Pottery Barn 2007 Annual Report Download - page 52

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Williams-Sonoma, Inc.
Consolidated Statements of Cash Flows
Fiscal Year Ended
Dollars in thousands
Feb. 3, 2008
(53 Weeks)
Jan. 28, 2007
(52 Weeks)
Jan. 29, 2006
(52 Weeks)
Cash flows from operating activities:
Net earnings $ 195,757 $ 208,868 $ 214,866
Adjustments to reconcile net earnings to net cash provided by (used in)
operating activities:
Depreciation and amortization 140,701 135,031 123,199
Loss on disposal/impairment of assets 4,700 17,113 12,050
Amortization of deferred lease incentives (29,400) (28,683) (24,909)
Deferred income taxes (31,951) (50,751) (20,791)
Tax benefit from exercise of stock options 3,922 2,545 15,743
Stock-based compensation expense 26,812 26,813 440
Changes in:
Accounts receivable 2,091 1,070 (6,829)
Merchandise inventories (81,469) (90,598) (67,474)
Prepaid catalog expenses 4,702 (5,684) (405)
Prepaid expenses and other assets (8,161) 5,398 9,032
Accounts payable (30,068) 11,981 14,365
Accrued salaries, benefits and other current and long term liabilities15,945 (6,141) 15,950
Customer deposits 13,458 14,958 24,066
Deferred rent and lease incentives 37,675 49,079 27,661
Income taxes payable (9,175) 18,115 11,409
Net cash provided by operating activities 245,539 309,114 348,373
Cash flows from investing activities:
Purchases of property and equipment (212,024) (190,980) (151,788)
Proceeds from software developer reimbursement 14,770 — —
Proceeds from insurance reimbursement — 1,104 —
Proceeds from the disposal of assets/sale of investment 285 589 —
Other (281) — —
Net cash used in investing activities (197,250) (189,287) (151,788)
Cash flows from financing activities:
Repayments of long-term obligations (2,703) (4,679) (9,235)
Net proceeds from exercise of stock options 28,362 13,935 28,002
Excess tax benefit from exercise of stock options 5,100 4,878 —
Repurchase of common stock (190,378) (185,508) (93,921)
Payment of dividends (48,863) (34,435) —
Credit facility renewal costs — (218) (654)
Net cash used in financing activities (208,482) (206,027) (75,808)
Effect of exchange rates on cash and cash equivalents 3,714 647 995
Net (decrease) increase in cash and cash equivalents (156,479) (85,553) 121,772
Cash and cash equivalents at beginning of year 275,429 360,982 239,210
Cash and cash equivalents at end of year $ 118,950 $ 275,429 $ 360,982
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest 2$ 3,484 $ 2,815 $ 3,352
Income taxes3154,948 155,041 130,766
1Includes the impact from the implementation of FIN 48. See Note A.
2Interest paid, net of capitalized interest, was $2.1 million, $2.1 million and $2.2 million in fiscal 2007, fiscal 2006 and fiscal
2005, respectively.
3Income taxes paid is presented net of refunds of $1.5 million and $1.7 million in fiscal 2007 and fiscal 2006, respectively.
See Notes to Consolidated Financial Statements.
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