| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ||||||||||
79,229 | 105,254 | 41,667 | 190,954 | 14,568 | 16,008 | -18,921 | -122,946 | -171,820 | -18,804 | -15,260 |
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
34,951 | 19,948 | 17,605 | 16,586 | 17,379 | 21,236 | 25,543 | 34,411 | 38,636 | 40,949 | 40,748 |
Lease amortization expense | ||||||||||
30,893 | 0 | 0 | - | - | - | - | - | - | - | - |
Less: Net income attributable to non-controlling interests | ||||||||||
- | - | - | - | - | 0 | - | - | - | - | - |
Gain on sale of intangible assets | ||||||||||
- | - | - | - | - | - | - | 6,602 | 0 | - | - |
Amortization of debt issuance costs | ||||||||||
3,262 | 0 | 0 | - | 531 | 739 | 702 | 235 | 0 | - | - |
Inventory step-up from acquisition | ||||||||||
10,885 | 0 | 3,112 | 0 | 0 | - | - | - | - | - | - |
Impairment charges | ||||||||||
- | - | - | - | - | - | - | 21,933 | 6,533 | 7,547 | - |
Deferred taxes, net | ||||||||||
-1,381 | 21,705 | 24,594 | -141,447 | 128 | 604 | -2,309 | -1,925 | 55,930 | -3,788 | 3,424 |
Non-cash share-based compensation | ||||||||||
12,896 | 13,530 | 12,647 | 8,965 | 7,542 | 5,740 | 3,533 | 3,142 | 9,570 | 9,588 | 8,756 |
Loss on disposal of long-lived assets | ||||||||||
-218 | 13 | -1,490 | 116 | 1,006 | 1,331 | -2,242 | 1,261 | 7,491 | -177 | 594 |
Gain on sale of investments in golf-related ventures | ||||||||||
- | - | - | 17,662 | 0 | 0 | - | - | - | - | - |
Unrealized net (gains) losses on hedging instruments | ||||||||||
-3,642 | 4,585 | -1,023 | 683 | 0 | 0 | - | - | - | - | - |
Change in assets and liabilities, net of effect from acquisitions: | ||||||||||
Accounts receivable, net | ||||||||||
44,476 | 2,109 | -51,618 | 16,965 | 11,591 | 23,314 | 6,690 | -23,701 | -28,100 | 2,096 | 11,567 |
Inventories | ||||||||||
33,952 | 78,017 | 52,010 | -24,251 | 5,347 | -47,334 | 60,966 | -20,216 | -36,460 | 38,824 | -47,415 |
Other assets | ||||||||||
12,124 | 9,975 | 6,533 | -168 | -7,060 | -2,884 | 190 | -1,044 | -20,599 | 9,896 | -8,380 |
Accounts payable and accrued expenses | ||||||||||
34,908 | 22,268 | 15,414 | 12,553 | 5,382 | -30,578 | 34,663 | 1,042 | -12,613 | 13,012 | -19,713 |
Accrued employee compensation and benefits | ||||||||||
-2,460 | 3,148 | 7,021 | -489 | -3,395 | 6,328 | 11,523 | -4,057 | -4,187 | 2,595 | -5,179 |
Accrued warranty expense | ||||||||||
-144 | 953 | 1,262 | -311 | 99 | -799 | -1,133 | -601 | -287 | -1,022 | -2,165 |
Change in operating leases, net | ||||||||||
-29,874 | 0 | 0 | - | - | - | - | - | - | - | - |
Income taxes receivable/payable, net | ||||||||||
1,414 | 82 | -2,155 | 2,493 | -370 | -4,125 | 2,761 | 2,563 | 7,653 | 8,356 | -6,567 |
Other liabilities | ||||||||||
-1,337 | 93 | 944 | -587 | -399 | -3,846 | 293 | 297 | 3,015 | 1,838 | -4,807 |
Net cash used in operating activities | ||||||||||
86,550 | 92,282 | 117,699 | 77,710 | 30,581 | 36,880 | -8,949 | -28,808 | 10,098 | 9,632 | 42,871 |
Cash flows from investing activities: | ||||||||||
Capital expenditures | ||||||||||
54,702 | 36,825 | 26,203 | 16,152 | 14,369 | 10,753 | 13,038 | 18,403 | 28,931 | 22,216 | 38,845 |
Payments to Acquire Investments | ||||||||||
17,897 | 1,743 | 21,499 | - | - | - | - | - | - | - | - |
Acquisition, net of cash acquired | ||||||||||
463,105 | 0 | 183,478 | 0 | 0 | - | - | - | - | - | - |
Investment in golf-related ventures | ||||||||||
- | - | - | -1,448 | 940 | 14,771 | 13,637 | 3,268 | 0 | 2,581 | -166 |
Collection of note receivable | ||||||||||
- | - | - | - | - | - | - | 26,861 | 0 | - | - |
Proceeds from sales of property and equipment | ||||||||||
38 | 43 | 587 | 20 | 2 | 458 | 4,148 | 355 | 19,371 | - | - |
Proceeds from sale of investments in golf-related ventures | ||||||||||
- | - | - | 23,429 | 0 | 0 | - | - | - | - | - |
Note receivable | ||||||||||
- | - | - | 3,104 | -3,104 | 0 | 0 | - | - | - | - |
