Overstock.com 2012 Annual Report Download - page 91
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Table of Contents
See accompanying notes to consolidated financial statements.
Net income (loss) $14,669 $(19,438) $ 13,889
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 16,009 16,350 14,580
Realized gain on marketable securities (9) — —
Loss on disposition of fixed assets 72 — —
Stock-based compensation to employees and directors 3,527 3,051 5,056
Amortization of debt discount and deferred loan costs 73 127 391
(Gain) loss from early extinguishment of debt — 1,253 (346)
Restructuring charge (reversals) 76 — (569)
Changes in operating assets and liabilities:
Restricted cash 131 506 1,872
Accounts receivable, net (5,772) 59 (1,920)
Inventories, net (3,471) 9,121 (8,739)
Prepaid inventories, net (885) 1,055 797
Prepaids and other assets 1,294 (456) 368
Other long-term assets, net (267) (160) (215)
Accounts payable (7,902) 2,944 (9,315)
Accrued liabilities (459) 6,952 (2,575)
Deferred revenue 10,433 3,951 3,362
Other long-term liabilities 626 348 (314)
Net cash provided by operating activities 28,145 25,663 16,322
Purchases of marketable securities (82) (160) (136)
Purchases of intangible assets (6) (4) (396)
Sale of marketable securities prior to maturity 154 — —
Investment in precious metals (1,397) — (1,657)
Expenditures for fixed assets, including internal-use software and website development (12,489) (8,741) (20,511)
Proceeds from sale of fixed assets 56 — —
Net cash provided used in investing activities (13,764) (8,905) (22,700)
Payments on capital lease obligations (112) (730) (490)
Drawdowns on line of credit — 17,000 —
Payments on line of credit (17,000) — —
Capitalized financing costs — (140) —
Proceeds from finance obligations — 1,429 16,383
Payments on finance obligations — (24,918) (841)
Paydown on direct financing arrangement (236) (216) (197)
Payments to retire convertible senior notes — (34,615) (24,865)
Purchase of redeemable stock — — (26)
Purchase of treasury stock (471) (1,604) (825)
Exercise of stock options — — 1,503
Net cash used in financing activities (17,819) (43,794) (9,358)
Net decrease in cash and cash equivalents (3,438) (27,036) (15,736)
Cash and cash equivalents, beginning of period 96,985 124,021 139,757
Cash and cash equivalents, end of period $93,547 $96,985 $124,021
Interest paid $582 $2,369 $2,534
Taxes paid 299 260 187
Fixed assets, including internal-use software and website development, costs financed through accounts
payable and accrued liabilities $502 $(33) $ 795
Equipment acquired under finance obligations — 5,077 599
Equipment and software acquired under capital lease obligations — — 6
Lapse of rescission rights of redeemable stock — 582 260
Issuance of common stock from treasury for 401(k) matching contribution — — 87