Tech Data 2014 Annual Report Download - page 43

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Table of Contents
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
Year ended January 31,
2014
2013
2012
Cash flows from operating activities:
Cash received from customers
$
28,253,552
$
26,531,396
$
27,034,281
Cash paid to vendors and employees
(27,775,887
)
(26,306,835
)
(26,404,749
)
Interest paid
(23,082
)
(11,422
)
(18,313
)
Income taxes paid
(75,435
)
(89,445
)
(85,978
)
Net cash provided by operating activities
379,148
123,694
525,241
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired
6,377
(310,253
)
(24,898
)
Acquisition of trademark
(1,519
)
0
0
Expenditures for property and equipment
(15,598
)
(14,871
)
(13,672
)
Software and software development costs
(13,271
)
(23,494
)
(30,887
)
Net cash used in investing activities
(24,011
)
(348,618
)
(69,457
)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock
1,139
3,397
35,093
Cash paid for purchase of treasury stock
0
(185,114
)
(314,886
)
(Repayments) borrowings on long-term loans from joint venture partner
0
(49,549
)
460
Acquisition of noncontrolling interest in joint venture
0
(117,220
)
0
Return of capital to joint venture partner
0
(9,074
)
0
Acquisition earn-out payment
(6,183
)
0
0
Proceeds from issuance of Senior Notes, net of expenses
0
345,810
0
Net (repayments) borrowings on revolving credit loans
(122,656
)
87,240
(41,195
)
Principal payments on long-term debt
(538
)
(500
)
(352,316
)
Excess tax benefit from stock-based compensation
927
5,304
2,003
Net cash (used in) provided by financing activities
(127,311
)
80,294
(670,841
)
Effect of exchange rate changes on cash and cash equivalents
1,711
(1,068
)
(21,279
)
Net increase (decrease) in cash and cash equivalents
229,537
(145,698
)
(236,336
)
Cash and cash equivalents at beginning of year
340,564
486,262
722,598
Cash and cash equivalents at end of year
$
570,101
$
340,564
$
486,262
Reconciliation of net income to net cash provided by operating activities:
Net income attributable to shareholders of Tech Data Corporation
$
179,932
$
176,255
$
190,750
Net income attributable to noncontrolling interest
0
6,785
10,452
Consolidated net income
179,932
183,040
201,202
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Loss on disposal of subsidiaries
0
0
28,294
Depreciation and amortization
72,979
58,353
57,332
Provision for losses on accounts receivable
11,725
9,653
10,813
Stock-based compensation expense
8,858
13,616
11,994
Accretion of debt discount on Senior Notes and convertible senior debentures
264
88
8,994
Deferred income taxes
(53,484
)
(22,759
)
(33,952
)
Excess tax benefit from stock-based compensation
(927
)
(5,304
)
(2,003
)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
(36,031
)
(103,538
)
(10,744
)
Inventories
(209,383
)
(151,713
)
457,190
Prepaid expenses and other assets
77,737
(102,139
)
(37,766
)
Accounts payable
321,254
218,618
(124,577
)
Accrued expenses and other liabilities
6,224
25,779
(41,536
)