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96
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31, 2011
(in thousands)
Outerwall
Inc.
Combined
Guarantor
Subsidiaries
Combined
Non-
Guarantor
Subsidiaries
Eliminations
and
Consolidation
Reclassifications Total
Operating Activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 103,883 $ 102,021 $ 6,218 $ (108,239) $ 103,883
Adjustments to reconcile net income to net cash flows from operating
activities from continuing operations:
Depreciation and other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,370 116,106 3,002 — 145,478
Amortization of intangible assets and deferred financing fees . . . 4,990 192 — — 5,182
Share-based payments expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,498 7,713 — — 16,211
Excess tax benefits on share-based payments . . . . . . . . . . . . . . . . (2,471) — — — (2,471)
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,057 44,362 1,657 — 60,076
Loss from discontinued operations, net of tax(1) . . . . . . . . . . . . . . 11,733 (729) 64 — 11,068
Loss from equity method investments, net . . . . . . . . . . . . . . . . . . 1,591 — — — 1,591
Non-cash interest on convertible debt . . . . . . . . . . . . . . . . . . . . . . 6,551 — — — 6,551
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (684) 589 — — (95)
Equity in (income) losses of subsidiaries. . . . . . . . . . . . . . . . . . . . (103,090) (5,149) — 108,239 —
Cash flows from changes in operating assets and liabilities:
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432 (15,504) (217) — (15,289)
Content library . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (436) (1,626) — — (2,062)
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . (2,718) (2,178) 27 — (4,869)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358 1,411 — — 1,769
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,977 6,915 (172) (170) 12,550
Accrued payable to retailers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,968 17,993 4,865 — 30,826
Other accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,132 26,002 2,983 — 36,117
Net cash flows from operating activities . . . . . . . . . . . . . . . . . . 90,141 298,118 18,427 (170) 406,516
Investing Activities:
Purchases of property and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . (67,409) (109,492) (2,335) — (179,236)
Proceeds from sale of property and equipment. . . . . . . . . . . . . . . . . . . . 193 445 57 — 695
Proceeds from sale of businesses, net. . . . . . . . . . . . . . . . . . . . . . . . . . . 8,220 — — — 8,220
Cash paid for equity investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,912) — — — (4,912)
Investments in and advances to affiliates . . . . . . . . . . . . . . . . . . . . . . . . 184,264 (173,452) (10,812) — —
Net cash flows from investing activities . . . . . . . . . . . . . . . . . . . . . . . 120,356 (282,499) (13,090) — (175,233)
Financing Activities:
Principal payments on capital lease obligations and other debt . . . . . . . (5,396) (22,480) (326) — (28,202)
Borrowings from term loan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000 — — — 175,000
Principal payments on credit facility . . . . . . . . . . . . . . . . . . . . . . . . . . . (154,375) — — — (154,375)
Financing costs associated with Credit Facility and senior unsecured
notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,196) — — — (4,196)
Excess tax benefits related to share-based payments . . . . . . . . . . . . . . . 2,471 — — — 2,471
Repurchases of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (63,349) — — — (63,349)
Proceeds from exercise of stock options. . . . . . . . . . . . . . . . . . . . . . . . . 3,261 — — — 3,261
Net cash flows from financing activities . . . . . . . . . . . . . . . . . . . . . . . (46,584) (22,480) (326) — (69,390)
Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . . . . 78 (102) (430) — (454)
Increase (decrease) in cash and cash equivalents. . . . . . . . . . . . . . . . 163,991 (6,963) 4,581 (170) 161,439
Cash flows from discontinued operations:(1)
Operating cash flows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 9,678 — 9,678
Investing cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (12,678) — (12,678)
Net cash flows from discontinued operations . . . . . . . . . . . . . . — — (3,000) — (3,000)
Increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . 163,991 (6,963) 1,581 (170) 158,439