Nutrisystem 2014 Annual Report Download - page 47

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NUTRISYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2014 2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ............................................. $19,311 $ 7,370 $ (2,805)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation and amortization ............................... 7,849 8,896 10,724
Charge to vacate a facility .................................. 0 0 1,980
Loss on disposal of fixed assets .............................. 35 145 8
Share–based compensation expense .......................... 5,651 5,832 9,912
Deferred income tax benefit ................................. (248) (1,560) (4,125)
Impairment of supplier advance .............................. 0 0 2,100
Write-off of debt issuance costs .............................. 0 0 1,079
Other non-cash charges .................................... 22 48 179
Changes in operating assets and liabilities:
Receivables .............................................. (4,468) 749 2,711
Inventories .............................................. (811) (2,451) 7,877
Other assets ............................................. (932) 1,192 2,466
Accounts payable ......................................... 4,688 6,018 (9,213)
Accrued payroll and related benefits .......................... (173) 5,397 647
Deferred revenue ......................................... 196 885 427
Income taxes ............................................. 3,051 2,316 (764)
Other accrued expenses and liabilities ......................... (1,364) 549 (413)
Net cash provided by operating activities .................. 32,807 35,386 22,790
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short term investments .......................... (8,225) (24,513) (10,549)
Proceeds from sales of short term investments .................. 8,121 11,137 17,382
Capital additions .......................................... (8,265) (7,614) (9,601)
Proceeds from the sale of fixed assets ......................... 0 28 0
Net cash used in investing activities ...................... (8,369) (20,962) (2,768)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of borrowings under credit facility ................. 0 0 (30,000)
Debt issuance costs ........................................ 0 0 (207)
Exercise of stock options ................................... 314 0 10
Taxes related to equity compensation awards, net ................ (1,534) (825) (1,361)
Payment of dividends ...................................... (20,370) (20,013) (19,872)
Net cash used in financing activities ...................... (21,590) (20,838) (51,430)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS . . . 2,848 (6,414) (31,408)
CASH AND CASH EQUIVALENTS, beginning of year .................. 9,772 16,186 47,594
CASH AND CASH EQUIVALENTS, end of year ....................... $12,620 $ 9,772 $ 16,186
The accompanying notes are an integral part of these consolidated financial statements.
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