GameStop 2008 Annual Report Download - page 107

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GAMESTOP CORP.
CONSOLIDATING STATEMENT OF CASH FLOWS
For the 52 Weeks Ended February 2, 2008
Issuers and
Guarantor
Subsidiaries
February 2,
2008
Non-Guarantor
Subsidiaries
February 2,
2008 Eliminations
Consolidated
February 2,
2008
(Amounts in thousands)
Cash flows from operating activities:
Net earnings .............................. $235,274 $ 53,017 $— $ 288,291
Adjustments to reconcile net earnings to net cash
flows provided by operating activities:
Depreciation and amortization (including amounts
in cost of sales) ........................ 100,961 30,316 — 131,277
Provision for inventory reserves .............. 44,728 7,151 — 51,879
Amortization and retirement of deferred financing
fees . . ............................... 5,669 — — 5,669
Amortization and retirement of original issue
discount on senior notes . . . ............... 1,162 — — 1,162
Stock-based compensation expense . . .......... 26,911 — — 26,911
Deferred taxes . .......................... (4,708) (6,291) — (10,999)
Excess tax benefits realized from exercise of stock-
based awards .......................... (93,322) — — (93,322)
Loss on disposal of property and equipment. . .... 1,960 6,245 — 8,205
Increase in other long-term liabilities. .......... 5,296 3,650 — 8,946
Increase in liability to landlords for tenant
allowances, net......................... 4,374 701 — 5,075
Change in the value of foreign exchange
contracts . . . .......................... 6,792 (6,606) — 186
Changes in operating assets and liabilities, net of
business acquired
Receivables, net . . . .................... (8,145) (11,758) — (19,903)
Merchandise inventories . . . ............... (51,452) (92,073) — (143,525)
Prepaid expenses and other current assets . . .... (6,265) 2,675 — (3,590)
Prepaid taxes and taxes payable. . . .......... 104,823 14,039 — 118,862
Accounts payable and accrued liabilities . . .... (39,710) 149,427 — 109,717
Net cash flows provided by operating
activities . .......................... 334,348 150,493 — 484,841
Cash flows from investing activities:
Purchase of property and equipment ............... (123,258) (52,311) — (175,569)
Acquisitions, net of cash acquired . ............... 1,061 — — 1,061
Net cash flows used in investing activities ......... (122,197) (52,311) — (174,508)
Cash flows from financing activities:
Repurchase of notes payable . . . ............... (270,000) — — (270,000)
Repayment of debt relating to repurchase of common
stock from Barnes & Noble . . ............... (12,173) — — (12,173)
Issuance of shares relating to stock options ........ 64,883 — — 64,883
Excess tax benefits realized from exercise of stock-
based awards . . .......................... 93,322 — — 93,322
Net change in other noncurrent assets and other
intangible assets.......................... 636 6,190 — 6,826
Net cash flows provided by (used in) financing
activities ............................... (123,332) 6,190 — (117,142)
Exchange rate effect on cash and cash equivalents. .... — 11,820 — 11,820
Net increase in cash and cash equivalents . .......... 88,819 116,192 — 205,011
Cash and cash equivalents at beginning of period . .... 582,514 69,889 — 652,403
Cash and cash equivalents at end of period .......... $671,333 $186,081 $— $ 857,414
F-40
GAMESTOP CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)