Starbucks 1999 Annual Report Download - page 13

CONSOLIDATED STATEMENTS OF CASH FLOWS
In thousands
Fiscal year ended  ,   ,   , 
 
Net earnings $ 101,693 $ 68,372 $ 55,211
Adjustments to reconcile net earnings
to net cash provided by operating activities
Depreciation and amortization 107,512 80,901 58,864
Provision for store remodels and losses on asset disposals 2,456 7,234 1,049
Conversion of compensatory options into common stock – 1,158 –
Deferred income taxes, net 794 2,125 5,490
Equity in (income) losses of investees (2,318) 14 2,760
Cash (used) provided by changes in operating assets and liabilities
Accounts receivable 3,838 (19,790) (13,475)
Inventories (36,405) (23,496) (36,382)
Prepaid expenses and other current assets (7,552) (2,497) (2,236)
Accounts payable 4,711 4,601 9,559
Accrued compensation and related costs 7,586 9,943 10,871
Accrued occupancy costs 5,517 5,342 4,208
Accrued taxes 12,429 7,173 3,850
Other accrued expenses 10,313 1,799 525
Net cash provided by operating activities 210,574 142,879 100,294
 
Purchase of investments (122,800) (51,354) (171,631)
Sale of investments 3,633 5,138 9,257
Maturity of investments 85,053 112,080 173,665
Purchase of businesses, net of cash acquired (15,662) – –
Investments in joint ventures and other investments (30,780) (12,418) (27,624)
Distributions from joint ventures 8,983 2,750 –
Additions to property, plant and equipment (261,781) (201,855) (174,363)
Proceeds from sales of property, plant and equipment 3,927 – –
Additions to deposits and other assets (6,866) (3,184) (4,604)
Net cash used by investing activities (336,293) (148,843) (195,300)
 
Increase in cash provided by checks drawn in excess of bank balances 29,912 4,846 12,287
Proceeds from sale of common stock
under employee stock purchase plan 9,386 4,649 4,009
Exercise of stock options 33,799 20,755 13,629
Tax benefit from exercise of nonqualified stock options 18,621 9,332 9,626
Payments on long-term debt (1,189) (1,993) (1,566)
Net cash provided by financing activities 90,529 37,589 37,985
Effect of exchange rate changes on cash and cash equivalents (54) (88) (18)
(Decrease) increase in cash and cash equivalents (35,244) 31,537 (57,039)
   
Beginning of year 101,663 70,126 127,165
End of year $ 66,419 $ 101,663 $ 70,126
     
Cash paid during the year for
Interest $ 442 $ 4,130 $ 7,179
Income taxes 35,366 32,643 19,679
    
Liabilities assumed in conjunction with the acquisition
of land and building 7,746 – –
Net unrealized holding gains (losses) on investments 683 (595) (1,983)
Conversion of convertible debt into common stock,
net of unamortized issue costs and accrued interest – 162,036 –
Common stock tendered in settlement of stock
options exercised – 4,859 –
Equipment acquired under capital lease – – 2,434
See Notes to Consolidated Financial Statements.
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STARBUCKS COFFEE COMPANY