Overstock.com 2012 Annual Report Download - page 67
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Table of Contents
For the years ended December 31, 2012 and 2011, financing activities resulted in net cash outflows of $17.8 million and $43.8 million,
respectively.
Financing activities for the year ended December 31, 2012 resulted in net cash outflows of $17.8 million primarily from $17.0 million used for
repayment of our line of credit.
Financing activities for the year ended December 31, 2011 resulted in net cash outflows of $43.8 million primarily from $34.6 million used for
retirement of long-term debt, $24.9 million used for retirement of finance obligations, partially offset by $17.0 million in proceeds from a draw on our
line of credit (which was used for the retirement of long-term debt).
At present we do not have an authorized stock repurchase program, and we did not repurchase any shares of our common stock in the market or
any of our debt during 2012. Our board of directors may authorize a stock repurchase program in the future. During the years ended December 31,
2012 and 2011, we withheld from vesting restricted stock awards a total of 68,000 and 100,000 shares of our common stock for $471,000 and
$1.6 million, respectively. The shares withheld represented the minimum tax withholdings upon the vesting of those restricted stock award grants to
satisfy the minimum tax withholdings owed by the grantee of the restricted stock award grant. None of these shares were repurchased in the open
market.
The following table summarizes our contractual obligations as of December 31, 2012 and the effect such obligations and commitments are
expected to have on our liquidity and cash flow in future periods (in thousands):
From time to time we enter into operating leases for facilities and equipment for use in our operations.
During 2011, we entered into a six-year agreement with the Oakland-Alameda County Coliseum Authority ("OACCA") for the right to name the
Oakland Alameda County Coliseum. Amounts represent annual payments due OACCA for the naming rights. We have the right to terminate this
agreement at our sole option, subject to payment of a termination fee.
58
Operating leases 9,452 9,899 8,320 1,630 183 — 29,484
Naming rights 1,273 1,311 1,351 1,391 — — 5,326
Purchase obligations 15,114 — — — — — 15,114
Other 1,974 2,424 4,398
Total contractual cash
obligations $27,813 $ 13,634 $ 9,671 $ 3,021 $ 183 $ — $ 54,322
Letters of credit $ 1,780 $ — $ — $ — $ — $ — $ 1,780