O'Reilly Auto Parts 2001 Annual Report Download - page 25

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Page 23
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
YEARS ENDED DECEMBER 31, 2001 2000 1999
Operating activities
Net income $66,352 $51,708 $ 45,639
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation 28,963 23,846 17,619
Amortization 1,581 966 283
Provision for doubtful accounts 2,635 1,235 961
Loss (gain) on sale of property and equipment (158) 220 (82)
Deferred income taxes 6,371 3,245 5,455
Common stock contributed to employee benefit plans 2,690 2,648 2,339
Tax benefit of stock options exercised 6,415 977 4,085
Changes in operating assets and liabilities,
net of the effects of the acquisition:
Accounts receivable (3,432) (7,446) 157
Amounts receivable from vendors (7,908) (3,191) (1,644)
Inventory (35,115) (78,145) (47,912)
Refundable income taxes (76) 2,241 693
Other current assets 1,244 (444) 734
Accounts payable (16,891) 4,062 (1,852)
Income taxes payable (1,011) 1,011 –
Accrued payroll 3,557 3,031 1,479
Accrued benefits and withholdings 4,678 (1,022) 2,038
Other current liabilities (9,756) 870 3,386
Other liabilities (110) 20 (1,732)
Net cash provided by operating activities 50,029 5,832 31,646
Investing activities
Purchases of property and equipment (68,521) (81,987) (86,002)
Proceeds from sale of property and equipment 8,534 52,861 7,039
Acquisition, net of cash acquired (20,536) ––
Payments received on notes receivable 721 604 1,265
Advances made on notes receivable ––(70)
Investment in other assets 1,956 (11,995) (1,931)
Net cash used in investing activities (77,846) (40,517) (79,699)
Financing activities
Borrowings on notes payable to bank 5,000 30,000 7,130
Payments on notes payable to bank (35,000) –(7,130)
Proceeds from issuance of long-term debt 289,974 431,159 172,892
Principal payments on long-term debt (243,422) (432,415) (249,363)
Net proceeds from secondary offering ––124,570
Net proceeds from issuance of common stock 17,102 5,354 8,017
Net cash provided by financing activities 33,654 34,098 56,116
Net increase (decrease) in cash 5,837 (587) 8,063
Cash at beginning of year 9,204 9,791 1,728
Cash at end of year $15,041 $9,204 $ 9,791
See Notes to Consolidated Financial Statements.