Dollar Tree 2006 Annual Report Download - page 32

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Year Ended Year Ended Year Ended
February 3, January 28, January 29,
(in millions) 2007 2006 2005
Cash flows from operating activities:
Net income $ 192.0 $ 173.9 $ 180.3
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 159.0 140.7 129.3
Provision for deferred income taxes (21.9) (21.5) 15.6
Tax benefit of stock option exercises —1.2 2.1
Stock based compensation expense 6.7 2.4 —
Other non-cash adjustments to net income 5.1 5.6 3.9
Changes in assets and liabilities increasing
(decreasing) cash and cash equivalents:
Merchandise inventories (6.2) 38.9 (89.8)
Other assets (19.8) (5.5) 0.5
Accounts payable 53.7 11.4 9.2
Income taxes payable 1.6 8.0 (3.4)
Other current liabilities 31.8 (6.4) 15.3
Other liabilities 10.8 16.4 13.5
Net cash provided by operating activities 412.8 365.1 276.5
Cash flows from investing activities:
Capital expenditures (175.3) (139.2) (181.8)
Purchase of short-term investments (1,044.4) (885.5) (465.8)
Proceeds from sales of short-term investments 1,096.6 822.8 339.0
Purchase of Deal$ assets, net of cash acquired of $0.3 (54.1) ——
Acquisition of favorable lease rights (4.2) (3.7) (6.8)
Purchase of restricted investments (9.3) (29.9) —
Net cash used in investing activities (190.7) (235.5) (315.4)
Cash flows from financing activities:
Proceeds from long-term debt, net of facility fees of $1.1 —— 248.9
Principal payments under long-term debt and
capital lease obligations (0.6) (0.6) (154.2)
Payments for share repurchases (248.2) (180.4) (48.6)
Proceeds from stock issued pursuant to stock-based
compensation plans 40.3 10.7 15.1
Tax benefit of stock options exercised 5.6 ——
Net cash provided by (used in) financing activities (202.9) (170.3) 61.2
Net increase (decrease) in cash and cash equivalents 19.2 (40.7) 22.3
Cash and cash equivalents at beginning of year 65.8 106.5 84.2
Cash and cash equivalents at end of year $ 85.0 $ 65.8 $ 106.5
Supplemental disclosure of cash flow information:
Cash paid for:
Interest, net of amount capitalized $ 14.9 $ 11.8 $ 8.1
Income taxes $ 125.5 $ 113.9 $ 93.4
Supplemental disclosure of non-cash investing and financing activities:
The Company purchased equipment under capital lease obligations amounting to $0.1 million, $0.4 million and
$0.4 million in the years ended February 3, 2007, January 28, 2006, and January 29, 2005, respectively.
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
30 DOLLAR TREE STORES, INC. • 2006 ANNUAL REPORT