Aarons 2007 Annual Report Download - page 33

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31
Consolidated Statements of Cash Flows
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
(In Thousands) 2007 2006 2005
OPERATING ACTIVITIES:
Net Earnings $ 80,275 $ 78,635 $ 57,993
Depreciation of Rental Merchandise 407,321 364,109 305,630
Other Depreciation and Amortization 37,553 31,472 27,501
Additions to Rental Merchandise (706,674) (681,716) (647,657)
Book Value of Rental Merchandise Sold or Disposed 304,994 263,092 233,861
Change in Deferred Income Taxes (11,394) 18,490 (20,261)
Gain on Marketable Securities — — (579)
(Gain) Loss on Sale of Property, Plant and Equipment (4,685) 128 148
Gain on Asset Dispositions (2,919) (7,246) —
Change in Income Tax Receivable,
Prepaid Expenses and Other Assets — (805) 18,553
Change in Accounts Payable and Accrued Expenses 19,904 8,381 17,025
Change in Accounts Receivable (8,530) (683) (10,076)
Excess Tax Benefits from Stock-Based Compensation (789) (3,855) —
Change in Other Assets (8,430) (6,617) 5,864
Change in Customer Deposits 2,671 3,643 4,388
Stock-Based Compensation 2,800 3,671 —
Other Changes, Net (2,932) 4,262 1,123
Cash Provided by (Used by) Operating Activities 109,165 74,961 (6,487)
INVESTING ACTIVITIES:
Additions to Property, Plant and Equipment (141,518) (92,293) (60,453)
Contracts and Other Assets Acquired (57,323) (32,397) (47,907)
Proceeds from Sale of Marketable Securities — — 6,993
Proceeds from Asset Dispositions 6,851 16,005 1,182
Proceeds from Sale of Property, Plant and Equipment 36,340 28,092 13,004
Cash Used by Investing Activities (155,650) (80,593) (87,181)
FINANCING ACTIVITIES:
Proceeds from Sale of Senior Notes — — 60,000
Proceeds from Credit Facilities 513,838 302,587 450,854
Repayments on Credit Facilities (457,980) (384,814) (415,636)
Proceeds from Stock Offering — 83,999 —
Dividends Paid (3,249) (2,909) (2,641)
Excess Tax Benefits from Stock-Based Compensation 789 3,855 —
Acquisition of Treasury Stock (13,401) — —
Issuance of Stock Under Stock Option Plans 2,930 4,748 2,199
Cash Provided by Financing Activities 42,927 7,466 94,776
(Decrease) Increase in Cash (3,558) 1,834 1,108
Cash at Beginning of Year 8,807 6,973 5,865
Cash at End of Year $ 5,249 $ 8,807 $ 6,973
Cash Paid During the Year:
Interest $ 8,548 $ 10,000 $ 8,395
Income Taxes 50,931 14,273 51,228
The accompanying notes are an integral part of the Consolidated Financial Statements.