4
THE CATO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(UNAUDITED)
Three Months Ended
April 30, 2022
May 1, 2021
May 2, 2020
(Dollars in thousands)
Operating Activities:
Net income (loss)
$
9,748
$
20,713
$
(28,417)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation
3,0422,743
4,0063,042
Provision for customer credit losses
11372
28113
Purchase premium and premium amortization of investments
(1,121)388
(18)(1,121)
Share-based compensation
306624
650306
Deferred income taxes
(1)0
313(1)
Loss on disposal of property and equipment
5816
66
Impairment of store assets
0
5,27058
Changes in operating assets and liabilities which provided (used) cash:
(2,510)(4,382)
(4,402)(2,510)
(726)(2,669)
(7,402)(726)
(493)474
(255)(493)
Operating lease right-of-use assets and liabilities
(1,242)(590)
(1,027)(1,242)
3561,142
(13)356
Accounts payable, accrued expenses and other liabilities
26,005(8,331)
(40,134)26,005
Net cash provided (used) by operating activities
44,500(765)
(71,335)44,500
Investing Activities:
Expenditures for property and equipment
(554)(4,440)
(5,311)(554)
Purchase of short-term investments
(62,075)(1,529)
(8,275)(62,075)
Sales of short-term investments
28,39725,566
90,435
Sales of other assets
0
9428,397
Net cash provided (used) by investing activities
(34,232)19,597
76,943(34,232)
Financing Activities:
Dividends paid
0(3,638)
(7,990)0
Repurchase of common stock
(5,629)(9,162)
(9,875)
Proceeds from line of credit
0
34,000
Payments on line of credit
0
(4,000)(5,629)
Proceeds from employee stock purchase plan
12891
250128
Net cash provided (used) by financing activities
(5,501)(12,709)
12,385(5,501)
Net increase (decrease) in cash, cash equivalents, and restricted cash
4,7676,123
17,9934,767
Cash, cash equivalents, and restricted cash at beginning of period
21,02223,678
14,40121,022
Cash, cash equivalents, and restricted cash at end of period
$
25,78929,801
$
32,39425,789
Non-cash activity:
Accrued other assets and property and equipment
$
2632,971
$
1,936
263
See notes to condensed consolidated financial statements (unaudited).