IHOP 2015 Annual Report Download - page 77

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57
DineEquity, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year Ended December 31,
2015 2014 2013
Cash flows from operating activities
Net income.................................................................................................. $ 104,923 $ 36,453 $ 72,037
Adjustments to reconcile net income to cash flows provided by operating
activities:
Depreciation and amortization ............................................................... 32,840 34,745 35,355
Non-cash interest expense...................................................................... 3,074 5,770 6,246
Loss on extinguishment of debt ............................................................. — 64,859 58
Closure and impairment charges............................................................ 2,576 3,687 2,195
Deferred income taxes............................................................................ (17,408) (30,236) (22,674)
Non-cash stock-based compensation expense........................................ 8,892 9,319 9,364
Tax benefit from stock-based compensation.......................................... 4,862 4,316 3,690
Excess tax benefit from stock options exercised.................................... (4,794) (5,028) (2,858)
(Gain) loss on disposition of assets........................................................ (901) 329 (223)
Other....................................................................................................... (6,323) (3,344) (492)
Changes in operating assets and liabilities:
Accounts receivable, net.................................................................... (5,239) (7,326) 8,419
Current income tax receivables and payables ................................... 5,494 (5,868) 6,143
Gift card receivables and payables.................................................... 21,735 3,555 5,519
Prepaid expenses and other current assets......................................... (1,995) 273 8,315
Accounts payable............................................................................... 4,546 2,778 (9,347)
Accrued employee compensation and benefits ................................. (594) 767 2,521
Accrued interest payable ................................................................... (9,869) 551 339
Other current liabilities...................................................................... (6,310) 2,924 3,208
Cash flows provided by operating activities................................. 135,509 118,524 127,815
Cash flows from investing activities
Principal receipts from notes, equipment contracts and other long-
term receivables ................................................................................ 21,328 15,284 13,982
Proceeds from sale of property and equipment...................................... 10,782 681 —
Additions to property and equipment..................................................... (6,642) (5,937) (7,037)
Other....................................................................................................... (267) 540 58
Cash flows provided by investing activities................................. 25,201 10,568 7,003
Cash flows from financing activities
Repurchase of DineEquity common stock............................................. (70,014) (32,006) (29,698)
Dividends paid on common stock.......................................................... (66,164) (42,733) (57,445)
Principal payments on capital lease and financing obligations.............. (14,226) (11,825) (9,968)
Proceeds from issuance of long-term debt............................................. — 1,300,000 —
Repayment of long-term debt (including premiums)............................. — (1,264,086) (4,800)
Change in restricted cash........................................................................ 19,733 (66,298) 1,249
Payment of debt issuance and debt modification costs.......................... (89) (24,192) (1,296)
Proceeds from stock options exercised .................................................. 9,536 8,207 9,080
Tax payments for restricted stock upon vesting..................................... (3,499) (3,194) (3,324)
Excess tax benefit from stock options exercised.................................... 4,794 5,028 2,858
Cash flows used in financing activities ........................................ (119,929) (131,099) (93,344)
Net change in cash and cash equivalents ............................................... 40,781 (2,007) 41,474
Cash and cash equivalents at beginning of year..................................... 104,004 106,011 64,537
Cash and cash equivalents at end of year............................................... $ 144,785 $ 104,004 $ 106,011
Supplemental disclosures
Interest paid............................................................................................ $ 81,809 $ 104,164 $ 106,784
Income taxes paid................................................................................... $ 70,694 $ 47,226 $ 50,702
See the accompanying notes to the consolidated financial statements.