Petsmart 2009 Annual Report Download - page 54

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PetSmart, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
January 31,
2010
February 1,
2009
February 3,
2008
(52 weeks) (52 weeks) (53 weeks)
Year Ended
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ............................................... $198,325 $ 192,670 $ 258,684
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ................................ 236,538 225,054 195,980
Gain on sale of equity investment ............................. — — (95,363)
Loss on disposal of property and equipment ..................... 7,013 5,589 6,914
Stock-based compensation expense ............................ 24,792 24,301 18,333
Deferred income taxes ..................................... (13,572) 33,957 (15,251)
Equity in income from investee ............................... (6,548) (2,592) (1,671)
Tax benefits from tax deductions in excess of the compensation cost
recognized ............................................ (2,901) (3,215) (10,715)
Non-cash interest expense ................................... 1,006 4,576 2,589
Changes in assets and liabilities, excluding the effect of the acquisition
of store locations in Canada:
Receivables, net ........................................ (3,551) 1,694 (11,793)
Merchandise inventories .................................. 23,403 (86,151) (9,005)
Prepaid expenses and other current assets...................... 26,382 (13,758) (22,549)
Other noncurrent assets ................................... (1,357) 8,057 (4,238)
Accounts payable ....................................... 21,842 25,201 (1,515)
Accrued payroll, bonus and employee benefits .................. 16,638 4,280 (1,851)
Accrued occupancy expenses and current deferred rents . .......... 7,518 9,632 1,722
Other current liabilities ................................... 23,355 (17,559) 12,865
Deferred rents .......................................... (1,412) 4,208 3,883
Other noncurrent liabilities ................................ 9,472 4,756 5,697
Net cash provided by operating activities ......................... 566,943 420,700 332,716
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for short-term available-for-sale investments ............... — — (285,205)
Proceeds from sales of short-term available-for-sale investments ........ — — 304,405
(Increase) decrease in restricted cash and short-term investments ........ (48,172) — 60,700
Cash paid for property and equipment ............................ (112,920) (238,188) (294,437)
Cash paid for acquisition of store locations in Canada ................ — — (36,963)
Proceeds from sales of property and equipment ..................... 3,894 2,951 539
Proceeds from sale of equity investment .......................... — — 111,752
Net cash used in investing activities ............................. (157,198) (235,237) (139,209)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from common stock traded under stock incentive plans ..... 11,848 14,108 31,576
Minimum statutory withholding requirements ...................... (3,405) (2,026) —
Cash paid for treasury stock ................................... (164,783) (49,955) (315,027)
Payments of capital lease obligations ............................ (38,439) (33,853) (26,483)
Proceeds from short-term debt ................................. — 576,000 185,000
Payments on short-term debt ................................... — (606,000) (155,000)
(Decrease) increase in bank overdraft. ........................... (5,082) 15 (8,461)
Tax benefits from tax deductions in excess of the compensation cost
recognized .............................................. 2,901 3,215 10,715
Cash dividends paid to stockholders ............................. (32,459) (15,265) (16,034)
Net cash used in financing activities ............................. (229,419) (113,761) (293,714)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS............................................ 1,720 (3,710) 9,730
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ....... 182,046 67,992 (90,477)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR ........ 126,314 58,322 148,799
CASH AND CASH EQUIVALENTS AT END OF YEAR............... $308,360 $ 126,314 $ 58,322
The accompanying notes are an integral part of these consolidated financial statements.
F-6