O'Reilly Auto Parts 2004 Annual Report Download - page 40

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(In thousands)
Years ended December 31, 2004 2003 2002
OPERATING ACTIVITIES
Net income $139,566 $100,087 $ 81,992
Adjustments to reconcile net income to net cash provided by
operating activities:
Cumulative effect of accounting change (21,892) --
Depreciation 53,126 41,216 35,923
Amortization 1,199 1,158 984
Provision for doubtful accounts and notes 2,942 2,461 1,873
Loss (gain) on sale of property and equipment 46 (264) (58)
Deferred income taxes 7,640 13,796 5,666
Common stock contributed to employee benefit plans 5,067 4,026 3,512
Tax benefit of stock options exercised 4,526 5,486 1,464
Changes in operating assets and liabilities:
Accounts receivable (11,636) (9,108) (5,701)
Amounts receivable from vendors (3,606) (4,824) (4,478)
Inventory (66,375) (19,652) (56,305)
Refundable income taxes -- 168
Other current assets (835) (540) (788)
Other assets (50) (4,005) -
Accounts payable 94,594 29,760 23,495
Income taxes payable 2,865 (2,926) 9,798
Accrued payroll (2,177) 2,050 2,391
Accrued benefits and withholdings 8,427 8,203 5,127
Other current liabilities 7,934 (267) (1,148)
Other liabilities 5,175 2,179 618
Net cash provided by operating activities 226,536 168,836 104,533
INVESTING ACTIVITIES
Purchases of property and equipment (173,486) (136,497) (102,257)
Proceeds from sale of property and equipment 1,653 1,273 2,278
Payments received on notes receivable 2,634 871 862
(Investment in) reduction of other assets (2,787) 3,793 (6,268)
Net cash used in investing activities (171,986) (130,560) (105,385)
FINANCING ACTIVITIES
Payments on notes payable to bank -- (5,000)
Proceeds from issuance of long-term debt -27,900 179,640
Principal payments on long-term debt (20,989) (98,577) (166,761)
Net proceeds from issuance of common stock 14,373 24,162 7,265
Net cash (used in) provided by financing activities (6,616) (46,515) 15,144
Net increase (decrease) in cash and cash equivalents 47,934 (8,239) 14,292
Cash and cash equivalents at beginning of year 21,094 29,333 15,041
Cash and cash equivalents at end of year $ 69,028 $ 21,094 $ 29,333
See accompanying notes.
38 O’REILLY AUTOMOTIVE
CONSOLIDATED STATEMENTS OF CASH FLOWS