Barnes and Noble 2013 Annual Report Download - page 35

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CONSOLIDATED STATEMENTS OF CASH FLOWS
FISCAL YEAR (In thousands) Fiscal 2013
Fiscal 2012
Restated, Note 2
Fiscal 2011
Restated, Note 2
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (157,806) (64,840) (68,873)
Adjustments to reconcile net loss to net cash flows from operating
activities:
Depreciation and amortization (including amortization of deferred
financing fees) 232,604 238,048 244,734
Stock-based compensation expense 20,187 20,775 20,978
Non-cash impairment charges 24,473 11,747 2,857
Deferred taxes (118,893) (37,570) 1,614
(Gain) loss on disposal of property and equipment (750) 2,590 893
Increase (decrease) in other long-term liabilities 24,985 (30,072) (55,143)
Changes in operating assets and liabilities, net 92,591 (164,790) 52,012
Net cash flows provided by (used in) operating activities 117,391 (24,112) 199,072
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (165,835) (163,552) (110,502)
Net increase in other noncurrent assets (5,745) (13,326) (1,466)
Other investing activities, net (4,100) — —
Proceeds from sale of distribution center — 18,000 —
Purchase of Borders Group, Inc. intellectual property — (14,528) —
Fictionwise earn-out payments — — (7,508)
Purchase of non-controlling interest — — (300)
Net cash flows used in investing activities (175,680) (173,406) (119,776)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of Preferred Membership interests 380,623 — —
Net proceeds from Microsoft Commercial Agreement financing
arrangement 48,706 — —
Net (decrease) increase in credit facility (247,200) 11,100 52,700
Proceeds from exercise of common stock options 3,400 1,097 17,233
Purchase of treasury stock (5,573) (4,090) (1,836)
Excess tax benefit from stock-based compensation 439 193 34
Cash dividends paid to shareholders (15,767) (7,081) (44,783)
Net proceeds from issuance of Series J preferred stock — 191,379 —
Payment of new deferred financing fees — (378) (10,180)
Payment of short term note payable — — (100,000)
Payment received for Calendar Club note receivable — — 6,000
Net cash flows provided by (used in) financing activities 164,628 192,220 (80,832)
Net decrease in cash and cash equivalents 106,339 (5,298) (1,536)
Cash and cash equivalents at beginning of year 54,131 59,429 60,965
Cash and cash equivalents at end of year $ 160,470 54,131 59,429
See accompanying notes to consolidated financial statements.
2013 Annual Report 33