Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 28, 2013 |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
BUSINESS—West Marine Inc. and its consolidated subsidiaries (“West Marine” or the “Company,” unless the context requires otherwise) is the largest waterlife outfitter in the United States. At December 28, 2013, West Marine offered its products through 287 stores in 38 states, Puerto Rico and Canada, through its call center channel and on the Internet. The Company is also engaged, through its wholesale channel in the wholesale distribution of marine equipment serving boat manufacturers, marine services, commercial vessel operations and government agencies. |
West Marine was incorporated in Delaware in September 1993 as the holding company for West Marine Products, Inc., which was incorporated in California in 1976. The Company’s principal executive offices are located in Watsonville, California. |
PRINCIPLES OF CONSOLIDATION—The consolidated financial statements include the accounts of West Marine, Inc. and its subsidiaries, all of which are wholly-owned, directly or indirectly. Intercompany balances and transactions are eliminated in consolidation. |
YEAR-END—The Company’s fiscal year consists of 52 or 53 weeks, ending on the Saturday closest to December 31. Fiscal years 2013, 2012 and 2011 consisted of the 52 weeks ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. References to 2013, 2012 and 2011 are to the fiscal years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. |
ACCOUNTING ESTIMATES—The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, the following: useful lives and recoverability of fixed assets; inventory obsolescence and shrinkage reserves; capitalized indirect inventory costs; allowance for doubtful accounts receivable; calculation of accrued liabilities, including workers’ compensation and other self-insured liabilities; sabbatical liability, sales returns reserves, unredeemed gift cards and loyalty program awards; vendor consideration earned; fair value of share-based compensation instruments, income tax valuation allowances and uncertain tax positions; goodwill impairment; legal liabilities and other contingencies; and asset retirement obligations. Actual results could differ from those estimates. |
INVENTORIES—Merchandise inventories are carried at the lower of cost or market on an average cost basis. Capitalized indirect costs include freight charges for transporting merchandise to warehouses or store locations and operating costs incurred for merchandising, replenishment and distribution activities. Indirect costs included in inventory value at the end of fiscal years 2013 and 2012 were $18.9 million and $18.7 million, respectively. Indirect costs included in inventory value are recognized as an increase in cost of goods sold as the related products are sold. |
Inventories are written down to market value when cost exceeds market value, based on historical experience and current information. Reserves for estimated inventory shrinkage based on historical shrinkage rates determined by the Company’s physical merchandise inventory counts and cycle counts were $2.4 million and $2.0 million at the end of fiscal years 2013 and 2012, respectively. Reserves for estimated inventory market value below cost, based upon current levels of aged and discontinued product and historical analysis of inventory sold below cost, were $3.0 million and $2.7 million at the end of fiscal years 2013 and 2012, respectively. |
DEFERRED CATALOG AND ADVERTISING COSTS—The Company capitalizes the direct cost of producing and distributing its catalogs. Capitalized catalog costs are amortized, once a catalog is mailed, over the expected net sales period, which is generally from one month to 11 months. Advertising costs, which are included in selling, general and administrative (“SG&A”) expense, are expensed as incurred and were $5.0 million, $6.4 million and $6.0 million in 2013, 2012 and 2011, respectively. The capitalized value of prepaid catalog and advertising costs on the Balance Sheet was immaterial as of December 28, 2013 and December 29, 2012, respectively. |
PROPERTY AND EQUIPMENT—Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the various assets, as follows: |
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| | | Estimated | | | | | | | | | | | | | | | | | | | | |
Useful | | | | | | | | | | | | | | | | | | | |
Lives | | | | | | | | | | | | | | | | | | | |
| Furniture and equipment | | 3–7 years | | | | | | | | | | | | | | | | | | | | |
| Computer software and hardware | | 3–7 years | | | | | | | | | | | | | | | | | | | | |
| Buildings | | 25 years | | | | | | | | | | | | | | | | | | | | |
