Juno 2014 Annual Report Download - page 67

Table of Contents
Year Ended December 31, 2013 compared to Year Ended December 31, 2012
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 $89.5 million increase in loss from continuing operations. This decrease was partially offset by a
$68.5 million increase in non-cash items primarily related to a $42.1 million increase in deferred taxes, net, primarily related to the increase in valuation
allowance and a $28.5 million increase in goodwill and intangible asset impairment charges, 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 $15.3 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, a $0.8 million decrease in purchases of rights, content and intellectual property and
a $0.7 million decrease in purchases of property and equipment.
Net cash used for financing activities from continuing operations decreased by $7.7 million, or 21%. The decrease in net cash used for financing
activities was due to a $6.5 million decrease in payments of dividends and dividend equivalents on nonvested restricted stock units and a $5.1 million
increase in proceeds from exercises of stock options, partially offset by a $1.7 million increase in repurchases of common stock. In addition, in the year ended
December 31, 2013, we paid $3.4 million for contingent consideration related to the acquisition of schoolFeed.
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Contractual obligations at December 31, 2014 were as follows (in thousands):
At December 31, 2014, we had liabilities for uncertain tax positions totaling $11.3 million, of which $7.8 million was included in other liabilities in the
contractual obligations table above and, at December 31, 2014, was expected to be due in less than one year. We are not able to reasonably estimate when or
if cash payments for long-term liabilities related to uncertain tax positions will occur.
In connection with the mutual agreements to terminate the employment of certain executive officers, we have cash obligations totaling approximately
$0.9 million, which are included in other liabilities in the contractual obligations table above and will be paid in full by March 31, 2015.
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Member redemption liability $ 18,647 $ 7,287 $ 6,419 $ 2,412 $ 2,529
Noncancelable operating leases 18,966 3,955 6,637 4,820 3,554
Purchase obligations 1,945 1,905 40 — —
Other liabilities 8,717 8,697 10 10 —
Total $ 48,275 $ 21,844 $ 13,106 $ 7,242 $ 6,083