Lifetime Fitness 2008 Annual Report Download - page 50

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44
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 31,
2008 2007 2006
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ................................................................................................................. $ 71,821 $ 68,019 $ 50,565
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ................................................................................ 72,947 59,014 47,560
Deferred income taxes ............................................................................................ 14,815 11,505 3,165
Provision for doubtful accounts .............................................................................. 108 345 542
Loss on disposal of property and equipment, net .................................................... 985 354 946
Amortization of deferred financing costs ................................................................ 1,663 853 696
Share-based compensation ...................................................................................... 7,456 7,746 7,556
Excess tax benefit from stock option exercises ....................................................... (103) (4,605) (10,229)
Equity in earnings of affiliate .................................................................................. 1,243 1,272 919
Changes in operating assets and liabilities .............................................................. 13,543 (544) 25,425
Other ....................................................................................................................... (1,412) (1,753) (1,293)
Net cash provided by operating activities ............................................................ 183,066 142,206 125,852
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment ......................................................................... (463,337) (415,822) (261,767)
Proceeds from sale of property and equipment .......................................................... 161,888 5,054 6,629
Proceeds from property insurance settlement ............................................................. 318 78 581
Increase in other assets ............................................................................................... (7,695) (4,488) (7,803)
Decrease (increase) in restricted cash ......................................................................... 2,831 (2,029) (823)
Net cash used in investing activities .................................................................... (305,995) (417,207) (263,183)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings ......................................................................... 43,272 113,455 —
Repayments of long-term borrowings ........................................................................ (13,143) (11,181) (19,120)
Proceeds from revolving credit facility, net ............................................................... 101,800 67,800 134,000
Increase in deferred financing costs ........................................................................... (6,664) (2,160) (842)
Proceeds from common stock offering, net of underwriting discount and
offerin
g
costs .............................................................................................................. —
92,502 —
Excess tax benefit from stock option exercises .......................................................... 103 4,605 10,229
Proceeds from stock option exercises ......................................................................... 3,036 8,454 15,264
Net cash provided by financing activities ............................................................... 128,404 273,475 139,531
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ......................... 5,475 (1,526) 2,200
CASH AND CASH EQUIVALENTS – Beginning of period ....................................... 5,354 6,880 4,680
CASH AND CASH EQUIVALENTS – End of period ................................................. $ 10,829 $ 5,354 $ 6,880
See notes to consolidated financial statements
.