Panera Bread 2009 Annual Report Download - page 53

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PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
December 29,
2009
December 30,
2008
December 25,
2007
For the Fiscal Year Ended
Cash flows from operations:
Net income ....................................... $ 86,851 $ 68,945 $ 57,028
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization ........................ 67,162 67,225 57,903
(Gain) Loss from short-term investments ................ (1,339) 1,910 967
Stock-based compensation expense .................... 8,661 7,954 7,255
Tax benefit from exercise of stock options ............... (5,095) (3,376) (3,731)
Deferred income taxes ............................. 22,950 (4,107) (7,276)
Other.......................................... 2,799 228 725
Changes in operating assets and liabilities, excluding
the effect of acquisitions:
Trade and other accounts receivable ................... (3,554) 11,650 (5,549)
Inventories...................................... (336) (565) (1,798)
Prepaid expenses ................................. (2,224) (8,966) 6,884
Deposits and other ................................ 100 1,042 231
Accounts payable ................................. 2,381 (2,290) (815)
Accrued expenses ................................. 28,901 5,450 32,398
Deferred rent .................................... 3,591 6,211 5,885
Other long-term liabilities ........................... 4,056 6,013 4,138
Net cash provided by operating activities .............. 214,904 157,324 154,245
Cash flows from investing activities:
Additions to property and equipment..................... (54,684) (63,163) (124,133)
Proceeds from sale of assets ........................... — — 1,844
Acquisitions, net of cash acquired ....................... — (2,704) (71,039)
Short-term investments transferred from cash and cash
equivalents ...................................... — — (26,526)
Investment maturities proceeds ......................... 5,465 17,162 22,361
Net cash used in investing activities .................. (49,219) (48,705) (197,493)
Cash flows from financing activities:
Net (payments) borrowing under credit facility ............. — (75,000) 75,000
Repurchase of common stock .......................... (3,453) (48,893) (27,487)
Exercise of employee stock options...................... 22,818 17,621 6,576
Tax benefit from exercise of stock options ................ 5,095 3,376 3,731
Proceeds from issuance of common stock ................. 1,626 1,898 1,782
Purchase of noncontrolling interest ...................... (20,081) — —
Capitalized debt issuance costs ......................... — (1,153) (209)
Net cash provided by (used in) financing activities ....... 6,005 (102,151) 59,393
Net increase in cash and cash equivalents ................... 171,690 6,468 16,145
Cash and cash equivalents at beginning of period ............. 74,710 68,242 52,097
Cash and cash equivalents at end of period .................. $246,400 $ 74,710 $ 68,242
The accompanying notes are an integral part of the consolidated financial statements.
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