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Table of Contents
NAUTILUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
See accompanying notes to consolidated financial statements.
33
Year Ended December 31,
2012 2011 2010
Cash flows from operating activities:
Income (loss) from continuing operations
$
10,642
$
2,501
$
(9,818
)
Income (loss) from discontinued operation
6,241
(1,081
)
(13,023
)
Net income (loss)
16,883
1,420
(22,841
)
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Depreciation and amortization
3,269
3,815
6,627
Bad debt expense (reduction)
(13
)
156
486
Inventory lower-of-cost-or-market adjustments
402
210
205
Stock-based compensation expense
630
306
637
(Gain) loss on asset disposals
(30
)
78
148
Reduction of previously estimated asset disposal loss
—
(
947
)
(3,723
)
Deferred income taxes, net of valuation allowances
145
431
290
Reclassification of foreign currency translation gains to income upon
substantial liquidation of subsidiaries
(6,170
)
—
—
Changes in operating assets and liabilities:
Trade receivables
1,928
(4,580
)
7,247
Inventories
(7,573
)
(1,287
)
6,343
Prepaids and other current assets
(1,314
)
1,117
458
Income taxes
464
(127
)
12,372
Trade payables
4,189
4,041
(12,620
)
Accrued liabilities, including warranty obligations
3
(35
)
(6,288
)
Net cash provided by (used in) operating activities
12,813
4,598
(10,659
)
Cash flows from investing activities:
Proceeds from sale of discontinued operation
410
1,303
7,266
Proceeds from other asset sales
6
—
16
Purchases of software and equipment
(2,442
)
(2,506
)
(222
)
Net decrease in restricted cash
—
351
4,582
Net cash (used in) provided by investing activities
(2,026
)
(852
)
11,642
Cash flows from financing activities:
Proceeds from long-term borrowings
—
—
5,000
Repayment of long-term borrowings
(5,000
)
—
—
Financing costs
—
(
35
)
(324
)
Proceeds from exercise of stock options
113
3
—
Net cash (used in) provided by financing activities
(4,887
)
(32
)
4,676
Effect of exchange rate changes on cash and cash equivalents
(120
)
(583
)
1,348
Net increase in cash and cash equivalents
5,780
3,131
7,007
Cash and cash equivalents, beginning of year
17,427
14,296
7,289
Cash and cash equivalents, end of year
$
23,207
$
17,427
$
14,296
Supplemental disclosure of cash flow information:
Cash (paid) refunded for income taxes, net
$
(277
)
$
22
$
12,455
Cash paid for interest
$
(544
)
$
—
$
—