IHOP 2009 Annual Report Download - page 98

DineEquity, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year Ended December 31,
2009 2008 2007
Cash flows from operating activities
Net income (loss) ............................................ $ 31,409 $(154,459) $ (480)
Adjustments to reconcile net income (loss) to cash flows provided by operating
activities
Depreciation and amortization ................................... 65,379 72,934 26,043
Non-cash interest expense ...................................... 39,422 39,083 5,786
(Gain) loss on extinguishment of debt .............................. (45,678) (15,242) 2,223
Impairment and closure charges .................................. 105,094 240,630 4,381
Loss on derivative financial instrument ............................. — — 62,131
Deferred income taxes ........................................ (19,875) (65,226) (31,324)
Stock-based compensation expense ................................ 10,710 12,089 6,958
Tax benefit from stock-based compensation ........................... 531 1,864 3,476
Excess tax benefit from stock options exercised ........................ (48) (315) (2,693)
(Gain) loss on disposition of assets ................................ (6,947) 259 (98)
Other .................................................. (5,816) 1,172 (3,602)
Changes in operating assets and liabilities
Receivables ............................................. 11,607 (2,441) (22,479)
Inventories .............................................. (1,474) 182 512
Prepaid expenses .......................................... (25,273) (146) (17,147)
Accounts payable .......................................... (14,867) (23,749) 37,266
Accrued employee compensation and benefits ........................ (8,119) (11,609) (21,868)
Gift card liability .......................................... 7,180 18,480 43,685
Other accrued expenses ...................................... 14,613 (2,667) 13,553
Cash flows provided by operating activities ........................ 157,848 110,839 106,323
Cash flows from investing activities
Additions to property and equipment .............................. (15,372) (31,765) (11,871)
Reductions (additions) to long-term receivables ........................ 2,528 (4,743) 1,538
Acquisition of business, net of cash acquired .......................... — (10,261) (1,943,567)
Collateral released by captive insurance subsidiary ...................... 1,549 4,559 345
Proceeds from sale of property and equipment and assets held for sale ......... 15,777 61,137 870
Principal receipts from notes and equipment contracts receivable ............. 15,025 15,797 16,617
Other .................................................. (672) 471 (1,324)
Cash flows provided by (used in) investing activities .................. 18,835 35,195 (1,937,392)
Cash flows from financing activities
Proceeds from issuance of long-term debt ............................ 10,000 35,000 2,296,216
Proceeds from financing obligations ............................... — 370,502 —
Repayment of long-term debt ................................... (173,777) (421,325) (268,199)
Principal payments on capital lease and financing obligations ............... (16,160) (9,854) (5,364)
Dividends paid ............................................. (24,091) (33,362) (17,293)
(Payment of costs) issuance of preferred stock ......................... — (1,500) 222,800
Reissuance (purchase) of treasury stock, net .......................... — 1,135 (76,050)
Repurchase of restricted stock ................................... (605) (540) —
Proceeds from stock options exercised .............................. 324 989 8,928
Excess tax benefit from stock options exercised ........................ 48 315 2,693
Payment of accrued debt issuance costs ............................. (20,300) (48,902) (138,021)
Payment of early debt extinguishment costs ........................... (129) (103) (1,219)
Restricted cash related to securitization ............................. 15,878 49,216 (186,100)
Cash flows (used in) provided by financing activities .................. (208,812) (58,429) 1,838,391
Net change in cash and cash equivalents ............................ (32,129) 87,605 7,322
Cash and cash equivalents at beginning of year ........................ 114,443 26,838 19,516
Cash and cash equivalents at end of year ............................ $ 82,314 $ 114,443 $ 26,838
Supplemental disclosures
Interest paid .............................................. $166,361 $ 194,763 $ 31,331
Income taxes paid ........................................... $ 31,245 $ 40,931 $ 25,712
See the accompanying notes to the consolidated financial statements.
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