LeapFrog 2013 Annual Report Download - page 53
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Please find page 53 of the 2013 LeapFrog annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.LEAPFROG ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years Ended December 31,
2013 2012 2011
Operating activities:
Net income ....................................... $ 84,009 $ 86,452 $ 19,902
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ........................... 20,652 22,082 19,995
Deferred income taxes ................................ (52,474) (20,047) 716
Stock-based compensation expense ....................... 10,209 6,991 5,562
Loss on sale of long-term investments, net of tax .............. — 91 —
Loss on disposal of long-term assets ...................... — 2 14
Allowance for doubtful accounts ......................... (21) 3,040 417
Other changes in operating assets and liabilities:
Accounts receivable, net ............................... 46,210 (24,839) (481)
Inventories ........................................ (14,106) (5,727) 13,006
Prepaid expenses and other current assets ................... (1,200) (197) 214
Other assets ....................................... 251 (165) 667
Accounts payable ................................... (10,051) (3,119) 3,293
Accrued liabilities ................................... (12,314) 8,630 3,995
Deferred revenue .................................... 5,945 681 5,048
Other long-term liabilities .............................. (1,615) (6,135) (2,396)
Income taxes payable ................................. 579 116 210
Net cash provided by operating activities ................ 76,074 67,856 70,162
Investing activities:
Purchases of property and equipment ...................... (19,748) (16,321) (11,732)
Capitalization of product costs ........................... (12,406) (8,793) (8,122)
Disposal of property and equipment ....................... — — 67
Sales of investments ................................. — 2,500 —
Other ............................................ — — (65)
Net cash used in investing activities .................... (32,154) (22,614) (19,852)
Financing activities:
Proceeds from stock option exercises and employee stock
purchase plan .................................... 5,868 4,222 3,029
Excess tax benefits from stock-based compensation ............ 14 — —
Net cash paid for payroll taxes on restricted stock unit releases .... (1,247) (1,762) (797)
Borrowing on line of credit ............................. — — 35,000
Payment on line of credit .............................. — — (35,000)
Net cash provided by financing activities ................ 4,635 2,460 2,232
Effect of exchange rate changes on cash ...................... (502) 435 (158)
Net change in cash and cash equivalents .................... 48,053 48,137 52,384
Cash and cash equivalents, beginning of period ................. 120,000 71,863 19,479
Cash and cash equivalents, end of period ................... $168,053 $120,000 $ 71,863
Supplemental disclosures of cash flow information:
Cash paid for interest expense ............................ $ — $ (1) $ (258)
Cash paid for income taxes, net ........................... $ (1,299) $ (1,221) $ (412)
Non-cash investing and financing activities:
Net change in accounts payable and accrued liabilities related to
capital expenditures .................................. $ 2,325 $ — $ —
Transfer of temporary gain on long-term investments ............. $ — $ 241 $ —
See accompanying notes
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