Callaway 2012 Annual Report Download - page 82

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CALLAWAY GOLF COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2012 2011 2010
Cash flows from operating activities:
Net loss .............................................................. $(122,946) $(171,820) $(18,804)
Adjustments to reconcile net loss to net cash (used in) provided by operating
activities:
Depreciation and amortization ........................................ 34,411 38,636 40,949
Impairment charges ................................................ 21,933 6,533 7,547
Deferred taxes .................................................... (1,925) 55,930 (3,788)
Non-cash share-based compensation ................................... 3,142 9,570 9,588
Deferred gain amortization and (gain)/loss on disposal of long-lived assets .... (1,261) (7,491) 177
Gain on sale of intangible assets ...................................... (6,602) — —
Discount amortization on convertible notes ............................. 235 — —
Changes in assets and liabilities:
Accounts receivable, net ............................................ 23,701 28,100 (2,096)
Inventories ....................................................... 20,216 36,460 (38,824)
Other assets ...................................................... 1,044 20,599 (9,896)
Accounts payable and accrued expenses ................................ 1,042 (12,613) 13,012
Accrued employee compensation and benefits ........................... (4,057) (4,187) 2,595
Accrued warranty expense ........................................... (601) (287) (1,022)
Income taxes receivable and payable ................................... 2,563 7,653 8,356
Other liabilities .................................................... 297 3,015 1,838
Net cash (used in) provided by operating activities ............................ (28,808) 10,098 9,632
Cash flows from investing activities:
Capital expenditures .................................................... (18,403) (28,931) (22,216)
Proceeds from sale of intangible assets ..................................... 26,861 — —
Proceeds from sale of property, plant and equipment .......................... 355 19,371 —
Other investing activities ................................................ (3,268) — (2,581)
Net cash provided by (used in) investing activities ............................ 5,545 (9,560) (24,797)
Cash flows from financing activities:
Proceeds from issuance of convertible notes ................................. 46,819 — —
Debt issuance costs .................................................... (3,534) (2,467) —
Issuance of common stock ............................................... — 2,195 2,954
Issuance of treasury stock ............................................... 19 — —
Equity issuance costs ................................................... — — (54)
Dividends paid, net .................................................... (11,019) (13,093) (13,067)
Other financing activities ................................................ (159) 80 (650)
Net cash provided by (used in) financing activities ............................ 32,126 (13,285) (10,817)
Effect of exchange rate changes on cash and cash equivalents ....................... 117 727 2,711
Net increase (decrease) in cash and cash equivalents .............................. 8,980 (12,020) (23,271)
Cash and cash equivalents at beginning of year .................................. 43,023 55,043 78,314
Cash and cash equivalents at end of year ........................................ $ 52,003 $ 43,023 $ 55,043
Supplemental disclosures:
Cash paid for interest and fees ............................................ $ (7,544) $ (3,744) $ (568)
Cash (paid) received for income taxes, net .................................. $ (4,234) $ 3,473 $ 13,849
Noncash investing and financing activities:
Dividends payable ..................................................... $ 131 $ 438 $ 438
Issuance of convertible notes in exchange for preferred stock ................... $ 60,078 — —
Issuance of treasury stock from the settlement of compensatory stock awards ...... $ 3,735 $ 5,026 —
Acquisition of treasury stock for minimum statutory withholding taxes ........... $ (783) $ (1,587) $ (725)
Accrued capital expenditures at period end .................................. $ 92 $ 1,888 $ 1,053
The accompanying notes are an integral part of these consolidated financial statements.
F-6