Panera Bread 2006 Annual Report Download - page 43

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PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
December 26,
2006
December 27,
2005
December 25,
2004
For the Fiscal Year Ended
Cash flows from operations:
Net income ....................................... $ 58,849 $ 52,183 $ 38,580
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ........................ 44,166 33,011 25,298
Stock based compensation expense .................... 8,171 — —
Tax benefit from exercise of stock options (4,346) 9,307 4,336
Deferred income taxes ............................. (5,065) (2,249) 5,993
Other .......................................... (222) 803 472
Changes in operating assets and liabilities, excluding the effect
of acquisitions:
Trade and other accounts receivable ................... (4,515) (7,902) (4,850)
Inventories ...................................... (1,156) (1,686) (1,055)
Prepaid expenses ................................. (6,300) (4,078) (358)
Accounts payable ................................. 1,378 (1,418) (2,232)
Accrued expenses ................................. 7,629 26,435 10,420
Deferred rent .................................... 3,749 3,754 7,680
Other long-term liabilities ........................... 2,557 2,468 —
Net cash provided by operating activities .............. 104,895 110,628 84,284
Cash flows from investing activities:
Additions to property and equipment..................... (109,296) (82,056) (80,429)
Proceeds from sale of assets ........................... 1,883 — —
Acquisitions, net of cash acquired (9,101) (28,261) (5,224)
Purchase of investments .............................. (30,619) (20,025) (28,792)
Investment maturities proceeds ......................... 57,200 2,000 9,300
(Increase) decrease in deposits and other .................. (984) (1,298) 2,854
Net cash used in investing activities .................. (90,917) (129,640) (102,291)
Cash flows from financing activities:
Exercise of employee stock options...................... 7,716 12,632 3,569
Tax benefit from exercise of stock options ................ 4,346 — —
Proceeds from issuance of common stock 1,606 1,192 1,073
Other ............................................ — — 602
Net cash provided by financing activities .............. 13,668 13,824 5,244
Net increase (decrease) in cash and cash equivalents ........... 27,646 (5,188) (12,763)
Cash and cash equivalents at beginning of period ............. 24,451 29,639 42,402
Cash and cash equivalents at end of period .................. $ 52,097 $ 24,451 $ 29,639
Supplemental cash flow information:
Cash paid during the year for:
Interest ....................................... $ — $ — $ —
Income taxes................................... $ 42,227 $ 23,161 $ 10,367
Noncash investing activities:
Accrued property and equipment purchases ............ $ 23,396 $ 15,208 $ 9,066
Assets transferred to minority interest owner ........... $ — $ — $ 2,673
Accrued acquisition purchase price .................. $ 8,650 $ — $ —
The accompanying notes are an integral part of the consolidated financial statements.
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