Advance Auto Parts 2003 Annual Report Download - page 29

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Fiscal Years Ended
2003 2002 2001
(in thousands) (53 weeks) (52 weeks) (52 weeks)
Cash flows from financing activities:
Increase (decrease) in bank overdrafts......................................................... $ 30,216 $ (33,879) $ 5,679
Repayments (borrowings) under notes payable ........................................... —— (784)
Early extinguishment of debt ....................................................................... (647,462) (464,991) (270,299)
Borrowings under credit facilities................................................................ 452,600 308,100 697,500
Payments on credit facilities......................................................................... (99,300) (66,400) (254,701)
Repayment of industrial development revenue bonds ................................. —(10,000) —
Proceeds from issuance of subordinated notes............................................. —— 185,604
Payment of debt related costs....................................................................... (38,330) (10,955) (17,984)
Repayment of management loans ................................................................ 976 1,700 (550)
Proceeds from issuance of common stock, net of related expenses ............ —88,658 —
Proceeds from exercise of stock options...................................................... 25,407 17,369 2,381
Increase in borrowings secured by trade receivables................................... 3,048 1,175 734
Net cash (used in) provided by financing activities..................... (272,845) (169,223) 347,580
Net (decrease) increase in cash and cash equivalents ................................. (2,398) (4,232) 108
Cash and cash equivalents, beginning of period ........................................... 13,885 18,117 18,009
Cash and cash equivalents, end of period ..................................................... $ 11,487 $ 13,885 $ 18,117
Supplemental cash flow information:
Interest paid .................................................................................................. $ 33,904 $ 60,081 $ 41,480
Income tax (payments) refunds, net............................................................. (10,126) 2,910 (15,452)
Non-cash transactions:
Accrued purchases of property and equipment............................................ 9,324 15,818 10,725
Unrealized gain (loss) on hedge arrangements ............................................ 63 (592) —
Note receivable upon disposal of property and equipment.......................... —925 —
Issuance of common stock and stock options—Discount acquisition......... —— 107,129
Accrued debt issuance costs......................................................................... —— 2,156
Equity transactions under the stockholder subscription and
employee stock option plans .................................................................... —— 411
The accompanying notes to consolidated financial statements are an integral part of these statements.
Page 27
Advance Auto Parts, Inc. and Subsidiaries