Panera Bread 2008 Annual Report Download - page 57

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PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
December 30,
2008
December 25,
2007
December 26,
2006
For the Fiscal Year Ended
Cash flows from operations:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 67,436 $ 57,456 $ 58,849
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,225 57,903 44,166
Loss from short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . 1,910 967 —
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . 7,954 7,255 8,171
Tax benefit from exercise of stock options . . . . . . . . . . . . . . . . . . . . (3,376) (3,731) (4,346)
Income (loss) allocable to minority interest . . . . . . . . . . . . . . . . . . . 1,509 (428) —
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,107) (7,276) (5,065)
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 725 (222)
Changes in operating assets and liabilities, excluding the effect of
acquisitions:
Trade and other accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . 11,650 (5,549) (4,515)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (565) (1,798) (1,156)
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,966) 6,884 (6,300)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,290) (815) 1,378
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,450 32,398 7,629
Deferred rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,211 5,885 3,749
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,013 4,138 2,557
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . 156,282 154,014 104,895
Cash flows from investing activities:
Additions to property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . (63,163) (124,133) (109,296)
Proceeds from sale of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,844 1,883
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,704) (71,039) (9,101)
Short-term investments transferred from cash and cash equivalents . . . . . — (26,526) —
Purchase of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (30,619)
Investment maturities proceeds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,162 22,361 57,200
Decrease (increase) in deposits and other . . . . . . . . . . . . . . . . . . . . . . 1,042 231 (984)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . (47,663) (197,262) (90,917)
Cash flows from financing activities:
Net (payments) borrowing under credit facility . . . . . . . . . . . . . . . . . . (75,000) 75,000 —
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (48,893) (27,487) —
Exercise of employee stock options . . . . . . . . . . . . . . . . . . . . . . . . . . 17,621 6,576 7,716
Tax benefit from exercise of stock options. . . . . . . . . . . . . . . . . . . . . . 3,376 3,731 4,346
Proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . . . . 1,898 1,782 1,606
Capitalized debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,153) (209) —
Net cash (used in) provided by financing activities . . . . . . . . . . . . (102,151) 59,393 13,668
Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . 6,468 16,145 27,646
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . 68,242 52,097 24,451
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . $ 74,710 $ 68,242 $ 52,097
Supplemental cash flow information:
Cash paid during the year for:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,748 $ 165 $ —
Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37,328 $ 28,493 $ 42,227
Noncash investing activities:
Accrued property and equipment purchases . . . . . . . . . . . . . . . . . $ 6,448 $ 17,473 $ 23,396
Accrued acquisition purchase price . . . . . . . . . . . . . . . . . . . . . . . $ — $ 2,501 $ 8,650
The accompanying notes are an integral part of the consolidated financial statements.
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