O'Reilly Auto Parts 2002 Annual Report Download - page 39

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2002 Annual Report 37
(In thous ands )
YEARS ENDED DECEMBER 31, 2002 2001 2000
Operating activities
Net income $81,992 $66,352 $ 51,708
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 35,923 28,963 23,846
Amortization 984 1,581 966
Provision for doubtful accounts 1,873 2,635 1,235
Loss (Gain) on sale of property and equipment (58) (158) 220
Deferred income taxes 5,666 6,371 3,245
Common stock contributed to employee benefit plans 3,512 2,690 2,648
Tax benefit of stock options exercised 1,464 6,415 977
Changes in operating assets and liabilities,
net of the effects of the acquisition:
Accounts receivable (5,701) (3,432) (7,446)
Amounts receivable from vendors (4,478) (7,908) (3,191)
Inventory (56,305) (35,115) (78,145)
Refundable income taxes 168 (76) 2,241
Other current assets (788) 1,244 (444)
Accounts payable 23,495 (16,891) 4,062
Income taxes payable 9,798 (1,011) 1,011
Accrued payroll 2,391 3,557 3,031
Accrued benefits and withholdings 5,127 4,678 (1,022)
Other current liabilities (1,148) (9,756) 870
Other liabilities 618 (110) 20
Net cash provided by operating activities 104,533 50,029 5,832
Investing activities
Purchases of property and equipment (102,257) (68,521) (81,987)
Proceeds from sale of property and equipment 2,278 8,534 52,861
Acquisition, net of cash acquired —(20,536) —
Payments received on notes receivable 862 721 604
Investment in other assets (6,268) 1,956 (11,995)
Net cash used in investing activities (105,385) (77,846) (40,517)
Financing activities
Borrowings on notes payable to bank —5,000 30,000
Payments on notes payable to bank (5,000) (35,000) —
Proceeds from issuance of long-term debt 179,640 289,974 431,159
Principal payments on long-term debt (166,761) (243,422) (432,415)
Net proceeds from issuance of common stock 7,265 17,102 5,354
Net cash provided by financing activities 15,144 33,654 34,098
Net increase (decrease) in cash 14,292 5,837 (587)
Cash at beginning of year 15,041 9,204 9,791
Cash at end of year $29,333 $15,041 $ 9,204
Se e ac c o mpanying note s .
CONSOLIDATED STATEMENTS OF CASH FLOWS