Panera Bread 2010 Annual Report Download - page 55

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PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
December 28,
2010
December 29,
2009
December 30,
2008
For the Fiscal Year Ended
Cash flows from operations:
Net income ....................................... $111,599 $ 86,851 $ 68,945
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ........................ 68,673 67,162 67,225
(Gain) loss from short-term investments ................ — (1,339) 1,910
Stock-based compensation expense .................... 9,558 8,661 7,954
Tax benefit from exercise of stock options ............... (3,603) (5,095) (3,376)
Deferred income taxes ............................. (4,660) 22,950 (4,107)
Other.......................................... 1,114 2,799 228
Changes in operating assets and liabilities, excluding the effect
of acquisitions:
Trade and other accounts receivable, net ................ (13,180) (3,554) 11,650
Inventories...................................... (1,540) (336) (565)
Prepaid expenses ................................. (7,694) (2,224) (8,966)
Deposits and other ................................ (2,337) 100 1,042
Accounts payable ................................. 929 2,381 (2,290)
Accrued expenses ................................. 61,891 28,901 5,450
Deferred rent .................................... 4,603 3,591 6,211
Other long-term liabilities ........................... 12,281 4,056 6,013
Net cash provided by operating activities .............. 237,634 214,904 157,324
Cash flows from investing activities:
Additions to property and equipment..................... (82,226) (54,684) (63,163)
Acquisitions, net of cash acquired ....................... (52,177) (2,704)
Proceeds from sale of bakery-cafes ...................... 2,204 — —
Investment maturities proceeds ......................... — 5,465 17,162
Net cash used in investing activities .................. (132,199) (49,219) (48,705)
Cash flows from financing activities:
Net payments under credit facility....................... — — (75,000)
Repurchase of common stock .......................... (153,492) (3,453) (48,893)
Exercise of employee stock options...................... 25,551 22,818 17,621
Tax benefit from exercise of stock options ................ 3,603 5,095 3,376
Proceeds from issuance of common stock under employee
benefit plans ..................................... 1,802 1,626 1,898
Purchase of noncontrolling interest ...................... — (20,081) —
Capitalized debt issuance costs ......................... — — (1,153)
Net cash (used in) provided by financing activities ....... (122,536) 6,005 (102,151)
Net (decrease) increase in cash and cash equivalents ........... (17,101) 171,690 6,468
Cash and cash equivalents at beginning of period ............. 246,400 74,710 68,242
Cash and cash equivalents at end of period .................. $229,299 $246,400 $ 74,710
The accompanying notes are an integral part of the consolidated financial statements.
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