Dick's Sporting Goods 2014 Annual Report Download - page 74

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48
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Fiscal Year Ended
January 31,
2015 February 1,
2014 February 2,
2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 344,198 $ 337,598 $ 290,709
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 179,431 154,928 125,096
Impairment of available-for-sale investments — — 32,370
Deferred income taxes (6,259) 24,563 (2,362)
Stock-based compensation 26,275 27,119 32,181
Excess tax benefit from exercise of stock options (11,953) (26,906) (59,903)
Gain on sale of asset (14,428) — —
Other non-cash items 576 581 372
Changes in assets and liabilities:
Accounts receivable 1,797 (9,690) (4,328)
Inventories (158,702) (135,879) (81,189)
Prepaid expenses and other assets (11,004) (7,717) (8,693)
Accounts payable 81,330 11,684 (13,588)
Accrued expenses 16,158 (7,117) (5,576)
Income taxes payable / receivable 32,476 (13,357) 92,352
Deferred construction allowances 101,630 47,760 28,691
Deferred revenue and other liabilities 24,453 303 12,152
Net cash provided by operating activities 605,978 403,870 438,284
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (349,007) (285,668) (219,026)
Purchase of JJB Sports convertible notes and equity securities — — (31,986)
Proceeds from sale of other assets 74,534 11,000 —
Proceeds from sale-leaseback transactions — — 3,406
Deposits and purchases of other assets (30,547) (64,507) (76,748)
Net cash used in investing activities (305,020) (339,175) (324,354)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings 1,401,800 926,000 —
Revolving credit repayments (1,401,800) (926,000) —
Payments on other long-term debt and leasing obligations (925) (8,984) (145,322)
Construction allowance receipts — — —
Proceeds from exercise of stock options 26,121 43,482 78,285
Excess tax benefit from exercise of stock options 12,204 27,106 64,767
Minimum tax withholding requirements (7,793) (13,168) (5,518)
Cash paid for treasury stock (200,000) (255,602) (198,774)
Cash dividends paid to stockholders (61,262) (64,432) (306,972)
(Decrease) increase in bank overdraft (29,258) 43,508 10,422
Net cash used in financing activities (260,913) (228,090) (503,112)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (97) (88) (6)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 39,948 (163,483) (389,188)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 181,731 345,214 734,402
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 221,679 $ 181,731 $ 345,214
Supplemental disclosure of cash flow information:
Accrued property and equipment $ 42,900 $ 40,745 $ 23,772
Accrued deposits and purchases of other assets $ — $ — $ 15,000
Cash paid during the year for interest $ 2,631 $ 2,255 $ 5,352
Cash paid during the year for income taxes $ 186,790 $ 206,397 $ 117,387
See accompanying notes to consolidated financial statements.