Sally Beauty Supply 2011 Annual Report Download - page 106

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SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Fiscal Years ended September 30, 2011, 2010 and 2009
(In thousands)
2011 2010 2009
Cash Flows from Operating Activities:
Net earnings ............................................. $213,725 $ 143,828 $ 99,117
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation and amortization ............................... 59,722 51,123 47,066
Share-based compensation expense ............................ 15,560 12,818 8,618
Amortization of deferred financing costs ........................ 6,846 7,775 8,319
Excess tax (benefit) shortfall from share-based compensation .......... (3,712) (248) 194
Net loss (gain) on disposal of property and equipment ............... 327 (41) (56)
Net loss on extinguishment of debt ............................ 2,765 985 1,017
Deferred income tax expense (benefit) ......................... 459 (662) 8,129
Changes in (exclusive of effects of acquisitions):
Trade accounts receivable ................................. (4,163) (17) 3,708
Accounts receivable, other ................................ (3,971) (4,520) 9
Inventory ............................................ (47,930) (34,247) 46,208
Prepaid expenses ....................................... (3,262) (4,369) 832
Other assets .......................................... 2,145 3,565 558
Accounts payable and accrued liabilities ....................... 51,332 37,443 17,946
Income taxes payable .................................... 1,041 7,020 (11,628)
Other liabilities ........................................ 957 (3,207) (6,704)
Net cash provided by operating activities ..................... 291,841 217,246 223,333
Cash Flows from Investing Activities:
Capital expenditures ....................................... (59,955) (48,702) (37,320)
Proceeds from sale of property and equipment ...................... 384 143 217
Acquisitions, net of cash acquired .............................. (87,164) (36,463) (81,459)
Net cash used by investing activities ........................ (146,735) (85,022) (118,562)
Cash Flows from Financing Activities:
Change in book cash overdraft ................................ — — (1,633)
Proceeds from issuance of long-term debt ......................... 428,605 334,000 95,577
Repayments of long-term debt ................................. (577,911) (461,567) (243,666)
Debt issuance costs ........................................ (5,397) — —
Proceeds from exercises of stock options .......................... 10,942 878 687
Excess tax benefit (shortfall) from share-based compensation ............ 3,712 248 (194)
Purchases of treasury stock ................................... — (70) (33)
Net cash used by financing activities ........................ (140,049) (126,511) (149,262)
Effect of foreign currency exchange rate changes on cash and cash
equivalents ............................................ (1,070) (666) (850)
Net increase (decrease) in cash and cash equivalents ............. 3,987 5,047 (45,341)
Cash and cash equivalents, beginning of year ....................... 59,494 54,447 99,788
Cash and cash equivalents, end of year ........................... $ 63,481 $ 59,494 $ 54,447
Supplemental Cash Flow Information:
Interest paid ........................................... $102,059 $ 108,733 $ 130,204
Income taxes paid, net .................................... $121,226 $ 81,668 $ 67,463
The accompanying notes to consolidated financial statements are an integral part of these financial
statements.
F-6