ACADEMY SPORTS AND OUTDOORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) January 29, 2022 Fiscal Year Ended January 30, 2021 February 1, 2020 Net income CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 671,381 308,764 $ 120,043 105,274 105,481 117,254 Non-cash lease expense (5,528) 13,880 3,965 Equity compensation 39,264 31,617 7,881 Amortization of terminated interest rate swaps, deferred loan and other costs 5,524 5,516 3,717 Loss on swaps from debt refinancing 1,330 Deferred income taxes 79,490 701 Non-cash (gain) loss on early retirement of debt, net 2,239 (3,582) 297 (42,265) Gain on disposal of property and equipment Casualty loss Changes in assets and liabilities: Accounts receivable, net Merchandise inventories, net Prepaid expenses and other current assets Other noncurrent assets Accounts payable Accrued expenses and other current liabilities Income taxes payable Other long-term liabilities Net cash provided by operating activities 194 (23) 569 (2,412) (2,981) 4,476 (181,774) 109,520 34,407 (8,147) (3,765) (3,732) 2,759 (2,496) 398 (50,627) 361,518 (2,904) 31,935 57,376 20,615 (14,129) 14,124 (1,984) 14,400 (1,029) 673,265 1,011,597 263,669 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (75,802) (41,269) (62,818) Purchases of intangible assets (215) Proceeds from the sale of property and equipment 23 Note receivable from member 8,125 (3,988) Net cash used in investing activities (76,017) (33,144) (66,783) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from ABL Facility Repayment of ABL Facility Proceeds from Term Loan, net of discount Repayment of Term Loan Proceeds from Notes Debt issuance fees Share-Based Award Payments 500,000 (500,000) 502,500 (502,500) 396,000 (102,250) (1,461,072) (122,819) 400,000 (927) (11,214) (14,147) Distribution (20,970) (257,000) Equity contributions from Managers 100 Proceeds from exercise of stock options 48,587 22 Proceeds from issuance of common stock, net of Offering Costs 206,970 Proceeds from issuance of common stock under employee stock purchase program 3,777 Taxes paid related to net share settlement of equity awards (15,418) Repurchase of common stock for retirement (411,409) Repurchase of Redeemable Membership Units Net cash used in financing activities NET INCREASE IN CASH AND CASH EQUIVALENTS (488,854) (37) (750,234) (473) (123,192) 108,394 228,219 73,694 377,604 149,385 75,691 485,998 $ 377,604 $ 149,385 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for interest $ 44,710 $ 87,163 $ 93,556 Cash paid for income taxes 125,040 $ 15,527 $ 2,588 NON-CASH INVESTING AND FINANCING ACTIVITIES: Non-cash issuance of common stock $ 501 $ 2,646 $ Change in capital expenditures in accounts payable and accrued liabilities 2,951 $ 1,065 $ 309