360 340,171 160,470
See accompanying notes to consolidated financial statements.
2015 Annual Report 37