Express 2011 Annual Report Download - page 64

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EXPRESS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)
2011 2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ................................................... $140,697 $ 127,388 $ 75,307
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ................................ 68,102 68,557 72,434
Loss on disposal of property and equipment ...................... 164 1,996 545
Impairment charge .......................................... 55 459 2,623
Bad debt expense ........................................... — — 2,602
Non-cash interest expense .................................... — — 132
Change in fair value of interest rate swap ........................ — (1,968) (2,444)
Share-based compensation ................................... 10,089 5,296 2,048
Non-cash loss on extinguishment of debt ........................ 5,170 8,781 —
Deferred taxes ............................................. (320) (19,015) (337)
Changes in operating assets and liabilities:
Receivables, net ........................................ 884 (5,190) 4,167
Inventories ............................................ (23,741) (13,505) (1,502)
Accounts payable, deferred revenue, and accrued expenses ...... (7,028) 40,069 44,397
Accounts payable and accrued expenses – related parties ....... 2,950 (9,966) (10,181)
Other assets and liabilities ................................ 15,587 17,056 10,930
Net cash provided by operating activities ................ 212,609 219,958 200,721
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ............................................ (77,176) (54,843) (26,853)
Purchase of intangible assets ...................................... (60) — (20)
Net cash used in investing activities .................... (77,236) (54,843) (26,873)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Senior Notes ................................... — 246,498 —
Net proceeds from equity offering ................................. — 166,898 —
Repayments of short-term debt arrangements ......................... — — (75,000)
Repayments of long-term debt arrangements ......................... (169,775) (301,563) (7,118)
Costs incurred in connection with debt arrangements and Senior Notes .... (1,192) (12,211) (123)
Payments on capital lease obligation ............................... (14) — —
Costs incurred in connection with equity offering ..................... — (6,498) (317)
Proceeds from share-based compensation ............................ 309 — —
Repurchase of common stock ..................................... (103) — —
Repurchase of equity interests ..................................... — — (3)
Repayment of notes receivable .................................... — 5,633 —
Distributions .................................................. — (261,000) (33,000)
Dividends .................................................... — (49,514) —
Issuance of restricted shares ...................................... — — 2
Net cash used in financing activities .................... (170,775) (211,757) (115,559)
EFFECT OF EXCHANGE RATE ON CASH ............................ 2 — —
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ..... (35,400) (46,642) 58,289
CASH AND CASH EQUIVALENTS, Beginning of period ................. 187,762 234,404 176,115
CASH AND CASH EQUIVALENTS, End of period ...................... $152,362 $ 187,762 $ 234,404
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest ............................................ $ 26,484 $ 40,608 $ 51,610
Cash paid to taxing authorities .................................... $ 78,861 $ 20,545 $ 310
See notes to consolidated financial statements.
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