Overstock.com 2012 Annual Report Download - page 70
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Table of Contents
believe it is important to view free cash flow as a complement to our entire consolidated statements of cash flows as calculated below (in thousands):
We do not use derivative financial instruments in our investment portfolio, except, prior to January 1, 2013, for an interest rate cap agreement on
our line of credit (which expired on December 31, 2012), and we have no foreign exchange contracts. Our financial instruments consist of cash and
cash equivalents, trade accounts and contracts receivable, accounts payable and long-term obligations. We consider investments in highly-liquid
instruments with a remaining maturity of 90 days or less at the date of purchase to be cash equivalents.
Our exposure to market risk for changes in interest rates relates primarily to our short-term investments and short-term obligations; thus,
fluctuations in interest rates would not have a material impact on the fair value of these securities. However, the fair values of our investments may be
subject to fluctuations due to volatility of the stock market in general, investment-specific circumstances, and changes in general economic conditions.
At December 31, 2012, we had $93.5 million in cash and cash equivalents. Hypothetically, an increase or decrease in interest rates of one hundred
basis points would have an estimated impact of $935,000 on our earnings or loss or cash flows of these instruments.
At December 31, 2012, letters of credit totaling $1.8 million were outstanding under our credit facility. Hypothetically, an increase or decrease in
interest rates of one hundred basis points would have an estimated impact of $18,000 on our earnings or loss or cash flows of these instruments, if the
letters of credit were fully drawn.
The financial statements and supplementary data required by this item are included in Part IV, Item 15 of this Form 10-K and are presented
beginning on page F-1.
None.
61
Net cash provided by operating activities $ 28,145 $ 25,663 $ 16,322
Expenditures for fixed assets, including internal-use software and
website development (12,489) (8,741) (20,511)
Free cash flow $ 15,656 $ 16,922 $ (4,189)