Vistaprint 2013 Annual Report Download - page 47

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44
Liquidity and Capital Resources
Consolidated Statements of Cash Flows Data:
In thousands
Year Ended June 30,
2013 2012 2011
Net cash provided by operating activities . . . . . . . . . . . . $ 140,012 $ 140,641 $ 162,633
Net cash used in investing activities . . . . . . . . . . . . . . . . (98,931) (232,268) (34,330)
Net cash used in financing activities . . . . . . . . . . . . . . . . (53,255) (79,167) (58,282)
At June 30, 2013, we had $50.1 million of cash and cash equivalents and $238.8 million of outstanding
debt. Cash and cash equivalents decreased $12.1 million during fiscal 2013. The cash flows during the twelve
months ended June 30, 2013 related primarily to the following items:
Cash inflows:
• Net income of $29.4 million;
• Positive adjustments to accrual based net income for non-cash items of $89.6 million primarily related to
depreciation and amortization of $64.3 million and share-based compensation costs of $32.9 million;
• Proceeds from borrowing of long-term debt of $113.7 million; and
• Changes in working capital balances of $21.0 million.
Cash outflows:
• Capital expenditures of $79.0 million of which $40.1 million were related to the construction of facilities,
$20.3 million were related to the purchase of manufacturing and automation equipment for our production
facilities, and $18.6 million were related to purchases of other assets, including information technology
infrastructure and office equipment;
• Repayments of long-term debt and debt issuance costs of $105.7 million;
• Purchases of our ordinary shares of $64.4 million;
• Our investment in Namex of $12.8 million; and
• Internal costs for software and website development that we have capitalized of $7.7 million.
Additional Liquidity and Capital Resources Information. During fiscal 2013, we financed our operations,
strategic investments in capital expenditures, ordinary share purchases and equity investment primarily through
internally generated cash flows from operations as well as our debt financing. We currently plan to invest
approximately $85 million to $100 million in total capital expenditures in fiscal 2014. Due to our recent investments,
our current liabilities continue to exceed our current assets; however, we believe that our available cash, cash flows
generated from operations, and our debt financing capacity will be sufficient to satisfy our working capital and
planned investments to support our long-term growth strategy, including capital expenditure requirements and any
share purchase activity, for the foreseeable future.
As of June 30, 2013, approximately $49.1 million of our cash and cash equivalents was held by our
subsidiaries; and undistributed earnings of our subsidiaries that are considered to be indefinitely reinvested were
$120.4 million. However, we do not intend to repatriate such funds as the cash and cash equivalent balances are
generally used and available, without legal restrictions, to fund ordinary business operations and investments of the
respective subsidiaries. If there is a change in the future, the repatriation of undistributed earnings from certain
subsidiaries, in the form of dividends or otherwise, could have tax consequences that could result in material cash
outflows.
Debt. We have access to borrow an aggregate of $498.8 million via our restated credit agreement, which is
composed of both revolving and term loan arrangements that have repayments due on various dates through