Lumber Liquidators 2010 Annual Report Download - page 50

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Lumber Liquidators Holdings, Inc.
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
2010 2009 2008
Cash Flows from Operating Activities:
Net Income ........................................................... $26,266 $ 26,924 $ 22,149
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization ........................................ 5,773 4,714 4,350
Deferred Income Taxes .............................................. 4,300 (956) (486)
Stock-Based Compensation Expense ................................... 3,091 2,955 9
Other ............................................................ — — (40)
Changes in Operating Assets and Liabilities:
Merchandise Inventories ......................................... (21,789) (44,611) (16,707)
Accounts Payable .............................................. 1,136 17,235 (281)
Customer Deposits and Store Credits ............................... 2,234 (613) 809
Prepaid Expenses and Other Current Assets .......................... (3,548) (155) (504)
Other Assets and Liabilities ...................................... (487) 2,319 62
Net Cash Provided by Operating Activities ............................ 16,976 7,812 9,361
Cash Flows from Investing Activities:
Purchases of Property and Equipment ....................................... (20,535) (11,433) (6,560)
Purchase of 1-800-HARDWOOD .......................................... — — (800)
Net Cash Used in Investing Activities ................................. (20,535) (11,433) (7,360)
Cash Flows from Financing Activities:
Proceeds from Exercise of Stock Options .................................... 1,796 3,281 203
Excess Tax Benefits on Stock Option Exercises ............................... 1,307 1,200 40
Common Stock Purchased Pursuant to Equity Compensation Plans ............... (389) (323) (152)
Repayments of Long-Term Debt and Capital Lease Obligations .................. — (1) (121)
Net Cash Provided by (Used In) Financing Activities .................... 2,714 4,157 (30)
Net (Decrease) Increase in Cash and Cash Equivalents .......................... (845) 536 1,971
Cash and Cash Equivalents, Beginning of Year ................................. 35,675 35,139 33,168
Cash and Cash Equivalents, End of Year ...................................... $ 34,830 $ 35,675 $ 35,139
See accompanying notes to consolidated financial statements
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