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57
VISTAPRINT N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended June 30,
2012 2011 2010
Operating activities
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,994 $ 82,109 $ 67,741
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,427 50,627 44,367
Amortization of debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206 — —
Abandonment of intangible assets acquired in a business acquisition . . . . — — 920
Realized loss on marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . —71—
Realized loss on sale, disposal, or impairment of long-lived assets . . . . . . 155 486 535
Amortization of premiums and discounts on short-term investments . . . . . — 163 127
Share-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,413 21,677 22,380
Excess tax benefits derived from share-based compensation awards . . . . (6,108) (2,515) (6,272)
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,810) 1,614 179
Changes in operating assets and liabilities, excluding the effect of an
acquisition:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,405) (3,454) (3,727)
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150 (1,466) (2,224)
Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,484) 9,936 3,792
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,667 (2,610) 6,176
Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 25,436 5,995 19,707
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,641 162,633 153,701
Investing activities
Purchases of property, plant and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (46,420) (37,405) (101,326)
Proceeds from sale of equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 177
Business acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (180,675) — (6,496)
Purchases of marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (9,804)
Maturities and redemptions of marketable securities . . . . . . . . . . . . . . . . . . . . . . 529 9,570 100
Purchases of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (239) (205) —
Capitalization of software and website development costs . . . . . . . . . . . . . . . . . . (5,463) (6,290) (6,516)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (232,268) (34,330) (123,865)
Financing activities
Proceeds from borrowings of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408,500 — —
Payments of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (179,500) (5,222) (13,848)
Payments of debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,819) — —
Payments of withholding taxes in connection with vesting of restricted share
units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,149) (5,653) (6,142)
Purchase of ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (309,701) (56,935) —
Excess tax benefits derived from share-based compensation awards . . . . . . . . . 6,108 2,515 6,272
Proceeds from issuance of shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,394 7,013 14,977
Net cash (used in) provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . (79,167) (58,282) 1,259
Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,555) 3,804 (2,356)
Net (decrease) increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . (174,349) 73,825 28,739
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . 236,552 162,727 133,988
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 62,203 $ 236,552 $ 162,727
See accompanying notes.
Form 10-K