Aarons 2015 Annual Report Download - page 56
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Net Earnings $ 135,709
$ 78,233
$ 120,666
Adjustments to Reconcile Net Earnings to Net Cash Provided by (Used in) Operating
Activities:
Depreciation of Lease Merchandise 1,212,644
932,634
628,089
Other Depreciation and Amortization 80,203
85,600
57,016
Accounts Receivable Provision 163,111
99,283
35,894
Provision for Credit Losses on Loans Receivable 937
—
—
Fee Amortization on Loans Receivable (269)
—
—
Stock-Based Compensation 14,163
10,863
2,342
Deferred Income Taxes 38,970
(7,157)
(36,763)
Other Changes, Net (842)
2,214
3,996
Changes in Operating Assets and Liabilities, Net of Effects of Acquisitions and
Dispositions:
Additions to Lease Merchandise (1,775,479)
(1,465,501)
(964,072)
Book Value of Lease Merchandise Sold or Disposed 510,657
456,713
425,673
Accounts Receivable (173,159)
(110,269)
(30,419)
Prepaid Expenses and Other Assets 3,964
(5,332)
(1,349)
Income Tax Receivable (54,351)
(117,894)
22,688
Accounts Payable and Accrued Expenses 25,458
(12,788)
16,893
Accrued Litigation Expense (22,463)
(1,200)
28,400
Customer Deposits and Advance Payments 7,508
5,639
(617)
Cash Provided by (Used in) Operating Activities 166,761
(48,962)
308,437
Purchase of Investments —
—
(74,845)
Loans Receivable Originated (11,700)
—
—
Repayments of Loans Receivable 15,211
—
—
Proceeds from Maturities and Calls of Investments —
89,993
47,930
Additions to Property, Plant and Equipment (60,557)
(47,565)
(58,145)
Acquisitions of Businesses and Contracts (73,295)
(700,509)
(10,898)
Proceeds from Dispositions of Businesses and Contracts 13,976
16,525
2,163
Proceeds from Sale of Property, Plant, and Equipment 7,515
6,032
6,841
Cash Used in Investing Activities (108,850)
(635,524)
(86,954)
Proceeds from Debt 290,090
904,956
2,598
Repayments of Debt (330,747)
(441,603)
(4,954)
Acquisition of Treasury Stock —
—
(125,000)
Dividends Paid (6,822)
(7,823)
(3,875)
Excess Tax Benefits From Stock-Based Compensation 348
1,392
1,381
Issuance of Stock Under Stock Option Plans 1,038
4,388
9,924
Other (425)
(4,366)
—
Cash (Used in) Provided by Financing Activities (46,518)
456,944
(119,926)
Increase (Decrease) in Cash and Cash Equivalents 11,393
(227,542)
101,557
Cash and Cash Equivalents at Beginning of Year 3,549
231,091
129,534
Cash and Cash Equivalents at End of Year $ 14,942
$ 3,549
$ 231,091
Cash Paid During the Year:
Interest $ 23,405
$ 16,344
$ 5,614
Income Taxes 91,720
187,709
54,027
The accompanying notes are an integral part of the Consolidated Financial Statements.
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