AmerisourceBergen 2005 Annual Report Download - page 33

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AmerisourceBergen Corporation 2005
-31-
(in thousands)
Fiscal year ended September 30, 2005 2004 2003
Operating Activities
Net income $ 264,645 $ 468,390 $ 441,229
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, including amounts charged to cost of goods sold 76,546 68,071 65,005
Amortization, including amounts charged to interest expense 14,336 19,017 15,438
Provision (benefit) on accounts receivable 33,379 (10,279) 46,012
Other loss (income) 4,269 (1,314) 8,015
Provision for deferred income taxes 17,026 48,884 127,157
Employee stock compensation 520 2,059 1,880
Loss on disposal of property and equipment 1,891 1,430 3,465
Loss on early retirement of debt 111,888 23,592 4,220
Loss on sales of discontinued operations 12,262 — —
Cumulative effect of change in accounting, net of tax 10,172 — —
Changes in operating assets and liabilities, excluding the effects of acquisitions
and dispositions:
Accounts receivable (392,769) (267,387) (57,971)
Merchandise inventories 1,072,577 916,301 (278,388)
Prepaid expenses and other assets (11,052) (10,768) (23,294)
Accounts payable, accrued expenses, and income taxes 311,422 (432,020) (1,214)
Other (474) (895) 3,261
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,526,638 825,081 354,815
Investing Activities
Capital expenditures (203,376) (189,278) (90,554)
Cost ofacquired companies, net of cash acquired (4,404) (68,882) (111,981)
Proceeds from sale-leaseback transactions 36,696 15,602 —
Proceeds from sales ofdiscontinued operations 14,560 — —
Proceeds from sales of property and equipment 4,219 336 726
NET CASH USED IN INVESTING ACTIVITIES (152,305) (242,222) (201,809)
Financing Activities
Long-term debt borrowings 895,500 —300,000
Long-term debt repayments (1,182,339) (368,425) (338,989)
Purchases of common stock (786,192) (144,756) —
Deferred financing costs and other (18,859) (1,390) (7,282)
Exercise of stock options 174,060 15,151 42,564
Cash dividends on common stock (10,598) (11,197) (10,995)
Common stock purchases for employee stock purchase plan (1,565) (935) (1,608)
NET CASH USED IN FINANCING ACTIVITIES (929,993) (511,552) (16,310)
INCREASE IN CASH AND CASH EQUIVALENTS 444,340 71,307 136,696
Cash and cash equivalents at beginning of year 871,343 800,036 663,340
CASH AND CASH EQUIVALENTS AT END OF YEAR $1,315,683 $ 871,343 $ 800,036
See notes to consolidated financial statements.
Consolidated Statements of Cash Flows
AmerisourceBergen Corporation 2005