Overstock.com 2013 Annual Report Download - page 54
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Table of Contents
For the years ended December 31, 2013 and 2012, financing activities resulted in net cash outflows of $2.5 million and $17.8 million, respectively.
The $2.5 million used in financing activities during the year ended December 31, 2013 resulted primarily from $2.6 million for prepayment of
capital leases for computer equipment and $1.4 million for the purchase of shares of our common stock withheld for minimum tax withholdings upon the
vesting of a portion of certain restricted stock award grants, partially offset by $1.6 million in proceeds for the exercise of stock options.
The $17.8 million used in financing activities during the year ended December 31, 2012 resulted primarily from the $17.0 million repayment of our
line of credit.
The following table summarizes our contractual obligations as of December 31, 2013 and the effect such obligations and commitments are expected to
have on our liquidity and cash flow in future periods (in thousands):
Operating leases
$11,004
$8,751
$4,859
$3,922
$3,826
$32,437
$64,799
Naming rights
1,311
1,351
1,391
—
—
—
4,053
Purchase obligations
13,306
—
—
—
—
—
13,306
Marketing, technology and other services
7,026
3,008
1,683
—
—
—
11,717
Total contractual cash obligations
$ 32,647
$13,110
$ 7,933
$3,922
$3,826
$32,437
$93,875
Letters of credit
$1,580
$ —
$ —
$ —
$ —
$ —
$1,580
From time to time we enter into operating leases for facilities and equipment for use in our operations. On May 13, 2013 we entered into a new
operating lease for a warehouse facility that we have leased since September 2008. This lease extends the term of occupancy to August 31, 2026. The
minimum future payments due under this new operating lease are included in the summary of future minimum lease payments for all operating leases in the
table above.
During 2011, we entered into a six-year agreement with the Oakland-Alameda County Coliseum Authority (“OACCA”) for the right to name
Oakland Alameda County Coliseum (now known as “O.co Coliseum”). Amounts represent annual payments due OACCA for the naming rights. We have the
right to terminate this agreement at our sole option, subject to payment of a termination fee.
The amount of purchase obligations shown above is based on assumptions regarding the legal enforceability against us of inventory purchase orders
we had outstanding at December 31, 2013. Under different assumptions regarding our rights to cancel our purchase orders or different assumptions regarding
the enforceability of the purchase orders under applicable law, the amount of purchase obligations shown in the table above would be less.
From time to time we enter into long-term contractual agreements for marketing, technology, or other services.
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