Advance Auto Parts 2015 Annual Report Download - page 44

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31
Stock Repurchases
We have a stock repurchase program that allows us to repurchase our common stock on the open market or in privately
negotiated transactions from time to time in accordance with the requirements of the SEC. As of January 2, 2016, we had
$415.1 million remaining under our $500 million stock repurchase program authorized by our Board of Directors on May 14,
2012. During 2015, we made no repurchases under the stock repurchase program.
During 2015, we repurchased 42,458 shares of our common stock at an aggregate cost of $6.7 million, or an average price
of $156.98 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock or
restricted stock units.
Dividend
Since 2006, our Board of Directors has declared quarterly dividends of $0.06 per share to stockholders of record. On
February 9, 2016, our Board of Directors declared a quarterly dividend of $0.06 per share to be paid on April 1, 2016 to all
common stockholders of record as of March 18, 2016.
Analysis of Cash Flows
A summary and analysis of our cash flows for 2015, 2014 and 2013 is reflected in the table and following discussion.
Fiscal Year
2015 2014 2013
(in millions)
Cash flows from operating activities $ 689.6 $ 709.0 $ 545.3
Cash flows from investing activities (253.4)(2,288.2)(362.1)
Cash flows from financing activities (446.0) 575.9 331.2
Effect on exchange rate changes on cash (4.2)(4.5)—
Net (decrease) increase in cash and cash
equivalents $ (13.9)$ (1,007.8) $ 514.4
Operating Activities
For 2015, net cash provided by operating activities decreased $19.3 million to $689.6 million. This net decrease in
operating cash flow was primarily driven by lower net income, the timing of income tax deductions and an increase in cash
outflows from inventory purchases, net of accounts payable. Our inventory balance as of January 2, 2016 increased $237.8
million, or 6.0%, over the prior year driven mainly by transitional inventory growth resulting from our product integration and
the consolidation of our Carquest stores and the opening of new stores and branches. These decreases in cash flow were
partially offset by increases in cash flow from accrued expenses and other assets related to the timing of rent and other
payments to non-merchandise vendors.
For 2014, net cash provided by operating activities increased $163.7 million to $709.0 million. This net increase in
operating cash flow was primarily driven by higher net income and non-cash expenses along with an increase in accounts
payable. This was partially offset by a decrease in cash flows from accrued expenses and other assets related to the timing of
payroll and payments to non-merchandise vendors. The benefit from accounts payable was expected as we were able to
integrate terms for certain vendors serving both Carquest and Advance Auto Parts.