Petsmart 2012 Annual Report Download - page 52

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F-6
PetSmart, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year Ended
February 3,
2013 January 29,
2012 January 30,
2011
(53 weeks) (52 weeks) (52 weeks)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ........................................................................................................................ $ 389,529 $ 290,243 $ 239,867
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ........................................................................................ 238,406 236,974 235,926
Loss on disposal of property and equipment ................................................................... 5,742 6,882 7,220
Stock-based compensation expense ................................................................................ 29,957 27,989 23,928
Deferred income taxes .................................................................................................... (21,009) (3,702) (11,325)
Equity income from Banfield .......................................................................................... (15,970) (10,926) (10,372)
Dividend received from Banfield .................................................................................... 13,860 15,960 —
Excess tax benefits from stock-based compensation ...................................................... (43,196) (14,223) (8,539)
Non-cash interest expense ............................................................................................... 962 782 509
Changes in assets and liabilities:
Merchandise inventories ............................................................................................... (34,015) (29,220) (51,068)
Other assets .................................................................................................................. (46,932) (26,703) 2,771
Accounts payable ......................................................................................................... 40,653 9,135 (33,840)
Accrued payroll, bonus and employee benefits ............................................................ 18,042 18,707 34,114
Other liabilities ............................................................................................................. 76,978 53,522 28,454
Net cash provided by operating activities .......................................................................... 653,007 575,420 457,645
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments ................................................................................................... (4,027) (38,738) (9,749)
Proceeds from maturities of investments ........................................................................... 23,230 10,215 —
Proceeds from sales of investments ................................................................................... 3,695 2,304 —
Increase in restricted cash .................................................................................................. (1,727) (8,750) (13,267)
Cash paid for property and equipment ............................................................................... (138,467) (120,720) (125,074)
Proceeds from sales of property and equipment ................................................................ 2,685 331 198
Net cash used in investing activities .................................................................................. (114,611) (155,358) (147,892)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from common stock issued under stock incentive plans .............................. 55,197 53,439 47,217
Minimum statutory withholding requirements .................................................................. (23,172) (7,061) (5,486)
Cash paid for treasury stock .............................................................................................. (435,283) (336,830) (263,291)
Payments of capital lease obligations ................................................................................ (64,462) (54,437) (51,668)
(Decrease) increase in bank overdraft ............................................................................... (37,728) 21,269 (9,982)
Excess tax benefits from stock-based compensation ......................................................... 43,196 14,223 8,539
Cash dividends paid to stockholders ................................................................................. (83,661) (60,011) (53,409)
Net cash used in financing activities ................................................................................. (545,913) (369,408) (328,080)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (220) 289 1,916
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS................................ (7,737) 50,943 (16,411)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD................................ 342,892 291,949 308,360
CASH AND CASH EQUIVALENTS AT END OF PERIOD.............................................. $ 335,155 $ 342,892 $ 291,949
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid ....................................................................................................................... $ 54,659 $ 57,692 $ 59,419
Income taxes paid, net of refunds ...................................................................................... $ 192,629 $ 156,234 $ 137,869
Assets acquired using capital lease obligations ................................................................. $ 28,830 $ 46,704 $ 42,175
Accruals and accounts payable for capital expenditures ................................................... $ 39,075 $ 40,308 $ 29,114
Treasury stock purchased, not yet settled .......................................................................... $ 21,328 $ — $ —
Dividends declared but unpaid .......................................................................................... $ 342 $ 15,417 $ 14,436
The accompanying notes are an integral part of these consolidated financial statements.