Vistaprint 2009 Annual Report Download - page 76

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VISTAPRINT LIMITED
(predecessor to Vistaprint N.V.)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended June 30,
2009 2008 2007
Operating activities
Net income .................................................... $ 55,686 $ 39,831 $ 27,143
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ............................... 35,713 25,193 14,874
Loss on disposal or impairment of long-lived assets ........... 1,892 133 1,350
Share-based compensation expense......................... 19,473 14,747 8,765
Deferred taxes ............................................. (4,538) (2,029) 1,290
Tax benefits derived from share-based compensation
awards.................................................. (9,603) (1,301) —
Changes in operating assets and liabilities:
Accounts receivable.................................... 276 (1,257) (3,124)
Inventory .............................................. (1,921) (1,309) 298
Prepaid expenses and other assets...................... (4,879) (2,173) (3,177)
Accounts payable ...................................... 3,148 2,439 (240)
Accrued expenses and other liabilities ................... 24,804 13,457 7,061
Net cash provided by operating activities ......................... 120,051 87,731 54,240
Investing activities
Purchases of property, plant and equipment, net .................. (76,286) (62,740) (62,845)
Proceeds from sale of equipment ................................ — — 256
Purchases of marketable securities .............................. (6,078) (49,487) (52,399)
Sales and maturities of marketable securities ..................... 31,937 61,117 57,000
Purchase of intangible assets ................................... — (1,250) —
Capitalization of software and website development costs .......... (7,168) (5,696) (4,189)
Net cash used in investing activities .............................. (57,595) (58,056) (62,177)
Financing activities
Proceeds from issuance of long-term debt ........................ — — 1,630
Repayments of long-term debt................................... (3,219) (3,251) (2,620)
Payment of withholding taxes in connection with vesting of restricted
share units .................................................. (4,176) (3,391) —
Repurchase of common shares.................................. (45,518) — —
Tax benefits derived from share-based compensation awards ...... 9,603 1,301 —
Proceeds from issuance of common shares....................... 12,067 8,321 13,706
Net cash (used in) provided by financing activities ................. (31,243) 2,980 12,716
Effect of exchange rate changes on cash ......................... (370) 1,026 32
Net increase in cash and cash equivalents........................ 30,843 33,681 4,811
Cash and cash equivalents at beginning of period ................. 103,145 69,464 64,653
Cash and cash equivalents at end of period....................... $133,988 $103,145 $ 69,464
See accompanying notes.
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