O'Reilly Auto Parts 2005 Annual Report Download - page 39

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(In thousands)
years ended december 31, 2005 2004 2003
operating activities
Net income $164,266 $139,566 $100,087
Adjustments to reconcile net income to net cash
provided by operating activities:
Cumulative effect of accounting change -(21,892) -
Depreciation and amortization 57,228 54,325 42,374
Deferred income taxes (671) 7,640 13,796
Share based compensation programs 7,840 5,067 4,026
Tax benefit of stock options exercised 7,137 4,526 5,486
Other 1,978 2,988 2,197
Changes in operating assets and liabilities:
Accounts receivable (8,974) (11,636) (9,108)
Inventory (62,157) (66,375) (19,652)
Accounts payable 43,158 94,594 29,760
Other 3,517 17,733 (130)
Net cash provided by operating activities 213,322 226,536 168,836
investing activities
Purchases of property and equipment (205,159) (173,486) (136,497)
Proceeds from sale of property and equipment 1,935 1,653 1,273
Payments received on notes receivable 4,558 2,634 871
Advances made on notes receivable (7,261) - -
Acquisition, net of cash acquired (63,145) - -
(Investment in) reduction of other assets (1) (2,787) 3,793
Net cash used in investing activities (269,073) (171,986) (130,560)
financing activities
Proceeds from issuance of long-term debt -- 27,900
Principal payments on long-term debt (602) (20,989) (98,577)
Net proceeds from issuance of common stock 18,709 14,373 24,162
Net cash provided by (used in) financing activities 18,107 (6,616) (46,515)
Net (decrease) increase in cash and cash equivalents (37,644) 47,934 (8,239)
Cash and cash equivalents at beginning of year 69,028 21,094 29,333
Cash and cash equivalents at end of year $ 31,384 $ 69,028 $ 21,094
supplemental disclosures of cash flow information:
Income taxes paid $ 98,440 $ 55,140 $ 43,007
Interest paid, net of capitalized interest 5,062 4,960 6,864
See accompanying notes.
O’REILLY AUTOMOTIVE 2005 ANNUAL REPORT
37
consolidated statements of cash flows