CompUSA 2014 Annual Report Download - page 53
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SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
See notes to consolidated financial statements.
49
Table of Contents
Year Ended December 31,
2014
2013
2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Loss from continuing operations
$
(37.5
)
$
(43.8
)
$
(8.0
)
Adjustments to reconcile loss from continuing operations to net cash (used in) provided by
operating activities:
Depreciation and amortization
16.3
19.3
18.0
Asset impairment
10.2
4.1
39.9
Provision (benefit) for deferred income taxes
0.5
26.4
(36.6
)
Provision for returns and doubtful accounts
8.9
4.0
5.0
Compensation expense related to equity compensation plans
1.5
2.9
4.1
Excess tax benefit from exercises of stock options
-
(0.1
)
(0.5
)
Loss on dispositions and abandonment
0.1
0.1
0.3
Changes in operating assets and liabilities:
Accounts receivable
(55.0
)
(23.4
)
(25.4
)
Inventories
26.8
46.1
5.0
Prepaid expenses and other current assets
(1.0
)
(1.4
)
3.0
Income taxes payable (receivable)
14.4
(8.7
)
(8.8
)
Accounts payable
10.8
12.2
64.9
Accrued expenses and other current liabilities
3.9
9.1
14.5
Net cash (used in) provided by operating activities from continuing operations
(0.1
)
46.8
75.4
Net cash used in operating activities from discontinued operations
-
-
(0.4
)
Net cash (used in) provided by operating activities
(0.1
)
46.8
75.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(7.1
)
(13.7
)
(12.1
)
Proceeds from disposals of property, plant and equipment
1.0
0.3
0.1
Purchase of SCC Services BV, net of cash acquired
(6.4
)
-
-
Net cash used in investing activities
(12.5
)
(13.4
)
(12.0
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of capital lease obligations
(2.6
)
(2.8
)
(2.8
)
Dividends paid
-
-
(9.1
)
Proceeds from issuance of common stock
0.3
0.1
0.3
Excess tax benefit from exercises of stock options
-
0.1
0.5
Net cash used in financing activities
(2.3
)
(2.6
)
(11.1
)
EFFECTS OF EXCHANGE RATES ON CASH
(1.5
)
(0.1
)
1.5
NET (DECREASE) INCREASE IN CASH
(16.4
)
30.7
53.4
CASH – BEGINNING OF YEAR
181.4
150.7
97.3
CASH – END OF YEAR
$
165.0
$
181.4
$
150.7
Supplemental disclosures:
Interest paid
$
1.1
$
1.2
$
1.4
Income taxes paid
$
5.2
$
8.1
$
11.4
Supplemental disclosures of non
-
cash investing and financing activities:
Acquisitions of equipment through capital leases
$
0.8
$
-
$
1.3