Redbox 2009 Annual Report Download - page 72

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COINSTAR, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2009 2008 2007
OPERATING ACTIVITIES:
Net income (loss) .................................................................... $ 57,270 $ 28,548 $ (22,253)
Adjustments to reconcile net income (loss) to net cash provided by operating activities from
continuing operations:
Depreciation and other ........................................................ 91,858 61,469 29,820
Amortization of intangible assets and deferred financing fees ......................... 9,386 8,694 5,920
Write-off of acquisition costs ................................................... 1,262 1,004 —
Non-cash stock-based compensation for employees ................................. 7,671 8,811 6,421
Share-based payments for DVD agreement ........................................ 1,410 — —
Excess tax benefit on share-based awards ......................................... — — (3,764)
Deferred income taxes ........................................................ 14,494 12,121 (9,142)
Income from equity investments ................................................ — 3,449 (1,624)
(Income) loss from discontinued operations, net of tax ............................... (28,007) 4,953 45,049
Goodwill impairment loss ..................................................... 7,371 — —
Loss on early retirement of debt ................................................ 1,082 — 1,794
Other ..................................................................... 2,514 1,083 (684)
Cash (used) provided by changes in operating assets and liabilities from continuing operations, net of
effects of business acquisitions:
Accounts receivable .......................................................... (9,536) 26,065 (27,496)
Inventory and DVD library .................................................... (29,191) (38,788) (4,304)
Prepaid expenses and other current assets ......................................... (15,417) (8,122) (8,051)
Other assets ................................................................ (3,259) (541) (5,034)
Accounts payable ............................................................ (13,692) 66,212 (32,717)
Accrued payable to retailers and agents .......................................... 1,515 6,475 5,007
Other accrued liabilities ....................................................... 18,932 4,179 45,529
Net cash provided by operating activities from continuing operations ....................... 115,663 185,612 24,471
INVESTING ACTIVITIES:
Purchase of property and equipment ............................................. (153,470) (150,819) (54,895)
Acquisitions, net of cash acquired ............................................... (1,229) (24,829) (7,249)
Loan to equity investee ....................................................... — — (10,000)
Proceeds from sale of fixed assets ............................................... 315 — 220
Net cash used by investing activities from continuing operations ........................... (154,384) (175,648) (71,924)
FINANCING ACTIVITIES:
Principal payments on capital lease obligations and other debt ........................ (27,278) (17,056) (1,081)
Proceeds from capital lease financing ............................................ 22,020 — —
Net borrowings on credit facility ................................................ 42,500 13,000 70,047
Payoff of term loan .......................................................... (87,500) — —
Convertible debt borrowings, net of underwriting discount and commissions of $6,000 ..... 194,000 — —
Financing costs associated with revolving line of credit and convertible debt ............. (3,984) — (1,692)
Cash used to purchase remaining non-controlling interests in Redbox ................... (113,867) — —
Excess tax benefit on share-based awards ......................................... — — 3,764
Repurchase of common stock .................................................. — — (10,025)
Proceeds from exercise of stock options .......................................... 15,973 8,629 4,281
Net cash provided by financing activities from continuing operations ....................... 41,864 4,573 65,294
Effect of exchange rate changes on cash ...................................................... 1,105 (10,106) 1,350
NET INCREASE IN CASH AND CASH EQUIVALENTS, CASH IN MACHINE OR IN TRANSIT,
AND CASH BEING PROCESSED FROM CONTINUING OPERATIONS ....................... 4,248 4,431 19,191
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Operating cash flows ......................................................... 14,872 5,774 33,594
Investing cash flows .......................................................... (16,397) (9,587) (27,348)
Financing cash flows ......................................................... (2,462) (5,175) (7,009)
(3,987) (8,988) (763)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, CASH IN MACHINE OR IN
TRANSIT, AND CASH BEING PROCESSED .............................................. 261 (4,557) 18,428
CASH AND CASH EQUIVALENTS, CASH IN MACHINE OR IN TRANSIT, AND CASH BEING
PROCESSED:
Beginning of period .......................................................... 192,035 196,592 178,164
End of period ............................................................... $192,296 $ 192,035 $196,592
See notes to Consolidated Financial Statements
66