GameStop 2009 Annual Report Download - page 75

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GAMESTOP CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
52 Weeks
Ended
January 30,
2010
52 Weeks
Ended
January 31,
2009
52 Weeks
Ended
February 2,
2008
(In thousands)
Cash flows from operating activities:
Consolidated net income ................................. $375,729 $ 398,282 $ 288,291
Adjustments to reconcile net earnings to net cash flows provided by
operating activities:
Depreciation and amortization (including amounts in cost of
sales) ............................................ 164,126 146,363 131,277
Provision for inventory reserves .......................... 48,890 42,979 51,879
Amortization and retirement of deferred financing fees and issue
discounts ......................................... 5,003 3,735 6,831
Stock-based compensation expense. . ...................... 37,811 35,354 26,911
Deferred income taxes ................................. (1,210) (24,701) (13,151)
Excess tax (benefits) expense realized from exercise of stock-
based awards ...................................... 362 (34,174) (93,322)
Loss on disposal of property and equipment ................. 4,377 5,193 8,205
Changes in other long-term liabilities ...................... 7,573 8,337 14,021
Change in the value of foreign exchange contracts ............ (3,891) 9,992 (8,575)
Changes in operating assets and liabilities, net
Receivables, net .................................... 4,217 (2,901) (19,903)
Merchandise inventories .............................. 29,602 (209,442) (143,525)
Prepaid expenses and other current assets ................. 2,040 (10,111) (3,590)
Prepaid income taxes and accrued income taxes payable ...... 54,556 43,864 121,014
Accounts payable and accrued liabilities .................. (85,012) 136,465 127,683
Net cash flows provided by operating activities ............. 644,173 549,235 494,046
Cash flows from investing activities:
Purchase of property and equipment. . . ...................... (163,759) (183,192) (175,569)
Acquisitions, net of cash acquired .......................... (8,357) (630,706) 1,061
Other ............................................... (15,130) (6,974) (2,116)
Net cash flows used in investing activities .................... (187,246) (820,872) (176,624)
Cash flows from financing activities:
Repurchase of notes payable .............................. (100,000) (30,000) (270,000)
Purchase of treasury shares ............................... (58,380) — —
Borrowings from the revolver ............................. 115,000 — —
Repayment of revolver borrowings .......................... (115,000) — —
Borrowings for acquisition ................................ — 425,000 —
Repayments of acquisition borrowings . ...................... — (425,000) (12,173)
Issuance of shares relating to stock options ................... 4,459 28,950 64,883
Excess tax benefits (expense) realized from exercise of stock-based
awards............................................. (362) 34,174 93,322
Other ............................................... (134) (3,500) (263)
Net cash flows provided by (used in) financing activities ......... (154,417) 29,624 (124,231)
Exchange rate effect on cash and cash equivalents .............. 24,767 (37,260) 11,820
Net increase (decrease) in cash and cash equivalents............. 327,277 (279,273) 205,011
Cash and cash equivalents at beginning of period ................. 578,141 857,414 652,403
Cash and cash equivalents at end of period ..................... $905,418 $ 578,141 $ 857,414
See accompanying notes to consolidated financial statements.
F-7