INTL FCStone 2014 Annual Report Download - page 75

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INTL FCSTONE INC. Form 10K 59
PART II
ITEM 8 Financial Statements and Supplementary Data
Consolidated Cash Flows Statements
(in millions)
Year Ended September 30,
2014 2013 2012
Cash flows from operating activities:
Net income $ 19.3 $ 19.3 $ 12.7
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
Depreciation and amortization 7.3 8.0 7.2
Provision for bad debts and impairments 5.5 0.8 1.7
Deferred income taxes (6.8) (7.8) (0.3)
Amortization of debt issuance costs and debt discount 1.0 1.2 1.7
Amortization of share-based compensation expense 4.3 9.3 5.9
Loss on sale of property and equipment 0.3 0.4 —
Gain on disposal of affiliate — (0.4) —
Gain on sale of exchange memberships and common stock — (9.1) —
Changes in operating assets and liabilities, net:
Cash, securities and other assets segregated under federal
and other regulations (1.3) (95.1) (199.9)
Deposits and receivables from exchange-clearing organizations (159.2) 42.3 (97.7)
Deposits and receivables from broker-dealers, clearing organizations,
and counterparties 1.1 (53.4) 46.2
Receivable from customers, net 32.0 (23.7) 46.4
Notes receivable, net (27.9) 66.6 (77.9)
Income taxes receivable 4.2 (0.2) (3.1)
Financial instruments owned, at fair value (42.6) 3.1 58.3
Physical commodities inventory 17.8 72.7 29.0
Other assets 0.1 4.3 (1.6)
Accounts payable and other accrued liabilities 1.9 (0.2) 10.6
Payable to customers 191.5 24.0 248.0
Payable to broker-dealers, clearing organizations and counterparties (5.2) (22.3) 35.9
Income taxes payable 5.2 0.5 0.3
Financial instruments sold, not yet purchased, at fair value 84.1 4.6 (215.5)
Net cash provided by (used in) operating activities 132.6 44.9 (92.1)
Cash flows from investing activities:
Disposal and deconsolidation of affiliates — 0.2 0.4
Cash paid for acquisitions, net — — (11.7)
Purchase of exchange memberships and common stock — (0.3) —
Sale of exchange memberships and common stock — 10.1 —
Purchase of property and equipment (4.3) (4.9) (8.7)
Net cash (used in) provided by investing activities (4.3) 5.1 (20.0)
Cash flows from financing activities:
Net change in payable to lenders under loans (38.5) (157.2) 140.8
Payments related to earn-outs on acquisitions (1.6) (12.0) (9.6)
Proceeds from issuance of senior unsecured notes — 45.5 —
Share repurchase (9.7) (3.9) (4.0)
Debt issuance costs (0.3) (3.7) (0.3)
Exercise of stock options 1.4 1.5 1.9
Income tax benefit on stock options and awards (0.1) 0.1 0.2
Net cash (used in) provided by financing activities (48.8) (129.7) 129.0