Leasehold improvements are amortized over the lesser of the expected lease term or the estimated useful life of the improvement which is usually about 10 years. |
ASSETS HELD FOR SALE—On September 28, 2012, the Company entered into an agreement to sell the land and building of its former Ft. Lauderdale store for a purchase price of $4.5 million. The location was vacated when the Company's new Ft. Lauderdale flagship store opened in November 2011. The sale closed in March 2013, and the loss on the sale recognized by the Company was de minimis. |
CAPITALIZED INTEREST—The Company capitalizes interest on major capital projects. The Company did not capitalize interest in 2013 and 2012. |
CAPITALIZED SOFTWARE COSTS—Capitalized computer software, included in property and equipment, reflects costs related to internally-developed or purchased software that are capitalized and amortized on a straight-line basis, generally over a period ranging from three to seven years. |
INTANGIBLE ASSETS—The Company completes an impairment test annually or more frequently if evidence of possible impairment arises. No impairment was recognized in 2011, 2012 or 2013. Amortization expense for other intangible assets was not material in 2013 and less than $0.1 million in each of the years 2012 and 2011. Amortization expense in each of the next five years is not expected to be significant. |
ASSET RETIREMENT OBLIGATIONS—The Company estimates the fair value of obligations to clean up and restore leased properties under agreements with landlords and records the amount as a liability when incurred. Liabilities for asset retirement obligations were $0.7 million as of December 28, 2013, $0.8 million as of December 29, 2012 and $0.8 million as of December 31, 2011. There were no significant changes attributable to the following components during the 2013, 2012 or 2011 reporting periods: liabilities incurred, liabilities settled, accretion expense, and revisions in estimated cash flows. |
IMPAIRMENT OF LONG-LIVED ASSETS—The Company reviews long-lived assets, including intangible assets and property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the estimated undiscounted future cash flows from the long-lived asset are less than the carrying value, a loss equal to the difference between carrying value and the fair market value of the asset is recorded. The Company recorded no asset impairment charges in both 2013 and 2012, and less than $0.1 million in 2011. |
FACILITY CLOSING COSTS—The Company records an obligation for the present value of estimated costs that will not be recovered in the period a store, distribution center or other facility is closed. These costs include employment termination benefits, lease contract termination costs and the book value of abandoned property. For more information, see Note 3. |
SELF-INSURANCE OR HIGH DEDUCTIBLE LOSSES—The Company uses a combination of insurance and self-insurance for a number of risk management activities including workers’ compensation, general liability and employee-related health care benefits, a portion of which is paid by its associates. Liabilities associated with these risks are estimated primarily based on amounts determined by actuarial analysis, and accrued in part by considering historical claims experience, demographic factors, severity factors and other actuarial assumptions. Any actuarial projection of losses is subject to a high degree of variability. Among the causes of this variability are unpredictable external factors affecting future inflation rates, litigation trends, legal interpretations, benefit level changes and claim settlement patterns. |
DEFERRED RENT—Certain of the Company’s operating leases contain periods of free or reduced rent or contain predetermined fixed increases in the minimum rent amount during the lease term. For these leases, the Company recognizes rent expense on a straight-line basis over the expected life of the lease, generally about 10 years, including periods of free rent, and records the difference between the amount charged to rent expense and the rent paid as deferred rent. Tenant improvement allowances received from landlords are deferred and amortized to reduce rent expense over the expected life of the lease. |
INCOME TAXES—Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between existing financial statement carrying amounts and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured at the tax rate expected to be in effect for the taxable years in which we expect those temporary differences to be recovered or settled. We recognize the effect of changes in tax rates on deferred tax assets and liabilities in the period that includes the enactment date of the change. A valuation allowance is recorded to reduce deferred tax assets to the amount estimated as more likely than not to be realized. The Company also accounts for uncertainties in income taxes recognized in its financial statements. For more information, see Note 8. |
