Bed, Bath and Beyond 2005 Annual Report Download - page 14

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BED BATH& BEYOND ANNUAL REPORT 2005
12
FISCAL YEAR ENDED
February 25, February 26, February 28,
(in thousands) 2006 2005 2004
Cash Flows from Operating Activities:
Net earnings $ 572,847)$ 504,964)$ 399,470)
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 111,111)97,491)84,645)
Amortization of bond premium 3,172)1,657)1,185)
Stock-based compensation cost 26,439)—)—)
Excess tax benefit from stock-based compensation 20,011)27,049)64,832)
Deferred income taxes (25,874) 4,056)(3,061)
(Increase) decrease in assets, net of effect of acquisition:
Merchandise inventories (149,692) (139,694) (27,058)
Trading investment securities (423) —)—)
Other current assets (23,543) (7,350) (2,055)
Other assets (307) (145) 5,466)
Increase (decrease) in liabilities, net of effect of acquisition:
Accounts payable 64,892)42,517)15,345)
Accrued expenses and other current liabilities (5,742) (12,733) 17,622)
Merchandise credit and gift card liabilities 26,453)23,873)19,006)
Income taxes payable 10,666)47,519)(37,993)
Deferred rent and other liabilities 30,425)17,827)7,042)
Net cash provided by operating activities 660,435)607,031)544,446)
Cash Flows from Investing Activities:
Purchase of held-to-maturity investment securities (442,356) (484,793) (325,663)
Redemption of held-to-maturity investment securities 331,565)122,349)357,020)
Purchase of available-for-sale investment securities (1,524,835) (2,414,778) (1,997,804)
Redemption of available-for-sale investment securities 1,788,450)2,604,900)1,567,700)
Payment for acquisition, net of cash acquired —)—)(175,487)
Capital expenditures (220,394) (181,363) (109,003)
Net cash used in investing activities (67,570) (353,685) (683,237)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options 34,953)31,080)74,597)
Excess tax benefitfrom stock-based compensation 2,682)—)—)
Repurchase of common stock, including fees (598,244) (350,151) —)
Payment of deferred purchase price for acquisition (6,667) (6,667) —)
Prepayment of acquired debt —)—)(21,215)
Net cash (used in) provided by financing activities (567,276) (325,738) 53,382)
Net increase (decrease) in cash and cash equivalents 25,589)(72,392) (85,409)
Cash and cash equivalents:
Beginning of period 222,108)294,500)379,909)
End of period $ 247,697)$ 222,108)$ 294,500)
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Bed Bath & Beyond Inc. and Subsidiaries