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FS-5
CONSOLIDATED STATEMENT OF CASH FLOWS
INVACARE CORPORATION AND SUBSIDIARIES
Years Ended December 31,
2014 2013 2012
Operating Activities (In thousands)
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (56,070) $ 33,051 $ 1,827
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Gain on sale of business (pre-tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17,069)(82,163) —
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,789 36,789 38,593
Provision for losses on trade and installment receivables . . . . . . . . . . . . . . . 1,775 3,689 5,179
Provision (benefit) for deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . (2,387) 2,017 4,316
Provision for other deferred liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,393 (146) 1,139
Provision for stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,626 5,957 6,545
Loss on disposals of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . 1,074 666 201
Loss on debt extinguishment including debt finance charges and
associated fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 312
Asset write-downs to intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,041 1,523 773
Asset write-downs related to restructuring activities. . . . . . . . . . . . . . . . . . . 1,163 — 2,892
Amortization of convertible debt discount . . . . . . . . . . . . . . . . . . . . . . . . . . 710 633 577
Changes in operating assets and liabilities:
Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,211 9,706 (214)
Installment sales contracts, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 (3,773) 4,521
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,527) 23,797 (16,620)
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,950 (2,070)(6,086)
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,329 (19,013) 2,560
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,113 1,396 8,549
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (25,244)(2,005) 7,227
Net Cash Provided by Operating Activities . . . . . . . . . . . . . . . . . . . . 8,892 10,054 62,291
Investing Activities
Purchases of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,327)(14,158)(20,091)
Proceeds from sale of property and equipment . . . . . . . . . . . . . . . . . . . . . . . 2,521 885 159
Proceeds from sale of businesses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,870 187,552 —
Business acquisitions, net of cash acquired. . . . . . . . . . . . . . . . . . . . . . . . . . — — (9,000)
Decrease (increase) in other long-term assets . . . . . . . . . . . . . . . . . . . . . . . . 20,949 1,001 (265)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 569 65 (245)
Net Cash Provided (Used) for Investing Activities . . . . . . . . . . . . . . 33,582 175,345 (29,442)
Financing Activities
Proceeds from revolving lines of credit and long-term borrowings . . . . . . . 255,658 352,455 339,314
Payments on revolving lines of credit and long-term borrowings. . . . . . . . . (286,712)(545,874)(367,500)
Proceeds from exercise of equity awards. . . . . . . . . . . . . . . . . . . . . . . . . . . . 480 512 —
Payment of financing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (1)
Payment of dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,584)(1,581)(1,581)
Net Cash Used by Financing Activities. . . . . . . . . . . . . . . . . . . . . . . . (32,158)(194,488)(29,768)
Effect of exchange rate changes on cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,170) 83 786
Increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . 9,146 (9,006) 3,867
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . 29,785 38,791 34,924
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,931 $ 29,785 $ 38,791
See notes to consolidated financial statements.