Urban Outfitters 2011 Annual Report Download - page 59

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URBAN OUTFITTERS, INC.
Consolidated Statements of Cash Flows
(in thousands)
Fiscal Year Ended January 31,
2011 2010 2009
Cash flows from operating activities:
Net income ........................................ $272,958 $ 219,893 $ 199,364
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ..................... 101,105 92,350 81,949
Provision for deferred income taxes ................ (8,727) 2,161 (9,351)
Excess tax benefit on share-based compensation ...... (12,847) (6,438) (13,434)
Share-based compensation expense ................. 10,725 4,766 3,637
Loss on disposition of property and equipment, net .... 119 339 61
Changes in assets and liabilities:
Receivables ............................... 1,835 (1,825) (10,726)
Inventories ................................ (43,372) (15,544) (272)
Prepaid expenses and other assets .............. 14,825 (25,619) 9,210
Accounts payable, accrued expenses and other
liabilities ................................ 48,492 55,311 (8,868)
Net cash provided by operating activities ................ 385,113 325,394 251,570
Cash flows from investing activities:
Cash paid for property and equipment ................... (143,642) (109,260) (112,553)
Cash paid for marketable securities ..................... (463,129) (806,546) (809,039)
Sales and maturities of marketable securities ............. 571,236 421,040 864,685
Net cash used in investing activities .................... (35,535) (494,766) (56,907)
Cash flows from financing activities:
Exercise of stock options ............................. 24,129 3,250 8,891
Excess tax benefit from stock option exercises ............ 12,847 6,438 13,434
Share repurchases .................................. (204,718) — —
Net cash (used in) provided by financing activities ......... (167,742) 9,688 22,325
Effect of exchange rate changes on cash and cash equivalents .... (603) 2,673 (6,224)
Increase (decrease) in cash and cash equivalents .............. 181,233 (157,011) 210,764
Cash and cash equivalents at beginning of period .............. 159,024 316,035 105,271
Cash and cash equivalents at end of period ................... $340,257 $ 159,024 $ 316,035
Supplemental cash flow information:
Cash paid during the year for:
Income taxes ...................................... $121,341 $ 137,490 $ 115,040
Non-cash investing activities—Accrued capital
expenditures ..................................... $ 8,077 $ 12,960 $ 6,561
The accompanying notes are an integral part of these consolidated financial statements.
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