Aarons 2008 Annual Report Download - page 29

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Consolidated Statements of Cash Flows
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
(In Thousands) 2008 2007 2006
Continuing Operations
Operating Activities:
Net Earnings from Continuing Operations $ 85,769 $ 73,425 $ 70,903
Depreciation of Rental Merchandise 429,907 391,538 349,218
Other Depreciation and Amortization 41,486 37,289 30,260
Additions to Rental Merchandise (865,881) (676,477) (648,031)
Book Value of Rental Merchandise Sold or Disposed 330,032 293,766 242,107
Change in Deferred Income Taxes 66,345 (11,394) 18,490
Loss (Gain) on Sale of Property, Plant, and Equipment 1,725 (4,685) 128
Gain on Asset Dispositions (8,490) (2,919) (7,246)
Change in Income Tax Receivable, Prepaid
Expenses and Other Assets (28,443) — (805)
Change in Accounts Payable and Accrued Expenses 35,384 19,897 8,391
Change in Accounts Receivable (13,219) (8,057) (653)
Excess Tax Benefits From Stock-Based Compensation (1,767) (789) (3,855)
Change in Other Assets (941) (8,077) (6,506)
Change in Customer Deposits 4,845 3,022 3,680
Stock-Based Compensation 1,421 1,719 3,461
Other Changes, Net 1,078 (1,851) 4,472
Cash Provided by Operating Activities 79,251 106,407 64,014
Investing Activities:
Additions to Property, Plant and Equipment (74,924) (140,019) (90,107)
Contracts and Other Assets Acquired (80,935) (56,936) (32,397)
Proceeds from Asset Dispositions 99,152 6,851 16,005
Proceeds from Sale of Property, Plant, and Equipment 54,546 35,725 27,923
Cash Used by Investing Activities (2,161) (154,379) (78,576)
Financing Activities:
Proceeds from Credit Facilities 536,469 513,838 302,587
Repayments on Credit Facilities (607,484) (457,980) (384,814)
Proceeds from Stock Offering — — 83,999
Dividends Paid (3,430) (3,249) (2,909)
Excess Tax Benefits From Stock-Based Compensation 1,767 789 3,855
Acquisition of Treasury Stock (7,529) (13,401) —
Issuance of Stock Under Stock Option Plans 6,476 2,930 4,748
Cash (Used by) Provided by Financing Activities (73,731) 42,927 7,466
Discontinued Operations:
Operating Activities (3,512) 3,428 10,724
Investing Activities 2,739 (1,271) (2,017)
Cash (Used by) Provided by Discontinued Operations (773) 2,157 8,707
Increase (Decrease) in Cash 2,586 (2,888) 1,611
Cash at Beginning of Year 4,790 7,678 6,067
Cash at End of Year $ 7,376 $ 4,790 $ 7,678
Cash Paid During the Year:
Interest $ 8,869 $ 8,548 $ 10,000
Income Taxes 29,186 50,931 14,273
The accompanying notes are an integral part of the Consolidated Financial Statements. 27