Redbox 2011 Annual Report Download - page 59

COINSTAR, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the year ended December 31,
2011 2010 2009
Operating Activities:
Net income .................................................................... $103,883 $ 51,008 $ 57,270
Adjustments to reconcile net income to net cash flows from operating activities from continuing
operations:
Depreciation and other ....................................................... 145,478 123,687 86,418
Amortization of intangible assets and deferred financing fees ......................... 5,182 5,338 5,037
Share-based payments expense ................................................. 16,211 16,016 8,816
Excess tax benefits on share-based payments ...................................... (2,471) (6,887) —
Deferred income taxes ....................................................... 60,076 41,395 14,682
Loss (income) from discontinued operations, net of tax .............................. 11,068 14,886 (13,577)
Non-cash interest on convertible debt ............................................ 6,551 6,037 1,918
Other ..................................................................... 1,496 666 1,943
Cash flows from changes in operating assets and liabilities from continuing operations:
Accounts receivable ......................................................... (15,289) (7,087) (3,450)
Content library ............................................................. (2,062) (44,985) (27,736)
Prepaid expenses and other current assets ........................................ (4,869) (9,295) (2,224)
Other assets ................................................................ 1,769 1,793 (1,724)
Accounts payable ........................................................... 12,550 81,368 (12,774)
Accrued payable to retailers ................................................... 30,826 4,252 (5,601)
Other accrued liabilities ...................................................... 36,117 37,427 14,892
Net cash flows from operating activities from continuing operations ............ 406,516 315,619 123,890
Investing Activities:
Purchases of property and equipment ................................................ (179,236) (170,847) (148,467)
Proceeds from sale of property and equipment ......................................... 695 1,143 362
Proceeds from sale of businesses, net ................................................ 8,220 26,617 —
Equity investments .............................................................. (4,912) — —
Net cash flows from investing activities from continuing operations ............. (175,233) (143,087) (148,105)
Financing Activities:
Principal payments on capital lease obligations and other debt ............................ (28,202) (36,312) (27,204)
Proceeds from capital lease financing ................................................ — — 22,020
Borrowings from term loan ........................................................ 175,000 — —
Principal payments on term loan .................................................... (4,375) — (87,500)
Net payments on revolving line of credit ............................................. (150,000) (75,000) 42,500
Issuance of convertible debt ....................................................... — — 194,000
Financing costs associated with credit facility and convertible debt ........................ (4,196) — (3,984)
Payment of loan related to the purchase of non-controlling interest in Redbox ................ — — (113,867)
Excess tax benefits related to share-based payments .................................... 2,471 6,887 —
Repurchases of common stock and ASR program ...................................... (63,349) (49,245) —
Proceeds from exercise of stock options .............................................. 3,261 31,624 15,974
Net cash flows from financing activities from continuing operations ............ (69,390) (122,046) 41,939
Effect of exchange rate changes on cash ................................................ (454) (637) 3,466
Increase in cash and cash equivalents from continuing operations .......................... 161,439 49,849 21,190
Cash flows from discontinued operations:
Operating cash flows ............................................................. 9,678 (9,524) (8,272)
Investing cash flows ............................................................. (12,678) (2,600) (5,026)
Financing cash flows ............................................................. — (166) (2,536)
Net cash flows from discontinued operations ................................ (3,000) (12,290) (15,834)
Increase in cash and cash equivalents .................................................. 158,439 37,559 5,356
Cash and cash equivalents:
Beginning of period ............................................................. 183,416 145,857 140,501
End of period ................................................................... $341,855 $ 183,416 $ 145,857
Supplemental disclosure of cash flow information from continuing operations:
Cash paid during the period for interest ...................................... $ 16,221 $ 26,219 $ 27,970
Cash paid during the period for income taxes .................................. $ 5,393 $ 2,668 $ 1,332
Supplemental disclosure of non-cash investing and financing activities from continuing
operations:
Purchases of property and equipment financed by capital lease obligations .......... $ 15,122 $ 7,079 $ 13,399
Purchases of property and equipment included in ending accounts payable .......... $ 12,432 $ 10,976 $ 10,788
Non-cash consideration received from sale of the Money Transfer Business ......... $ 23,826 $ — $ —
Non-cash consideration for the purchase of Redbox non-controlling interest ......... $ — $ — $ 48,493
Underwriting discount and commissions on convertible debt ..................... $ — $ — $ 6,000
See accompanying Notes to Consolidated Financial Statements
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