Gap Inc. Equity Valuation and Analysis Valued at November 1, 2006

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Cash Flows from Operating Activities
Net earnings (loss) $877,497,000 ($7,764,000) $478,000,000 $1,031,000,000 $1,150,000,000 $ 831,824,736 $ 944,418,622 $ 1,070,694,918 $ 1,212,316,309 $ 1,371,147,531 $ 1,549,279,923 $ 1,749,058,964 $ 1,973,115,154 $ 2,224,398,652 $ 2,506,218,121
:
Depreciation and amortization $590,365,000 $810,486,000 $706,000,000 $675,000,000 $620,000,000 $510,639 $561,703 $617,873 $679,660 $747,627 $822,389 $904,628 $995,091 $1,094,600 $1,204,060
Tax benefit from exercise of stock options and vesting o $130,882,000 $58,444,000 $44,000,000 $7,000,000 $31,000,000
Deferred income taxes ($38,872,000) ($28,512,000) $5,000,000 $101,000,000 ($80,000,000)
Loss on disposable and other $117,000,000 $72,000,000 $21,000,000 $70,000,000 $54,333,333 $48,444,444 $57,592,593 $53,456,790 $53,164,609 $54,737,997 $53,786,465 $53,896,357 $54,140,273
Change in operating assets and liabilities:
Merchandise inventory ($454,595,000) $213,067,000 ($258,000,000) $385,000,000 ($90,000,000)
Prepaid expenses and other ($61,096,000) ($13,303,000) $33,000,000 $5,000,000 ($18,000,000)
Accounts payable $249,545,000 $42,205,000 $47,000 $10,000 $42,000,000 $62,000 $111,218 $135,122 $148,634 $163,497 $179,847 $197,832 $217,615 $239,377 $263,314
Accrued expenses ($56,541,000) $220,826,000 $55,000 ($42,000,000) ($3,000,000)
Deferred lease credits and other long-term liabilities $54,020,000 $22,390,000 $108,000,000 ($38,000,000) ($112,000,000) ($342,081) ($262,007) ($293,846) ($329,554) ($369,602) ($414,516) ($464,887) ($521,382) ($584,739) ($655,796)
Net cash provided by operating activities $1,291,205,000 $1,317,839,000 $2,000,000 ($26,000,000) $59,000,000 $ 902,055,294 $ 999,162,869 $ 1,119,598,511 $ 1,270,407,641 $ 1,425,145,843 $ 1,603,032,252 $ 1,804,434,534 $ 2,027,592,944 $ 2,279,044,247 $ 2,561,169,972
Cash Flows from Investing Activities
Net purchase of property and equipment $1,291,205,000 ($940,078,000) $1,243,000,000 $2,160,000,000 $1,620,000,000 ($510,639) ($561,703) ($617,873) ($679,660) ($747,627) ($822,389) ($904,628) ($995,091) ($1,094,600) ($1,204,060)
Proceeds from sale of property and equipment ($308,000,000) ($261,000,000) ($442,000,000)
Purcase of short term investments $9,000,000 $1,000,000 $0
Maturaties and sale of short term investments ($472,000,000) ($1,202,000,000) ($1,813,000,000)
Restricted cash $159,000,000 $442,000,000 $2,072,000,000
Acquisition of lease rights and other assets ($16,252,000) ($10,549,000) ($20,000,000) ($1,303,000,000) $337,000,000
Net cash used for investing activities ($1,874,914,000) ($950,627,000) $3,000,000 $5,000,000 $6,000,000 ($510,639) ($561,703) ($617,873) ($679,660) ($747,627) ($822,389) ($904,628) ($995,091) ($1,094,600) ($1,204,060)
Cash Flows from Financing Activities
Net increase (decrease) in notes payable $621,420,000 ($734,927,000) ($629,000,000) ($2,318,000,000) $160,000,000
Proceeds from issuance of long-term debt $250,000,000 $1,194,265,000 ($42,000,000) $0 $0
Payments of long-term debt $0 ($250,000,000) $1,346,000,000 $0 $0
Issuance of common stock $152,105,000 $139,105,000 $0 ($668,000,000) ($871,000,000)
Reissuance of treasury stock ($392,558,000) ($785,000) $120,000,000 $85,000,000 $130,000,000
Net purchase of treasury stock ($75,488,000) ($76,373,000) $33,000,000 $26,000,000 ($976,000,000)
Cash dividends paid $555,479,000 $271,285,000 ($78,000,000) ($79,000,000) ($79,000,000)
Net cash provided by (used for) financing activities ($13,328,000) ($11,542,000) $1,379,000,000 ($636,000,000) ($1,796,000,000)
Effect of exchange rate fluctuations on cash ($41,558,000) $626,955,000 $27,000,000 $28,000,000 $0
Net increase (decrease) in cash and equivalents $450,352,000 $408,794,000 $2,020,000,000 ($766,000,000) ($16,000,000) $2,242,568,384 $ (186,616) $ (243,162) $ (267,478) $ (294,226) $ (323,648) $ (356,013) $ (391,614) $ (430,776) $ (473,853)
Cash and equivalents at beginning of year $408,794,000 $1,035,749,000 $1,007,000,000 $3,027,000,000 $2,261,000,000 $2,245,000,000 $ 2,245,000 $ 2,431,616 $ 2,674,778 $ 2,942,255 $ 3,236,481 $ 3,560,129 $ 3,916,142 $ 4,307,756 $ 4,738,532
Cash and equivalents at end of year $1,035,749,000 $408,794,000 $3,027,000,000 $2,261,000,000 $2,245,000,000 $ 2,431,616 $ 2,431,616 $ 2,674,778 $ 2,942,255 $ 3,236,481 $ 3,560,129 $ 3,916,142 $ 4,307,756 $ 4,738,532 $ 5,212,385
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