Vistaprint 2015 Annual Report Download - page 49

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41
technical merits. However, final resolution is uncertain and there is a possibility that it could have a material impact
on our financial condition, results of operations or cash flows. See Note 14 in our accompanying consolidated
financial statements for additional discussion.
Liquidity and Capital Resources
Consolidated Statements of Cash Flows Data:
In thousands
Year Ended June 30,
2015 2014 2013
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . $ 228,876 $ 148,580 $ 140,012
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . (217,190) (306,984) (98,931)
Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . . 38,312 169,608 (53,255)
At June 30, 2015, we had $103.6 million of cash and cash equivalents and $522.5 million of outstanding
debt. Cash and cash equivalents increased by $41.1 million during the year ended June 30, 2015. This increase is
primarily attributable to the cash held by the businesses we acquired during fiscal 2015 and the timing of funding for
certain intercompany cash requirements. We expect cash and cash equivalents to fluctuate over time depending on
our working capital needs and acquisition activity. The cash flows during the year ended June 30, 2015 related
primarily to the following items:
Cash inflows:
• Net income of $89.3 million;
• Adjustments for non-cash items of $104.2 million primarily related to positive adjustments for depreciation
and amortization of $97.5 million, share-based compensation costs of $24.1 million, and the change in the
fair value of contingent consideration liabilities of $14.9 million, offset by negative adjustments for non-cash
tax items of $28.1 million and unrealized currency-related gains of $6.5 million;
• Proceeds of debt of $54.2 million, net of payments;
• Changes in working capital balances of $43.4 million primarily driven by improved management of prepaid
expenses and accrued expenses; and
• Proceeds from the issuance of shares in connection with the exercise of outstanding equity awards of $13.1
million.
Cash outflows:
• Capital expenditures of $75.8 million of which $33.7 million were related to the purchase of manufacturing
and automation equipment for our production facilities, $18.3 million were related to the purchase of land,
facilities and leasehold improvements, and $23.8 million were related to purchases of other capital assets,
including facility improvements and office equipment;
• Payments for our acquisition and minority investment activity, net of cash acquired, of $123.8 million;
• Payments of withholding taxes in connection with share awards of $29.4 million;
• Payment of contingent consideration obligation of $19.2 million;
• Internal costs for software and website development that we have capitalized of $17.3 million; and
• Payments for capital lease arrangements of $5.8 million.
Additional Liquidity and Capital Resources Information. During the year ended June 30, 2015, we financed
our operations and strategic investments through internally generated cash flows from operations and debt
financing. As of June 30, 2015, approximately $102.9 million of our cash and cash equivalents was held by our
Form 10-K