Advance Auto Parts 2003 Annual Report Download - page 28

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Fiscal Years Ended
2003 2002 2001
(in thousands) (53 weeks) (52 weeks) (52 weeks)
Cash flows from operating activities:
Net income.................................................................................................... $ 124,935 $ 65,019 $ 11,442
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization ............................................................. 100,737 94,090 71,231
Stock option compensation expense..................................................... —— 11,735
Amortization of deferred debt issuance costs ...................................... 1,470 3,536 3,121
Amortization of bond discount............................................................. 3,640 13,076 11,468
Compensation for stock issued under the employee
stock purchase plan .......................................................................... 3,543 667 —
Loss (gain) on disposal of property and equipment, net...................... 793 (1,838) 2,027
Impairment of assets held for sale........................................................ —— 12,300
Provision (benefit) for deferred income taxes...................................... 53,742 51,426 (5,447)
Tax benefit related to exercise of stock options................................... 7,964 6,968 —
Loss on extinguishment of debt ........................................................... 47,288 16,822 6,106
Cumulative effect of a change in accounting principle, net of tax ...... —— 2,065
Net decrease (increase) in:
Receivables, net................................................................................ 17,775 (6,610) 3,073
Inventories, net ................................................................................. (64,893) (69,481) 13,101
Other assets....................................................................................... (7,216) (9,824) 172
Net increase (decrease) in:
Accounts payable.............................................................................. 97,535 41,699 (17,663)
Accrued expenses............................................................................. (27,985) 34,110 (5,106)
Other liabilities................................................................................. (3,407) 3,336 (16,089)
Net cash provided by operating activities .................................... 355,921 242,996 103,536
Cash flows from investing activities:
Purchases of property and equipment .......................................................... (101,177) (98,186) (63,695)
Acquisitions, net of cash acquired ............................................................... —(13,176) (389,953)
Proceeds from sales of property and equipment.......................................... 15,703 33,357 2,640
Net cash used in investing activities............................................. (85,474) (78,005) (451,008)
(continued)
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended January 3, 2004, December 28, 2002 and December 29, 2001
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