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DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
January 29,
2011
January 30,
2010
January 31,
2009
Fiscal Year Ended
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 182,077 $ 135,359 $ (39,865)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,394 100,948 90,732
Impairment of goodwill and other intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 164,255
Impairment of store assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 29,095
Amortization of discount on convertible notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 321 7,557
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,005 9,151 (45,906)
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,828 21,314 25,600
Excess tax benefit from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,177) (16,041) (1,786)
Tax benefit from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,281 1,276 369
Other non-cash items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,538 1,588 1,016
Gain on sale of asset. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (2,356)
Changes in assets and liabilities:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,265 6,823 3,090
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,119) (41,005) 29,581
Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,970) (24,996) (10,868)
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,251) 132,858 (56,709)
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,965 33,785 (7,881)
Income taxes payable / receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,796 19,658 (63,254)
Deferred construction allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,170 9,046 19,452
Deferred revenue and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,165 11,244 17,689
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 389,967 401,329 159,811
CASH FLOWS USED IN INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (159,067) (140,269) (191,423)
Purchase of corporate aircraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (25,107)
Proceeds from sale of corporate aircraft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 27,463
Proceeds from sale-leaseback transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,953 31,640 44,873
Deposits and purchases of other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,021) — —
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (161,135) (108,629) (144,194)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit (payments) borrowings, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Repayment of convertible notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (172,500) —
Construction allowance receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 7,022 11,874
Payments on other long-term debt and leasing obligations . . . . . . . . . . . . . . . . . . . . . . (934) (2,566) (6,793)
Proceeds from sale of common stock under employee stock purchase plan . . . . . . . . . . — 1,199 5,174
Proceeds from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,952 9,375 7,320
Excess tax benefit from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,177 16,041 1,786
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (386)
Increase (decrease) in bank overdraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,396 (605) (9,927)
Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,591 (142,034) 9,048
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS . . . . . . . . . . . . 18 108 (135)
NET INCREASE IN CASH AND CASH EQUIVALENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,441 150,774 24,530
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . 225,611 74,837 50,307
CASH AND CASH EQUIVALENTS, END OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 546,052 $ 225,611 $ 74,837
Supplemental disclosure of cash flow information:
Construction in progress — leased facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ (52,054) $ 28,310
Accrued property and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,905 $ (1,656) $ (18,986)
Cash paid during the year for interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,384 $ 4,501 $ 8,021
Cash paid during the year for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 85,230 $ 63,378 $ 167,721
See notes to consolidated financial statements.
Dick’s Sporting Goods, Inc. ¬2010 Annual Report 49