Lifetime Fitness 2009 Annual Report Download - page 52

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47
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 31,
2009 2008 2007
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ........................................................................................................... $ 72,384 $ 71,821 $ 68,019
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization .......................................................................... 90,770 72,947 59,014
Deferred income taxes ....................................................................................... 23,270 14,815 11,505
Loss on disposal of property and equipment, net .............................................. 1,229 985 354
Gain on land held for sale ................................................................................. (1,132) — —
Amortization of deferred financing costs .......................................................... 2,544 1,663 853
Share-based compensation ................................................................................ 8,082 7,456 7,746
Excess tax benefit related to share-based payment arrangements ..................... (507) (103) (4,605)
Changes in operating assets and liabilities ........................................................ (10,951) 13,543 (544)
Other.................................................................................................................. 514 (61) (1,753)
Net cash provided by operating activities ....................................................... 186,203 183,066 142,206
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment .................................................................. (146,632) (463,337) (415,822)
Proceeds from sale of property and equipment .................................................... 8 161,888 5,054
Proceeds from sale of land held for sale .............................................................. 1,954 — —
Proceeds from property insurance settlement ...................................................... — 318 78
Decrease (increase) in other assets ....................................................................... 390 (7,695) (4,488)
Decrease (increase) in restricted cash .................................................................. 995 2,831 (2,029)
Net cash used in investing activities ............................................................... (143,285) (305,995) (417,207)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings ................................................................... 18,151 43,272 113,455
Repayments of long-term borrowings .................................................................. (11,001) (13,143) (11,181)
Proceeds from (repayments of) revolving credit facility, net ............................... (56,500) 101,800 67,800
Increase in deferred financing costs ..................................................................... (1,092) (6,664) (2,160)
Proceeds from common stock offering, net of underwriting discount and
offering costs ........................................................................................................ — — 92,502
Excess tax benefit related to share-based payment arrangements ........................ 507 103 4,605
Proceeds from stock option exercises .................................................................. 2,470 3,036 8,454
Net cash provided by (used in) financing activities .......................................... (47,465) 128,404 273,475
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS .................. (4,547) 5,475 (1,526)
CASH AND CASH EQUIVALENTS – Beginning of period ................................ 10,829 5,354 6,880
CASH AND CASH EQUIVALENTS – End of period .......................................... $ 6,282 $ 10,829 $ 5,354
See notes to consolidated financial statements