Advance Auto Parts 2001 Annual Report Download - page 13

20 ADVANCE AUTO PARTS ANNUAL REPORT 2001 ADVANCE AUTO PARTS ANNUAL REPORT 2001 21
Advance Auto Parts, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For the Years Ended December 29, 2001, December 30, 2000 and January 1, 2000
(in thousands) 2001 2000 1999
Cash flows from operating activities:
Net income (loss) $ 11,442 $ 19,559 $ (25,326)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation and amortization 71,231 66,826 58,147
Amortization of stock option compensation 11,735 729 1,082
Amortization of deferred debt issuance costs 3,121 3,276 3,478
Amortization of bond discount 11,468 9,853 8,700
Amortization of interest on capital lease obligation - 42 201
Extraordinary loss (gain) on extinguishment of debt, net of tax 3,682 (2,933) -
Cumulative effect of a change in accounting principle, net of tax 2,065 - -
Losses on sales of property and equipment, net 2,027 885 119
Impairment of assets held for sale 12,300 856 -
Provision (benefit) for deferred income taxes (3,023) 683 (12,650)
Net decrease (increase) in:
Receivables, net 3,073 19,676 (8,128)
Inventories 13,101 (39,467) (23,090)
Other assets 172 14,921 (4,817)
Net increase (decrease) in:
Accounts payable (17,663) 46,664 (5,721)
Accrued expenses (5,106) (29,540) (21,958)
Other liabilities (16,089) (8,079) 8,987
Net cash provided by (used in) operating activities 103,536 103,951 (20,976)
Cash flows from investing activities:
Purchases of property and equipment (63,695) (70,566) (105,017)
Proceeds from sales of property and equipment and assets held for sale 2,640 5,626 3,130
Acquisition of businesses, net of cash acquired (389,953) - (13,028)
Other - - 1,091
Net cash used in investing activities (451,008) (64,940) (113,824)
Cash flows from financing activities:
Increase (decrease) in bank overdrafts 5,679 1,884 (8,688)
Borrowings (repayments) under notes payable (784) 784 -
Proceeds from the issuance of subordinated notes 185,604 - -
Early extinguishment of debt (270,299) (24,990) -
Borrowings under credit facilities 697,500 278,100 465,000
Payments on credit facilities (254,701) (306,100) (339,500)
Payment of debt issuance costs (17,984) - (972)
(Repurchases of) proceeds from stock transactions under subscription plan (550) 1,602 423
Proceeds from exercise of stock options 2,381 - -
Other 734 5,141 4,999
Net cash provided by (used in) financing activities 347,580 (43,579) 121,262
Net increase (decrease) in cash and cash equivalents 108 (4,568) (13,538)
Cash and cash equivalents, beginning of year 18,009 22,577 36,115
Cash and cash equivalents, end of year $ 18,117 $ 18,009 $ 22,577
The accompanying notes to consolidated financial statements are an integral part of these statements.
Advance Auto Parts, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (continued)
For the Years Ended December 29, 2001, December 30, 2000 and January 1, 2000
(in thousands) 2001 2000 1999
Supplemental cash flow information:
Interest paid $ 41,480 $ 51,831 $ 46,264
Income tax refunds (payments), net (15,452) 6,175 (3,792)
Noncash transactions:
Issuance of common stock and stock options - Discount acquisition 107,129 - -
Conversion of capital lease obligation - 3,509 -
Accrued purchases of property and equipment 10,725 9,299 543
Accrued debt issuances costs 2,156 - -
Equity transactions under the stockholder subscription
and employee stock option plan 411 1,281 1,660
Obligations under capital lease - - 3,266
The accompanying notes to consolidated financial statements are an integral part of these statements.