Chili's 2002 Annual Report Download - page 45

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BRINKER INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Fiscal Years
2002 2001 2000
Cash Flows from Operating Activities:
Net income ............................................. $152,713 $ 145,148 $ 117,840
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization .............................. 130,102 100,064 90,647
Amortization of deferred costs .............................. 8,252 1,307 2,124
Deferred income taxes ................................... 24,166 3,213 1,985
Impairment of notes receivable ............................. 8,723 — —
Loss on sale of affiliate ................................... — 387 —
Changes in assets and liabilities, excluding effects of acquisitions and
disposition:
Receivables.......................................... 6,138 (7,439) 1,109
Inventories .......................................... 2,863 (9,732) (1,398)
Prepaid expenses and other .............................. (3,467) (2,112) (371)
Other assets ......................................... 2,965 (5,156) (4,032)
Current income taxes................................... (12,654) (15,154) 14,234
Accounts payable...................................... 38,808 16,863 26,964
Accrued liabilities ..................................... 29,006 18,812 10,520
Other liabilities ....................................... 2,418 610 9,372
Net cash provided by operating activities ..................... 390,033 246,811 268,994
Cash Flows from Investing Activities:
Payments for property and equipment .......................... (371,052) (205,160) (165,397)
Payments for purchases of restaurants .......................... (60,491) (92,267) —
Proceeds from sale of affiliate ................................ 4,000 1,000 —
Investments in equity method investees ......................... (12,322) (3,443) (954)
Net repayments from affiliates ............................... 708 975 —
Net cash used in investing activities ........................ (439,157) (298,895) (166,351)
Cash Flows from Financing Activities:
Net (payments) borrowings on credit facilities .................... (83,200) 94,900 (58,200)
Payments of long-term debt ................................. (16,908) (14,934) (14,635)
Net proceeds from issuance of long-term debt .................... 244,288 — —
Proceeds from issuances of treasury stock ....................... 37,792 38,665 30,645
Purchases of treasury stock.................................. (136,069) (65,578) (60,707)
Net cash provided by (used in) financing activities .............. 45,903 53,053 (102,897)
Net change in cash and cash equivalents ........................ (3,221) 969 (254)
Cash and cash equivalents at beginning of year ................... 13,312 12,343 12,597
Cash and cash equivalents at end of year ........................ $ 10,091 $ 13,312 $ 12,343
See accompanying notes to consolidated financial statements.
F-13