American Eagle Outfitters 2009 Annual Report Download - page 41

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AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
January 30,
2010
January 31,
2009
February 2,
2008
For the Years Ended
(In thousands)
Operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 169,022 $ 179,061 $ 400,019
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147,483 133,141 110,753
Share-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,900 20,296 33,670
Provision for deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (36,027) 24,469 (8,147)
Tax benefit from share-based payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,995 1,121 7,260
Excess tax benefit from share-based payments . . . . . . . . . . . . . . . . . . . . . . . . (2,812) (693) (6,156)
Foreign currency transaction loss (gain) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,477 (1,141) 1,221
Loss on impairment of assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,992 6,713 592
Net impairment loss recognized in earnings. . . . . . . . . . . . . . . . . . . . . . . . . . 940 22,889 —
Realized loss on sale of investment securities . . . . . . . . . . . . . . . . . . . . . . . . 2,749 1,117 393
Changes in assets and liabilities:
Merchandise inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27,994) (13,735) (19,074)
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,052 (10,094) (5,660)
Prepaid expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,063 (24,781) (1,334)
Other assets, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,146 390 (3,242)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,992 (3,053) (15,559)
Unredeemed gift cards and gift certificates . . . . . . . . . . . . . . . . . . . . . . . . . . (3,430) (11,392) (699)
Deferred lease credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,173 18,887 4,640
Accrued compensation and payroll taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,528 (19,799) (9,144)
Accrued income and other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,862 (20,697) (31,416)
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,649) 611 6,546
Total adjustments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,440 124,249 64,644
Net cash provided by operating activities ........................... 386,462 303,310 464,663
Investing activities:
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (127,419) (265,335) (250,407)
Purchase of available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (48,655) (1,772,653)
Sale of available-for-sale securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,353 393,559 2,126,891
Other investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,003) (2,297) (1,563)
Net cash (used for) provided by investing activities .................... (49,069) 77,272 102,268
Financing activities:
Payments on capital leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,015) (2,177) (1,912)
Proceeds from issuance of note payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 75,000 —
Partial repayment of note payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (45,000) — —
Repurchase of common stock as part of publicly announced programs . . . . . . . — — (438,291)
Repurchase of common stock from employees. . . . . . . . . . . . . . . . . . . . . . . . (247) (3,432) (12,310)
Net proceeds from stock options exercised . . . . . . . . . . . . . . . . . . . . . . . . . . 7,630 3,799 13,183
Excess tax benefit from share-based payments . . . . . . . . . . . . . . . . . . . . . . . . 2,812 693 6,156
Cash dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (82,985) (82,394) (80,796)
Net cash used for financing activities .............................. (119,805) (8,511) (513,970)
Effect of exchange rates on cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,030 (14,790) 3,363
Net increase in cash and cash equivalents ........................... 220,618 357,281 56,324
Cash and cash equivalents — beginning of period . . . . . . . . . . . . . . . . . . . . . . . 473,342 116,061 59,737
Cash and cash equivalents — end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 693,960 $ 473,342 $ 116,061
Refer to Notes to Consolidated Financial Statements
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