Overstock.com 2014 Annual Report Download - page 80
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Table of Contents
Consolidated net income $ 8,801
$ 84,378
$ 14,669
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 18,064
14,522
16,009
Stock-based compensation to employees and directors 4,035
3,251
3,527
Deferred income taxes 3,741
(68,520)
—
Loss on investment in precious metals 1,269
1,457
—
Restructuring charges (reversals) (360)
(471)
76
Other (8)
(15)
136
Changes in operating assets and liabilities:
Restricted cash 1,000
200
131
Accounts receivable, net (2,916)
3,226
(5,772)
Inventories, net 835
(579)
(3,471)
Prepaid inventories, net (1,410)
108
(885)
Prepaids and other assets (1,455)
(536)
1,294
Other long-term assets, net 26
2
(267)
Accounts payable 21,652
28,180
(7,902)
Accrued liabilities 15,607
17,959
(459)
Deferred revenue 11,130
(1,090)
10,433
Other long-term liabilities 823
1,573
626
Net cash provided by operating activities 80,834
83,645
28,145
Purchases of marketable securities (23)
(132)
(82)
Sales of marketable securities 77
292
154
Purchases of intangible assets (135)
(13)
(6)
Investment in precious metals (2,496)
(8,080)
(1,397)
Investment in cryptocurrency (300)
—
—
Equity method investment (250)
—
—
Expenditures for fixed assets, including internal-use software and website development (41,346)
(18,067)
(12,489)
Proceeds from sale of fixed assets 43
—
56
Net cash used in investing activities (44,430)
(26,000)
(13,764)
Payments on capital lease obligations (325)
(2,563)
(112)
Payments on line of credit —
—
(17,000)
Paydown on direct financing arrangement (282)
(258)
(236)
Change in restricted cash —
125
—
Proceeds from exercise of stock options 511
1,560
—
Purchase of treasury stock (2,301)
(1,391)
(471)
Debt issuance costs (1,031)
—
—
Net cash used in financing activities (3,428)
(2,527)
(17,819)
Net increase (decrease) in cash and cash equivalents 32,976
55,118
(3,438)
Cash and cash equivalents, beginning of period 148,665
93,547
96,985
Cash and cash equivalents, end of period $ 181,641
$ 148,665
$ 93,547