4
THE CATO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(UNAUDITED)
Three Months Ended
April 29, 2023
April 30, 2022
May 1, 2021
(Dollars in thousands)
Operating Activities:
Net income
$
9,7484,428
$
20,7139,748
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation
2,7432,357
3,0422,743
Provision for customer credit losses
7298
11372
Purchase premium and premium amortization of investments
388(18)
(1,121)388
Share-based compensation
624958
306624
Deferred income taxes
0(832)
(1)-
(Gain) Loss on disposal of property and equipment
16(33)
5816
Changes in operating assets and liabilities which provided (used) cash:
(4,382)(1,793)
(2,510)(4,382)
(2,669)5,243
(726)(2,669)
474(618)
(493)474
Operating lease right-of-use assets and liabilities
(590)(532)
(1,242)(590)
1,1422,066
3561,142
Accounts payable, accrued expenses and other liabilities
(8,331)(1,429)
26,005(8,331)
Net cash provided (used) by operating activities
(765)9,895
44,500(765)
Investing Activities:
Expenditures for property and equipment
(4,440)(6,170)
(554)(4,440)
Purchase of short-term investments
(1,529)(5,914)
(62,075)(1,529)
Sales of short-term investments
25,56627,421
28,39725,566
Net cash provided (used) by investing activities
19,59715,337
(34,232)19,597
Financing Activities:
Dividends paid
(3,638)(3,455)
0(3,638)
Repurchase of common stock
(9,162)(2,267)
(5,629)(9,162)
Proceeds from employee stock purchase plan
91166
12891
Net cash provided (used) by financing activities
(12,709)(5,556)
(5,501)(12,709)
Net increase (decrease) in cash, cash equivalents, and restricted cash
6,12319,676
4,7676,123
Cash, cash equivalents, and restricted cash at beginning of period
23,67823,792
21,02223,678
Cash, cash equivalents, and restricted cash at end of period
$
29,80143,468
$
25,78929,801
Non-cash activity:
Accrued other assets and property and equipment
$
2,971644
$
2632,971
See notes to condensed consolidated financial statements (unaudited).