Redbox 2008 Annual Report Download - page 57

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COINSTAR, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
2008 2007 2006
Year Ended December 31,
OPERATING ACTIVITIES:
Net income (loss) . ............................................................. $ 14,112 $ (22,253) $ 18,627
Adjustments to reconcile (loss) income from operations to net cash provided by operating activities:
Depreciation and other . ........................................................ 76,661 58,841 52,836
Amortization of intangible assets and deferred financing fees . . ................................ 9,612 8,043 6,980
Write-off of acquisition costs . . ................................................... 1,004 — —
Loss on early retirement of debt . ................................................... — 1,794 238
Impairment and excess inventory charges .............................................. — 65,220 —
Non-cash stock-based compensation . . . .............................................. 8,811 6,421 6,258
Excess tax benefit on share based awards .............................................. — (3,764) (1,033)
Deferred income taxes. . ........................................................ 12,121 (9,142) 10,183
Loss (income) from equity investments. . .............................................. 3,449 (1,624) 66
Return on equity investments . . ................................................... — — 929
Minority interest ............................................................. 14,436 — —
Other . . . ................................................................. 1,083 (656) 38
Cash (used) provided by changes in operating assets and liabilities, net of effects of business acquisitions:
Accounts receivable . . . ........................................................ 26,503 (27,016) (8,464)
Inventory ................................................................. (33,078) (3,547) (9,253)
Prepaid expenses and other current assets .............................................. (8,772) (8,594) (3,138)
Other assets . . . ............................................................. (481) (4,773) (444)
Accounts payable ............................................................ 60,801 (7,624) 25,507
Accrued payable to retailers and agents . .............................................. 4,526 2,535 9,977
Other accrued liabilities . ........................................................ 1,039 4,205 6,073
Net cash provided by operating activities .............................................. 191,827 58,066 115,380
INVESTING ACTIVITIES:
Purchase of property and equipment . . . .............................................. (163,643) (84,318) (45,867)
Acquisitions, net of cash acquired ................................................... (24,829) (7,249) (31,254)
Equity investments ............................................................ — — (12,109)
Loan to equity investee . ........................................................ — (10,000) —
Proceeds from sale of fixed assets ................................................... 3,237 2,294 254
Net cash used by investing activities . . . .............................................. (185,235) (99,273) (88,976)
FINANCING ACTIVITIES:
Principal payments on long-term debt, revolver loan and capital lease obligations ...................... (442,731) (338,543) (24,209)
Borrowings on previous and current credit facilities . . . ..................................... 433,500 400,500 —
Financing costs associated with revolving line of credit . ..................................... — (1,692) —
Excess tax benefit on share based awards .............................................. — 3,764 1,033
Repurchase of common stock . . ................................................... — (10,025) (8,023)
Proceeds from exercise of stock options . .............................................. 8,629 4,281 5,357
Net cash (used) provided by financing activities . ......................................... (602) 58,285 (25,842)
Effect of exchange rate changes on cash .................................................. (10,547) 1,350 2,335
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS, CASH IN MACHINE OR IN TRANSIT, AND
CASH BEING PROCESSED ....................................................... (4,557) 18,428 2,897
CASH AND CASH EQUIVALENTS, CASH IN MACHINE OR IN TRANSIT, AND CASH BEING PROCESSED:
Beginning of period . . . ........................................................ 196,592 178,164 175,267
End of period . . ............................................................. $192,035 $ 196,592 $178,164
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest . .............................................. $ 18,990 $ 18,901 $ 14,795
Cash paid during the period for income taxes . . . ......................................... 3,636 3,480 1,982
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchase of machines and vehicles financed by capital lease obligations . ........................... $ 21,497 $ 9,700 $ 13,811
Common stock issued in conjuction with acquisition . . ..................................... — — 1,673
Accrued acquisition costs ........................................................ 10,000 1,051 217
See notes to Consolidated Financial Statements
55