MICHAELS COMPANIES, INC. MIK Cash Flow

Michaels companies, inc. (MIK)

CashFlow / Yearly

Feb'20	Feb'19	Feb'18	Jan'17	Jan'16	Jan'15	Jan'14	Jan'13
Cash flows from operating activities:
Net income
272,595	319,545	390,498	378,159	362,912	217,395	243,430	200,000
Adjustments to reconcile net income to net cash used in operating activities:
Non-cash operating lease expense
325,962	-	-	-	-	-	-	-
Depreciation and amortization
125,499	124,271	118,912	115,801	114,756	110,858	105,939	97,000
Share-based compensation
22,910	27,082	24,264	16,506	15,064	19,387	34,262	21,000
Debt issuance costs amortization
4,451	4,997	5,098	6,583	8,467	10,333	10,195	14,000
Loss on write-off of investment
5,036	-	-	-	-	-	-	-
Accretion of long-term debt, net
-129	-518	-505	-334	-150	-516	-1,310	-
Restructure and impairment charges
48,332	104,238	-	-	-	-	-	-
Deferred income taxes
9,455	8,131	4,348	4,570	8,611	15,282	-4,030	2,000
Losses on early extinguishments of debt and refinancing costs
-1,316	-1,835	-	-7,292	-8,485	-74,312	-14,420	-33,000
Impairment of intangible assets
-	-	-	-	-	-	-	8,000
Losses on disposition of property and equipment
-	-	-	-120	25	-3,995	156	-
Excess tax benefits from share-based compensation
-	-	-	10,027	14,507	5,081	13	-
Other
-	-	-	-	-	-	-545	-
Changes in assets and liabilities:
Merchandise inventories
-9,504	63,890	-5,281	40,800	44,213	60,343	37,799	21,000
Prepaid expenses and other
-1,671	-3,576	7,785	1,004	4,875	-8,379	9,051	7,000
Accounts receivable
-29,516	14,100	2,992	-8,948	-3,725	-2,234	-	-
Other assets
3,562	1,497	1,765	711	34	324	-1,016	-
Operating lease liabilities
-323,010	-	-	-	-	-	-	-
Accounts payable
-14,787	-10,461	-38,025	38,248	24,217	76,710	101,829	-35,000
Accrued interest
-2,192	-691	-12,040	7,015	1,852	-45,647	22,703	-10,000
Accrued liabilities and other
-36,020	-17,225	3,174	-4,806	-23,530	14,294	-29,543	-16,000
Income taxes
17,647	-44,532	28,388	37,276	44,941	1,006	-6,900	18,000
Other liabilities
-1,019	3,495	6,759	1,581	-1,649	-277	3,452	-1,000
Net cash used in operating activities
493,175	444,256	523,610	564,417	504,047	441,997	448,989	299,000
Additions to property and equipment
120,545	145,387	127,830	114,462	123,920	137,780	112,156	124,000
Acquisition of intangible assets
58,000	-	-	151,100	-	-	-	-
Purchases of long-term investments
-	-	-	1,325	5,000	-	-	-
Net cash used in investing activities
-178,545	-145,387	-127,830	-266,887	-128,920	-137,780	-112,156	-
Common stock repurchased
107,997	456,585	253,752	404,971	21,977	21,557	8,054	-
Issuance of PIK Notes
-	-	-	-	-	-	800,000	-
Payment of PIK notes
-	-	-	-	184,467	627,142	-	-
Borrowings on term loan credit facility
-	-	-	-	-	845,750	-	1,640,000
Payments on term loan credit facility
24,900	24,900	31,125	18,675	174,900	20,650	12,300	1,996,000
Payment of 2020 senior subordinated notes
510,000	-	-	-	-	-	-	-
Issuance of 2027 senior notes
500,000	-	-	-	-	-	-	213,000
Borrowings on asset-based revolving credit facility
23,200	355,400	382,200	42,000	45,047	23,000	388,902	322,000
Payments on asset-based revolving credit facility
23,200	355,400	382,200	42,000	45,047	23,000	390,116	321,000
Payment of debt refinancing costs
8,162	1,117	-	-	-	-	-	-
Payment of 2018 senior notes
-	-	-	-	-	1,057,239	-	-
Issuance of 2020 senior subordinated notes
-	-	-	-	-	255,000	260,000	-
Payments of Subordinated Discount Notes
-	-	-	-	-	-	-	315,000
Payment of 2016 senior subordinated notes
-	-	-	-	-	-	402,908	-
Issuance of common stock
-	-	-	-	-	445,660	-	-
Payment of debt issuance costs
-	-	-	11,326	-	12,363	21,270	25,000
Payment of dividends
-	317	408	415	492	530	766,198	-
Change in cash overdraft
-	-	-	-	-	-	-4,655	-5,000
Proceeds from stock options exercised
506	4,041	16,588	17,252	22,655	27,211	5,668	-
Excess tax benefits from share-based compensation
-	-	-	10,027	14,507	5,081	13	-
Other financing activities
-	-	-	-	643	-4,007	-3,012	-3,000
Net cash used in financing activities
-150,553	-478,878	-268,697	-408,108	-344,031	-164,786	-153,930	-490,000
Net change in cash and equivalents
164,077	-180,009	127,083	-110,578	31,096	139,431	182,903	-315,000