Vistaprint 2007 Annual Report Download - page 67

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VISTAPRINT LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended June 30,
2007 2006 2005
(in thousands)
Operating activities
Net income (loss) ............................................... $ 27,143 $ 19,235 $(16,219)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Depreciation and amortization ................................ 14,874 7,786 5,902
Loss on disposal of equipment ............................... 474 — —
Impairment loss on equipment................................ 876 — —
Share-based compensation expense.......................... 8,765 4,850 —
Deferred taxes .............................................. 1,290 218 (420)
Changes in operating assets and liabilities:
Accounts receivable..................................... (3,124) (273) (448)
Inventory............................................... 298 (1,030) (316)
Prepaid expenses and other assets....................... (3,177) (2,033) (1,774)
Accounts payable ....................................... (240) 1,649 1,665
Accrued expenses and other current liabilities ............. 7,061 4,235 4,939
Net cash provided by (used in) operating activities.................. 54,240 34,637 (6,671)
Investing activities
Purchase of property, plant and equipment, net .................... (62,845) (24,929) (18,629)
Proceeds from sale of equipment ................................. 256 — —
Purchase of marketable securities ................................ (52,399) (75,705) —
Sales of marketable securities .................................... 57,000 31,880 —
Capitalization of software and website development costs........... (4,189) (2,656) (1,908)
Net cash used in investing activities............................... (62,177) (71,410) (20,537)
Financing activities
Proceeds from issuance of long-term debt ......................... 1,630 9,600 11,361
Repayments of long-term debt.................................... (2,620) (1,386) (307)
Payment of deferred offering costs................................ — (1,387) (255)
Net proceeds from public offering ................................. — 61,380 —
Proceeds from issuance of Series B preferred shares, net........... — — 22,688
Proceeds from issuance of common shares........................ 13,706 6,644 47
Net cash provided by financing activities........................... 12,716 74,851 33,534
Effect of exchange rate changes on cash .......................... 32 173 16
Net increase in cash and cash equivalents......................... 4,811 38,251 6,342
Cash and cash equivalents at beginning of period .................. 64,653 26,402 20,060
Cash and cash equivalents at end of period........................ $ 69,464 $ 64,653 $ 26,402
See accompanying notes.
Form 10-K
63