Petsmart 2011 Annual Report Download - page 58

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PetSmart, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year Ended
January 29,
2012
January 30,
2011
January 31,
2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ............................................................ $290,243 $ 239,867 $ 198,325
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ........................................... 236,974 235,926 236,538
Loss on disposal of property and equipment ................................ 6,882 7,220 7,013
Stock-based compensation expense ....................................... 27,989 23,928 24,792
Deferred income taxes ................................................. (3,702) (11,325) (13,572)
Equity in income from Banfield .......................................... (10,926) (10,372) (6,548)
Dividend received from Banfield ......................................... 15,960 — —
Excess tax benefits from stock-based compensation .......................... (14,223) (8,539) (2,901)
Non-cash interest expense .............................................. 782 509 1,006
Changes in assets and liabilities:
Merchandise inventories .............................................. (29,220) (51,068) 23,403
Other assets ....................................................... (26,703) 2,771 21,474
Accounts payable ................................................... 9,135 (33,840) 21,842
Accrued payroll, bonus and employee benefits ............................ 18,707 34,114 16,638
Other liabilities ..................................................... 53,522 28,454 38,933
Net cash provided by operating activities 575,420 457,645 566,943
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments ................................................. (38,738) (9,749) —
Proceeds from maturities of investments ..................................... 10,215 — —
Proceeds from sales of investments ......................................... 2,304 — —
Increase in restricted cash ................................................. (8,750) (13,267) (48,172)
Cash paid for property and equipment ....................................... (120,720) (125,074) (112,920)
Proceeds from sales of property and equipment ............................... 331 198 3,894
Net cash used in investing activities ......................................... (155,358) (147,892) (157,198)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from common stock issued under stock incentive plans .............. 53,439 47,217 11,848
Minimum statutory withholding requirements ................................. (7,061) (5,486) (3,405)
Cash paid for treasury stock ............................................... (336,830) (263,291) (164,783)
Payments of capital lease obligations ........................................ (54,437) (51,668) (38,439)
Increase (decrease) in bank overdraft. ....................................... 21,269 (9,982) (5,082)
Excess tax benefits from stock-based compensation ............................ 14,223 8,539 2,901
Cash dividends paid to stockholders ........................................ (60,011) (53,409) (32,459)
Net cash used in financing activities ........................................ (369,408) (328,080) (229,419)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS ....................................................... 289 1,916 1,720
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ................ 50,943 (16,411) 182,046
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR ................. 291,949 308,360 126,314
CASH AND CASH EQUIVALENTS AT END OF YEAR ........................ $342,892 $ 291,949 $ 308,360
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid ........................................................... $ 57,692 $ 59,419 $ 59,153
Income taxes paid, net of refunds ........................................... $156,234 $ 137,869 $ 81,511
Assets acquired using capital lease obligations ................................ $ 46,704 $ 42,175 $ 18,849
Accruals and accounts payable for capital expenditures ......................... $ 40,308 $ 29,114 $ 25,827
Dividends declared but unpaid ............................................. $ 15,417 $ 14,436 $ 12,073
The accompanying notes are an integral part of these consolidated financial statements.
F-6