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8-K
SLEEP NUMBER CORP filed this Form 8-K on 10/17/2017
Entire Document
 

Select Comfort Announces Third-quarter 2017 Results – Page 6 of 9

SELECT COMFORT CORPORATION
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(unaudited – in thousands)
subject to reclassification
 
Nine Months Ended
 
September 30,
2017
 
October 1,
2016
Cash flows from operating activities:
 
 
 
Net income
$
49,286

 
$
40,130

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
46,000

 
42,555

Stock-based compensation
11,809

 
9,272

Net loss on disposals and impairments of assets
229

 
9

Excess tax benefits from stock-based compensation

 
(516
)
Deferred income taxes
3,729

 
(673
)
Changes in operating assets and liabilities:

 


Accounts receivable
(1,402
)
 
5,271

Inventories
(4,191
)
 
15,991

Income taxes
(147
)
 
30,386

Prepaid expenses and other assets
(1,713
)
 
(3,458
)
Accounts payable
33,325

 
(1,043
)
Customer prepayments
13,722

 
(23,125
)
Accrued compensation and benefits
15,277

 
12,441

Other taxes and withholding
758

 
7,494

Other accruals and liabilities
9,372

 
10,527

Net cash provided by operating activities
176,054

 
145,261

 
 
 
 
Cash flows from investing activities:
 
 
 
Purchases of property and equipment
(37,613
)
 
(38,769
)
Proceeds from sales of property and equipment
36

 
67

Investments in marketable debt securities

 
(5,968
)
Proceeds from marketable debt securities

 
15,090

Decrease in restricted cash
3,150

 

Net cash used in investing activities
(34,427
)
 
(29,580
)
 
 
 
 
Cash flows from financing activities:
 

 
 

Net (decrease) increase in short-term borrowings
(6,194
)
 
3,062

Repurchases of common stock
(120,158
)
 
(96,410
)
Proceeds from issuance of common stock
3,040

 
1,949

Excess tax benefits from stock-based compensation

 
516

Debt issuance costs
(10
)
 
(409
)
Net cash used in financing activities
(123,322
)
 
(91,292
)
Net increase in cash and cash equivalents
18,305

 
24,389

Cash and cash equivalents, at beginning of period
11,609

 
20,994

Cash and cash equivalents, at end of period
$
29,914

 
$
45,383