O'Reilly Auto Parts 2007 Annual Report Download - page 33

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31
(In thousands)
Years ended December 31, 2007 2006 2005
OPERATING ACTIVITIES
Net income $ 193,988 $ 178,085 $ 164,266
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 78,943 64,938 57,228
Deferred income taxes (6,341) (1,017) (671)
Share based compensation programs 12,777 11,029 7,840
Tax benefit of stock options exercised -- -- 7,137
Other 5,007 1,812 1,978
Changes in operating assets and liabilities:
Accounts receivable (8,555) (9,426) (8,974)
Inventory (68,823) (91,427) (68,794)
Accounts payable 62,279 25,737 43,158
Other 30,143 6,197 3,517
Net cash provided by operating activities 299,418 185,928 206,685
INVESTING ACTIVITIES
Purchases of property and equipment (282,655) (228,871) (205,159)
Proceeds from sale of property and equipment 2,327 875 1,935
Payments received on notes receivable 5,202 5,174 4,558
Purchase of short-term investments (21,724) -- --
Advances made on notes receivable -- -- (624)
Acquisition of Midwest Auto Parts Distributors net of cash acquired -- -- (63,145)
Other (3,468) (2,379) (1)
Net cash used in investing activities (300,318) (225,201) (262,436)
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt 16,450 88,950 --
Principal payments on long-term debt (26,460) (80,189) (602)
Tax benefit of stock options exercised 6,835 8,538 --
Net proceeds from issuance of common stock 21,727 20,493 18,709
Net cash provided by financing activities 18,552 37,792 18,107
Net increase (decrease) in cash and cash equivalents 17,652 (1,481) (37,644)
Cash and cash equivalents at beginning of year 29,903 31,384 69,028
Cash and cash equivalents at end of year $ 47,555 $ 29,903 $ 31,384
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Income taxes paid $ 93,040 $ 98,650 $ 98,440
Interest paid, net of capitalized interest 3,727 4,536 5,062
See accompanying Notes to Consolidated Financial Statements.
Consolidated Statements Of Cash Flows