Nutrisystem 2015 Annual Report Download - page 47

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NUTRISYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2015 2014 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income .................................................. $26,143 $ 19,311 $ 7,370
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ............................... 9,158 7,849 8,896
Loss on disposal of fixed assets .............................. 17 35 145
Share–based compensation expense .......................... 5,468 5,651 5,832
Deferred income tax benefit ................................. (728) (248) (1,560)
Other non-cash charges .................................... 67 22 48
Changes in operating assets and liabilities:
Receivables .............................................. (6,179) (4,468) 749
Inventories .............................................. (3,631) (811) (2,451)
Other assets ............................................. (2,972) (932) 1,192
Accounts payable ......................................... 4,336 4,688 6,018
Accrued payroll and related benefits .......................... 1,006 (173) 5,397
Deferred revenue ......................................... 1,194 196 885
Income taxes ............................................. (1,873) 3,051 2,316
Other accrued expenses and liabilities ......................... (834) (1,364) 549
Net cash provided by operating activities .................. 31,172 32,807 35,386
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short term investments .......................... (16,811) (8,225) (24,513)
Proceeds from sales of short term investments .................. 24,030 8,121 11,137
Capital additions .......................................... (12,986) (8,265) (7,614)
Proceeds from the sale of fixed assets ......................... 0 0 28
Cash paid for acquisition of a business ........................ (15,000) 0 0
Net cash used in investing activities ...................... (20,767) (8,369) (20,962)
CASH FLOWS FROM FINANCING ACTIVITIES:
Exercise of stock options ................................... 3,182 314 0
Taxes related to equity compensation awards, net ................ 512 (1,534) (825)
Payment of dividends ...................................... (20,504) (20,370) (20,013)
Debt issuance costs ........................................ (24) 0 0
Net cash used in financing activities ...................... (16,834) (21,590) (20,838)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS . . . (6,429) 2,848 (6,414)
CASH AND CASH EQUIVALENTS, beginning of year .................. 12,620 9,772 16,186
CASH AND CASH EQUIVALENTS, end of year ....................... $ 6,191 $ 12,620 $ 9,772
The accompanying notes are an integral part of these consolidated financial statements.
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