CarMax 2012 Annual Report Download - page 47

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CONSOLIDATED STATEMENTS OF CASH FLOWS
See accompanying notes to consolidated financial statements.
41
(In thousands)
O PERATING ACTIVITIES:
Net earnings 413,795$ 377,495$ 277,844$
Adjustments to reconcile net earnings to net cash
(u s e d in ) p ro v id ed b y o p e rating activities :
Depreciation and amortization 82,812 76,321 75,228
Share-based compensation expense 48,089 43,606 37,858
Pro v is io n fo r lo an lo s s es 36,439 27,749 ʊ
Loss on disposition of assets 2,569 1,143 372
Deferred income tax (benefit) provision (872) 17,493 27,541
Imp airmen t o f lo n g -liv ed as s ets 248 ʊ 2,055
Net decrease (increase) in:
Accounts receivable, net 33,163 (40,538) (23,558)
A u to lo an receivab les , h eld fo r s ale ʊ ʊ (20,830)
Retained interest in securitized receivables ʊ 43,746 (204,115)
Inventory (43,115) (206,344) (139,976)
Other current assets 15,919 (27,403) 3,095
A uto loan receivables , net (675,711) (304,729) ʊ
Other assets (6,986) (7,173) 413
Net increase (decrease) in:
Accounts payable, accrued expenses and other current
liabilities and accrued income taxes 43,138 (8,802) 33,741
Other lia b ilities (11,652) 678 (10,146)
N ET C A S H ( U S ED IN ) P R O V ID ED B Y O P ER A TIN G A C TIV ITI ES (62,164) (6,758) 59,522
INVESTING AC TIVITIES:
Capital expenditures (172,616) (76,580) (22,434)
Proceeds from sales of assets 8 8 662
Insurance proceeds related to damaged property ʊ ʊ 447
(Increase) decrease in restricted cash from collections on auto loan receivables (43,262) 1,556 ʊ
Increase in restricted cash in reserve accounts (12,364) (12,631) ʊ
Release of restricted cash from reserve accounts 12,096 11,434 ʊ
(Purchases) sales of money market securities, net (678) 4,001 (2,196)
Purchases of investments available-for-sale (2,638) ʊ ʊ
Sales of in v es tmen ts av ailab le-fo r-s ale 52 ʊ 2,200
NET C ASH USED IN INVESTING AC TIVITIES (219,402) (72,212) (21,321)
FINANCING AC TIVITIES:
(Decrease) increase in short-term debt, net (59) 119 5
Issuances of long-term debt ʊ 243,300 606,500
Payments on long-term debt ʊ (364,900) (792,500)
Payments on finance and capital lease obligations (12,560) (11,145) (9,713)
Iss uances of non-recours e notes payable 5,130,000 3,348,000 ʊ
Payments on no n-recours e notes payable (4,459,572) (3,160,749) ʊ
Equity is s uances , net 15,577 38,277 31,307
Excess tax benefits from share-based payment arrangements 9,717 8,911 3,881
NET C ASH PRO VIDED BY (USED IN) FINANCING AC TIVITIES 683,103 101,813 (160,520)
Increase (decrease) in cas h and cas h equivalents 401,537 22,843 (122,319)
Cash and cash equivalents at beginning of year 41,121 18,278 140,597
CASH AND C ASH EQ UIVALENTS AT END O F YEAR 442,658$ 41,121$ 18,278$
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interes t 33,741$ 35,351$ 40,344$
Cash paid for income taxes 223,806$ 242,510$ 163,324$
Non-cash investing and financing activities:
Increase (decrease) in accrued capital expenditures 8,859$ 6,395$ (5,823)$
Increase in finance and capital lease obligations ʊ$ 1,739$ ʊ$
Ye ar s Ende d Fe br uar y 2 9 or 2 8
2012 2011 (1) 2010 (1)
(1) As discussed in Note 2(K), fiscal 2011 and fiscal 2010 reflect the revisions to correct our accounting for sale-leaseback transactions.