Dick's Sporting Goods 2009 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2009 Dick's Sporting Goods annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 106

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106

DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
January 30,
2010 January 31,
2009 February 2,
2008
Fiscal Year Ended
(As adjusted,
see Note 1) (As adjusted,
see Note 1)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 135,359 $ (39,865) $ 150,566
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,948 90,732 75,052
Impairment of goodwill and other intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . — 164,255 —
Impairment of store assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 29,095 —
Amortization of discount on convertible notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321 7,557 7,054
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,151 (45,906) (32,696)
Stock based compensation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,314 25,600 29,039
Excess tax benefit from stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . (16,041) (1,786) (34,918)
Tax benefit from exercise of stock options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,276 369 5,396
Other non-cash items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,588 1,016 1,016
Gain on sale of asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (2,356) —
Changes in assets and liabilities, net of acquired assets and liabilities:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,823 3,090 (10,982)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (41,005) 29,581 (127,027)
Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24,996) (10,868) (4,581)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,858 (56,709) 12,337
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,785 (7,881) 25,916
Income taxes payable / receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,658 (63,254) 114,537
Deferred construction allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,046 19,452 22,256
Deferred revenue and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,244 17,689 29,869
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401,329 159,811 262,834
CASH FLOWS USED IN INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (140,269) (191,423) (172,366)
Purchase of corporate aircraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (25,107) —
Proceeds from sale of corporate aircraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 27,463 —
Proceeds from sale-leaseback transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,640 44,873 28,440
Payment for the purchase of Golf Galaxy, net of $4,859 cash acquired . . . . . . . . . . . . — — (222,170)
Payment for the purchase of Chick’s Sporting Goods . . . . . . . . . . . . . . . . . . . . . . . . . — — (69,200)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (108,629) (144,194) (435,296)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit (payments) borrowings, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Repayment of convertible notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (172,500) — —
Construction allowance receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,022 11,874 13,282
Payments on long-term debt and leasing obligations . . . . . . . . . . . . . . . . . . . . . . . . . (2,566) (6,793) (1,058)
Proceeds from sale of common stock under employee stock purchase plan . . . . . . . . 1,199 5,174 4,507
Proceeds from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,375 7,320 30,259
Excess tax benefit from stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . 16,041 1,786 34,918
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (386) —
(Decrease) increase in bank overdraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (605) (9,927) 4,785
Net cash (used in) provided by financing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (142,034) 9,048 86,693
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS . . . . . . . . . . 108 (135) 134
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS . . . . . . . . . . . . . . . . . . . 150,774 24,530 (85,635)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . . 74,837 50,307 135,942
CASH AND CASH EQUIVALENTS, END OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 225,611 $ 74,837 $ 50,307
Supplemental disclosure of cash flow information:
Construction in progress — leased facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (52,054) $ 28,310 $ 10,657
Accrued property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,656) $ (18,986) $ (6,928)
Cash paid during the year for interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,501 $ 8,021 $ 12,314
Cash paid during the year for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 63,378 $ 167,721 $ 17,832
See notes to consolidated financial statements.
Dick’s Sporting Goods, Inc. ¬2009 Annual Report 65