AutoZone 1998 Annual Report Download - page 22

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Consolidated Statements of Cash Flows
Year Ended
August 29, August 30, August 31,
1998 1997 1996
(52 Weeks) (52 Weeks) (53 Weeks)
(in thousands)
Cash flows from operating activities:
Net income $ 227,903 $195,008 $167,165
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment 95,464 77,163 62,919
Amortization of intangible and other assets 1,135 658 622
Deferred income tax expense (benefit) 20,241 (7,781 ) 6,082
Net increase in accounts receivable and prepaid expenses (15,260 ) (5,009 ) (7,564 )
Net increase in merchandise inventories (47,285 ) (153,552 ) (158,673 )
Net increase in accounts payable and accrued expenses 127,683 66,155 94,916
Net change in income taxes payable and receivable (22,230 ) 7,819 6,493
Net change in other assets and liabilities (20,813 ) (2,898 ) 2,930
Net cash provided by operating activities 366,838 177,563 174,890
Cash flows from investing activities:
Acquisitions (100,031 )
Capital expenditures (337,202 ) (295,417 ) (280,237)
Net cash used in investing activities (437,233 ) (295,417 ) (280,237)
Cash flows from financing activities:
Repayment of acquired companies’ debt (265,429 )
Increase in commercial paper 305,000
Proceeds from debentures 197,751
Net increase (decrease) in revolver (164,350 ) 104,000 84,900
Repayment of long-term debt (4,003 )
Net proceeds from sale of Common Stock, including related tax benefit 27,692 14,618 17,699
Purchase of Treasury Stock (28,746 )
Other 173
Net cash provided by financing activities 72,091 118,618 98,596
Net increase (decrease) in cash and cash equivalents 1,696 764 (6,751 )
Cash and cash equivalents at beginning of year 4,668 3,904 6,411
Cash provided by acquisitions/mergers 267 4,244
Cash and cash equivalents at end of year $ 6,631 $ 4,668 $ 3,904
Supplemental cash flow information:
Interest paid, net of interest cost capitalized $ 17,042 $ 8,779 $ 1,971
Income taxes paid $ 122,529 $109,681 $ 69,791
See Notes to Consolidated Financial Statements.
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