Dollar Tree 2007 Annual Report Download - page 33

Download and view the complete annual report

Please find page 33 of the 2007 Dollar Tree 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 52

  • 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

DOLLAR TREE, INC. • 2007 ANNUAL REPORT
31
Consolidated Statements of Cash Flows
Year Ended Year Ended Year Ended
February 2, February 3, January 28,
(in millions) 2008 2007 2006
Cash flows from operating activities:
Net income $ 201.3 $ 192.0 $ 173.9
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 159.3 159.0 140.7
Provision for deferred income taxes (46.8) (21.9) (21.5)
Tax benefit of stock option exercises —— 1.2
Stock based compensation expense 11.3 6.7 2.4
Other non-cash adjustments to net income 8.0 5.1 5.6
Changes in assets and liabilities increasing
(decreasing) cash and cash equivalents:
Merchandise inventories (36.2) (6.2) 38.9
Other assets (4.4) (19.8) (5.5)
Accounts payable 2.3 53.7 11.4
Income taxes payable 46.9 1.6 8.0
Other current liabilities 8.7 31.8 (6.4)
Other liabilities 16.9 10.8 16.4
Net cash provided by operating activities 367.3 412.8 365.1
Cash flows from investing activities:
Capital expenditures (189.0) (175.3) (139.2)
Purchase of short-term investments (1,119.2) (1,044.4) (885.5)
Proceeds from maturities of short-term investments 1,300.5 1,096.6 822.8
Purchase of restricted investments (99.3) (84.5) (69.4)
Proceeds from maturities of restricted investments 90.9 75.2 39.5
Purchase of Deal$ assets, net of cash acquired of $0.3 —(54.1) —
Acquisition of favorable lease rights (6.6) (4.2) (3.7)
Net cash used in investing activities (22.7) (190.7) (235.5)
Cash flows from financing activities:
Principal payments under long-term debt and capital lease obligations (0.6) (0.6) (0.6)
Borrowings from revolving credit facility 362.4 ——
Repayments of revolving credit facility (362.4) ——
Payments for share repurchases (473.0) (248.2) (180.4)
Proceeds from stock issued pursuant to stock-based compensation plans 71.6 40.3 10.7
Tax benefit of stock options exercised 13.0 5.6 —
Net cash used in financing activities (389.0) (202.9) (170.3)
Net increase (decrease) in cash and cash equivalents (44.4) 19.2 (40.7)
Cash and cash equivalents at beginning of year 85.0 65.8 106.5
Cash and cash equivalents at end of year $ 40.6 $ 85.0 $ 65.8
Supplemental disclosure of cash flow information:
Cash paid for:
Interest $ 18.7 $ 14.9 $ 11.8
Income taxes $ 109.5 $ 125.5 $ 113.9
Supplemental disclosure of non-cash investing and financing activities:
The Company purchased equipment under capital lease obligations amounting to $0.5 million, $0.1 million and $0.4 million in the
years ended February 2, 2008, February 3, 2007, and January 28, 2006, respectively.
See accompanying Notes to Consolidated Financial Statements.