Advance Auto Parts 2009 Annual Report Download - page 60

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ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended January 2, 2010, January 3, 2009 and December 29, 2007
(in thousands)
The accompanying notes to the consolidated financial statements
are an integral part of these statements.
F-7
2009 2008 2007
(52 weeks) (53 weeks) (52 weeks)
Cash flows from operating activities:
Net income 270,373$ 238,038$ 238,317$
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 150,917 146,580 147,264
Amortization of deferred debt issuance costs 360 360 236
Share-based compensation 19,682 17,707 18,096
Loss on property and equipment, net 8,975 2,232 11,066
Provision (benefit) for deferred income taxes 66,622 (2,702) (20,535)
Excess tax benefit from share-based compensation (3,219) (9,047) (11,841)
Inventory write-down for change in inventory management approach - 37,484 -
Net (increase) decrease in:
Receivables, net 4,643 (11,943) 5,951
Inventories, net (8,779) (130,657) (66,129)
Other assets (15,694) (6,178) (10,709)
Net increase in:
Accounts payable 174,944 102,360 37,383
Accrued expenses 20,778 84,806 55,256
Other liabilities 10,088 9,699 6,187
Net cash provided by operating activities 699,690 478,739 410,542
Cash flows from investing activities:
Purchases of property and equipment (192,934) (184,986) (210,600)
Insurance proceeds related to damaged property - - 6,636
Proceeds from sales of property and equipment 7,395 6,790 1,821
Other - (3,413) -
Net cash used in investing activities (185,539) (181,609) (202,143)
Cash flows from financing activities:
Decrease in bank overdrafts (11,060) (9,412) (4,206)
(Decrease) increase in financed vendor accounts payable (104,294) (17,163) 26,006
Dividends paid (22,803) (23,181) (25,152)
Borrowings on note payable - - 4,232
Payments on note payable (685) (666) -
Borrowings under credit facilities 173,400 438,600 495,400
Payments on credit facilities (424,900) (488,100) (471,200)
Payment of debt related costs - - (821)
Proceeds from the issuance of common stock, primarily exercise
of stock options 35,402 35,220 42,547
Excess tax benefit from share-based compensation 3,219 9,047 11,841
Repurchase of common stock (100,062) (219,429) (282,910)
Other 292 658 (610)
Net cash used in financing activities (451,491) (274,426) (204,873)
Net increase in cash and cash equivalents 62,660 22,704 3,526
Cash and cash equivalents, beginning of period 37,358 14,654 11,128
Cash and cash equivalents, end of period 100,018$ 37,358$ 14,654$
Fiscal Years