Panera Bread 2007 Annual Report Download - page 57

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PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
December 25,
2007
December 26,
2006
December 27,
2005
For the Fiscal Year Ended
Cash flows from operations:
Net income ....................................... $ 57,456 $ 58,849 $ 52,183
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ........................ 57,903 44,166 33,011
Loss from short-term investments ..................... 967 — —
Stock-based compensation expense .................... 7,255 8,171 —
Tax benefit from exercise of stock options ............... (3,731) (4,346) 9,307
Loss allocable to minority interest ..................... (428) — —
Deferred income taxes ............................. (7,276) (5,065) (2,249)
Other .......................................... 725 (222) 803
Changes in operating assets and liabilities, excluding the effect
of acquisitions:
Trade and other accounts receivable ................... (5,549) (4,515) (7,902)
Inventories ...................................... (1,798) (1,156) (1,686)
Prepaid expenses ................................. 6,884 (6,300) (4,078)
Accounts payable ................................. (815) 1,378 (1,418)
Accrued expenses ................................. 32,398 7,629 26,435
Deferred rent .................................... 5,885 3,749 3,754
Other long-term liabilities ........................... 4,138 2,557 2,468
Net cash provided by operating activities .............. 154,014 104,895 110,628
Cash flows from investing activities:
Additions to property and equipment..................... (124,133) (109,296) (82,056)
Proceeds from sale of assets ........................... 1,844 1,883 —
Acquisitions, net of cash acquired ....................... (71,039) (9,101) (28,261)
Short-term investments transferred from cash and cash
equivalents ...................................... (26,526) — —
Purchase of investments .............................. — (30,619) (20,025)
Investment maturities proceeds ......................... 22,361 57,200 2,000
Decrease (increase) in deposits and other ................. 231 (984) (1,298)
Net cash used in investing activities .................. (197,262) (90,917) (129,640)
Cash flows from financing activities:
Borrowing under credit facility ......................... 75,000 — —
Repurchase of common stock .......................... (27,487) — —
Exercise of employee stock options...................... 6,576 7,716 12,632
Tax benefit from exercise of stock options ................ 3,731 4,346 —
Proceeds from issuance of common stock ................. 1,782 1,606 1,192
Capitalized debt issuance costs ......................... (209) — —
Net cash provided by financing activities .............. 59,393 13,668 13,824
Net increase (decrease) in cash and cash equivalents ........... 16,145 27,646 (5,188)
Cash and cash equivalents at beginning of period ............. 52,097 24,451 29,639
Cash and cash equivalents at end of period .................. $ 68,242 $ 52,097 $ 24,451
Supplemental cash flow information:
Cash paid during the year for:
Interest ....................................... $ 165 $ — $ —
Income taxes................................... $ 28,493 $ 42,227 $ 23,161
Noncash investing activities:
Accrued property and equipment purchases ............ $ 17,473 $ 23,396 $ 15,208
Accrued acquisition purchase price .................. $ 2,501 $ 8,650 $ —
The accompanying notes are an integral part of the consolidated financial statements.
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