DSW 2009 Annual Report Download - page 49

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DSW INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED JANUARY 30, 2010, JANUARY 31, 2009 AND FEBRUARY 2, 2008
January 30,
2010
January 31,
2009
February 2,
2008
(In thousands)
Cash flows from operating activities:
Net income. . . ............................................ $ 54,741 $ 26,902 $ 53,775
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ................................. 46,260 36,336 25,055
Amortization of debt issuance costs . ............................ 118 118 118
Stock-based compensation expense. . ............................ 5,488 4,522 4,212
Deferred income taxes....................................... (12,105) (889) (5,605)
Loss on disposal of assets . . . ................................. 1,024 1,676 230
Impairment charges on long-lived assets . . . ....................... 856 3,339 2,081
Grants of director stock units . ................................. 599 606 347
Other-than-temporary impairment charges on investments . ............ 2,895 1,134
Other . .................................................. (238) (4,066) 3,117
Change in working capital, assets and liabilities:
Accounts receivable ....................................... (1,662) 3,693 (6,059)
Inventories . ............................................ (18,276) 18,029 (24,300)
Prepaid expenses and other assets . ............................ 3,775 (1,656) (2,426)
Accounts payable . ....................................... 26,666 (15,112) 16,132
Proceeds from construction and tenant allowances ................. 7,106 16,106 14,002
Accrued expenses . ....................................... 47,206 6,371 (9,819)
Net cash provided by operating activities . . ....................... 164,453 97,109 70,860
Cash flows from investing activities:
Cash paid for property and equipment ........................... (23,080) (82,191) (98,940)
Purchases of available-for-sale investments . ....................... (200,002) (205,558) (209,855)
Purchases of held-to-maturity investments . . ....................... (23,983) (2,000)
Maturities and sales of available-for-sale investments................. 153,753 183,604 226,000
Maturities and sales of held-to-maturity investments ................. 6,925 2,000
Purchase of equity investment — related party ..................... (1,151)
Acquisition of tradename ..................................... (21)
Net cash used in investing activities . ............................ (87,538) (104,145) (82,816)
Cash flows from financing activities:
Proceeds from exercise of stock options . . . ....................... 1,323 17 64
Excess tax benefit — related to stock option exercises ................ 488
Purchase of DSW Class B Common Shares from RVI ................ (8,000)
Net cash (used in) provided by financing activities . ................. (6,677) 17 552
Net increase (decrease) in cash and equivalents ..................... 70,238 (7,019) (11,404)
Cash and equivalents, beginning of period . ....................... 54,782 61,801 73,205
Cash and equivalents, end of period . ............................ $125,020 $ 54,782 $ 61,801
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Income taxes............................................ $ 23,050 $ 13,399 $ 34,958
Non-cash investing and operating activities:
Balance of accounts payable and accrued expenses due to property and
equipment purchases . . . ................................. $ 1,962 $ 3,282 $ 4,522
Non-cash capital contribution from RVI . ....................... $ 4,670 $ 787
(Decrease) in accounts payable related to recovery from RVI of shared
service asset impairment . ................................. $ (1,818)
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F-5