CarMax 2004 Annual Report Download - page 32

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30
CARMAX
2004
Years Ended February 29 or 28
(In thousands)
2004 2003 2002
OPERATING ACTIVITIES:
Net earnings $ 116,450 $ 94,802 $ 90,802
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation and amortization 16,181 14,873 16,340
Amortization of restricted stock awards 122 77 100
(Gain) loss on disposition of assets (1,462) 30 —
Provision for deferred income taxes (1,298) 8,880 3,162
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable, net (15,909) (6,008) 7,232
(Increase) decrease in automobile loan receivables held for sale (15,202) (1,435) 704
Increase in retained interests in securitized receivables (10,972) (14,333) (46,542)
Decrease (increase) in inventory 389 (67,366) (51,947)
Decrease (increase) in prepaid expenses and other current assets 3,986 (10,571) 241
Decrease (increase) in other assets 4,647 (845) 1,639
Increase in accounts payable, accrued expenses and other
current liabilities, and accrued income taxes 48,570 51,375 19,330
Increase in deferred revenue and other liabilities 2,962 2,488 1,580
NET CASH PROVIDED BY OPERATING ACTIVITIES
148,464 71,967 42,641
INVESTING ACTIVITIES:
Purchases of property and equipment (181,338) (122,032) (41,417)
Proceeds from sales of property and equipment 107,493 41,621 98,965
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
(73,845) (80,411) 57,548
FINANCING ACTIVITIES:
(Decrease) increase in short-term debt, net (51,605) 46,211 8,853
Issuance of long-term debt —100,000 —
Payments on long-term debt —(78,608) (112,600)
Equity issuances, net 4,014 570 (1,958)
Special dividend paid —(28,400) —
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
(47,591) 39,773 (105,705)
Increase (decrease) in cash and cash equivalents 27,028 31,329 (5,516)
Cash and cash equivalents at beginning of year 34,615 3,286 8,802
CASH AND CASH EQUIVALENTS AT END OF YEAR
$61,643 $ 34,615 $ 3,286
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the year for:
Interest $4,695 $ 3,862 $ 5,336
Income taxes $59,987 $ 49,215 $ 42,332
CONSOLIDATED STATEMENTS OF CASH FLOWS
See accompanying notes to consolidated financial statements.