CarMax 2003 Annual Report Download - page 32

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30 CARMAX 2003
Years Ended February 28
(Amounts in thousands) 2003 2002 2001
OPERATING ACTIVITIES:
Net earnings $ 94,802 $ 90,802 $ 45,564
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation and amortization 14,873 16,340 18,116
Amortization of restricted stock awards 77 100 154
Write-down of goodwill —— 8,677
Loss on disposition of property and equipment 30 — 415
Provision for deferred income taxes 8,880 3,162 8,758
Changes in operating assets and liabilities, net of effects
from business acquisitions:
(Increase) decrease in accounts receivable, net (6,008) 7,232 (11,845)
(Increase) decrease in automobile loan receivables held for sale (1,435) 704 19,061
Increase in retained interests in securitized receivables (14,333) (46,542) (12,625)
Increase in inventory (67,366) (51,947) (62,745)
(Increase) decrease in prepaid expenses and other current assets (10,571) 241 538
(Increase) decrease in other assets (845) 1,639 424
Increase in accounts payable, accrued expenses and other current liabilities 51,375 19,330 3,881
Increase (decrease) in deferred revenue and other liabilities 2,488 1,580 (413)
NET CASH PROVIDED BY OPERATING ACTIVITIES 71,967 42,641 17,960
INVESTING ACTIVITIES:
Cash used in business acquisitions —— (1,325)
Purchases of property and equipment (122,032) (41,417) (10,834)
Proceeds from sales of property and equipment 41,621 98,965 15,506
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (80,411) 57,548 3,347
FINANCING ACTIVITIES:
Increase (decrease) in short-term debt, net 46,211 8,853 (565)
Issuance of long-term debt 100,000 ——
Payments on long-term debt (78,608) (112,600) (21,658)
Equity issuances, net 570 (1,958) (263)
Dividends paid (28,400) ——
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 39,773 (105,705) (22,486)
Increase (decrease) in cash and cash equivalents 31,329 (5,516) (1,179)
Cash and cash equivalents at beginning of year 3,286 8,802 9,981
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 34,615 $ 3,286 $ 8,802
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the year for:
Interest $ 3,862 $ 5,336 $ 11,885
Income taxes $ 49,215 $ 42,332 $ 17,551
CONSOLIDATED STATEMENTS OF CASH FLOWS
See accompanying notes to consolidated financial statements.