Vistaprint 2011 Annual Report Download - page 61

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VISTAPRINT N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
2011 2010 2009
Year Ended June 30,
Operating activities
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 82,109 $ 67,741 $ 55,686
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . 50,627 44,367 35,713
Abandonment of intangible assets acquired in a business
acquisition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 920 —
Realized loss on marketable securities . . . . . . . . . . . . . . . . . 71 — —
Realized loss on sale, disposal, or impairment of long-lived
assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486 535 1,892
Amortization of premiums and discounts on short-term
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 127 —
Share-based compensation expense . . . . . . . . . . . . . . . . . . . 21,677 22,380 19,473
Excess tax benefits derived from share-based compensation
awards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,515) (6,272) (9,603)
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,614 179 (4,538)
Changes in operating assets and liabilities, excluding the
effect of an acquisition:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,454) (3,727) 276
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,466) (2,224) (1,921)
Prepaid expenses and other assets . . . . . . . . . . . . . . . . 9,936 3,792 (4,879)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,610) 6,176 3,148
Accrued expenses and other liabilities . . . . . . . . . . . . . . 5,995 19,707 24,804
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . 162,633 153,701 120,051
Investing activities
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . (37,405) (101,326) (76,286)
Proceeds from sale of equipment. . . . . . . . . . . . . . . . . . . . . . . . . . — 177 —
Business acquisition, net of cash acquired . . . . . . . . . . . . . . . . . . . — (6,496) —
Purchases of marketable securities . . . . . . . . . . . . . . . . . . . . . . . . — (9,804) (6,078)
Sales, maturities and redemptions of marketable securities . . . . . . . 9,570 100 31,937
Purchases of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . (205) — —
Capitalization of software and website development costs . . . . . . . . (6,290) (6,516) (7,168)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . (34,330) (123,865) (57,595)
Financing activities
Repayments of long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,222) (13,848) (3,219)
Payment of withholding taxes in connection with vesting of restricted
share units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,653) (6,142) (4,176)
Repurchase of ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . (56,935) — (45,518)
Excess tax benefits derived from share-based compensation
awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,515 6,272 9,603
Proceeds from issuance of shares . . . . . . . . . . . . . . . . . . . . . . . . . 7,013 14,977 12,067
Net cash (used in) provided by financing activities . . . . . . . . . . . . . . (58,282) 1,259 (31,243)
Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . 3,804 (2,356) (370)
Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . 73,825 28,739 30,843
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . 162,727 133,988 103,145
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . $ 236,552 $ 162,727 $ 133,988
See accompanying notes.
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