IHOP 2013 Annual Report Download - page 88

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67
DineEquity, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year Ended December 31,
2013 2012 2011
Cash flows from operating activities
Net income .................................................................................................. $ 72,037 $ 127,674 $ 75,192
Adjustments to reconcile net income to cash flows provided by operating
activities:
Depreciation and amortization ............................................................... 35,355 39,538 50,220
Non-cash interest expense...................................................................... 6,246 5,985 6,160
Loss on extinguishment of debt ............................................................. 58 5,554 11,159
Closure and impairment charges ............................................................ 2,195 3,931 8,448
Deferred income taxes............................................................................ (22,674) (22,832) 11,835
Non-cash stock-based compensation expense........................................ 9,364 11,442 9,492
Tax benefit from stock-based compensation.......................................... 3,690 6,814 6,494
Excess tax benefit from stock options exercised.................................... (2,858) (5,669) (5,443)
Gain on disposition of assets.................................................................. (223) (102,597) (43,253)
Other....................................................................................................... (492) (8,991) (1,765)
Changes in operating assets and liabilities:
Receivables........................................................................................ (15,226) (11,629) (16,722)
Current income tax receivables and payables ................................... 6,143 1,272 20,479
Other current assets ........................................................................... 9,334 (9,119) (5,354)
Accounts payable............................................................................... 8,532 1,778 (3,533)
Accrued employee compensation and benefits ................................. 2,521 (3,756) (6,656)
Gift card liability ............................................................................... 10,266 14,735 21,983
Other accrued expenses ..................................................................... 3,547 (1,251) (17,050)
Cash flows provided by operating activities................................. 127,815 52,879 121,686
Cash flows from investing activities
Additions to property and equipment..................................................... (7,037) (16,952) (26,332)
Proceeds from sale of property and equipment and assets held for sale — 168,881 115,642
Principal receipts from notes, equipment contracts and other long-
term receivables ................................................................................ 13,982 12,250 13,122
Other....................................................................................................... 58 1,238 (753)
Cash flows provided by investing activities ................................. 7,003 165,417 101,679
Cash flows from financing activities
Borrowings under revolving credit facilities.......................................... — 50,000 40,000
Repayments under revolving credit facilities......................................... — (50,000) (40,000)
Repayment of long-term debt (including premiums)............................. (4,800) (216,037) (225,681)
Principal payments on capital lease and financing obligations.............. (9,968) (10,849) (13,391)
Payment of debt modification/issuance costs......................................... (1,296) — (12,295)
Dividends paid on common stock .......................................................... (57,445) — —
Repurchase of DineEquity common stock ............................................. (29,698) — (21,170)
Repurchase of restricted stock................................................................ (3,324) (1,740) (5,080)
Proceeds from stock options exercised .................................................. 9,080 9,254 6,725
Excess tax benefit from stock options exercised.................................... 2,858 5,669 5,443
Change in restricted cash........................................................................ 1,249 (747) 466
Cash flows used in financing activities ........................................ (93,344) (214,450) (264,983)
Net change in cash and cash equivalents ............................................... 41,474 3,846 (41,618)
Cash and cash equivalents at beginning of year..................................... 64,537 60,691 102,309
Cash and cash equivalents at end of year............................................... $ 106,011 $ 64,537 $ 60,691
Supplemental disclosures
Interest paid ............................................................................................ $ 106,784 $ 123,926 $ 148,982
Income taxes paid................................................................................... $ 50,702 $ 91,354 $ 24,139
See the accompanying notes to the consolidated financial statements.