CarMax 1999 Annual Report Download - page 54

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Years Ended February 28
(Amounts in thousands)
1999 1998 1997
OPERATING ACTIVITIES:
Net earnings .......................................................................................................
$ 148,381
$ 112,074 $ 136,680
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Net loss related to Inter-Group Interest in the CarMax Group ......................
18,057
26,460 9,052
Depreciation and amortization......................................................................
130,290
111,749 97,313
Loss (gain) on sales of property and equipment .............................................
3,087
2,593 (1,540)
Provision for deferred income taxes...............................................................
9,348
16,919 19,307
Decrease in deferred revenue and other liabilities..........................................
(32,771)
(23,859) (48,863)
Decrease (increase) in net accounts receivable ..............................................
60,217
(33,545) (195,791)
(Increase) decrease in merchandise inventory, prepaid expenses
and other current assets ............................................................................
(41,866)
34,441 (42,676)
Decrease (increase) in other assets.................................................................
9,941
(5,032) (14,178)
Increase in accounts payable, accrued expenses and
other current liabilities..............................................................................
31,555
38,907 80,373
NET CASH PROVIDED BY OPERATING ACTIVITIES ...................................
336,239
280,707 39,677
INVESTING ACTIVITIES:
Purchases of property and equipment.................................................................
(228,672)
(353,800) (451,561)
Proceeds from sales of property and equipment..................................................
134,315
199,028 316,276
NET CASH USED IN INVESTING ACTIVITIES ..............................................
(94,357)
(154,772) (135,285)
FINANCING ACTIVITIES:
(Decrease) increase in allocated short-term debt, net .........................................
(2,180)
5,244 (73,690)
(Decrease) increase in inter-group payable.........................................................
–
(48,147) 48,147
(Decrease) increase in allocated long-term debt, net ..........................................
(109,885)
(33,573) 109,702
Equity issuances, net ...........................................................................................
42,165
22,311 15,385
Dividends paid....................................................................................................
(13,981)
(13,792) (13,199)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES................
(83,881)
(67,957) 86,345
Increase (decrease) in cash and cash equivalents......................................................
158,001
57,978 (9,263)
Cash and cash equivalents at beginning of year .......................................................
90,200
32,222 41,485
Cash and cash equivalents at end of year .................................................................
$ 248,201
$90,200 $ 32,222
See accompanying notes to group financial statements.
CIRCUIT CITY GROUP STATEMENTS OF CASH FLOWS
52 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT