Advance Auto Parts 2006 Annual Report Download - page 71

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ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 30, 2006, December 31, 2005 and January 1, 2005
(in thousands)
2006 2005 2004
Cash flows from operating activities:
Net income 231,318$ 234,725$ 187,988$
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 139,423 119,938 104,877
Amortization of deferred debt issuance costs 534 620 1,082
Share-based compensation 19,052 363 494
Loss on disposal of property and equipment, net 2,103 503 447
(Benefit) provision for deferred income taxes (6,562) 2,790 6,508
Excess tax benefit from share-based compensation (5,272) - -
Tax benefit related to exercise of stock options - 30,300 23,749
Loss on extinguishment of debt 1,887 - 3,230
Net decrease (increase) in:
Receivables, net (2,318) 21,819 (15,945)
Inventories, net (92,239) (130,426) (87,669)
Other assets 9,412 (23,963) 1,750
Net increase (decrease) in:
Accounts payable 22,339 35,610 19,673
Accrued expenses 15,264 32,805 12,581
Other liabilities (1,337) (3,452) 1,632
Net cash provided by operating activities 333,604 321,632 260,397
Cash flows from investing activities:
Purchases of property and equipment (258,586) (216,214) (179,766)
Business acquisitions, net of cash acquired (12,500) (99,300) -
Proceeds from sales of property and equipment 12,444 12,734 12,944
Net cash used in investing activities (258,642) (302,780) (166,822)
Cash flows from financing activities:
(Decrease) increase in bank overdrafts (15,964) 29,986 (10,901)
Increase in financed vendor accounts payable 8,192 62,455 56,896
Early extinguishment of debt (433,775) - (105,000)
Dividends paid (19,153) - -
(Payments) borrowings on note payable (60) 500 -
Borrowings under credit facilities 678,075 1,500 256,500
Payments on credit facilities (205,800) (33,200) (126,500)
Payment of debt related costs (1,070) - (3,509)
Proceeds from the issuance of common stock, primarily exercise
of stock options 17,203 32,275 23,867
Excess tax benefit from share-based compensation 5,272 - -
Repurchase of common stock (137,560) (101,594) (146,370)
Increase (decrease) in borrowings secured by trade receivables 23 (26,312) 6,276
Net cash used in financing activities (104,617) (34,390) (48,741)
Net (decrease) increase in cash and cash equivalents (29,655) (15,538) 44,834
Cash and cash equivalents, beginning of period 40,783 56,321 11,487
Cash and cash equivalents, end of period 11,128$ 40,783$ 56,321$
Fiscal Years Ended
The accompanying notes to consolidated financial statements
are an integral part of these statements.
F-8