Dick's Sporting Goods is a chain of fullline sporting goods retail stores offering a broad assortment of brand name sporting goods equipment, apparel, and footwear. Dick's Sporting Goods had its initial public offering of shares in fiscal 2003. Since then, Dick's Sporting Goods has grown its chain of retail stores rapidly and has acquired several other chains of retail sporting goods stores, including Golf Galaxy and Chick's Sporting Goods. As of the end of the fiscal year ending in 2016, Dick's Sporting Goods operated 736 stores in 47 states of the United States. Exhibit 12.13 presents information from the statement of cash flows and income statement for Dick's Sporting Goods for the fiscal years ending in 2014 through 2016. Dick's Sporting Goods requires all of its cash and cash equivalents for operating liquidity and reports no interest income on the income statement. The effective income tax rate for Dick's Sporting Goods during these years is 35%.

REQUIRED

a. Beginning with cash flows from operating activities, calculate free cash flows to all debt and equity capital stakeholders for Dick's Sporting Goods for fiscal years ending in 2014, 2015, and 2016.b. Beginning with cash flows from operating activities, calculate free cash flows for common equity shareholders for Dick's Sporting Goods for fiscal years ending in 2014, 2015, and 2016.c. Reconcile the amounts of free cash flows for common equity shareholders for Dick's Sporting Goods for fiscal years ending in 2014, 2015, and 2016 with Dick's Sporting Goods' sources of cash flows from equity shareholders.d. In each of these three years, why do the free cash flows to all debt and equity capital stakeholders differ from the free cash flows to common equity shareholders?

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Exhibit 12.13 Dick's Sporting Goods Selected Information from the Statement of Cash Flows (amounts in thousands) (Problem 12.11) Fiscal year ended January 30, 2016 January 31, 2015 February 1, 2014 Operating Activities Net cash provided by operating activities Cash Flows Used in Investing Activities: Capital expenditures $ 643,514 $605 978 $ 403,870 (370,028) (349,007) (285 668) Proceeds from sale of atherassets 74534 11000 Depasits & purcheses of other assets Net cash used in investing activities (2,406) (30,547) (64,507) S372434) S30S 0 20) S(339,175) Cash Flows From Financing Activities hcrease (decrase) in benk overdaft 29,121 (29,258) 43,508 (537) 19,690 Payments on long term debt and capital leases Proceeds from share issues Cash paid for tesury stock Cash dividends paid to stockholdes Net cash provided by financing activities Net Increase (Decrease) in Cash Cash, beginning of period Cash, end of period (925) 30,532 (8,984) (200,000) (61,262) $1261010) $ 39948 181731 $221679 57 A20 (255 60 2) (64 A32) S(228,178) S(163,483) (357,276) (64,715) S373,823) $(102,743) 221,679 $ 118.936 345,214 $ 181,731 Cash paid during the year for interest 3,308 2,631 2255