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C-6
STAPLES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Dollar Amounts in Thousands)
Fiscal Year Ended
January 28, January 29, January 31,
2006 2005 2004
Operating activities:
Netincome..................................................... $ 834,409 $ 708,388 $ 490,211
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciationandamortization.................................. 303,900 278,845 282,811
Deferred income tax (benefit) expense........................... (99,551) 1,595 (13,725)
Other........................................................ 44,891 65,771 36,434
Change in assets and liabilities, net of companies acquired:
Increase inreceivables....................................... (80,166) (49,786) (4,218)
(Increase) decrease inmerchandise inventories................. (97,538) (63,747) 147,130
Increase in prepaid expenses andother assets................... (15,646) (8,736) (34)
Increase (decrease) in accounts payable........................ 187,402 82,355 (27,266)
Increase in accrued expenses andother current liabilities......... 136,746 107,608 95,549
Increase inother long-termobligations ........................ 20,922 56,915 12,840
Net cash provided by operating activities........................... 1,235,369 1,179,208 1,019,732
Investing activities:
Acquisition of property and equipment ............................ (456,103) (335,435) (277,793)
Acquisition of businesses, net of cash acquired ...................... (40,560) (111,657) (2,910)
Investment injoint venture,net of cash acquired.................... (16,636) (29,330) —
Proceeds from the sale of short-term investments.................... 8,097,199 10,708,696 8,180,025
Purchase of short-term investments................................ (8,218,049) (10,246,652) (9,014,125)
Net cash used in investing activities ............................... (634,149) (14,378) (1,114,803)
Financing activities:
Proceeds from the sale of capital stock ............................. — — 252,972
Proceeds from the exercise of stock options and the sale of stock under
employee stock purchase plans.................................. 181,997 206,394 136,821
Proceeds from borrowings........................................ 535 — —
Payments on borrowings ......................................... (16,735) (235,081) (325,235)
Repayments under receivables securitization agreement.............. — — (25,000)
Cash dividends paid ............................................. (123,402) (99,527) —
Purchase of treasury stock,net.................................... (663,145) (511,730) (4,287)
Net cash (used in) provided by financing activities .................. (620,750) (639,944) 35,271
Effect of exchange rate changes on cash............................ 42 14,959 21,376
Net (decrease) increase in cash and cash equivalents .................. (19,488 ) 539,845 (38,424)
Cash and cash equivalents at beginning of period...................... 997,310 457,465 495,889
Cash and cash equivalents at end of period ........................... $ 977,822 $ 997,310 $ 457,465
See notes to consolidated financial statements.