Vistaprint 2014 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 2014 Vistaprint annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 152

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

52
VISTAPRINT N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended June 30,
2014 2013 2012
Operating activities
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,316 $ 29,435 $ 43,994
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,282 64,325 59,427
Share-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,786 32,928 25,413
Excess tax benefits derived from share-based compensation awards . . . . . (5,159) (1,796) (6,108)
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,807) (8,626) (1,810)
Loss on sale of equity method investment . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,681 — —
Loss in equity interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,704 1,910 —
Non-cash gain on equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1,414) —
Abandonment of long-lived assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1,529 —
Unrealized loss on derivative instruments included in net income . . . . . . . . . 425 — —
Change in fair value of contingent consideration . . . . . . . . . . . . . . . . . . . . . . 2,192 (588) —
Effect of exchange rate changes on monetary assets and liabilities
denominated in non-functional currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . 748 29 —
Other non-cash items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,328 1,329 361
Changes in operating assets and liabilities excluding the effect of business
acquisitions:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,008 (1,532) (1,405)
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,055) (525) 1,150
Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,336) 10,791 (5,768)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,945 557 5,667
Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 515 11,660 19,720
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,580 140,012 140,641
Investing activities
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (72,122) (78,999) (46,420)
Business acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (216,384) — (180,675)
Proceeds from sale of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 1,750 —
Purchases of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (253) (750) (239)
Purchase of available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,629) — —
Capitalization of software and website development costs . . . . . . . . . . . . . . . . . . . (9,749) (7,667) (5,463)
Maturities and redemptions of marketable securities . . . . . . . . . . . . . . . . . . . . . . . — — 529
Investment in equity interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,994) (12,753) —
Proceeds from sale of equity interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 449 — —
Proceeds from (issuance of) loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 561 (512) —
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (306,984) (98,931) (232,268)
Financing activities
Proceeds from borrowings of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 482,800 113,712 408,500
Payments of debt and debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (274,854) (105,661) (181,319)
Payments of withholding taxes in connection with share awards . . . . . . . . . . . . . . (9,430) (3,556) (4,149)
Purchases of ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (42,016) (64,351) (309,701)
Payment of capital lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,297) — —
Excess tax benefits derived from share-based compensation awards . . . . . . . . . . 5,159 1,796 6,108
Proceeds from issuance of ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,425 4,805 1,394
Capital contribution from noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,821 — —
Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . . . . . . . . . . . 169,608 (53,255) (79,167)
Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,239 36 (3,555)
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . 12,443 (12,138) (174,349)
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . 50,065 62,203 236,552
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 62,508 $ 50,065 $ 62,203
See accompanying notes.