O'Reilly Auto Parts 2000 Annual Report Download - page 25

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2000 AR
23
(In thousands)
Years ended December 31, 2000 1999 1998
Operating activities
Net income $ 51,708 $ 45,639 $ 30,772
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
Depreciation and amortization 24,812 17,902 12,164
Provision for doubtful accounts 1,235 961 250
Loss (Gain) on sale of property and equipment 220 (82) (134)
Deferred income taxes 3,245 5,455 7,629
Common stock contributed to employee benefit plans 2,648 2,339 1,629
Tax benefit of stock options exercised 977 4,085 839
Post-retirement benefits –12 12
Changes in operating assets and liabilities,
net of the effects of the acquisition:
Accounts receivable (7,446) 157 (5,809)
Amounts receivable from vendors (3,191) (1,644) (21,691)
Inventory (78,145) (47,912) (53,328)
Refundable income taxes 2,241 693 (5,527)
Other current assets (444) 734 (179)
Other assets –(1,931) (1,753)
Accounts payable 4,062 (1,852) 20,071
Income taxes payable 1,011 ––
Accrued payroll 3,031 1,479 (3,533)
Accrued benefits and withholdings (1,022) 2,038 2,156
Other current liabilities 870 3,386 (2,681)
Other liabilities 20 (1,744) –
Net cash provided by (used in) operating activities 5,832 29,715 (19,113)
Investing activities
Purchases of property and equipment (81,987) (86,002) (57,732)
Acquisition, net of cash acquired –– (49,296)
Proceeds from sale of property and equipment 52,861 7,039 6,038
Proceeds from sale of short-term investments – – 500
Payments received on notes receivable 604 1,265 372
Advances made on notes receivable –(70) (650)
Investment in other assets (11,995) –––
Net cash used in investing activities (40,517) (77,768) (100,768)
Financing activities
Borrowings on notes payable to bank 30,000 7,130 5,000
Payments on notes payable to bank –(7,130) –
Proceeds from issuance of long–term debt 431,159 172,892 157,860
Principal payments on long–term debt (432,415) (249,363) (46,651)
Net proceeds from secondary offering –124,570 –
Net proceeds from issuance of common stock 5,354 8,017 3,115
Net cash provided by financing activities 34,098 56,116 119,324
Net increase (decrease) in cash (587) 8,063 (557)
Cash at beginning of year 9,791 1,728 2,285
Cash at end of year $ 9,204 $ 9,791 $ 1,728
See accompanying notes.
CONSOLIDATED STATEMENTS
OF CASH FLOWS
O’REILLY AUTOMOTIVE