SALES AND USE TAX—Net revenues are recorded net of sales and use taxes. Net sales and use taxes are collected and remitted to all jurisdictions in which the Company has a physical presence in accordance with state, provincial and local tax laws. |
FAIR VALUE OF FINANCIAL INSTRUMENTS—Fair value of financial instruments represents the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. |
The fair value hierarchy prescribed under accounting principles generally accepted in the United States ("GAAP") contains three levels, which prioritizes the inputs used in the valuation methodologies in measuring fair value: |
Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. |
Level 2—Include other inputs that are directly or indirectly observable in the marketplace. |
Level 3—Unobservable inputs which are supported by little or no market activity. |
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As of December 28, 2013, the entire $48.4 million of the Company's cash consisted of cash on hand and bank deposits and was classified within Level 1 because they were valued using quoted market prices. As of December 29, 2012, the entire $56.5 million of the Company's cash consisted of cash on hand and bank deposits and was classified within Level 1 because they were valued using quoted market prices. |
REVENUE RECOGNITION—Sales, net of estimated returns, are recorded when merchandise is purchased by customers at store locations. Revenue is recognized when merchandise shipped from a warehouse is received by the customer, based upon the estimated date of receipt by the customer. The Company reserves for sales returns through estimates based on historical experience. The sales return reserve for fiscal years 2013, 2012, and 2011 was $(1.6) million, $(1.1) million and $(1.1) million, respectively. |
ACCOUNTS RECEIVABLE—Accounts receivable consists of amounts owed to West Marine for sales of services or goods on credit for our wholesale customers. The Company maintains an allowance for doubtful accounts receivable for estimated losses resulting from the inability of our customers to make required payments. The Company determines this allowance based on overall estimated exposure. Factors impacting the allowance include the level of gross receivables, the financial condition of our customers and the economic risks for certain customers. The allowances for doubtful accounts receivable were as follows: |
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| 2013 | | 2012 | | 2011 | | | | | | | | | | | | |
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Allowance for doubtful accounts receivable—beginning balance | $ | (277 | ) | | $ | (301 | ) | | $ | (431 | ) | | | | | | | | | | | | |
Additions | (325 | ) | | (788 | ) | | (687 | ) | | | | | | | | | | | | |
Deductions and other adjustments | 359 | | | 812 | | | 817 | | | | | | | | | | | | | |
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Allowance for doubtful accounts receivable—ending balance | $ | (243 | ) | | $ | (277 | ) | | $ | (301 | ) | | | | | | | | | | | | |
The Company's policy for writing off uncollectible trade accounts receivables consists of systematic follow-up of delinquent accounts (over 90 days past the customer's terms of sale) and management review of accounts over a set dollar amount. |
UNREDEEMED GIFT CARDS—Aggregate sales of gift cards for fiscal years 2013, 2012 and 2011 were $18.1 million, $18.7 million and $15.4 million, respectively. Sales of gift cards are deferred and treated as a liability on our balance sheet either until redeemed by customers in exchange for products or until we determine that future redemption of the card by the customer is remote, also called breakage. Breakage for unused gift cards is recognized using the redemption recognition method. Under this method, we estimate breakage based on Company-specific data by analyzing historical experience and deriving a rate that represents the amount of gift cards that are expected to be unused and not subject to escheatment. This rate is then applied, and breakage is recognized in income, over the period of redemption. Gift card breakage income for 2013, 2012 and 2011 was $0.8 million, $0.8 million and $0.6 million, respectively, and is included as net revenues in the Company's operating results. |
WEST ADVANTAGE CUSTOMER LOYALTY PROGRAMS—The Company has a customer loyalty program which allows members to earn points on qualifying purchases. Points earned entitle members to receive certificates that may be redeemed on future purchases through any retail sales channel. A liability is recognized and recorded as a reduction of revenue at the time the points are earned, based on the retail value of certificates projected to be redeemed, less the applicable estimate of breakage based upon historical redemption patterns. |
