Barnes and Noble 2012 Annual Report Download - page 34

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CONSOLIDATED STATEMENTS OF CASH FLOWS
FISCAL YEAR (In thousands) Fiscal 2012 Fiscal 2011 Fiscal 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings (loss) $ (68,867) (73,957) 36,644
Adjustments to reconcile net earnings (loss) to net cash fl ows provided by
(used in) operating activities:
Depreciation and amortization (including amortization of deferred fi nancing
fees) 238,048 244,734 214,464
Stock-based compensation expense 20,775 20,978 15,723
Property and equipment impairment charge 11,747 2,857 12,102
Deferred taxes (37,570) 1,614 (57,170)
Loss on disposal of property and equipment 2,590 893 2,388
Decrease in other long-term liabilities (43,582) (57,256) (35,222)
Changes in operating assets and liabilities, net (147,253) 59,209 (60,528)
Net cash fl ows provided by (used in) operating activities (24,112) 199,072 128,401
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of distribution center 18,000 — —
Purchases of property and equipment (163,552) (110,502) (127,779)
Net increase in other noncurrent assets (13,326) (1,466) (3,568)
Purchase of Borders Group, Inc. intellectual property (14,528) — —
Fictionwise earn-out payments — (7,508) (2,612)
Purchase of non-controlling interest — (300) —
Acquisition of Barnes & Noble College Booksellers, Inc.
(net of cash acquired) — — (185,928)
Acquisition of Tikatok Inc. (net of cash acquired) — — (2,261)
Net cash fl ows used in investing activities (173,406) (119,776) (322,148)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of Redeemable Preferred Shares 191,379 — —
Net increase in credit facility 11,100 52,700 260,400
Cash dividends paid to shareholders (7,081) (44,783) (57,403)
Proceeds from exercise of common stock options 1,097 17,233 4,363
Purchase of treasury stock (4,090) (1,836) (3,028)
Excess tax benefi t from stock-based compensation 193 34 855
Financing fees paid (378) (10,180) (37,069)
Payment of short term note payable — (100,000) —
Payment received for Calendar Club note receivable — 6,000 —
Net cash fl ows provided by (used in) fi nancing activities 192,220 (80,832) 168,118
See accompanying notes to consolidated fi nancial statements.
32 Barnes & Noble, Inc.