GameStop 2010 Annual Report Download - page 77

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Table of Contents
GAMESTOP CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
52 Weeks 52 Weeks 52 Weeks
Ended Ended Ended
January 29, January 30, January 31,
2011 2010 2009
(In millions)
Cash flows from operating activities:
Consolidated net income $ 406.8 $ 375.7 $ 398.3
Adjustments to reconcile net earnings to net cash flows provided by operating activities:
Depreciation and amortization (including amounts in cost of sales) 176.8 164.1 146.4
Provision for inventory reserves 27.5 48.9 43.0
Amortization and retirement of deferred financing fees and issue discounts 5.0 5.0 3.7
Stock-based compensation expense 29.6 37.8 35.4
Deferred income taxes 38.2 (1.2) (24.7)
Excess tax (benefits) expense realized from exercise of stock-based awards (18.6) 0.4 (34.2)
Loss on disposal of property and equipment 7.6 4.4 5.2
Changes in other long-term liabilities (7.2) 7.6 7.4
Changes in operating assets and liabilities, net
Receivables, net 0.2 4.2 (2.9)
Merchandise inventories (227.2) 29.6 (209.5)
Prepaid expenses and other current assets (10.5) 2.3 (16.4)
Prepaid income taxes and accrued income taxes payable 22.3 54.6 43.9
Accounts payable and accrued liabilities 140.7 (89.2) 153.6
Net cash flows provided by operating activities 591.2 644.2 549.2
Cash flows from investing activities:
Purchase of property and equipment (197.6) (163.8) (183.2)
Acquisitions, net of cash acquired (38.1) (8.4) (630.7)
Other (4.4) (15.0) (7.0)
Net cash flows used in investing activities (240.1) (187.2) (820.9)
Cash flows from financing activities:
Repurchase of notes payable (200.0) (100.0) (30.0)
Purchase of treasury shares (381.2) (58.4) —
Borrowings from the revolver 120.0 115.0 —
Repayment of revolver borrowings (120.0) (115.0) —
Borrowings for acquisition — — 425.0
Repayments of acquisition borrowings — — (425.0)
Issuance of shares relating to stock options 10.8 4.5 28.9
Excess tax benefits (expense) realized from exercise of stock-based awards 18.6 (0.4) 34.2
Other (3.8) (0.1) (3.5)
Net cash flows provided by (used in) financing activities (555.6) (154.4) 29.6
Exchange rate effect on cash and cash equivalents 9.9 24.7 (37.2)
Net increase (decrease) in cash and cash equivalents (194.6) 327.3 (279.3)
Cash and cash equivalents at beginning of period 905.4 578.1 857.4
Cash and cash equivalents at end of period $ 710.8 $ 905.4 $ 578.1
See accompanying notes to consolidated financial statements.
F-7