Panera Bread 2011 Annual Report Download - page 51

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43
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Cash flows from operations:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain from short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock-based compensation expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax benefit from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . .
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Changes in operating assets and liabilities, excluding the effect of
acquisitions and dispositions:
Trade and other accounts receivable, net. . . . . . . . . . . . . . . . . . . . . . . . .
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepaid expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deposits and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . .
Cash flows from investing activities:
Additions to property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from sale of bakery-cafes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment maturities proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash flows from financing activities:
Repurchase of common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exercise of employee stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax benefit from exercise of stock options. . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from issuance of common stock under employee benefit plans . .
Purchase of noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payment of deferred acquisition holdback . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash (used in) provided by financing activities . . . . . . . . . . . . . .
Net (decrease) increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . .
For the fiscal year ended
December 27,
2011
$ 135,952
79,899
—
9,861
(4,994)
1,351
2,423
(16,369)
(2,183)
(7,323)
117
8,538
19,630
6,081
3,906
236,889
(107,932)
(44,377)
115
—
(152,194)
(96,605)
3,193
4,994
2,040
—
(4,976)
(91,354)
(6,659)
229,299
$ 222,640
December 28,
2010
$ 111,599
68,673
—
9,558
(3,603)
(4,660)
1,114
(13,180)
(1,540)
(7,694)
(2,337)
929
61,891
4,603
12,281
237,634
(82,226)
(52,177)
2,204
—
(132,199)
(153,492)
25,551
3,603
1,802
—
—
(122,536)
(17,101)
246,400
$ 229,299
December 29,
2009
$ 86,851
67,162
(1,339)
8,661
(5,095)
22,950
2,799
(3,554)
(336)
(2,224)
100
2,381
28,901
3,591
4,056
214,904
(54,684)
—
—
5,465
(49,219)
(3,453)
22,818
5,095
1,626
(20,081)
—
6,005
171,690
74,710
$ 246,400
The accompanying notes are an integral part of the consolidated financial statements.