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RITE AID CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended
February 28, March 1, March 2,
2015 2014 2013
(52 Weeks) (52 Weeks) (52 Weeks)
OPERATING ACTIVITIES:
Net income ...................................... $2,109,173 $ 249,414 $ 118,105
Adjustments to reconcile to net cash provided by operating
activities:
Depreciation and amortization ....................... 416,628 403,741 414,111
Lease termination and impairment charges .............. 41,945 41,304 70,859
Gain from lease termination ........................ — (8,750) —
LIFO (credit) charge ............................. (18,857) 104,142 (147,882)
Gain on sale of assets, net .......................... (3,799) (15,984) (16,776)
Stock-based compensation expense .................... 23,390 16,194 17,717
Loss on debt retirements, net ........................ 18,512 62,443 140,502
Changes in deferred taxes .......................... (1,726,487) — —
Excess tax benefit on stock options and restricted stock ..... (41,563) (26,665) —
Changes in operating assets and liabilities:
Accounts receivable ............................. (25,902) (28,051) 82,721
Inventories ................................... 129,985 56,557 130,100
Accounts payable .............................. (169,952) (100,774) (68)
Other assets and liabilities, net ..................... (104,114) (51,525) 10,199
Net cash provided by operating activities ............ 648,959 702,046 819,588
INVESTING ACTIVITIES:
Payments for property, plant and equipment ............. (426,828) (333,870) (315,846)
Intangible assets acquired .......................... (112,558) (87,353) (67,134)
Acquisition of Health Dialog and RediClinic, net of cash
acquired ..................................... (69,793) — —
Proceeds from sale-leaseback transactions ............... — 3,989 6,355
Proceeds from dispositions of assets and investments ....... 15,494 28,416 30,320
Proceeds from lease termination ..................... — 8,750 —
Proceeds from insured loss ......................... — 15,144 —
Net cash used in investing activities ................ (593,685) (364,924) (346,305)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt ............... 1,152,293 1,310,000 2,057,263
Net proceeds from (repayments to) revolver ............. 1,325,000 (265,000) 529,000
Principal payments on long-term debt .................. (2,595,709) (1,340,435) (2,920,209)
Change in zero balance cash accounts .................. 1,081 (95) (43,659)
Net proceeds from the issuance of common stock ......... 24,117 33,217 1,646
Payments for the repurchase of preferred stock ........... — (21,034) —
Financing fees paid for early debt redemption ............ (13,841) (45,636) (75,374)
Excess tax benefit on stock options and restricted stock ..... 41,563 26,665 —
Deferred financing costs paid ........................ (20,285) (17,850) (54,783)
Net cash used in financing activities ................ (85,781) (320,168) (506,116)
(Decrease) increase in cash and cash equivalents ............. (30,507) 16,954 (32,833)
Cash and cash equivalents, beginning of year ................ 146,406 129,452 162,285
Cash and cash equivalents, end of year .................... $ 115,899 $ 146,406 $ 129,452
The accompanying notes are an integral part of these consolidated financial statements.
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