HR Block 2007 Annual Report Download - page 82

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(in 000s)
Year Ended April 30, 2007 2006 2005
CASH FLOWS FROM OPERATING ACTIVITIES –
Net income (loss) $(433,653) $490,408 $623,910
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 150,215 148,321 149,936
Provision for bad debt 66,697 39,594 52,159
Provision for deferred taxes (45,381) (86,652) (60,554)
Stock-based compensation 41,338 47,182 36,853
Excess tax benefits from stock-based compensation (3,236) ––
Changes in assets and liabilities of discontinued operations 72,696 (250,051) (246,329)
Changes in assets and liabilities, net of acquisitions:
Cash and cash equivalents –restricted 52,793 107,709 51,639
Receivables from customers, brokers, dealers and clearing organizations 83,424 88,954 33,892
Receivables (74,288) (128,649) (110,992)
Prepaid expenses and other current assets (1,264) 174 (14,931)
Accounts payable to customers, brokers, dealers and clearing organizations (148,114) (169,381) (115,109)
Accounts payable, accrued expenses and other current liabilities (72,536) 99,756 37,578
Accrued salaries, wages and payroll taxes 38,704 (8,176) 38,891
Accrued income taxes (275,337) 101,093 (20,281)
Other noncurrent liabilities 25,670 126,288 26,527
Other, net (62,452) (12,428) 31,208
Net cash provided by (used in) operating activities (584,724) 594,142 514,397
CASH FLOWS FROM INVESTING ACTIVITIES –
Available-for-sale securities:
Purchases of available-for-sale securities (54,375) (9,216) (10,175)
Sales of and payments received on other available-for-sale securities 5,983 11,218 9,752
Mortgage loans originated/acquired and held for investment, net (954,281) ––
Purchases of property and equipment, net (161,091) (193,277) (148,041)
m54 Payments made for business acquisitions, net of cash acquired (57,554) (210,142) (23,254)
Net cash provided by (used in) investing activities of discontinued operations 15,362 (324,095) 95,778
Other, net 47,580 37,007 17,530
Net cash used in investing activities (1,158,376) (688,505) (58,410)
CASH FLOWS FROM FINANCING ACTIVITIES –
Repayments of commercial paper and other short-term borrowings (8,264,561) (6,423,881) (5,191,623)
Proceeds from issuance of commercial paper and other short-term borrowings 9,256,643 6,423,881 5,191,623
Repayments of lines of credit borrowings (6,010,432) (625,000) (750,000)
Proceeds from issuance of lines of credit borrowings 6,689,432 625,000 750,000
Repayments of Senior Notes (500,000) –(250,000)
Proceeds from issuance of Senior Notes ––395,221
Payments on acquisition debt (9,510) (26,819) (25,664)
Customer banking deposits 1,129,263 ––
Dividends paid (171,966) (160,031) (142,988)
Acquisition of treasury shares (188,802) (260,312) (530,022)
Excess tax benefits from stock-based compensation 3,236 ––
Proceeds from exercise of stock options 25,703 98,481 129,324
Net cash provided by (used in) financing activities of discontinued operations 52,421 –(15,126)
Other, net (20,316) 45,645 11,340
Net cash provided by (used in) financing activities 1,991,111 (303,036) (427,915)
Net increase (decrease) in cash and cash equivalents 248,011 (397,399) 28,072
Cash and cash equivalents at beginning of the year 673,827 1,071,226 1,043,154
Cash and cash equivalents at end of the year $921,838 $673,827 $1,071,226
SUPPLEMENTARY CASH FLOW DATA –
Income taxes paid $405,445 $270,540 $437,427
Interest paid on borrowings 151,436 102,317 82,535
Interest paid on deposits 27,475 ––
See accompanying notes to consolidated financial statements.
H&R BLOCK 2007 Form 10K