Pottery Barn 2005 Annual Report Download - page 53

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Williams-Sonoma, Inc.
Consolidated Statements of Cash Flows
Fiscal Year Ended
Dollars in thousands Jan. 29, 2006 Jan. 30, 2005 Feb. 1, 2004
Cash flows from operating activities:
Net earnings $ 214,866 $ 191,234 $ 157,211
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization 123,199 111,624 99,534
Loss on disposal/impairment of assets 12,050 1,080 2,353
Amortization of deferred lease incentives (24,909) (22,530) (19,513)
Deferred income taxes (20,791) (6,254) (6,472)
Tax benefit from exercise of stock options 15,743 13,085 20,429
Stock-based compensation expense 440 — 250
Other — 335 —
Changes in:
Accounts receivable (6,829) (10,900) 2,796
Merchandise inventories (67,474) (48,017) (82,196)
Prepaid catalog expenses (405) (15,056) (3,302)
Prepaid expenses and other assets 9,032 (19,702) (15,161)
Accounts payable 14,365 17,773 (11,358)
Accrued salaries, benefits and other 15,950 9,955 (1,020)
Customer deposits 24,066 32,273 23,014
Deferred rent and lease incentives 27,661 42,080 34,800
Income taxes payable 11,409 7,457 7,986
Net cash provided by operating activities 348,373 304,437 209,351
Cash flows from investing activities:
Purchases of property and equipment (151,788) (181,453) (211,979)
Net cash used in investing activities (151,788) (181,453) (211,979)
Cash flows from financing activities:
Proceeds from bond issuance — 15,000 —
Repayments of long-term obligations (9,235) (9,789) (7,610)
Proceeds from exercise of stock options 28,002 26,190 39,120
Repurchase of common stock (93,921) (79,320) (59,695)
Credit facility costs (654) (288) (41)
Net cash used in financing activities (75,808) (48,207) (28,226)
Effect of exchange rates on cash and cash equivalents 995 523 1,269
Net increase (decrease) in cash and cash equivalents 121,772 75,300 (29,585)
Cash and cash equivalents at beginning of year 239,210 163,910 193,495
Cash and cash equivalents at end of year $ 360,982 $ 239,210 $ 163,910
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest1$ 3,352 $ 3,585 $ 2,367
Income taxes 130,766 105,910 79,184
Non-cash investing and financing activities:
Assets acquired under capital lease obligations — — 1,275
Consolidation of Memphis-based distribution facilities:
Fixed assets assumed
Long-term debt assumed
Other long-term liabilities assumed
—
—
—
—
—
—
19,512
18,223
1,289
1Interest paid, net of capitalized interest, was $2.2 million, $1.9 million and $0.2 million in fiscal 2005, 2004 and 2003,
respectively.
See Notes to Consolidated Financial Statements.
41
Form 10-K