Dick's Sporting Goods 2006 Annual Report Download - page 46

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February 3, January 28, January 29,
Fiscal Year Ended 2007 20062005
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 112,611 $72,980 $ 68,905
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 54,92949,861 37,621
Deferred income taxes (1,110) 1,559 18,124
Stock based compensation 24,303 ––
Excess tax benefit from stock-based compensation (36,932) ––
Tax benefit from exercise of stock options 2,572 14,678 15,868
Gain on sale of investment –(1,844) (10,981)
Other non-cash items 2,6862,452 2,171
Changes in assets and liabilities:
Accounts receivable 43,61916,002 (3,470)
Income tax receivable (15,671) ––
Inventories (105,766)(77,872) (44,813)
Prepaid expenses and other assets (29,039)(2,589) (2,177)
Accounts payable 24,444 35,119 (4,260)
Accrued expenses 42,479 (193) (4,707)
Income taxes payable 20,421 19,144 —
Deferred construction allowances 30,110 11,032 29,072
Deferred revenue and other liabilities 26,560 29,201 6,488
Net cash provided by operating activities 196,216 169,530 107,841
Cash flows used in investing activities:
Capital expenditures (190,288) (112,002) (104,944)
Proceeds from sale-leaseback transactions 24,809 18,837 35,687
Payment for the purchase of Galyan’s, net of $17,931 cash acquired –– (351,554)
Purchase of held-to-maturity securities ––(57,942)
Proceeds from sale of held-to-maturity securities ––57,942
Proceeds from sale of investment –1,922 12,001
Increase in recoverable costs from developed properties (3,712) (2,475) (5,962)
Net cash used in investing activities (169,191) (93,718) (414,772)
Cash flows from financing activities:
Proceeds from issuance of convertible notes –– 172,500
Revolving credit (payments) borrowings, net –(76,094) 76,094
Payments on long-term debt and capital leases (184) (560) (537)
Payment for purchase of bond hedge –– (33,120)
Proceeds from issuance of warrant –– 12,420
Transaction costs for convertible notes ––(6,239)
Proceeds from sale of common stock under employee stock purchase plan 3,734 3,676 3,233
Proceeds from exercise of stock options 23,042 7,413 5,017
Excess tax benefit from stock-based compensation 36,932 ––
Increase in bank overdraft 8,8297,431 2,775
Net cash provided (used in) by financing activities 72,353 (58,134) 232,143
Net increase (decrease) in cash and cash equivalents 99,378 17,678 (74,788)
Cash and cash equivalents, beginning of period 36,56418,886 93,674
Cash and cash equivalents, end of period $ 135,942 $ 36,564 $ 18,886
Supplemental disclosure of cash flow information:
Construction in progress - leased facilities $ 5,749 $(7,895) $ 4,306
Accrued property and equipment $ 11,475 $ (4,969)$ 13,855
Cash paid during the year for interest $ 9,286 $ 12,345 $ 5,862
Cash paid during the year for income taxes $ 68,483 $ 4,569 $ 15,818
See notes to consolidated financial statements.
DICK’S SPORTING GOODS, INC. 2006 ANNUAL REPORT
44
CONSOLIDATED STATEMENTS OF CASH FLOWS