Nautilus 2014 Annual Report Download - page 39

Download and view the complete annual report

Please find page 39 of the 2014 Nautilus 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.

Page out of 77

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77

NAUTILUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2014 2013 2012
Cash flows from operating activities:
Income from continuing operations
$
20,383
$
48,124
$
10,642
Income (loss) from discontinued operations
(1,588
)
(170
)
6,241
Net income
18,795
47,954
16,883
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
4,024
3,344
3,269
Bad debt expense (reduction)
104
588
(13
)
Inventory lower-of-cost-or-market adjustments
457
557
402
Stock-based compensation expense
1,066
454
630
(Gain) loss on asset disposals
145
2
(30
)
Deferred income taxes, net of valuation allowances
8,007
(32,814
)
145
Excess tax deficiency related to stock-based awards
180
145
—
Reclassification of foreign currency translation gains to income upon substantial
liquidation of subsidiaries
—
—
(
6,170
)
Changes in operating assets and liabilities:
Trade receivables
(1,331
)
(4,417
)
1,928
Inventories
(9,560
)
2,388
(7,573
)
Prepaids and other current assets
(314
)
(1,174
)
(1,314
)
Income taxes receivable
30
(91
)
464
Trade payables
10,456
4,487
4,189
Accrued liabilities, including warranty obligations
2,313
(337
)
3
Net cash provided by operating activities
34,372
21,086
12,813
Cash flows from investing activities:
Proceeds from sale of discontinued operations
—
116
410
Proceeds from other asset sales
—
5
6
Purchases of property, plant and equipment
(3,181
)
(3,590
)
(2,442
)
Purchases of available-for-sale-securities
(37,434
)
—
—
Proceeds from maturities of available-for-sale securities
10,450
—
—
Net cash used in investing activities
(30,165
)
(3,469
)
(2,026
)
Cash flows from financing activities:
Repayment of long-term borrowings
—
—
(
5,000
)
Proceeds from exercise of stock options
378
357
113
Excess tax deficiency related to stock-based awards
(180
)
(145
)
—
Net cash provided by (used in) financing activities
198
212
(4,887
)
Effect of exchange rate changes on cash and cash equivalents
(178
)
(57
)
(120
)
Increase in cash and cash equivalents
4,227
17,772
5,780
Cash and cash equivalents, beginning of year
40,979
23,207
17,427
Cash and cash equivalents, end of year
$
45,206
$
40,979
$
23,207
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net
$
(923
)
$
(450
)
$
(277
)
Cash paid for interest
$
(25
)
$
(36
)
$
(544
)
Supplemental disclosure of non-cash investing activities:
Capital expenditures incurred but not yet paid
$
86
$
—
$
—