Overstock.com 2015 Annual Report Download - page 65
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For the years ended December 31, 2015 and 2014, financing activities resulted in net cash inflows of $16.5 million and outflows of $3.4 million,
respectively.
The $16.5 million provided by financing activities during the year ended December 31, 2015 resulted primarily from $9.5 million of proceeds from
our U.S. Bank term loan, $5.7 million of proceeds from lease finance obligations with U.S. Bank and $5.5 million of proceeds from issuances of privately-
placed digital cryptobonds, offset by $2.4 million of purchase of shares of our common stock withheld for minimum tax withholdings upon the vesting of a
portion of certain restricted stock award grants.
The $3.4 million used in financing activities during the year ended December 31, 2014 resulted primarily from 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 and debt issuance costs related
to the financing we obtained in preparation for the construction of our new corporate headquarters.
The following table summarizes our contractual obligations as of December 31, 2015 and the effect such obligations and commitments are expected
to have on our liquidity and cash flow in future periods (in thousands):
Operating leases
$ 10,782
$ 6,364
$ 5,987
$ 5,785
$ 4,069
$ 24,513
$ 57,500
Naming rights
1,391
—
—
—
—
—
1,391
Purchase obligations
7,307
—
—
—
—
—
7,307
Technology, marketing and other services
2,118
—
—
—
—
—
2,118
Headquarters construction costs
42,762
208
—
—
—
—
42,970
U.S. Bank term loan payments
806
2,172
2,146
2,120
2,096
43,653
52,993
U.S. Bank master lease agreement
3,494
4,877
4,877
4,877
3,207
62
21,394
Acquisition payment
600
—
—
—
—
—
600
Total contractual cash obligations (1)
$ 69,260
$ 13,621
$ 13,010
$ 12,782
$ 9,372
$ 68,228
$ 186,273
___________________________________________
(1) As described below under "U.S. Bank Term Loan Payments," $45.8 million of the payments shown here is duplicative. See
below.
Letters of credit
$ 430
$ —
$ —
$ —
$ —
$ —
$ 430
From time to time we enter into operating leases for facilities and equipment for use in our operations.
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. We expect to make the final payment of $1.4 million in May
2016.
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