Panera Bread 2005 Annual Report Download - page 42

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36
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Fiscal Years Ended
December 27,
2005
December 25,
2004
December 27,
2003
Cash flows from operations:
Net income ........................................................................................................................ $ 52,183 $ 38,580 $ 30,430
Adjustments to reconcile net income to net cash provided by operating activities:
Cumulative effect of accounting change, net of tax ...................................................... — — 239
Depreciation and amortization ....................................................................................... 33,011 25,298 18,304
Tax benefit from exercise of stock options .................................................................... 9,307 4,336 6,847
Deferred income taxes ................................................................................................... (2,249) 5,993 8,810
Other .............................................................................................................................. 803 472 513
Changes in operating assets and liabilities, excluding the effect of acquisitions:
Trade and other accounts receivable.............................................................................. (7,902) (4,850) (2,808)
Inventories...................................................................................................................... (1,686) (1,055) (900)
Prepaid expenses............................................................................................................ (4,078) (358) 538
Accounts payable ........................................................................................................... (1,418) (2,232) 2,085
Accrued expenses........................................................................................................... 26,511 10,628 5,618
Deferred revenue............................................................................................................ (76) (208) (497)
Deferred rent .................................................................................................................. 3,754 7,680 3,751
Other long-term liabilities .............................................................................................. 2,468 — —
Other .............................................................................................................................. — — 172
Net cash provided by operating activities .................................................................... 110,628 84,284 73,102
Cash flows from investing activities:
Additions to property and equipment................................................................................ (82,056) (80,429) (45,761)
Acquisitions, net of cash acquired .................................................................................... (28,261) (5,224) (20,969)
Purchase of investments.................................................................................................... (20,025) (28,792) (4,000)
Investment maturities proceeds......................................................................................... 2,000 9,300 4,000
(Increase) decrease in deposits and other......................................................................... (1,298) 2,854 (126)
Net cash used in investing activities ............................................................................ (129,640) (102,291) (66,856)
Cash flows from financing activities:
Exercise of employee stock options.................................................................................. 12,632 3,569 4,211
Proceeds from issuance of common stock ........................................................................ 1,192 1,073 814
Other ................................................................................................................................. — 602 1,207
Net cash provided by financing activities .................................................................... 13,824 5,244 6,232
Net (decrease) increase in cash and cash equivalents......................................................... (5,188) (12,763) 12,478
Cash and cash equivalents at beginning of period.............................................................. 29,639 42,402 29,924
Cash and cash equivalents at end of period ........................................................................ $ 24,451 $ 29,639 $ 42,402
Supplemental cash flow information:
Cash paid during the year for:
Interest ......................................................................................................................... $ — $ — $ 22
Income taxes ................................................................................................................ $ 23,161 $ 10,367 $ 783
Noncash investing activities:
Accrued property and equipment purchases ................................................................ $ 15,208 $ 9,066 $ 7,196
Assets transferred to minority interest owner............................................................... $ — $ 2,673 $ —
The accompanying notes are an integral part of the consolidated financial statements.