O'Reilly Auto Parts 2003 Annual Report Download - page 41

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consolidated statements of cash flows
page 39
(In thousands)
december 31, 2003 2002 2001
operating activities
Net income $ 100,087 $ 81,992 $ 66,352
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 41,216 35,923 28,963
Amortization 1,158 984 1,581
Provision for doubtful accounts and notes 2,461 1,873 2,635
Gain on sale of property and equipment (264) (58) (158)
Deferred income taxes 13,796 5,666 6,371
Common stock contributed to employee benefit plans 4,026 3,512 2,690
Tax benefit of stock options exercised 5,486 1,464 6,415
Changes in operating assets and liabilities,
net of the effects of the acquisition:
Accounts receivable (9,108) (5,701) (3,432)
Amounts receivable from vendors (4,824) (4,478) (7,908)
Inventory (50,211) (56,305) (35,115)
Refundable income taxes –168 (76)
Other current assets (540) (788) 1,244
Accounts payable 60,319 23,495 (16,891)
Income taxes payable (2,926) 9,798 (1,011)
Accrued payroll 2,050 2,391 3,557
Accrued benefits and withholdings 8,203 5,127 4,678
Other current liabilities (267) (1,148) (9,756)
Other liabilities 2,179 618 (110)
Net cash provided by operating activities 172,841 104,533 50,029
investing activities
Purchases of property and equipment (136,497) (102,257) (68,521)
Proceeds from sale of property and equipment 1,273 2,278 8,534
Acquisition, net of cash acquired ––(20,536)
Payments received on notes receivable 871 862 721
(Investment in) reduction of other assets (212) (6,268) 1,956
Net cash used in investing activities (134,565) (105,385) (77,846)
financing activities
Borrowings on notes payable to bank –– 5,000
Payments on notes payable to bank –(5,000) (35,000)
Proceeds from issuance of long-term debt 27,900 179,640 289,974
Principal payments on long-term debt (98,577) (166,761) (243,422)
Net proceeds from issuance of common stock 24,162 7,265 17,102
Net cash provided by (used in) financing activities (46,515) 15,144 33,654
Net increase (decrease) in cash and cash equivalents (8,239) 14,292 5,837
Cash and cash equivalents at beginning of year 29,333 15,041 9,204
Cash and cash equivalents at end of year $ 21,094 $ 29,333 $ 15,041
See accompanying notes.