Express 2015 Annual Report Download - page 30

Table of Contents
In addition to the cash uses noted previously, in 2015, we redeemed all $200.9 million of our Senior Notes for an aggregate amount equal to $205.3 million,
including the applicable redemption premium. We also repurchased $68.6 million of our common stock, including commissions, in 2015 and $35.1 million
of our common stock, including commissions, in 2013.
Forward-Looking Liquidity Discussion
In 2016, we plan to open approximately 21 factory outlet stores, two of which will be converted from existing retail locations. We expect capital
expenditures for 2016 to be approximately $110.0 million to $115.0 million, primarily driven by remodels of existing stores, new factory outlet store
openings, and continued investments in multiple information technology initiatives, including our new order management, retail management, and
enterprise planning systems. These capital expenditures do not include the impact of landlord allowances, which are expected to be approximately $5.0
million to $8.0 million for 2016.
On December 9, 2015, our Board of Directors approved a new share repurchase program for up to $100 million of our outstanding common stock. As of
January 30, 2016, $71.5 million remained available for additional share repurchases under the 2015 Repurchase Program. Subsequent to January 30, 2016,
we repurchased an additional 2.5 million shares of our common stock under our 2015 Repurchase Program for an aggregate amount equal to $41.5 million,
including commissions. As of March 30, 2016, we have $30.0 million available under the 2015 Repurchase Program for additional share repurchases.
Additional share repurchases under the 2015 Repurchase Program are expected to be funded using our available cash, including cash on hand or cash
available under our Revolving Credit Facility, and are expected to be executed over the 12-month period following authorization.
We believe that cash generated from operations and the availability of borrowings under our Revolving Credit Facility will be sufficient to meet working
capital requirements and anticipated capital expenditures for at least the next 12 months.
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We enter into long-term contractual obligations and commitments in the normal course of business, primarily debt obligations and non-cancelable operating
leases. As of January 30, 2016, our contractual cash obligations over the next several years are set forth in the following table.
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    
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Other Long-Term Obligations(1) 33,040 11,900 19,860 1,280 —
Operating Leases(2) 1,496,667 227,799 381,346 324,467 563,055
Purchase Obligations(3) 294,042 294,042 — — —
Total $ 1,823,749 $ 533,741 $ 401,206 $ 325,747 $ 563,055
(1) Other long-term obligations consist of employment related agreements and obligations under other long-term agreements.
(2) We enter into operating leases in the normal course of business. Most lease arrangements provide us with the option to renew the leases at defined terms.
The future operating lease obligations would change if we were to exercise these options, or if we were to enter into additional new operating leases.
These amounts also include all contractual lease commitments related to our flagship locations, which we are considered the owner of for accounting
purposes. Common area maintenance, real estate tax, and other customary charges included in our operating lease agreements are not included above.
Estimated annual expense for such charges is approximately $120 million.
(3) Purchase obligations are made up of merchandise purchase orders and unreserved fabric commitments.
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