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Amendment No. 3 to Form S-1
Table of Contents
Net Cash Provided By (Used In) Investing Activities
Net cash provided by investing activities was $144.6 million for the first quarter of fiscal 2015 compared to net cash used in
investing activities of $82.0 million for the first quarter of fiscal 2014. For the first quarter of fiscal 2015, proceeds from the sale of assets
and divestitures of $465.5 million and a decrease in restricted cash of $254.4 million were offset by $387.2 million related to the merger
consideration paid related to the Safeway acquisition appraisal settlement and $214.7 million to acquire property and equipment. For the
first quarter of fiscal 2014, purchases of property and equipment of $97.1 million were partly offset by proceeds from the sale of assets
and changes in restricted cash.
Net cash flow used in investing activities was $5,945.0 million in fiscal 2014, consisting primarily of cash paid for the Safeway
acquisition, net of cash acquired, of $5573.4 million and cash paid for property additions of $328.2 million. Net cash flow used in
investing activities was $781.5 million in fiscal 2013, consisting primarily of cash paid for the acquisition of NAI and United, net of cash
acquired, of $463.9 million, cash paid for property additions of $128.2 million and changes in restricted cash of $246.0 million related to
collateralized surety bonds and letters of credit obtained during fiscal 2013. Net cash flow provided by investing activities was $20.8
million in fiscal 2012, primarily consisting of proceeds of the sale of assets of $45.2 million, partially offset by cash paid for property
additions of $28.7 million.
In fiscal 2015, the company expects to spend approximately $1,150.0 million in capital expenditures, including $300.0 million of
expected one-time Safeway-related integration-related capital expenditures, as follows (in millions):
Projected Fiscal 2016 Capital Expenditures
IT
$ 300.0
Supply chain
200.0
Maintenance
240.0
New stores and remodels
180.0
Real estate and expansion capital
200.0
Other
30.0
Total
$1,150.0
Net Cash Used In Financing Activities
Net cash used in financing activities, consisting primarily of net payments on debt from the proceeds of asset sales, was $477.2
million for the first quarter of fiscal 2015. Net cash used in financing activities was $111.3 million for the first quarter of fiscal 2014.
Net cash flow provided by financing activities was $6,928.9 million in fiscal 2014 and $1,002.0 million in fiscal 2013. Cash used in
financing activities was $77.6 million in fiscal 2012. Net cash provided by financing activities increased in fiscal 2014 compared to fiscal
2013, primarily as a result of proceeds from the issuance of long-term debt and equity contributions used to finance the Safeway
acquisition. Net cash provided by financing activities increased in fiscal 2013 compared to fiscal 2012, primarily as a result of proceeds
from the issuance of long-term debt and equity contributions used to finance the NAI and United acquisitions.
Proceeds from the issuance of long-term debt were $8.097.0 million in fiscal 2014, $2.485.0 million in fiscal 2013 and $55.0 million
in fiscal 2012. In fiscal 2014, cash payments on long-term borrowings were $2,123.6 million, including $864.6 million of assumed debt
that was immediately paid
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