Restoration Hardware 2012 Annual Report Download - page 137

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RESTORATION HARDWARE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended
February 2,
2013
January 28,
2012
January 29,
2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ (12,789) $ 20,588 $ (7,051)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
activities:
Depreciation and amortization 26,748 29,186 31,263
Impairment of property and equipment — — 2,115
Loss on disposal of property and equipment — 674 —
Stock-based compensation expense 116,183 1,557 1,119
Capital contribution—executive compensation — 6,350 —
Capital contribution—management fee paid by Home Holdings on behalf of the
Company — 6,000 —
Release of valuation allowance (57,185) — —
Deferred income taxes (4,686) 4,299 (427)
Amortization of financing fees 863 573 193
Change in assets and liabilities:
Accounts receivable (5,282) (7,280) 68
Merchandise inventories (107,454) (39,475) (57,103)
Prepaid expense and other current assets (24,454) (36,371) (1,477)
Other assets (371) (573) (797)
Accounts payable and accrued expenses 36,154 14,374 5,475
Deferred revenue and customer deposits 16,224 11,418 2,503
Other current liabilities 2,689 3,915 3,395
Deferred rent and lease incentives 10,923 1,732 8,638
Other long-term obligations (1,427) 154 276
Net cash provided by (used in) operating activities (3,864) 17,121 (11,810)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (49,058) (25,593) (39,907)
Purchase of trademarks and other intangible assets (310) — —
Net cash used in investing activities (49,368) (25,593) (39,907)
CASH FLOWS FROM FINANCING ACTIVITIES
Gross borrowings under revolving line of credit 1,344,468 1,007,330 875,936
Gross repayments under revolving line of credit (1,369,469) (1,011,937) (821,734)
Proceeds from issuance of term loan — 15,000 —
Repayment of term loan (15,000) — —
Debt issuance costs (426) (2,835) —
Payments on capital leases and other long-term obligations (4,214) (4,188) (2,601)
Capitalization of Restoration Hardware Holdings, Inc. — 1 —
Proceeds from issuance of common stock—net of issuance costs 97,693 — —
Net cash provided by financing activities 53,052 3,371 51,601
Effects of foreign currency exchange rate translation 22 249 294
Net increase (decrease) in cash and cash equivalents (158) (4,852) 178
Cash and cash equivalents
Beginning of period 8,512 13,364 13,186
End of period $ 8,354 $ 8,512 $ 13,364
Cash paid for interest $ 5,382 $ 3,737 $ 2,068
Cash paid for taxes 1,861 1,697 744
Non-cash transactions:
Property and equipment acquired under capital lease — 7,770 3,550
Property and equipment additions in accounts payable 3,505 645 454
Capital contribution—executive compensation — 6,350 —
Capital contribution—management fee paid by Home Holdings on behalf of the
Company — 6,000 —
The accompanying notes are an integral part of these Consolidated Financial Statements.
81
Form 10-K