CarMax 1999 Annual Report Download - page 72

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Years Ended February 28
(Amounts in thousands)
1999 1998 1997
OPERATING ACTIVITIES:
Net loss...............................................................................................................
$ (23,514)
$(34,223) $ (9,318)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization......................................................................
10,003
4,577 1,664
Expense related to owned and leased real estate [NOTE 13] ..............................
–
11,500 –
Provision for deferred income taxes...............................................................
11,284
(1,867) 1,666
Changes in operating assets and liabilities, net of effects
from business acquisitions:
(Decrease) increase in deferred revenue and other liabilities....................
(251)
835 1,157
Increase in net accounts receivable...........................................................
(36,498)
(32,516) (11,788)
Increase in inventory, prepaid expenses and other current assets..............
(55,776)
(58,967) (23,918)
(Increase) decrease in other assets ............................................................
(809)
63 (1,691)
Increase in accounts payable, accrued expenses and
other current liabilities ........................................................................
13,570
24,472 16,789
NET CASH USED IN OPERATING ACTIVITIES .............................................
(81,991)
(86,126) (25,439)
INVESTING ACTIVITIES:
Cash used in business acquisitions [NOTE 4]..........................................................
(41,562)
– –
Purchases of property and equipment.................................................................
(138,299)
(234,252) (90,428)
Proceeds from sales of property and equipment..................................................
139,332
98,098 16,450
Decrease (increase) in inter-group receivable, net ..............................................
–
48,147 (48,147)
NET CASH USED IN INVESTING ACTIVITIES ..............................................
(40,529)
(88,007) (122,125)
FINANCING ACTIVITIES:
Increase (decrease) in allocated short-term debt, net..........................................
1,220
385 (18,050)
Increase (decrease) in allocated long-term debt, net...........................................
108,584
27,386 (78,519)
Equity issuances, net...........................................................................................
3,983
2,353 412,335
NET CASH PROVIDED BY FINANCING ACTIVITIES ...................................
113,787
30,124 315,766
(Decrease) increase in cash and cash equivalents.....................................................
(8,733)
(144,009) 168,202
Cash and cash equivalents at beginning of year.......................................................
26,412
170,421 2,219
Cash and cash equivalents at end of year .................................................................
$ 17,679
$26,412 $ 170,421
See accompanying notes to group financial statements.
CARMAX GROUP STATEMENTS OF CASH FLOWS
70 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT