Chili's 2008 Annual Report Download - page 50

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BRINKER INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Fiscal Years
2008 2007 2006
Cash Flows from Operating Activities:
Net income ................................................ $ 51,722 $ 230,049 $ 212,395
Adjustments to reconcile net income to net cash provided by operating activities of
continuing operations:
Depreciation and amortization ................................. 165,229 189,162 190,206
Restructure charges and other impairments ........................ 225,945 13,812 1,950
Stock-based compensation ................................... 16,577 29,870 32,200
Deferred income taxes ...................................... (68,064) (18,823) (34,219)
Gain on sale of assets ...................................... (29,682) (21,207) (19,278)
Amortization of deferred costs ................................ 283 (130) (39)
Loss from discontinued operations, net of taxes ..................... — — 1,555
Changes in assets and liabilities, excluding effects of acquisitions and
dispositions:
Accounts receivable ...................................... (972) 3,394 (8,948)
Inventories ............................................ (6,640) 3,229 8,474
Prepaid expenses and other ................................. 1,454 25,541 (3,773)
Other assets ........................................... 459 (5,168) 19,198
Income taxes payable ..................................... 2,581 (1,945) 11,994
Accounts payable ........................................ 13,320 (1,978) 18,120
Accrued liabilities ....................................... (20,458) 19,966 53,978
Other liabilities ......................................... 9,786 19,225 (13,346)
Net cash provided by operating activities of continuing operations ........ 361,540 484,997 470,467
Cash Flows from Investing Activities:
Payments for property and equipment ............................... (270,413) (430,532) (354,607)
Proceeds from sale of assets ..................................... 127,780 180,966 48,462
Increase in restricted cash ....................................... (34,435) — —
Payments for purchases of restaurants ............................... (2,418) — (23,095)
(Investment in) disposition of equity method investee .................... (8,711) — 1,101
Proceeds from sale of investments ................................. — 5,994 —
Net cash used in investing activities of continuing operations ........... (188,197) (243,572) (328,139)
Cash Flows from Financing Activities:
Net proceeds from issuance of long-term debt ......................... 399,287 — —
Net (payments) borrowings on credit facilities ......................... (323,586) 338,188 80,300
Payments on long-term debt ..................................... (1,062) (12,979) (1,581)
Purchases of treasury stock ...................................... (240,784) (569,347) (305,714)
Proceeds from issuances of treasury stock ............................ 5,277 66,287 53,808
Payments of dividends ......................................... (42,914) (40,906) (25,417)
Excess tax benefits from stock-based compensation ...................... 330 7,139 2,107
Net cash used in financing activities of continuing operations ........... (203,452) (211,618) (196,497)
Cash Flows from Discontinued Operations:
Net cash provided by operating activities of discontinued operations ........... — — 5,042
Net cash provided by investing activities of discontinued operations ........... — — 62,845
Net cash provided by discontinued operations ..................... — — 67,887
Net change in cash and cash equivalents ............................. (30,109) 29,807 13,718
Cash and cash equivalents at beginning of year ......................... 84,823 55,016 41,298
Cash and cash equivalents at end of year ............................. $ 54,714 $ 84,823 $ 55,016
See accompanying notes to consolidated financial statements.
F-16