COST OF GOODS SOLD—Cost of goods sold includes costs related to the purchase, transportation and storage of merchandise, shipping expense and store occupancy costs. Consideration in the form of cash or credits received from vendors is recorded as a reduction to cost of goods sold as the related products are sold. |
COMPREHENSIVE INCOME (LOSS)—Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes income, expenses, gains and losses that bypass the income statement and are reported directly as a separate component of equity. The Company’s comprehensive income consists of net income and foreign currency translation adjustments for all periods presented. |
FOREIGN CURRENCY—Translation adjustments result from translating foreign subsidiaries’ financial statements into U.S. dollars. West Marine Canada’s functional currency is the Canadian dollar. Balance sheet accounts are translated at exchange rates in effect at the balance sheet date. Income statement accounts are translated at average exchange rates during the year. Resulting translation adjustments are included as a component of other comprehensive income in the Consolidated Statements of Stockholders’ Equity. Gains (losses) from foreign currency transactions included in selling, general and administrative ("SG&A") expense for 2013, 2012 and 2011 were $(0.6) million, $0.1 million and $(0.2) million, respectively. |
ACCRUED EXPENSES—Accrued expenses consist of the following (in thousands): |
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| 2013 | | 2012 | | | | | | | | | | | | | | | | |
Accrued compensation and benefits | $ | 7,251 | | | $ | 7,915 | | | | | | | | | | | | | | | | | |
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Accrued paid time off | 4,125 | | | 4,269 | | | | | | | | | | | | | | | | | |
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Accrued bonus | 7 | | | 4,705 | | | | | | | | | | | | | | | | | |
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Unredeemed gift cards | 6,854 | | | 6,765 | | | | | | | | | | | | | | | | | |
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Other accrued expenses | 19,054 | | | 17,068 | | | | | | | | | | | | | | | | | |
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Accrued expenses | $ | 37,291 | | | $ | 40,722 | | | | | | | | | | | | | | | | | |
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NET INCOME PER SHARE—Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if unvested restricted shares and outstanding options to purchase common stock were exercised. Options to purchase approximately 0.2 million shares, 0.5 million shares and 2.2 million shares of common stock that were outstanding in 2013, 2012 and 2011, respectively, have been excluded from the calculation of diluted income per share because inclusion of such shares would be anti-dilutive. |
The following is a reconciliation of the Company’s basic and diluted net income per share computations (shares in thousands): |
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| 2013 | | 2012 | | 2011 | | | |
| Shares | | Net Income | | Shares | | Net Income | | Shares | | Net Income | | | |
Per Share | Per Share | Per Share | | | |
Basic | 24,259 | | | $ | 0.32 | | | 23,312 | | | $ | 0.63 | | | 22,762 | | | $ | 1.44 | | | | |
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Effect of dilutive stock options | 342 | | | — | | | 459 | | | (0.01 | ) | | 524 | | | (0.03 | ) | | | |
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Diluted | 24,601 | | | $ | 0.32 | | | 23,771 | | | $ | 0.62 | | | 23,286 | | | $ | 1.41 | | | | |
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DERIVATIVE INSTRUMENTS—The Company did not purchase or hold any derivative financial instruments during the three years ended December 28, 2013. |
CASH AND CASH EQUIVALENTS—Cash consists entirely of cash on hand and bank deposits, of which approximately $46.3 million exceeded FDIC insurance limits as of December 28, 2013. As of December 29, 2012, approximately $54.3 million exceeded FDIC insurance limits. |
The Company classifies amounts in transit from banks for customer credit card and debit card transactions as cash and cash equivalents as the banks process the majority of these amounts within three to five business days. The amounts due from banks for these transactions classified as cash and cash equivalents totaled $2.8 million and $2.6 million at December 28 2013 and December 29, 2012, respectively |
We had no outstanding checks in excess of funds on deposit (book overdrafts) at December 28, 2013 and December 29, 2012. |
