Comfort Inn 2014 Annual Report Download - page 71
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Table of Contents
Net income
$ 113,709
$ 121,613
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
9,582
8,226
(Gain) loss on disposal of assets
(151)
9
Provision for bad debts, net
2,743
2,923
Non-cash stock compensation and other charges
11,422
12,366
Non-cash interest and other (income) loss
1,545
292
Loss on extinguishment of debt
—
526
Deferred income taxes
(6,277)
(1,126)
Equity (earnings) losses from unconsolidated joint ventures, net of distributions received
811
1,098
Changes in assets and liabilities, net of acquisitions:
Receivables
(7,899)
(6,807)
Advances to/from marketing and reservation activities, net
42,991
30,983
Forgivable notes receivable, net
(8,347)
(10,898)
Accounts payable
2,304
11
Accrued expenses
(9,595)
12,376
Income taxes payable/receivable
4,276
(2,662)
Deferred revenue
(9,861)
2,188
Other assets
(3,197)
(3,476)
Other liabilities
9,857
(17,520)
153,913
150,122
Investment in property and equipment
(33,397)
(15,443)
Equity method investments
(5,685)
(20,285)
Issuance of mezzanine and other notes receivable
(1,095)
(23,736)
Collections of mezzanine and other notes receivable
9,748
3,270
Purchases of investments, employee benefit plans
(2,676)
(1,697)
Proceeds from sales of investments, employee benefit plans
4,168
11,223
Proceeds from sale of assets
243
—
Other items, net
(728)
(433)
(29,422)
(47,101)
Proceeds from the issuance of long-term debt
3,360
543,500
Net borrowings (repayments) pursuant to revolving credit facilities
(57,000)
57,000
Principal payments on long-term debt
(8,204)
(4,422)
Debt issuance costs
—
(4,759)
Excess tax benefits from stock-based compensation
1,460
1,559
Purchase of treasury stock
(3,965)
(22,586)
Dividends paid
(32,799)
(654,092)
Proceeds from exercise of stock options
8,864
7,090
(88,284)
(76,710)
36,207
26,311
(2,589)
809
134,177
107,057
$ 167,795
$ 134,177
Income taxes, net of refunds
$ 47,513
$ 51,548
Interest, net of capitalized interest
$ 43,327
$ 16,954
Dividends declared but not paid
$ 10,785
$ 1