Pottery Barn 2011 Annual Report Download - page 58
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Williams-Sonoma, Inc.
Consolidated Statements of Cash Flows
Fiscal Year Ended
Dollars in thousands Jan. 29, 2012 Jan. 30, 2011 Jan. 31, 2010
Cash flows from operating activities:
Net earnings $ 236,931 $ 200,227 $ 77,442
Adjustments to reconcile net earnings to net cash provided by (used in)
operating activities:
Depreciation and amortization 130,553 144,630 151,796
(Gain)/loss on sale/disposal of assets 2,040 (1,139) 2,603
Impairment of assets 840 5,453 30,533
Amortization of deferred lease incentives (27,547) (37,115) (36,799)
Deferred income taxes 14,210 23,566 (23,595)
Tax benefit from exercise of stock-based awards 494 (789) 714
Stock-based compensation expense 24,336 26,630 24,989
Other 1700
Changes in:
Accounts receivable (4,763) 3,477 (6,620)
Merchandise inventories (34,853) (46,464) 108,332
Prepaid catalog expenses 2,559 (4,048) 3,647
Prepaid expenses and other assets (2,065) (1,729) 23,349
Accounts payable (21,154) 35,946 29,202
Accrued salaries, benefits and other current and long-term liabilities (16,030) 19,314 42,084
Customer deposits (2,242) (3,112) 2,353
Deferred rent and lease incentives 7,570 (2,550) 12,403
Income taxes payable (19,562) (6,308) 48,285
Net cash provided by operating activities 291,334 355,989 490,718
Cash flows from investing activities:
Purchases of property and equipment (130,353) (61,906) (72,263)
Restricted cash deposits (2,220) (12,512) 0
Proceeds from sale of assets 81 10,823 1,033
Proceeds from insurance reimbursement 751 0 0
Acquisition of Rejuvenation Inc., net of cash received (25,363) 0 0
Other (600) (400) 0
Net cash used in investing activities (157,704) (63,995) (71,230)
Cash flows from financing activities:
Repurchase of common stock (194,429) (125,000) 0
Payment of dividends (68,877) (59,160) (51,132)
Repayments of long-term obligations (1,626) (1,587) (14,702)
Net proceeds from exercise of stock-based awards 9,614 15,736 11,861
Tax withholdings related to stock-based awards (11,656) (17,918) (3,621)
Excess tax benefit from exercise of stock-based awards 8,021 11,239 2,131
Other (86) (1,625) (35)
Net cash used in financing activities (259,039) (178,315) (55,498)
Effect of exchange rates on cash and cash equivalents (237) 781 1,131
Net increase (decrease) in cash and cash equivalents (125,646) 114,460 365,121
Cash and cash equivalents at beginning of year 628,403 513,943 148,822
Cash and cash equivalents at end of year $ 502,757 $ 628,403 $513,943
Supplemental disclosure of cash flow information:
Cash paid/(received) during the year for:
Interest $ 1,952 $ 2,381 $ 3,198
Income taxes, net of refunds 150,657 98,617 (8,593)
See Notes to Consolidated Financial Statements.
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