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Table of Contents
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Years Ended June 30,
2010 2009 2008
(In millions)
Cash flows from operating activities:
Net income $ 186.8 $ 200.1 $ 189.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 111.7 98.1 95.6
Impairment of long−lived assets — 0.5 —
Impairment on non−restaurant properties 2.9 — —
Gain on hedging activities (1.6) (1.3) (2.0)
Loss (gain) on remeasurement of foreign denominated transactions 40.9 50.1 (55.6)
Gain on refranchisings and dispositions of assets (9.5) (11.0) (16.8)
Bad debt expense (recoveries), net 0.8 0.7 (2.7)
Stock−based compensation 17.0 16.2 11.4
Deferred income taxes 16.9 12.1 20.3
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Trade and notes receivable (15.9) 2.1 (8.6)
Prepaids and other current assets (1.4) (35.4) 14.9
Accounts and drafts payable (20.8) 3.3 20.8
Accrued advertising 6.4 (7.7) 11.1
Other accrued liabilities (22.3) (20.8) (6.2)
Other long−term assets and liabilities, net (1.5) 3.8 (28.4)
Net cash provided by operating activities 310.4 310.8 243.4
Cash flows from investing activities:
Payments for property and equipment (150.3) (204.0) (178.2)
Proceeds from refranchisings, disposition of asset and restaurant closures 21.5 26.4 27.0
Payments for acquired franchisee operations, net of cash acquired (14.0) (67.9) (54.2)
Return of investment on direct financing leases 8.2 7.9 7.4
Other investing activities (0.3) (4.4) (1.3)
Net cash used for investing activities (134.9) (242.0) (199.3)
Cash flows from financing activities:
Repayments of term debt and capital leases (67.7) (7.4) (55.5)
Borrowings under revolving credit facility and other 38.5 94.3 50.0
Repayments of revolving credit facility (38.5) (144.3) —
Proceeds from stock option exercises 4.2 3.0 3.8
Dividends paid on common stock (34.2) (34.1) (34.2)
Excess tax benefits from stock−based compensation 3.5 3.3 9.3
Repurchases of common stock (2.7) (20.3) (35.4)
Net cash used for financing activities (96.9) (105.5) (62.0)
Effect of exchange rates on cash and cash equivalents (12.7) (7.6) 14.4
Increase (decrease) in cash and cash equivalents 65.9 (44.3) (3.5)
Cash and cash equivalents at beginning of year 121.7 166.0 169.5
Cash and cash equivalents at end of year $ 187.6 $ 121.7 $ 166.0
Supplemental cashflow disclosures:
Interest paid $ 48.7 $ 56.0 $ 64.6
Income taxes paid $ 54.3 $ 112.3 $ 73.5
Non−cash investing and financing activities:
Acquisition of property with capital lease obligations $ 3.7 $ 2.2 $ 9.3
Net investment in direct financing leases $ 11.0 $ 12.2 $ 2.3
See accompanying notes to consolidated financial statements.
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