Petsmart 2006 Annual Report Download - page 62

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PetSmart, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
January 28,
2007
January 29,
2006
January 30,
2005
Fiscal Year Ended
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ................................................... $ 185,069 $ 182,490 $ 157,453
Depreciation and amortization . . . .................................... 156,941 139,625 107,835
Loss on disposal of property and equipment .............................. 8,727 2,892 4,755
Stock-based compensation expense .................................... 19,320 22,398 28,452
Deferred income taxes . . . ......................................... (18,882) (16,602) (5,844)
Tax benefits from tax deductions in excess of the compensation cost recognized ...... (8,222) (12,860) (28,667)
Non-cash interest expense . ......................................... 5,647 3,161 1,749
Changes in assets and liabilities:
Receivables, net .............................................. 1,832 (9,751) (10,111)
Merchandise inventories ......................................... (87,867) (61,745) (27,727)
Prepaid expenses and other current assets .............................. (3,276) (3,154) (14,434)
Other noncurrent assets . ......................................... (2,555) (5,332) (3,436)
Accounts payable ............................................. 9,732 25,760 8,205
Accrued payroll, bonus and employee benefits . .......................... 17,058 16,904 13,322
Accrued occupancy expenses and deferred rents .......................... 1,222 8,354 2,543
Other current liabilities . ......................................... 9,639 49,120 13,480
Deferred rents and other noncurrent liabilities . .......................... (5,094) (1,314) 8,559
Net cash provided by operating activities . ............................... 289,291 339,946 256,134
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term available-for-sale investments . . ..................... (2,114,035) (1,644,050) (775,386)
Proceeds from sales of short-term available-for-sale investments . ................ 2,314,735 1,737,725 697,086
Increase in restricted cash and short-term investments. . . ..................... (60,700) — —
Cash paid for property and equipment . . . ............................... (241,106) (165,737) (143,628)
Increase in equity holdings ......................................... (4,398) — (773)
Proceeds from sales of property and equipment . . .......................... 1,579 262 456
Net cash used in investing activities ................................... (103,925) (71,800) (222,245)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common stock issued under stock incentive plans ................ 28,626 33,058 39,955
Cash paid for treasury stock ........................................ (161,864) (265,002) (79,998)
Cash paid for capital lease obligations . . . ............................... (19,046) (10,308) (7,806)
Increase (decrease) in bank overdraft. . . . ............................... 15,707 (2,698) (6,721)
Tax benefits from tax deductions in excess of the compensation cost recognized ...... 8,222 12,860 28,667
Cash dividends paid to stockholders ................................... (16,654) (17,203) (15,893)
Net cash used in financing activities ................................... (145,009) (249,293) (41,796)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS . . (1,973) 4,530 2,404
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS................ 38,384 23,383 (5,503)
CASHANDCASHEQUIVALENTSATBEGINNINGOFYEAR................. 110,415 87,032 92,535
CASHANDCASHEQUIVALENTSATENDOFYEAR ...................... $ 148,799 $ 110,415 $ 87,032
The accompanying notes are an integral part of these consolidated financial statements.
F-6