Chili's 2012 Annual Report Download - page 53

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BRINKER INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Fiscal Years
2012 2011 2010
Cash Flows from Operating Activities:
Net income ............................................................ $151,232 $ 141,060 $ 137,704
Income from discontinued operations, net of taxes .............................. 0 0 (33,982)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ......................................... 125,054 128,447 135,832
Restructure charges and other impairments ............................... 10,396 8,427 31,766
Deferred income taxes ................................................ 11,808 15,277 (25,516)
Net loss (gain) on disposal of assets ..................................... 490 (401) (4,878)
Stock-based compensation ............................................ 13,461 12,789 15,595
Loss (Earnings) on equity investments ................................... 1,350 (1,802) (114)
Other ............................................................. 799 405 2,637
Changes in assets and liabilities, excluding effects of dispositions:
Accounts receivable ............................................. 608 1,255 6,083
Inventories ..................................................... (15) 1,341 6,544
Prepaid expenses and other ........................................ 352 1,044 1,847
Other assets .................................................... 489 406 551
Current income taxes ............................................. (3,874) (3,976) 51,800
Accounts payable ............................................... 12,188 (21,515) (9,963)
Accrued liabilities ............................................... (17,197) (15,178) (7,483)
Other liabilities ................................................. (3,703) (7,591) (11,021)
Net cash provided by operating activities ................................. 303,438 259,988 297,402
Cash Flows from Investing Activities:
Payments for property and equipment ....................................... (125,226) (70,361) (60,879)
Proceeds from sale of assets ............................................... 8,112 8,696 26,603
Investment in equity method investees ....................................... (3,170) (2,896) 0
Payments for purchase of restaurants ........................................ (3,120) 0 0
Decrease in restricted cash ................................................ 0 0 29,749
Net cash used in investing activities ..................................... (123,404) (64,561) (4,527)
Cash Flows from Financing Activities:
Purchases of treasury stock ................................................ (287,291) (422,099) (22,868)
Proceeds from issuance of long-term debt .................................... 70,000 0 200,000
Payments of dividends ................................................... (50,081) (53,185) (34,448)
Proceeds from issuances of treasury stock .................................... 43,416 33,057 2,396
Borrowings on revolving credit facility ...................................... 40,000 0 0
Payments on long-term debt ............................................... (18,749) (16,127) (391,046)
Payments for deferred financing costs ....................................... (1,620) 0 (3,611)
Excess tax benefits from stock-based compensation ............................ 1,406 291 139
Net cash used in financing activities ................................. (202,919) (458,063) (249,438)
Cash Flows from Discontinued Operations:
Net cash provided by operating activities ..................................... 0 0 39,033
Net cash provided by investing activities ..................................... 0 0 167,998
Net cash provided by discontinued operations ............................. 0 0 207,031
Net change in cash and cash equivalents ..................................... (22,885) (262,636) 250,468
Cash and cash equivalents at beginning of year ................................ 81,988 344,624 94,156
Cash and cash equivalents at end of year ..................................... $ 59,103 $ 81,988 $ 344,624
See accompanying notes to consolidated financial statements.
F-17