O'Reilly Auto Parts 2008 Annual Report Download - page 43

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O’REILLY AUTOMOTIVE 2008 ANNUAL REPORT PG.41
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years ended December 31, 2008 2007 2006
OPERATING ACTIVITIES
Net income $ 186,232 $ 193,988 $ 178,085
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization on property and equipment 107,345 78,943 64,938
Amortization of intangible items 5,653
Premium on 6 ¾% exchangeable notes (352) -- --
Amortization of debt issuance costs 4,084 -- --
Deferred income taxes 11,031 (6,341) (1,017)
Share based compensation programs 13,554 12,777 11,029
Other 8,226 5,007 1,812
Changes in operating assets and liabilities:
Accounts receivable (7,437) (8,555) (9,426)
Inventory (142,333) (68,823) (91,427)
Accounts payable 50,410 62,279 25,737
Other 62,129 30,143 6,197
Net cash provided by operating activities 298,542 299,418 185,928
INVESTING ACTIVITIES
Cash component of acquisition price of CSK Automotive, Inc., net of cash acquired (33,767) -- --
Purchases of property and equipment (341,679) (282,655) (228,871)
Proceeds from sale of property and equipment 1,246 2,327 875
Payments received on notes receivable 5,342 5,202 5,174
Purchase of short-term investments -- (21,724) --
Other 1,261 (3,468) (2,379)
Net cash used in investing activities (367,597) (300,318) (225,201)
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt 619,047 16,450 88,950
Payment of debt issuance costs (43,239) -- --
Principal payments on long-term debt and capital leases (539,791) (26,460) (80,189)
Debt prepayment costs (7,157) -- --
Issuance cost of equity exchanged in CSK acquisition (1,218) -- --
Tax benet of stock options exercised 2,184 6,835 8,538
Net proceeds from issuance of common stock 22,995 21,727 20,493
Other (20) -- --
Net cash provided by nancing activities 52,801 18,552 37,792
Net (decrease)/increase in cash and cash equivalents (16,254) 17,652 (1,481)
Cash and cash equivalents at beginning of year 47,555 29,903 31,384
Cash and cash equivalents at end of year $ 31,301 $ 47,555 $ 29,903
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Income taxes paid $ 74,227 $ 93,040 $ 98,650
Interest paid, net of capitalized interest 17,824 3,727 4,536
See accompanying Notes to Consolidated Financial Statements.