Staples 2003 Annual Report Download - page 69

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STAPLES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Dollar Amounts in Thousands)
Fiscal Year Ended
February 1, February 2, February 3,
2003 2002 2001
Operating Activities:
Net income ................................................... $ 446,100 $264,970 $ 59,712
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization .................................... 267,209 248,965 223,510
Asset impairment and other charges ................................ — 10,717 205,750
Store closure charge (credit) ..................................... — 50,092 (7,250)
Deferred income taxes expense (benefit) ............................. 226 (80,370) 20,733
Other ..................................................... 35,767 19,278 19,304
Change in assets and liabilities, net of companies acquired/divested:
(Increase) decrease in merchandise inventories ....................... (15,781) 148,687 (50,380)
Decrease (increase) in receivables ................................ 62,460 1,855 (40,650)
Increase in prepaid expenses and other assets ....................... (3,574) (684) (19,017)
Increase in accounts payable, accrued expenses and other current liabilities . . . 113,026 94,438 158,058
Increase in other long-term obligations ............................ 8,917 12,960 12,627
468,250 505,938 522,685
Net cash provided by operating activities .............................. 914,350 770,908 582,397
Investing Activities:
Acquisition of property and equipment ............................... (264,692) (340,118) (450,217)
Acquisition of businesses, net of cash acquired .......................... (1,171,187) — —
Proceeds from sales and maturities of short-term investments ................ — 25,535 —
Proceeds from sales and maturities of long-term investments ................ — 1,654 9,156
Purchase of long-term investments ................................... — (250) (59,147)
Acquisition of lease rights ......................................... (347) (2,568) (216)
Net cash used in investing activities ................................. (1,436,226) (315,747) (500,424)
Financing Activities:
Proceeds from sale of capital stock .................................. 78,895 53,549 54,207
Proceeds from borrowings ........................................ 730,897 522,110 2,876,615
Payments on borrowings .......................................... (95,235) (800,194) (2,753,733)
(Repayments) borrowings under receivables securitization agreement .......... — (86,109) 109,301
Termination of interest rate swap agreement ............................ — 18,027 —
Purchase of treasury stock ........................................ (474) (26,083) (133,095)
Settlement of equity forward purchase agreement ........................ — — (78,684)
Net cash provided by (used in) financing activities ....................... 714,083 (318,700) 74,611
Effect of exchange rate changes on cash .............................. 9,033 (5,197) (3,507)
Net increase in cash and cash equivalents ............................... 201,240 131,264 153,077
Cash and cash equivalents at beginning of period .......................... 394,824 263,560 110,483
Cash and cash equivalents at end of period .............................. $ 596,064 $394,824 $ 263,560
See notes to consolidated financial statements.
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