Dick's Sporting Goods 2015 Annual Report Download - page 31

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Liquidity information for the fiscal periods ended (dollars in thousands):
Fiscal Year Ended
January 30,
2016
January 31,
2015
Funds drawn on Credit Agreement $1,338,100 $1,401,800
Number of days with outstanding balance on Credit Agreement 127 days 105 days
Maximum daily amount outstanding under Credit Agreement $494,000 $323,200
Liquidity information as of the fiscal periods ended (dollars in thousands):
2015 2014
Outstanding borrowings under Credit Agreement $—$—
Cash and cash equivalents $118,936 $221,679
Remaining borrowing capacity under Credit Agreement $985,969 $485,969
Outstanding letters of credit under Credit Agreement $14,031 $14,031
The Company intends to allocate capital to invest in its future growth, specifically the development of its omni-channel
platform and specialty store concepts, as well as to return capital to stockholders through dividends and share repurchases.€
Capital expenditures – Normal capital requirements primarily relate to the development of our omni-channel platform,
including new and existing Dick's Sporting Goods stores and eCommerce technology investments. The Company also plans to
invest in its specialty store concepts and continuously improve its supply chain and corporate information technology
infrastructure. The Company has a capital appropriations committee that approves all capital expenditures in excess of certain
amounts, and groups and prioritizes all capital projects among required, discretionary and strategic categories.
€
Share repurchases€– €On March 7, 2013, the Company's Board of Directors authorized a five-year share repurchase program of
up to $1 billion of the Company's common stock.€During fiscal 2015, the Company repurchased 7.4 million shares of its
common stock for $357.3 million. During fiscal 2014, the Company repurchased€4.3 million€shares of its common stock for
$200.0 million. Any future share repurchase programs are subject to authorization by our Board of Directors, and will be
dependent upon future earnings, cash flows, financial requirements and other factors.
Dividends€– During the fiscal year ended January€30, 2016, the Company paid $64.7 million of dividends to its stockholders.
The declaration of future dividends and the establishment of the per share amount, record dates and payment dates for any such
future dividends are subject to authorization by our Board of Directors, and will be dependent upon future earnings, cash flows,
financial requirements and other factors.
The Company currently believes that cash flows generated by operations and funds available under its Credit Agreement will be
sufficient to satisfy our current capital requirements through fiscal 2016. Other investment opportunities, such as potential
strategic acquisitions, share repurchases, investments or store expansion rates in excess of those presently planned, may require
additional funding.
Changes in cash and cash equivalents are as follows:
Fiscal Year Ended
January 30,
2016
January 31,
2015
February 1,
2014
Net cash provided by operating activities $643,514 $605,978 $403,870
Net cash used in investing activities (372,434)(305,020)(339,175)
Net cash used in financing activities (373,717)(260,913)(228,090)
Effect of exchange rate changes on cash and cash equivalents (106)(97)(88)
Net (decrease) increase in cash and cash equivalents $(102,743) $ 39,948 $(163,483)
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