Overstock.com 2011 Annual Report Download - page 100
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Table of Contents
Overstock.com, Inc.
Consolidated Statements of Cash Flows
(in thousands)
Year ended December 31
2011 2010 2009
Cash flows from operating activities:
Net income (loss) $ (19,438)$ 13,889 $ 7,747
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 16,350 14,580 12,883
Realized loss on marketable securities — — 48
Loss on disposition of fixed assets — — 183
Stock-based compensation to employees and directors 3,051 5,056 4,775
Stock-based compensation to consultants for services — — 10
Amortization of debt discount and deferred loan costs 127 391 331
(Gain) loss from early extinguishment of debt 1,253 (346) (2,810)
Restructuring reversals — (569) (66)
Changes in operating assets and liabilities:
Restricted cash 506 1,872 (152)
Accounts receivable, net 59 (1,920) (4,540)
Inventories, net 9,121 (8,739) 1,344
Prepaid inventories, net 1,055 797 (2,118)
Prepaids and other assets (456) 368 (604)
Other long-term assets, net (160) (215) (120)
Accounts payable 2,944 (9,315) 18,642
Accrued liabilities 6,952 (2,575) 9,131
Deferred revenue 3,951 3,362 1,433
Other long-term liabilities 348 (314) —
Net cash provided by operating activities 25,663 16,322 46,117
Cash flows from investing activities:
Purchases of marketable securities (160) (136) —
Purchases of intangible assets (4) (396) —
Sale of marketable securities prior to maturity — — 8,893
Investment in precious metals — (1,657) —
Expenditures for fixed assets, including internal-use software and website development (8,741) (20,511) (7,275)
Collection of note receivable — — 1,250
Net cash provided by (used in) investing activities (8,905) (22,700) 2,868
Cash flows from financing activities:
Payments on capital lease obligations (730) (490) (348)
Drawdowns on line of credit 17,000 — 1,612
Payments on line of credit — — (1,612)
Capitalized financing costs (140) — (245)
Proceeds from finance obligations 1,429 16,383 —
Payments on finance obligations (24,918) (841) —
Paydown on direct financing arrangement (216) (197) (218)
Payments to retire convertible senior notes (34,615) (24,865) (4,563)
Purchase of redeemable stock — (26) —
Purchase of treasury stock (1,604) (825) (340)
Exercise of stock options — 1,503 29
Net cash used in financing activities (43,794) (9,358) (5,685)
Net increase (decrease) in cash and cash equivalents (27,036) (15,736) 43,300
Cash and cash equivalents, beginning of period 124,021 139,757 96,457
Cash and cash equivalents, end of period $ 96,985 $124,021 $139,757
Supplemental disclosures of cash flow information:
Cash paid during the year:
Interest paid $ 2,369 $ 2,534 $ 3,006
Taxes paid 260 187 —
Non-cash investing and financing activities: