Bed, Bath and Beyond 2004 Annual Report Download - page 14

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BED BATH & BEYOND ANNUAL REPORT 2004
12
FISCAL YEAR ENDED
February 26, February 28, March 1,
(in thousands) 2005 2004 2003
Cash Flows from Operating Activities:
Net earnings $ 504,964)$ 399,470)$ 302,179)
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 97,491)84,645)74,825)
Amortization of bond premium 1,657)1,185)985)
Tax benefit from exercise of stock options 27,049)64,832)31,176)
Deferred income taxes 4,056)(3,061) (13,291)
(Increase) decrease in assets, net of effects of acquisitions:
Merchandise inventories (139,694) (27,058) (145,789)
Other current assets (7,350) (2,055) (7,927)
Other assets (145) 5,466)190)
Increase (decrease) in liabilities, net of effects of acquisitions:
Accounts payable 51,875)19,341)86,144)
Accrued expenses and other current liabilities (12,733) 17,622)39,831)
Merchandise credit and gift card liabilities 23,873)19,006)13,060)
Income taxes payable 47,519)(37,993) 20,378)
Deferred rent and other liabilities 17,827)7,042)17,556)
Net cash provided by operating activities 616,389)548,442)419,317)
Cash Flows from Investing Activities:
Purchase of held-to-maturity investment securities (484,793) (325,663) (368,008)
Redemption of held-to-maturity investment securities 122,349)357,020)170,000)
Purchase of available-for-sale investment securities (2,414,778) (1,997,804) (135,761)
Redemption of available-for-sale investment securities 2,604,900)1,567,700)—)
Payments for acquisitions, net of cash acquired —)(175,487) (24,097)
Capital expenditures (190,721) (112,999) (135,254)
Net cash used in investing activities (363,043) (687,233) (493,120)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options 31,080)74,597)24,216)
Repurchase of common stock, including fees (350,151) —)—)
Payment of deferred purchase price for acquisition (6,667) —)—)
Prepayment of acquired debt —)(21,215) —)
Net cash (used in) provided by financing activities (325,738) 53,382)24,216)
Net decrease in cash and cash equivalents (72,392) (85,409) (49,587)
Cash and cash equivalents:
Beginning of period 294,500)379,909)429,496)
End of period $ 222,108)$ 294,500)$ 379,909)
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Bed Bath & Beyond Inc. and Subsidiaries