Vistaprint 2008 Annual Report Download - page 68

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VISTAPRINT LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended June 30,
2008 2007 2006
Operating activities
Net income..................................................... $ 39,831 $ 27,143 $ 19,235
Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation and amortization ............................... 25,193 14,874 7,786
Loss on disposal of equipment ............................... 71 474 —
Impairment loss on equipment ............................... 62 876 —
Share-based compensation expense ......................... 14,747 8,765 4,850
Deferred taxes ............................................. (2,029) 1,290 218
Tax benefits derived from share-based compensation awards . . (1,301) — —
Changes in operating assets and liabilities:
Accounts receivable .................................... (1,257) (3,124) (273)
Inventory .............................................. (1,309) 298 (1,030)
Prepaid expenses and other assets ...................... (2,173) (3,177) (2,033)
Accounts payable ...................................... 2,439 (240) 1,649
Accrued expenses and other liabilities .................... 13,457 7,061 4,235
Net cash provided by operating activities.......................... 87,731 54,240 34,637
Investing activities
Purchase of property, plant and equipment, net.................... (62,740) (62,845) (24,929)
Proceeds from sale of equipment................................. — 256 —
Purchase of marketable securities ................................ (49,487) (52,399) (75,705)
Sales of marketable securities ................................... 61,117 57,000 31,880
Purchase of intangible assets .................................... (1,250) — —
Capitalization of software and website development costs .......... (5,696) (4,189) (2,656)
Net cash used in investing activities .............................. (58,056) (62,177) (71,410)
Financing activities
Proceeds from issuance of long-term debt ........................ — 1,630 9,600
Repayments of long-term debt ................................... (3,251) (2,620) (1,386)
Payment of withholding taxes in connection with settlement of
RSUs........................................................ (3,391) — —
Tax benefits derived from share-based compensation awards....... 1,301 — —
Payment of deferred offering costs ............................... — — (1,387)
Net proceeds from public offering ................................ — — 61,380
Proceeds from issuance of common shares ....................... 8,321 13,706 6,644
Net cash provided by financing activities .......................... 2,980 12,716 74,851
Effect of exchange rate changes on cash ......................... 1,026 32 173
Net increase in cash and cash equivalents ........................ 33,681 4,811 38,251
Cash and cash equivalents at beginning of period.................. 69,464 64,653 26,402
Cash and cash equivalents at end of period ....................... $103,145 $ 69,464 $ 64,653
See accompanying notes.
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