SIGNIFICANT SOURCES AND USES OF CAPITAL
The following table displays sources/uses of cash and capital structure for the fiscal year ended (in thousands):
FISCAL YEAR
2019 2018 2017
69,097 45,687 94,985
Cash flows from investing activities (29,942) (30,080) (53,726)
Cash flows from financing activities (50,590) (76,151) (28,427)
$ (11,435) (60,544) 12,832
$ 12,662 39,577 97,483
509,624 480,031 397,315
522,286 519,608 494,798
2.48% 8.24% 24.54%
SOURCES/USES OF CAPITAL
Cash flows from operating activities
Increase (decrease) in cash and cash equivalents
$
CAPITAL STRUCTURE
Short- and long-term debt
Total shareholders’ equity
Total capital
Debt-to-equity ratio
$
OPERATING ACTIVITIES
The operating activity section of the statement of cash
flows reconciles net income to the amount of cash pro-
vided by operating transactions. For FY2019, cash flows
from operating activities was $69.0 million which was
primarily comprised of net income of $53.5 million plus
depreciation and amortization expense of $20.5 million
less $6.2 million of gains on sale of marketable securities
and $14.2 million in deferred tax expenses. For FY2018,
cash flows from operating activities was $45.7 million
which was primarily comprised of net income of $103.2
million plus depreciation and amortization expense of
$22.6 million and other changes in working capital. For
FY2017, cash flows from operating activities was $95.0
million which was primarily comprised of net income of
$41.1 million plus depreciation and amortization expense
of $24.1 million and other changes in working capital.
INVESTING ACTIVITIES
Net cash activity from investment activity is typically con-
sistent unless significant acquisition activity occurs during
a fiscal year. FY2019, FY2018 and FY2017 are reflective
of the Corporation’s normalized uses of cash for investing
activities on a year-to-year basis.
FINANCING ACTIVITIES
Financing activities include transactions involving share-
holder dividends and contributions to settlement trusts,
noncontrolling interests and borrowings and repayments
of debt. Cash used by financing activities in FY2019
includes shareholder dividends and contributions to
settlement trusts of $23.8 million. FY2019 had increased
cash flows used in financing activities due to increased
payment on the line of credit compared to previous years.
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BBNC FY2019 ANNUAL REPORT
Our total capital structure consists of the original monies
received by the Corporation under ANCSA on behalf of its
shareholders, funds provided by debt financing arrange-
ments and accumulated earnings that have not been paid
out in dividends and contributions to settlement trusts. The
overall increase in total capital in FY2019 is comprised
of the fiscal year earnings offset by dividends paid and
contributions to settlement trusts.