Net cash used in investing activities | ||||||||||
-535,666 | -38,525 | -230,593 | 8,953 | -18,411 | -25,066 | -22,527 | 5,545 | -9,560 | -24,797 | -38,679 |
Cash flows from financing activities: | ||||||||||
Proceeds from credit facilities, net | ||||||||||
105,850 | -47,455 | 75,789 | -3,003 | -266 | -10,425 | 25,660 | 0 | 0 | - | -90,000 |
Proceeds from issuance of long-term debt | ||||||||||
493,167 | 0 | 11,815 | 0 | 0 | - | - | - | - | - | - |
Repayments of long-term debt | ||||||||||
36,685 | 2,186 | 0 | - | - | - | - | - | - | - | - |
Noncontrolling Interest, Distributions to Noncontrolling Interest Holders | ||||||||||
- | - | - | - | 0 | - | - | - | - | - | - |
Issuance of preferred stock | ||||||||||
- | - | - | - | - | - | - | - | - | - | 140,000 |
Equity issuance costs | ||||||||||
- | - | - | - | - | - | 341 | 0 | 0 | 54 | 6,031 |
Proceeds from issuance of convertible notes | ||||||||||
- | - | - | - | - | - | - | 46,819 | 0 | - | - |
Debt issuance cost | ||||||||||
19,091 | 0 | 2,246 | - | - | - | - | 3,534 | 2,467 | - | - |
Principal payments on finance leases | ||||||||||
706 | 0 | 0 | - | - | - | - | - | - | - | - |
Acquisition of treasury stock | ||||||||||
28,073 | 22,456 | 16,617 | 5,144 | 1,960 | 1,006 | 0 | - | - | - | - |
Dividends paid, net | ||||||||||
3,776 | 3,788 | 3,773 | 3,764 | 3,391 | 3,105 | 5,599 | 11,019 | 13,093 | 13,067 | 11,590 |
Issuance of common stock | ||||||||||
- | - | - | - | - | - | - | - | 2,195 | 2,954 | 2,562 |
Exercise of stock options | ||||||||||
368 | 1,636 | 5,362 | 2,637 | 6,565 | 2,291 | 1,652 | 19 | 0 | - | - |
Credit facility amendment costs | ||||||||||
- | - | - | 0 | 0 | 608 | 0 | 0 | - | - | - |
Payments of Distributions to Affiliates | ||||||||||
0 | 821 | 974 | 0 | - | - | - | - | - | - | - |
Payments to Acquire Interest in Joint Venture | ||||||||||
18,538 | 0 | 0 | - | - | - | - | - | - | - | - |
Other financing activities | ||||||||||
- | - | - | 20 | 0 | -33 | -32 | -159 | 80 | -650 | 172 |
Net cash provided by financing activities | ||||||||||
492,516 | -75,070 | 69,356 | -9,254 | 948 | -12,886 | 21,340 | 32,126 | -13,285 | -10,817 | 35,113 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
-715 | -380 | 3,237 | -1,235 | -952 | 1,914 | -5,074 | 117 | 727 | 2,711 | 672 |
Net increase in cash and cash equivalents | ||||||||||
42,685 | -21,693 | -40,301 | 76,174 | 12,166 | 842 | -15,210 | 8,980 | -12,020 | -23,271 | 39,977 |
Supplemental disclosures: | ||||||||||
Cash paid for income taxes, net | ||||||||||
9,520 | 9,564 | 10,788 | 6,143 | 5,454 | 8,098 | 4,986 | 4,234 | -3,473 | 13,849 | - |
Cash paid for interest and fees | ||||||||||
32,875 | 4,990 | 4,594 | 1,626 | 6,641 | 8,124 | 6,741 | 7,544 | 3,744 | -568 | 1,563 |
Non-cash investing and financing activities: | ||||||||||
Issuance of convertible notes in exchange for preferred stock | ||||||||||
- | - | - | - | - | - | - | 60,078 | 0 | - | - |
Issuance of treasury stock and common stock for compensatory stock awards released from restriction | ||||||||||
20,656 | 5,744 | 5,813 | 920 | 3,763 | 86 | 1,649 | 3,735 | 5,026 | - | - |
Accrued capital expenditures at period-end | ||||||||||
3,128 | 2,672 | 2,007 | 736 | 2,255 | 466 | 1,467 | 92 | 1,888 | 1,053 | - |
Conversion of convertible notes to common stock, net of discount (Note 3) | ||||||||||
- | - | - | - | 109,105 | 0 | 0 | - | - | - | - |
Acquisition of treasury stock for minimum statutory withholding taxes | ||||||||||
- | - | - | - | - | - | 364 | 783 | 1,587 | 725 | - |
Cash received for income taxes | ||||||||||
- | - | - | - | - | - | - | - | - | - | 8,974 |
Dividends payable | ||||||||||
- | - | - | - | - | - | - | 131 | 438 | 438 | 438 |
Issuance of common stock in exchange for preferred stock | ||||||||||
- | - | - | - | - | - | 42,278 | 0 | 0 | - | - |