GameStop 2009 Annual Report Download - page 108

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GAMESTOP CORP.
CONSOLIDATING STATEMENT OF CASH FLOWS
For the 52 Weeks Ended January 31, 2009
Issuers and
Guarantor
Subsidiaries
January 31,
2009
Non-Guarantor
Subsidiaries
January 31,
2009 Eliminations
Consolidated
January 31,
2009
(Amounts in thousands)
Cash flows from operating activities:
Consolidated net income ................... $ 335,741 $ 62,541 $ — $ 398,282
Adjustments to reconcile net earnings to net cash
flows provided by (used in) operating activities:
Depreciation and amortization (including
amounts in cost of sales) . . ............. 104,880 41,483 — 146,363
Provision for inventory reserves ............ 34,854 8,125 — 42,979
Amortization and retirement of deferred
financing fees and issue discounts. . . ...... 3,735 — — 3,735
Stock-based compensation expense.......... 35,354 — — 35,354
Deferred income taxes ................... (23,326) (1,375) — (24,701)
Excess tax benefits realized from exercise of
stock-based awards ................... (34,174) — — (34,174)
Loss on disposal of property and equipment . . . 2,991 2,202 — 5,193
Changes in other long-term liabilities . . ...... 2,058 6,279 — 8,337
Change in the value of foreign exchange
contracts ........................... 9,198 794 — 9,992
Changes in operating assets and liabilities, net
Receivables, net . ..................... 3,246 (648,526) 642,379 (2,901)
Merchandise inventories . . . ............. (170,250) (39,192) — (209,442)
Prepaid expenses and other current assets . . . (3,857) (6,254) — (10,111)
Prepaid income taxes and accrued income
taxes payable . ..................... 47,799 (3,935) — 43,864
Accounts payable and accrued liabilities .... 751,651 27,193 (642,379) 136,465
Net cash flows provided by (used in)
operating activities .................. 1,099,900 (550,665) — 549,235
Cash flows from investing activities:
Purchase of property and equipment........... (117,484) (65,708) — (183,192)
Acquisitions, net of cash acquired ............ — (630,706) — (630,706)
Other ................................. (1,310,195) 1,303,221 — (6,974)
Net cash flows used in investing activities ...... (1,427,679) 606,807 — (820,872)
Cash flows from financing activities:
Repurchase of notes payable . . . ............. (30,000) — — (30,000)
Borrowings for acquisition.................. 425,000 — — 425,000
Repayments of acquisition borrowings . . . ...... (425,000) — — (425,000)
Issuance of shares relating to stock options ..... 28,950 — — 28,950
Excess tax benefits realized from exercise of
stock-based awards ..................... 34,174 — — 34,174
Other ................................. (3,500) — — (3,500)
Net cash flows provided by financing activities . . 29,624 — — 29,624
Exchange rate effect on cash and cash equivalents . . — (37,260) — (37,260)
Net increase (decrease) in cash and cash
equivalents . ............................ (298,155) 18,882 — (279,273)
Cash and cash equivalents at beginning of period . . . 671,333 186,081 — 857,414
Cash and cash equivalents at end of period . ...... $ 373,178 $ 204,963 $ — $ 578,141
F-40
GAMESTOP CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)