Aarons 2009 Annual Report Download - page 29

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Year Ended Year Ended Year Ended
December 31, December 31, December 31,
(In Thousands) 2009 2008 2007
Continuing Operations
Operating Activities:
Net Earnings from Continuing Operations $112,878 $ 85,769 $ 73,425
Depreciation of Lease Merchandise 474,958 429,907 391,538
Other Depreciation and Amortization 44,413 41,486 37,289
Additions to Lease Merchandise (847,094) (865,881) (676,477)
Book Value of Lease Merchandise Sold or Disposed 363,975 330,032 293,766
Change in Deferred Income Taxes 15,032 66,345 (11,394)
Loss (Gain) on Sale of Property, Plant, and Equipment 1,136 1,725 (4,685)
Gain on Asset Dispositions (7,826) (8,490) (2,919)
Change in Income Tax Receivable 28,443 (28,443) —
Change in Accounts Payable and Accrued Expenses 2,014 35,384 19,897
Change in Accounts Receivable (6,582) (13,219) (8,057)
Excess Tax Benefits from Stock-Based Compensation (3,909) (1,767) (789)
Change in Other Assets 3,356 (941) (8,077)
Change in Customer Deposits 4,763 4,845 3,022
Stock-Based Compensation 3,696 1,421 1,719
Other Changes, Net 4,441 1,078 (1,851)
Cash Provided by Operating Activities 193,694 79,251 106,407
Investing Activities:
Additions to Property, Plant and Equipment (83,140) (74,924) (140,019)
Acquisitions of Businesses and Contracts (25,202) (80,935) (56,936)
Proceeds from Dispositions of Businesses and Contracts 32,042 99,152 6,851
Proceeds from Sale of Property, Plant, and Equipment 37,533 54,546 35,725
Cash Used by Investing Activities (38,767) (2,161) (154,379)
Financing Activities:
Proceeds from Credit Facilities 57,383 536,469 513,838
Repayments on Credit Facilities (117,156) (607,484) (457,980)
Dividends Paid (4,649) (3,430) (3,249)
Excess Tax Benefits from Stock-Based Compensation 3,909 1,767 789
Acquisition of Treasury Stock — (7,529) (13,401)
Issuance of Stock Under Stock Option Plans 8,172 6,476 2,930
Cash (Used by) Provided by Financing Activities (52,341) (73,731) 42,927
Discontinued Operations:
Operating Activities (277) (3,512) 3,428
Investing Activities — 2,739 (1,271)
Cash (Used by) Provided by Discontinued Operations (277) (773) 2,157
Increase (Decrease) in Cash and Cash Equivalents 102,309 2,586 (2,888)
Cash and Cash Equivalents at Beginning of Year 7,376 4,790 7,678
Cash and Cash Equivalents at End of Year $109,685 $ 7,376 $ 4,790
Cash Paid During the Year:
Interest $ 4,591 $ 8,869 $ 8,548
Income Taxes 15,286 29,186 50,931
The accompanying notes are an integral part of the Consolidated Financial Statements.
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