AmerisourceBergen 2014 Annual Report Download - page 24

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See notes to consolidated financial statements in the Company’s Annual Report on Form 10-K as filed with the SEC for the Fiscal Year Ended September 30, 2014.
Fiscal year ended September 30, 2014 2013 2012
Operating Activities
Net income $ 276,484 $ 433,707 $ 718,986
Loss from discontinued operations 7,546 59,728 42,375
Income from continuing operations 284,030 493,435 761,361
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Depreciation, including amounts charged to cost of goods sold 162,089 138,690 113,765
Amortization, including amounts charged to interest expense 30,644 32,103 26,750
Provision for doubtful accounts 26,634 20,118 23,058
Provision for deferred income taxes 39,312 25,573 61,278
Warrant expense 422,739 90,055 —
Share-based compensation 43,107 36,275 25,954
Loss on early retirement of debt 32,954 — —
Other (6,539) 3,727 (9,184)
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable (938,286) (2,312,518) 71,510
Merchandise inventories (956,506) (1,486,572) (116,174)
Prepaid expenses and other assets 21,107 (169,745) 49,716
Accounts payable, accrued expenses, and income taxes 2,317,589 3,818,288 416,100
Other liabilities (8,175) 12,559 (7,177)
Net cash provided by operating activities — continuing operations 1,470,699 701,988 1,416,957
Net cash (used in) provided by operating activities — discontinued operations (7,546) 86,137 (111,508)
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,463,153 788,125 1,305,449
Investing Activities
Capital expenditures (264,457) (202,450) (133,292)
Cost of acquired companies, net of cash acquired (9,103) — (775,670)
Cost of equity investments (117,794) — —
Proceeds from sales of businesses — 329,980 —
Other 7,199 1,402 23
Net cash (used in) provided by investing activities — continuing operations (384,155) 128,932 (908,939)
Net cash used in investing activities — discontinued operations — (11,672) (39,010)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (384,155) 117,260 (947,949)
Financing Activities
Long-term debt borrowings 1,097,927 — 499,290
Long-term debt repayments (531,525) — (447,326)
Borrowings under revolving and securitization credit facilities 17,584,500 2,330,000 60,500
Repayments under revolving and securitization credit facilities (17,584,500) (2,330,000) (60,500)
Purchases of common stock (753,926) (484,176) (1,162,246)
Exercisesofstockoptions,includingexcesstaxbenefitsof$46,341,
$41,222, and $25,703, in fiscal 2014, 2013, and 2012, respectively 127,906 155,713 115,224
Cash dividends on common stock (214,469) (195,716) (132,760)
Purchases of capped call options (211,397) (157,295) —
Debt issuance costs and other (16,007) (8,975) (10,658)
Net cash used in financing activities — continuing operations (501,491) (690,449) (1,138,476)
Netcash(usedin)providedbyfinancingactivities — discontinued operations — (50,538) 21,594
NET CASH USED IN FINANCING ACTIVITIES (501,491) (740,987) (1,116,882)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 577,507 164,398 (759,382)
Cash and cash equivalents at beginning of year 1,231,006 1,066,608 1,825,990
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 1,808,513 $ 1,231,006 $1,066,608
(in thousands)
22
ConsolidatedStatements of Cash Flows