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65
DineEquity, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year Ended December 31,
2014 2013 2012
Cash flows from operating activities
Net income .................................................................................................. $ 36,453 $ 72,037 $ 127,674
Adjustments to reconcile net income to cash flows provided by operating
activities:
Depreciation and amortization ............................................................... 34,745 35,355 39,538
Non-cash interest expense...................................................................... 5,770 6,246 5,985
Loss on extinguishment of debt ............................................................. 64,859 58 5,554
Closure and impairment charges ............................................................ 3,687 2,195 3,931
Deferred income taxes............................................................................ (30,236) (22,674) (22,832)
Non-cash stock-based compensation expense........................................ 9,319 9,364 11,442
Tax benefit from stock-based compensation.......................................... 4,316 3,690 6,814
Excess tax benefit from stock options exercised.................................... (5,028) (2,858) (5,669)
Loss (gain) on disposition of assets........................................................ 329 (223) (102,597)
Other....................................................................................................... (3,344) (492) (8,991)
Changes in operating assets and liabilities:
Receivables........................................................................................ (7,997) (15,226) (11,629)
Current income tax receivables and payables ................................... (5,868) 6,143 1,272
Other current assets ........................................................................... (1,771) 9,334 (9,119)
Accounts payable............................................................................... 1,245 8,532 1,778
Accrued employee compensation and benefits ................................. 767 2,521 (3,756)
Gift card liability ............................................................................... 7,803 10,266 14,735
Other accrued expenses ..................................................................... 3,475 3,547 (1,251)
Cash flows provided by operating activities................................. 118,524 127,815 52,879
Cash flows from investing activities
Additions to property and equipment..................................................... (5,937) (7,037) (16,952)
Proceeds from sale of property and equipment and assets held for sale 681 — 168,881
Principal receipts from notes, equipment contracts and other long-
term receivables ................................................................................ 15,284 13,982 12,250
Other....................................................................................................... 540 58 1,238
Cash flows provided by investing activities ................................. 10,568 7,003 165,417
Cash flows from financing activities
Borrowings under revolving credit facilities.......................................... — — 50,000
Repayments under revolving credit facilities......................................... — — (50,000)
Proceeds from issuance of long-term debt ............................................. 1,300,000 — —
Repayment of long-term debt (including premiums)............................. (1,264,086) (4,800) (216,037)
Principal payments on capital lease and financing obligations.............. (11,825) (9,968) (10,849)
Payment of debt modification/issuance costs......................................... (24,192) (1,296) —
Dividends paid on common stock .......................................................... (42,733) (57,445) —
Repurchase of DineEquity common stock ............................................. (32,006) (29,698) —
Repurchase of restricted stock................................................................ (3,194) (3,324) (1,740)
Proceeds from stock options exercised .................................................. 8,207 9,080 9,254
Excess tax benefit from stock options exercised.................................... 5,028 2,858 5,669
Change in restricted cash........................................................................ (66,298) 1,249 (747)
Cash flows used in financing activities ........................................ (131,099) (93,344) (214,450)
Net change in cash and cash equivalents ............................................... (2,007) 41,474 3,846
Cash and cash equivalents at beginning of year..................................... 106,011 64,537 60,691
Cash and cash equivalents at end of year............................................... $ 104,004 $ 106,011 $ 64,537
Supplemental disclosures
Interest paid ............................................................................................ $ 104,164 $ 106,784 $ 123,926
Income taxes paid................................................................................... $ 47,226 $ 50,702 $ 91,354
See the accompanying notes to the consolidated financial statements.