Bed, Bath and Beyond 2007 Annual Report Download - page 17

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BED BATH& BEYOND ANNUAL REPORT 2007
15
FISCAL YEAR ENDED
March 1, March 3, February 25,
(in thousands) 2008 2007 2006
Cash Flows from Operating Activities:
Net earnings $ 562,808)$ 594,244)$ 572,847)
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 157,770)132,955)111,111)
Amortization of bond premium 1,538)3,532)3,172)
Stock-based compensation 43,755)52,596)26,439)
Tax benefit from stock-based compensation 2,719)6,691)20,011)
Deferred income taxes 2,315)(87,225) (25,874)
(Increase) decrease in assets, net of effect of acquisition:
Merchandise inventories (96,673) (204,080) (149,692)
Trading investment securities (3,020) (2,958) (423)
Other current assets (16,217) (38,241) (23,543)
Other assets 529)(695) (307)
(Decrease) increase in liabilities, net of effect of acquisition:
Accounts payable (31,764) 75,883)64,892)
Accrued expenses and other current liabilities 15,774)9,784)(5,742)
Merchandise credit and gift card liabilities 24,430)30,223)26,453)
Income taxes payable (74,530) 21,575)10,666)
Deferred rent and other liabilities 25,102)19,348)30,425)
Net cash provided by operating activities 614,536)613,632)660,435)
Cash Flows from Investing Activities:
Purchase of held-to-maturity investment securities —)(124,125) (442,356)
Redemption of held-to-maturity investment securities 494,526)309,818)331,565)
Purchase of available-for-sale investment securities (1,495,155) (1,443,115) (1,524,835)
Redemption of available-for-sale investment securities 1,546,430)1,177,250)1,788,450)
Capital expenditures (358,210) (317,501) (220,394)
Payment for acquisition, net of cash acquired (85,893) ——
Net cash provided by (used in) investing activities (101,698)(397,673) (67,570)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options 22,672)43,393)34,953)
Excess tax benefitfrom stock-based compensation 5,990)14,001)2,682)
Repurchase of common stock, including fees (734,193) (301,002) (598,244)
Payment of deferred purchase price for acquisition —(6,667) (6,667)
Net cash used in financing activities (705,531) (250,275) (567,276)
Net increase (decrease) in cash and cash equivalents 10,703)(34,316) 25,589)
Cash and cash equivalents:
Beginning of period 213,381)247,697)222,108)
End of period $ 224,084)$ 213,381)$ 247,697)
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Bed Bath & Beyond Inc. and Subsidiaries