Chili's 2015 Annual Report Download - page 45

Net cash used in investing activities for fiscal 2015 decreased to $138.3 million compared to $160.2 million
in the prior year. Capital expenditures decreased to $140.3 million for fiscal 2015 compared to $161.1 million for
fiscal 2014 driven by the wind down and completion of the Chili’s reimage program and decreased spending on
restaurant equipment in fiscal 2015 compared to the prior year due to the purchase of new fryer equipment in
fiscal 2014. The decreases were partially offset by increased new restaurant construction for both Chili’s and
Maggiano’s. We estimate that our capital expenditures during fiscal 2016 will be approximately $110 million to
$120 million and will be funded entirely by cash from operations, excluding the impact of the acquisition of a
franchisee which owns 103 Chili’s restaurants.
Net cash used in investing activities for fiscal 2014 increased to $160.2 million compared to $137.8 million
in the prior year. Capital expenditures increased to $161.1 million for fiscal 2014 compared to $131.5 million for
fiscal 2013 driven by increased new restaurant construction, purchases for the ongoing Chili’s reimage program
and fryer equipment. Capital expenditures in fiscal 2013 included purchases related to our kitchen retrofit
initiative, which was completed in the second quarter of fiscal 2013.
During fiscal 2013, we purchased 11 Chili’s restaurants located in Alberta, Canada from a franchisee for
$24.6 million. Additionally, we received $17.2 million in proceeds from the sale of assets which primarily
consisted of $8.4 million related to land sales and $8.3 million from the sale of our remaining interest in
Macaroni Grill.
Cash Flow Used In Financing Activities
2015 2014 2013
Net cash used in financing activities (in thousands):
Borrowings on revolving credit facility ...... $480,750 $ 120,000 $ 110,000
Purchases of treasury stock ............... (306,255) (239,597) (333,384)
Payments on long-term debt ............... (189,177) (26,521) (316,380)
Payments on revolving credit facility ....... (177,000) (40,000) (150,000)
Payments of dividends ................... (70,832) (63,395) (56,343)
Proceeds from issuances of treasury stock .... 16,259 29,295 41,190
Excess tax benefits from stock-based
compensation ........................ 15,893 18,872 8,778
Payments for deferred financing costs ....... (2,501) 0 (5,969)
Proceeds from issuance of long-term debt . . . . 0 0 549,528
$(232,863) $(201,346) $(152,580)
Net cash used in financing activities for fiscal 2015 increased to $232.9 million compared to $201.3 million
in the prior year primarily due to increased payments on long-term debt, spending on share repurchases, a
decrease in proceeds from issuances of treasury stock related to stock option exercises and an increase in
payments of dividends, partially offset by an increase in net borrowings on the revolving credit facility.
We repurchased approximately 5.4 million shares of our common stock for $306.3 million during fiscal
2015 including shares purchased as part of our share repurchase program and to satisfy team member tax
withholding obligations on the vesting of restricted shares. Subsequent to the end of the fiscal year, we
repurchased 766,000 shares for approximately $44.0 million as part of our share repurchase program. We also
repurchased approximately 74,000 shares for $4.1 million to satisfy team member tax withholding obligations on
the vesting of primarily performance shares.
During the first nine months of fiscal 2015, $97 million was drawn from the $250 million revolving credit
facility primarily to fund share repurchases, and we paid the required quarterly term loan payments totaling $18.7
million. In March 2015, we terminated the existing credit facility including both the $250 million revolver and
F-9