AutoZone 1999 Annual Report Download - page 24

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Consolidated Statements of Cash Flows
Year Ended (52 Weeks)
August 28, August 29, August 30,
1999 1998 1997
(in thousands)
Cash flows from operating activities:
Net income $244,783 $227,903 $ 195,008
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment 122,221 95,464 77,163
Amortization of intangible and other assets 6,310 1,135 658
Deferred income tax expense (benefit) 42,929 20,241 (7,781 )
Net change in accounts receivable and prepaid expenses 20,399 (15,260 ) (5,009 )
Net increase in merchandise inventories (201,553 ) (47,285 ) (153,552)
Net increase in accounts payable and accrued expenses 70,304 127,683 66,155
Net change in income taxes payable and receivable 13,367 (22,230 ) 7,819
Net change in other assets and liabilities (11,392 ) (20,813 ) (2,898 )
Net cash provided by operating activities 307,368 366,838 177,563
Cash flows from investing activities:
Acquisitions (100,031 )
Capital expenditures and Pep Express purchase (428,315 ) (337,202 ) (295,417)
Net cash used in investing activities (428,315 ) (437,233) (295,417 )
Cash flows from financing activities:
Repayment of acquired companiesÕ debt (265,429 )
Increase in commercial paper 228,000 305,000
Proceeds from debentures/notes 148,913 197,751
Net (decrease) increase in credit facilities (34,050 ) (164,350) 104,000
Net proceeds from sale of Common Stock, including related tax benefit 11,566 27,692 14,618
Purchase of Treasury Stock (234,602 ) (28,746 )
Other 407 173
Net cash provided by financing activities 120,234 72,091 118,618
Net (decrease) increase in cash and cash equivalents (713 ) 1,696 764
Cash and cash equivalents at beginning of year 6,631 4,668 3,904
Cash provided by acquisitions 267
Cash and cash equivalents at end of year $ 5,918 $ 6,631 $ 4,668
Supplemental cash flow information:
Interest paid, net of interest cost capitalized $ 41,533 $ 17,042 $ 8,779
Income taxes paid $ 93,073 $ 122,529 $ 109,681
See Notes to Consolidated Financial Statements.
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