Comfort Inn 2013 Annual Report Download - page 72
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Table of Contents
Net income
$120,687
$110,396
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
8,226
8,024
Provision for bad debts, net
2,896
2,160
Non-cash stock compensation and other charges
12,375
14,511
Non-cash interest and other (income) loss
292
2,208
Loss on extinguishment of debt
526
—
Dividends received from equity method investments
1,310
1,139
Deferred income taxes
(540)
5,514
Equity in net income of affiliates
(212)
(269)
Changes in assets and liabilities:
Receivables
(5,239)
(7,785)
Advances to/from marketing and reservation activities, net
30,313
623
Forgivable notes receivable, net
(10,898)
(3,475)
Accounts payable
11
(1,851)
Accrued expenses
12,376
6,346
Income taxes payable/receivable
(3,193)
(4,562)
Deferred revenue
2,188
1,523
Other assets
(3,476)
(3,162)
Other liabilities
(17,520)
29
150,122
131,369
Investment in property and equipment
(15,443)
(10,924)
Equity method investments
(20,285)
(5,000)
Issuance of mezzanine and other notes receivable
(23,736)
(9,227)
Collections of mezzanine and other notes receivable
3,270
4,690
Purchases of investments, employee benefit plans
(1,697)
(1,602)
Proceeds from sales of investments, employee benefit plans
11,223
644
Proceeds from sale of assets
—
1,654
Other items, net
(433)
(564)
(47,101)
(20,329)
Proceeds from the issuance of long-term debt
543,500
75
Net borrowings (repayments) pursuant to revolving credit facilities
57,000
(200)
Principal payments on long-term debt
(4,422)
(297)
Debt issuance costs
(4,759)
(2,356)
Excess tax benefits from stock-based compensation
1,559
1,227
Purchase of treasury stock
(22,586)
(53,617)
Dividends paid
(654,092)
(43,747)
Proceeds from exercise of stock options
7,090
3,845
(76,710)
(95,070)
26,311
15,970
809
(172)
107,057
91,259
$134,177
$107,057
Income taxes, net of refunds
$51,548
$45,483
Interest
$16,954
$15,527
Dividends declared but not paid
$1
$10,719
Equity method investments