Consolidated Cash Flow Data The following table sets forth the major components of our consolidated statements of cash flows data for the periods presented:
June 30, 20132012
(In thousands) Net cash provided by operating activities
$ 131,891 $ 81,788 $ 62,842Net cash used in investing activities (5,363 ) (3,310 ) (479 ) Net cash used in financing activities (20,762 ) (32,779 ) (14,417 ) Net increase in cash and cash equivalents $ 105,766 $ 45,699 $ 47,946Cash Flows from Operating Activities Net cash provided by operating activities in the fiscal 2013 of $131.9 millionconsisted primarily of net income of $80.5 millionand net changes in operating assets and liabilities that resulted in net cash inflows of $45.9 million. These changes consisted primarily of a $38.7 milliondecrease in accounts receivable due to improved cash collections, a $10.2 millionincrease in accounts payable and accrued liabilities due to the timing of payments with our vendors, a $9.0 millionincrease in inventory due to increased inventory on hand as a result of a transition to a third-party logistics provider during December 49
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$6.6 millionincrease in taxes payable due the timing of federal tax payments, a $1.9 millionincrease in prepaid expenses and other current assets due to an increase in overall business activity and a $1.2 millionincrease in deferred revenues and related costs. Additionally, our net income included non-cash adjustments due to stock-based compensation, depreciation and amortization, increases to our provision for doubtful accounts and write-downs for inventory obsolescence and an excess tax benefit from stock-based awards. The net of these non-cash adjustments resulted in an increase of our net cash provided by operating activities of $5.5 million. Net cash provided by operating activities in fiscal 2012 of $81.8 millionconsisted primarily of net income of $102.6 millionoffset by changes in operating assets and liabilities. These changes consisted primarily of a $36.6 millionincrease in accounts receivable due to our overall revenue growth and slower payment patterns from our customers, a $16.5 millionincrease in accounts payable and accrued liabilities due to increased overall business activity, a $9.5 millionincrease in taxes payable due to our higher profitability, a $3.7 milliondecrease in prepaid expenses and other current assets due primarily to decreased deposits with our vendors and a $2.3 millionincrease in inventories related to increases in our overall business activity. Additionally, our net income included non-cash adjustments due to stock-based compensation, depreciation and amortization, adjustments to our provisions for doubtful accounts and inventory obsolescence and an excess tax benefit from stock-based awards. The net of these non-cash adjustments resulted in a reduction of our net cash provided by operating activities of $11.6 million. Net cash provided by operating activities in fiscal 2011 of $63.0 millionincreased from cash used in operating activities of $26.0 millionin fiscal 2010. The increase in net cash provided by operating activities resulted from net income of $49.7 millionand increases in operating assets and liabilities of $13.2 millionin fiscal 2011. Changes in operating assets and liabilities consisted primarily of a $20.3 millionincrease in accounts payable and accrued liabilities, a $5.9 millionincrease in accounts receivable, a $1.3 millionincrease in taxes payable, a $1.1 millionincrease in inventories, a $715,000increase in prepaid expenses and other current assets and a net decrease of $810,000in deferred revenues and deferred cost of revenues. Cash Flows from Investing Activities Our investing activities consist solely of capital expenditures and purchases of intangible assets. Capital expenditures for fiscal 2013, fiscal 2012 and fiscal 2011 were $4.1 million, $3.3 millionand $479,000, respectively. Additionally, we had cash outflows related to intangible assets of $1.2 millionduring fiscal 2013, consisting primarily of legal costs associated with the application for, and registrations of, our patents and trademarks. Cash Flows from Financing Activities We used $20.8 millionof cash in financing activities during fiscal 2013. On August 7, 2012, we entered into a Loan and Security Agreement (the "Loan Agreement") with U.S. Bank, as syndication agent, and East West Bank, as administrative agent for the lenders party to the Loan Agreement. The Loan Agreement replaced the EWB Loan Agreement discussed below. The Loan Agreement provides for (i) a $50.0 millionrevolving credit facility, with a $5.0 millionsublimit for the issuance of letters of credit and a $5.0 millionsublimit for the making of swingline loan advances (the "Revolving Credit Facility"), and (ii) a $50.0 millionterm loan facility (the "Term Loan Facility"). We may request borrowings under the Revolving Credit Facility until August 7, 2015. On August 7, 2012, we borrowed $20.8 millionof term loans under the Term Loan Facility, bringing the total borrowed to $50.0 million, to partially fund our common stock repurchase program. No borrowings remain available under the Term Loan Facility. On November 21, 2012, we borrowed $10.0 millionunder the Revolving Credit Facility. On December 20, 2012, we borrowed an additional $20.0 millionunder the Revolving Credit Facility to fund our special cash dividend. An additional $20.0 millionremains available for borrowing under the Revolving Credit Facility. The Loan Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict our and our subsidiaries' ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, pay dividends or make distributions, make investments, make acquisitions, prepay certain indebtedness, change the nature of our or its business, enter into certain transactions with affiliates, enter into restrictive agreements, and make capital expenditures, in each case subject to customary exceptions for a credit facility of this size and type. We are also required to maintain a minimum debt service coverage ratio, a maximum leverage ratio, and a minimum liquidity ratio. As of June 30, 2013, we were in compliance with all affirmative and negative covenants, debt service coverage ratio, leverage ratio and minimum level of liquidity requirements. On August 9, 2012, we announced that our Board of Directors authorized us to repurchase up to $100.0 millionof our common stock. The share repurchase program commenced August 13, 2012. During fiscal 2013 we repurchased 5,159,050 shares for a total cost of $54.4 million.