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VISTAPRINT N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
2010 2009 2008
Year Ended June 30,
Operating activities
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 67,741 $ 55,686 $ 39,831
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . 44,367 35,713 25,193
Abandonment of intangible assets acquired in a business
acquisition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 920 — —
Loss on sale, disposal, or impairment of long-lived assets . . . . 535 1,892 133
Amortization of premiums and discounts on short-term
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 — —
Share-based compensation expense . . . . . . . . . . . . . . . . . . . 22,380 19,473 14,747
Tax benefits derived from share-based compensation
awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,272) (9,603) (1,301)
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 (4,538) (2,029)
Changes in operating assets and liabilities, excluding the
effect of an acquisition:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,727) 276 (1,257)
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,224) (1,921) (1,309)
Prepaid expenses and other assets . . . . . . . . . . . . . . . . 3,792 (4,879) (2,173)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,176 3,148 2,439
Accrued expenses and other liabilities . . . . . . . . . . . . . . 19,707 24,804 13,457
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . 153,701 120,051 87,731
Investing activities
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . (101,326) (76,286) (62,740)
Proceeds from sale of equipment. . . . . . . . . . . . . . . . . . . . . . . . . . 177 — —
Business acquisition, net of cash acquired . . . . . . . . . . . . . . . . . . . (6,496) — —
Purchases of marketable securities . . . . . . . . . . . . . . . . . . . . . . . . (9,804) (6,078) (49,487)
Sales and maturities of marketable securities . . . . . . . . . . . . . . . . . 100 31,937 61,117
Purchase of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (1,250)
Capitalization of software and website development costs . . . . . . . . (6,516) (7,168) (5,696)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . (123,865) (57,595) (58,056)
Financing activities
Repayments of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,848) (3,219) (3,251)
Payment of withholding taxes in connection with vesting of restricted
share units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,142) (4,176) (3,391)
Repurchase of ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . — (45,518) —
Tax benefits derived from share-based compensation awards. . . . . . 6,272 9,603 1,301
Proceeds from issuance of shares . . . . . . . . . . . . . . . . . . . . . . . . . 14,977 12,067 8,321
Net cash provided by (used in) financing activities . . . . . . . . . . . . . . 1,259 (31,243) 2,980
Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . (2,356) (370) 1,026
Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . 28,739 30,843 33,681
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . 133,988 103,145 69,464
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . $ 162,727 $ 133,988 $ 103,145
See accompanying notes.
64