Bed, Bath and Beyond 2008 Annual Report Download - page 18

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BED BATH & BEYOND 2008 ANNUAL REPORT
16
FISCAL YEAR ENDED
February 28, March 1, March 3,
(in thousands) 2009 2008 2007
Cash Flows from Operating Activities:
Net earnings $ 425,123)$ 562,808)$ 594,244)
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 175,601)157,770)132,955)
Amortization of bond premium —)1,538)3,532)
Stock-based compensation 43,708)43,755)52,596)
Tax benefit from stock-based compensation (1,183) 2,719)6,691)
Deferred income taxes (22,325) 2,315)(87,225)
Other 476)—)—)
(Increase) decrease in assets, net of effect of acquisition:
Merchandise inventories (25,358) (96,673) (204,080)
Trading investment securities (17) (3,020) (2,958)
Other current assets (3,065) (16,217) (38,241)
Other assets (954) 529)(695)
(Decrease) increase in liabilities, net of effect of acquisition:
Accounts payable (40,863) (31,764) 75,883)
Accrued expenses and other current liabilities (13,301) 15,774)9,784)
Merchandise credit and gift card liabilities (5,631) 24,430)30,223)
Income taxes payable 24,676)(74,530) 21,575)
Deferred rent and other liabilities 27,083)25,102)19,348)
Net cash provided by operating activities 583,970)614,536)613,632)
Cash Flows from Investing Activities:
Purchase of held-to-maturity investment securities —)—)(124,125)
Redemption of held-to-maturity investment securities —)494,526)309,818)
Purchase of available-for-sale investment securities —)(1,495,155) (1,443,115)
Redemption of available-for-sale investment securities 107,550)1,546,430)1,177,250)
Capital expenditures (215,859) (358,210) (317,501)
Investment in unconsolidated joint venture, including fees (4,786) —)—)
Payment for acquisition, net of cash acquired —)(85,893) —)
Net cash (used in) provided by investing activities (113,095) 101,698)(397,673)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options 17,650)22,672)43,393)
Excess tax benefit from stock-based compensation 3,652)5,990)14,001)
Repurchase of common stock, including fees (48,052) (734,193) (301,002)
Payment of deferred purchase price for acquisition —)—)(6,667)
Net cash used in financing activities (26,750) (705,531) (250,275)
Net increase (decrease) in cash and cash equivalents 444,125)10,703)(34,316)
Cash and cash equivalents:
Beginning of period 224,084)213,381)247,697)
End of period $ 668,209)$ 224,084)$ 213,381)
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Bed Bath & Beyond Inc. and Subsidiaries