SABBATICAL LEAVE—Certain full-time associates are eligible to receive sabbatical leave after each 10 years of continuous employment. The estimated sabbatical liability is based on a number of factors, including actuarial assumptions and historical trends. In fiscal years 2013 and 2012, the Company had a recorded liability of $1.0 million and $1.0 million, respectively, as an estimate of accumulated sabbatical leave as of the respective balance sheet dates. |
CORRECTION OF IMMATERIAL ERRORS—The Company previously reported vendor cash consideration for advertising and other selling expenses as a reduction to SG&A. During the fourth quarter of 2013, management determined that such vendor cash consideration was incorrectly included as a reduction of SG&A. It should have been classified as a reduction of inventory and ultimately as a reduction to cost of goods sold ("COGS") as the related inventory was sold, under the guidance in Accounting Standards Codification ("ASC") 605-50-45-15, Revenue Recognition, Customer Payments and Incentives, Other Presentation Matters, Consideration Is Reimbursement of Costs Incurred by the Customer. The correction of this misstatement increased the amount of the valuation allowance in fiscal 2010 which then impacted the reversal in fiscal 2011 by releasing a valuation allowance on the deferred tax asset ("DTA") for the additional book capitalized inventory costs associated with the vendor cash considerations which was recorded when the Company placed a full valuation allowance on its DTA's. The financial statements have also been revised to reflect the correction of certain other previously uncorrected immaterial prior period errors. The Company assessed the materiality of this misstatement on prior periods’ financial statements in accordance with SEC’s Staff Accounting Bulletin ("SAB") No. 99, Materiality, codified in ASC 250, ("ASC 250"), Presentation of Financial Statements, and concluded that the misstatement was not material to any prior annual or interim periods, but the cumulative adjustment necessary to correct the classification would be material to the year ended December 28, 2013. Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), the financial statements as of December 29, 2012 and December 31, 2011 and the two years ended December 29, 2012, which are presented herein have been revised. The following are selected line items from our financial statements illustrating the affect of the correction thereon: |
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Consolidated Balance Sheet | | | | | | | | | | | | |
(in thousands) | | | | | | | | | | | | |
| 2012 | | | | | | | | | | | | |
| As Reported | | Adjustment | | As Revised | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | |
Merchandise inventories | $ | 194,332 | | | $ | (4,993 | ) | | $ | 189,339 | | | | | | | | | | | | | |
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Other current assets | 16,371 | | | 1,667 | | | 18,038 | | | | | | | | | | | | | |
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Total current assets | 282,873 | | | (3,326 | ) | | 279,547 | | | | | | | | | | | | | |
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Long-term deferred income taxes | 8,392 | | | 37 | | | 8,429 | | | | | | | | | | | | | |
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Total assets | 354,268 | | | (3,289 | ) | | 350,979 | | | | | | | | | | | | | |
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Liabilities | | | | | | | | | | | | | | | | | |
Accrued expenses and other | 40,928 | | | (206 | ) | | 40,722 | | | | | | | | | | | | | |
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Total current liabilities | 62,002 | | | (205 | ) | | 61,797 | | | | | | | | | | | | | |
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Deferred rent and other | 13,858 | | | 18 | | | 13,876 | | | | | | | | | | | | | |
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Total liabilities | 75,860 | | | (187 | ) | | 75,673 | | | | | | | | | | | | | |
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Stockholders' Equity | | | | | | | | | | | | | | | | | |
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Retained earnings | 86,172 | | | (3,102 | ) | | 83,070 | | | | | | | | | | | | | |
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Total stockholders' equity | 278,408 | | | (3,102 | ) | | 275,306 | | | | | | | | | | | | | |
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Total liabilities and stockholders' equity | 354,268 | | | (3,289 | ) | | 350,979 | | | | | | | | | | | | | |
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Consolidated Statement of Income |
(in thousands) |
| 2012 | | 2011 |
