Advance Auto Parts 2008 Annual Report Download - page 61

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ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended January 3, 2009, December 29, 2007 and December 30, 2006
(in thousands)
The accompanying notes to the consolidated financial statements
are an integral part of these statements.
F-7
2008 2007 2006
(53 weeks) (52 weeks) (52 weeks)
Cash flows from operating activities:
Net income 238,038$ 238,317$ 231,318$
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 146,580 147,264 139,423
Amortization of deferred debt issuance costs 360 236 534
Share-based compensation 17,707 18,096 19,052
Loss on disposal of property and equipment, net 2,232 11,066 2,103
Benefit for deferred income taxes (2,702) (20,535) (6,562)
Excess tax benefit from share-based compensation (9,047) (11,841) (5,272)
Inventory write-down 37,484 - -
Loss on extinguishment of debt - - 1,887
Net (increase) decrease in:
Receivables, net (11,943) 5,951 (2,318)
Inventories, net (130,657) (66,129) (92,239)
Other assets (6,178) (10,709) 9,412
Net increase (decrease) in:
Accounts payable 102,360 37,383 22,339
Accrued expenses 84,806 55,256 15,264
Other liabilities 9,699 6,187 (1,337)
Net cash provided by operating activities 478,739 410,542 333,604
Cash flows from investing activities:
Purchases of property and equipment (184,986) (210,600) (258,586)
Insurance proceeds related to damaged property - 6,636 -
Proceeds from sales of property and equipment 6,790 1,821 12,444
Business acquisitions, net of cash acquired - - (12,500)
Other (3,413) - -
Net cash used in investing activities (181,609) (202,143) (258,642)
Cash flows from financing activities:
Decrease in bank overdrafts (9,412) (4,206) (15,964)
(Decrease) increase in financed vendor accounts payable (17,163) 26,006 8,192
Early extinguishment of debt - - (433,775)
Dividends paid (23,181) (25,152) (19,153)
(Payments) borrowings on note payable (666) 4,232 (60)
Borrowings under credit facilities 438,600 495,400 678,075
Payments on credit facilities (488,100) (471,200) (205,800)
Payment of debt related costs - (821) (1,070)
Proceeds from the issuance of common stock, primarily exercise
of stock options 35,220 42,547 17,203
Excess tax benefit from share-based compensation 9,047 11,841 5,272
Repurchase of common stock (219,429) (282,910) (137,560)
Other 658 (610) 23
Net cash used in financing activities (274,426) (204,873) (104,617)
Net increase (decrease) in cash and cash equivalents 22,704 3,526 (29,655)
Cash and cash equivalents, beginning of period 14,654 11,128 40,783
Cash and cash e
q
uivalents, end of period 37,358$ 14,654$ 11,128$
Fiscal Years