Vistaprint 2013 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 2013 Vistaprint annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 149

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149

54
VISTAPRINT N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended June 30,
2013 2012 2011
Operating activities
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29,435 $ 43,994 $ 82,109
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,325 59,427 50,627
Share-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,928 25,413 21,677
Excess tax benefits derived from share-based compensation awards . . . . (1,796) (6,108) (2,515)
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,626) (1,810) 1,614
Loss in equity interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,910 — —
Non-cash gain on equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,414) — —
Abandonment of long-lived assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,529 — 252
Other non-cash items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 741 361 468
Changes in operating assets and liabilities excluding the effect of
business acquisitions:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,520) (1,405) (3,454)
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (525) 1,150 (1,466)
Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,802 (5,768) 5,034
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 511 5,667 (2,610)
Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 11,712 19,720 10,897
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,012 140,641 162,633
Investing activities
Purchases of property, plant and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (78,999) (46,420) (37,405)
Business acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (180,675) —
Proceeds from sale of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,750 — —
Purchases of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (750) (239) (205)
Capitalization of software and website development costs . . . . . . . . . . . . . . . . . . (7,667) (5,463) (6,290)
Maturities and redemptions of marketable securities . . . . . . . . . . . . . . . . . . . . . . — 529 9,570
Investment in equity interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,753) — —
Issuance of note receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (512) — —
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (98,931) (232,268) (34,330)
Financing activities
Proceeds from borrowings of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113,712 408,500 —
Payments of long-term debt and debt issuance costs . . . . . . . . . . . . . . . . . . . . . (105,661) (181,319) (5,222)
Payments of withholding taxes in connection with vesting of restricted share
units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,556) (4,149) (5,653)
Purchases of ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (64,351) (309,701) (56,935)
Excess tax benefits derived from share-based compensation awards . . . . . . . . . 1,796 6,108 2,515
Proceeds from issuance of ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,805 1,394 7,013
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53,255) (79,167) (58,282)
Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 (3,555) 3,804
Net (decrease) increase in cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . (12,138) (174,349) 73,825
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . 62,203 236,552 162,727
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,065 $ 62,203 $ 236,552
See accompanying notes.