| As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised |
Cost of goods sold | $ | 477,145 | | | $ | (9,412 | ) | | $ | 467,733 | | | $ | 458,444 | | | $ | (8,674 | ) | | $ | 449,770 | |
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Gross profit | 198,106 | | | 9,412 | | | 207,518 | | | 184,999 | | | 8,674 | | | 193,673 | |
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Selling, general and administrative expense | 172,837 | | | 9,284 | | | 182,121 | | | 162,860 | | | 8,024 | | | 170,884 | |
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Income from operations | 25,170 | | | 128 | | | 25,298 | | | 22,139 | | | 650 | | | 22,789 | |
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Income before income taxes | 24,329 | | | 128 | | | 24,457 | | | 21,221 | | | 650 | | | 21,871 | |
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Provision (benefit) for income taxes | 8,800 | | | 938 | | | 9,738 | | | (8,441 | ) | | (2,441 | ) | | (10,882 | ) |
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Net income | 15,529 | | | (810 | ) | | 14,719 | | | 29,662 | | | 3,091 | | | 32,753 | |
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Net income per common and common equivalent share: | | | | | | | | | | | |
Basic | $ | 0.67 | | | $ | (0.04 | ) | | $ | 0.63 | | | $ | 1.3 | | | $ | 0.14 | | | $ | 1.44 | |
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Diluted | 0.65 | | | (0.03 | ) | | 0.62 | | | 1.27 | | | 0.14 | | | 1.41 | |
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Consolidated Statement of Comprehensive Income |
(in thousands) |
| 2012 | | 2011 |
| As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised |
Net income | $ | 15,529 | | | $ | (810 | ) | | $ | 14,719 | | | $ | 29,662 | | | $ | 3,091 | | | $ | 32,753 | |
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Total comprehensive income | 15,465 | | | (810 | ) | | 14,655 | | | 29,684 | | | 3,091 | | | 32,775 | |
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Consolidated Statement of Stockholders' Equity |
(in thousands) |
| Retained Earnings | | Total Stockholders' Equity |
| As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised |
Balance at January 1, 2011 | $ | 40,981 | | | $ | (5,383 | ) | | $ | 35,598 | | | $ | 221,761 | | | $ | (5,383 | ) | | $ | 216,378 | |
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Net income | 29,662 | | | 3,091 | | | 32,753 | | | 29,662 | | | 3,091 | | | 32,753 | |
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Balance at December 31, 2011 | 70,643 | | | (2,292 | ) | | 68,351 | | | 255,643 | | | (2,292 | ) | | 253,351 | |
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Net income | 15,529 | | | (810 | ) | | 14,719 | | | 15,529 | | | (810 | ) | | 14,719 | |
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Balance at December 29, 2012 | 86,172 | | | (3,102 | ) | | 83,070 | | | 278,408 | | | (3,102 | ) | | 275,306 | |
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Consolidated Statement of Cash Flows |
(in thousands) |
| 2012 | | 2011 |
| As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised |
Net income | $ | 15,529 | | | $ | (810 | ) | | $ | 14,719 | | | $ | 29,662 | | | $ | 3,091 | | | $ | 32,753 | |
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Depreciation and amortization | 15,301 | | | 1 | | | 15,302 | | | 14,314 | | | (295 | ) | | 14,019 | |
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Deferred income taxes | 1,588 | | | 3,026 | | | 4,614 | | | (12,745 | ) | | (2,783 | ) | | (15,528 | ) |
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Changes in assets and liabilities: | | | | | | | | | | | |
Merchandise inventories | (1,882 | ) | | 260 | | | (1,622 | ) | | 7,059 | | | 17 | | | 7,076 | |
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Other current assets | (2,578 | ) | | (1,924 | ) | | (4,502 | ) | | 2,946 | | | 322 | | | 3,268 | |
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Accounts payable | (4,769 | ) | | 1 | | | (4,768 | ) | | (4,610 | ) | | (862 | ) | | (5,472 | ) |
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Accrued expenses and other | (60 | ) | | (206 | ) | | (266 | ) | | | | | | |
Deferred items and other non-current liabilities | 252 | | | (348 | ) | | (96 | ) | | (47 | ) | | 21 | | | (26 | ) |
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Net cash provided by operating activities | | | | | | | 37,229 | | | (489 | ) | | 36,740 | |
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Purchases of property and equipment | | | | | | | (17,710 | ) | | 489 | | | (17,221 | ) |
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Net cash used in investing activities | | | | | | | (17,646 | ) | | 489 | | | (17,157 | ) |
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