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o’reilly automotive 2006 annual report
page 30
(In thousands)
years ended december 31, 2006 2005 2004
operating activities
Net income $178,085 $164,266 $139,566
Adjustments to reconcile net income to net cash
provided by operating activities:
Cumulative effect of accounting change -- (21,892)
Depreciation and amortization 64,938 57,228 54,325
Deferred income taxes (1,017) (671) 7,640
Share based compensation programs 11,029 7,840 5,067
Tax benefit of stock options exercised -7,137 4,526
Other 1,812 1,978 2,988
Changes in operating assets and liabilities:
Accounts receivable (9,426) (8,974) (11,636)
Inventory (91,427) (68,794) (66,375)
Accounts payable 25,737 43,158 94,594
Other 6,197 3,517 17,733
Net cash provided by operating activities 185,928 206,685 226,536
investing activities
Purchases of property and equipment (228,871) (205,159) (173,486)
Proceeds from sale of property and equipment 875 1,935 1,653
Payments received on notes receivable 5,174 4,558 2,634
Advances made on notes receivable -(624) -
Acquisition, net of cash acquired -(63,145) -
Investment in other assets (2,379) (1) (2,787)
Net cash used in investing activities (225,201) (262,436) (171,986)
financing activities
Proceeds from issuance of long-term debt 88,950 --
Principal payments on long-term debt (80,189) (602) (20,989)
Tax benefit of stock options exercised 8,538 --
Net proceeds from issuance of common stock 20,493 18,709 14,373
Net cash provided by (used in) financing activities 37,792 18,107 (6,616)
Net (decrease) increase in cash and cash equivalents (1,481) (37,644) 47,934
Cash and cash equivalents at beginning of year 31,384 69,028 21,094
Cash and cash equivalents at end of year $ 29,903 $ 31,384 $ 69,028
supplemental disclosures of cash flow information:
Income taxes paid $ 98,650 $ 98,440 $ 55,140
Interest paid, net of capitalized interest 4,536 5,062 4,960
See accompanying Notes to Consolidated Financial Statements.
consolidated statements of cash flows