Juno 2013 Annual Report Download - page 70

Table of Contents
Unallocated Corporate Expenses
The decrease in unallocated corporate expenses, excluding depreciation and amortization of intangible assets, was primarily due to a $4.9 million
decrease in personnel- and overhead-related costs and a $1.7 million decrease in restructuring and other exit costs, partially offset by $0.7 million of
transaction-related costs in connection with the exploration of strategic alternatives for our other businesses and potential monetization opportunities for
our portfolio of patents and patent applications.
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Year Ended December 31, 2013 compared to Year Ended December 31, 2012
Our total cash and cash equivalents balance decreased by $0.8 million to $68.3 million at December 31, 2013, compared to $69.1 million at
December 31, 2012. Our summary cash flows from continuing operations for the years ended December 31, 2013, 2012 and 2011 were as follows
(in thousands):
Net cash provided by operating activities from continuing operations decreased by $5.6 million, or 20%. Net cash provided by operating activities
is driven by our income (loss) from continuing operations adjusted for non-cash items and changes in working capital, including, but not limited to,
depreciation and amortization, stock-based compensation, impairment of goodwill, intangible assets and long-lived assets, and deferred taxes. The
decrease in net cash provided by operating activities was due to an $83.3 million increase in loss from continuing operations. This decrease was partially
offset by a $61.4 million increase in non-cash items primarily related to a $26.0 million increase in goodwill and intangible asset impairment charges and
a $37.7 million increase in deferred taxes, net, primarily related to the increase in valuation allowance, partially offset by a $4.3 million decrease in
contingent consideration resulting from the fair value adjustment to the related contingent consideration. The decrease in net cash provided by operating
activities was also impacted by a $16.2 million favorable change in working capital. Changes in working capital can cause variation in our cash flows
provided by operating activities due to seasonality, timing and other factors.
Net cash used for investing activities from continuing operations decreased by $7.9 million, or 38%. The decrease was primarily due to
$7.4 million of cash paid, net of cash acquired, for the acquisition of schoolFeed in 2012, an $0.8 million decrease in purchases of rights, content and
intellectual property and a $0.7 million decrease in purchases of property and equipment.
Capital expenditures for the year ended December 31, 2013 totaled $10.7 million. At December 31, 2013 and December 31, 2012, we had
$0.4 million and $1.8 million, respectively, of property and equipment that was not yet paid for and was included in accounts payable in the
consolidated balance sheets. We currently anticipate that our total capital expenditures for 2014 will be in the range of $10.5 million to $12.5 million,
which includes the aforementioned $0.4 million of purchases on account at December 31, 2013. The actual amount of future capital expenditures may
fluctuate due to a number of factors, including, without limitation, potential future acquisitions and new business initiatives, which
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Unallocated corporate expenses $ 25,606 $ 31,644 $ (6,038) (19)%
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Net cash provided by operating activities $ 22,361 $ 27,994 $ 54,961
Net cash used for investing activities $ (12,696) $ (20,562) $ (19,345)
Net cash used for financing activities $ (29,444) $ (37,128) $ (40,792)