Express 2014 Annual Report Download - page 50

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EXPRESS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)
2014 2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ...................................................... $ 68,325 $ 116,539 $139,267
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ................................... 76,437 69,810 67,727
Loss on disposal of property and equipment ........................ 1,530 670 124
Impairment charge ............................................ 10,527 26 6
Excess tax benefit from share-based compensation ................... (49) (210) (422)
Share-based compensation ...................................... 19,326 21,174 16,308
Deferred taxes ................................................ 6,291 (807) 3,937
Landlord allowance amortization ................................. (11,369) (9,342) (8,166)
Changes in operating assets and liabilities:
Receivables, net ............................................ (5,724) (6,508) (1,991)
Inventories ................................................ (28,989) 2,133 (1,997)
Accounts payable, deferred revenue, and accrued expenses .......... (886) (29,870) 17,564
Other assets and liabilities .................................... 21,151 31,460 37,007
Net cash provided by operating activities ....................... 156,570 195,075 269,364
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ............................................. (115,088) (105,368) (99,674)
Purchase of intangible assets ...................................... (1,010) (94) (210)
Net cash used in investing activities ........................... (116,098) (105,462) (99,884)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on capital lease obligations ............................... (1,478) (313) (55)
Excess tax benefit from share-based compensation ..................... 49 210 422
Proceeds from share-based compensation ............................ — 4,701 623
Repurchase of common stock ...................................... (3,509) (37,929) (66,541)
Net cash used in financing activities .......................... (4,938) (33,331) (65,551)
EFFECT OF EXCHANGE RATE ON CASH ............................. (1,259) (695) 6
NET INCREASE IN CASH AND CASH EQUIVALENTS .................. 34,275 55,587 103,935
CASH AND CASH EQUIVALENTS, Beginning of period .................. 311,884 256,297 152,362
CASH AND CASH EQUIVALENTS, End of period ....................... $346,159 $ 311,884 $256,297
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest ............................................ $ 17,574 $ 17,574 $ 17,574
Cash paid to taxing authorities ..................................... $ 43,171 $ 75,591 $ 99,647
See notes to consolidated financial statements.
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