El Pollo Loco 2015 Annual Report Download - page 72

Download and view the complete annual report

Please find page 72 of the 2015 El Pollo Loco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 123

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123

Table of Contents
EL POLLO LOCO HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
See notes to consolidated financial statements.
68
For the Years Ended
December 31,
2014
December 25,
2013
December 26,
2012
Cash flows from operating activities
Net income (loss)
$
42,463
$
(16,873
)
$
(7,865
)
Adjustments to reconcile changes in net income (loss) to net cash provided by operating
activities:
Depreciation and amortization
11,538
10,213
9,530
Loss on early extinguishment of debt
9,718
21,530
—
Stock
-
based compensation expense
1,093
822
860
Interest accretion
290
3,753
6,264
Income tax receivable agreement expense
41,382
—
—
Gain on disposition of restaurants
(2,658
)
(400
)
—
Loss on disposal of assets
646
868
966
Impairment of property and equipment
293
27
42
Close
-
store reserves
740
(128
)
1,452
Amortization of deferred financing costs
1,302
2,007
2,118
Amortization of favorable and unfavorable leases, net
(227
)
(213
)
(275
)
Excess income tax benefit related to share
-
based compensation plans
(3,965
)
—
—
Deferred income taxes, net
(67,001
)
1,371
1,999
Changes in operating assets and liabilities:
Accounts and other receivables, net
147
(1,319
)
1,032
Inventories
(245
)
33
(185
)
Prepaid expenses and other current assets
(3,065
)
(123
)
(856
)
Income taxes payable
3,836
5
1
Other assets
247
95
473
Accounts payable
(8,023
)
1,294
765
Accrued salaries and vacation
(651
)
595
1,131
Accrued insurance
221
444
1,170
Other accrued expenses and liabilities
(1,996
)
(4,301
)
787
Net cash provided by operating activities
26,085
19,700
19,409
Cash flows from investing activities
Proceeds from disposition of assets
5,435
35
—
Purchase of property and equipment
(26,836
)
(13,822
)
(14,993
)
Net cash flows used in investing activities
(21,401
)
(13,787
)
(14,993
)
Cash flows from financing activities
Proceeds from borrowings on term loans
165,000
288,050
—
Cash used for net stock option exercises
—
—
(
4
)
Proceeds from issuance of common stock for initial public offering, net of expenses
112,300
—
—
Proceeds from issuance of common stock upon exercise of stock options
2,070
—
—
Payment of call premium on notes
(1,526
)
(7,913
)
—
Payment of obligations under capital leases
(268
)
(229
)
(216
)
Repayments on senior secured notes
(290,000
)
(282,196
)
(1,700
)
Deferred financing costs for Revolver
(1,526
)
(8,097
)
—
Excess income tax benefit related to share
-
based compensation plans
3,965
—
—
Amendment fee
(215
)
—
—
Net cash flows used in financing activities
(10,200
)
(10,385
)
(1,920
)
(Decrease) increase in cash and cash equivalents
(5,516
)
(4,472
)
2,496
Cash and cash equivalents, beginning of year
17,015
21,487
18,991
Cash and cash equivalents, end of year
$
11,499
$
17,015
$
21,487
Supplemental cash flow information
Cash paid during the year for interest
$
20,224
$
34,427
$
28,710
Cash paid during the year for income taxes, net
$
156
$
26
$
26
Unpaid purchase of property and equipment
$
1,235
$
1,139
$
326
Cashless stock option exercise
$
27
—
—