Nautilus 2013 Annual Report Download - page 39

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NAUTILUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2013 2012 2011
Cash flows from operating activities:
Income from continuing operations
$
48,124
$
10,642
$
2,501
Income (loss) from discontinued operations
(170
)
6,241
(1,081
)
Net income
47,954
16,883
1,420
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
3,344
3,269
3,815
Bad debt expense (reduction)
588
(13
)
156
Inventory lower-of-cost-or-market adjustments
557
402
210
Stock-based compensation expense
454
630
306
(Gain) loss on asset disposals
2
(30
)
78
Reduction of previously estimated asset disposal loss —
—
(
947
)
Deferred income taxes, net of valuation allowances
(32,814
)
145
431
Excess tax deficiency related to stock-based awards
145
—
—
Reclassification of foreign currency translation gains to income upon
substantial liquidation of subsidiaries —
(
6,170
)
—
Changes in operating assets and liabilities:
Trade receivables
(4,417
)
1,928
(4,580
)
Inventories
2,388
(7,573
)
(1,287
)
Prepaids and other current assets
(1,174
)
(1,314
)
1,117
Income taxes receivable
(91
)
464
(127
)
Trade payables
4,487
4,189
4,041
Accrued liabilities, including warranty obligations
(337
)
3
(35
)
Net cash provided by operating activities
21,086
12,813
4,598
Cash flows from investing activities:
Proceeds from sale of discontinued operations
116
410
1,303
Proceeds from other asset sales
5
6
—
Purchases of software and equipment
(3,590
)
(2,442
)
(2,506
)
Net decrease in restricted cash —
—
351
Net cash used in investing activities
(3,469
)
(2,026
)
(852
)
Cash flows from financing activities:
Repayment of long-term borrowings —
(
5,000
)
—
Financing costs —
—
(
35
)
Proceeds from exercise of stock options
357
113
3
Excess tax expense related to stock-based awards
(145
)
—
—
Net cash provided by (used in) financing activities
212
(4,887
)
(32
)
Effect of exchange rate changes on cash and cash equivalents
(57
)
(120
)
(583
)
Increase in cash and cash equivalents
17,772
5,780
3,131
Cash and cash equivalents, beginning of year
23,207
17,427
14,296
Cash and cash equivalents, end of year
$
40,979
$
23,207
$
17,427
Supplemental disclosure of cash flow information:
Cash (paid) refunded for income taxes, net
$
(450
)
$
(277
)
$
22
Cash paid for interest
$
(36
)
$
(544
)
$
—