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42
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the fiscal year ended
December 25,
2012 December 27,
2011 December 28,
2010
Cash flows from operations:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 173,448 $ 135,952 $ 111,599
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,939 79,899 68,673
Stock-based compensation expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,094 9,861 9,558
Tax benefit from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . (8,587)(4,994)(3,603)
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,334 1,351 (4,660)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,470 2,423 1,114
Changes in operating assets and liabilities, excluding the effect of
acquisitions and dispositions:
Trade and other accounts receivable, net. . . . . . . . . . . . . . . . . . . . . . . . . (31,414)(16,369)(13,180)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,440)(2,183)(1,540)
Prepaid expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,995)(7,323)(7,694)
Deposits and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 117 (2,337)
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,513) 8,538 929
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,246 19,630 61,891
Deferred rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,718 6,081 4,603
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,005) 3,906 12,281
Net cash provided by operating activities. . . . . . . . . . . . . . . . . . . . . . 289,456 236,889 237,634
Cash flows from investing activities:
Additions to property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (152,328)(107,932)(82,226)
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (47,951)(44,377)(52,177)
Proceeds from sale of bakery-cafes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,538 115 2,204
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (195,741)(152,194)(132,199)
Cash flows from financing activities:
Repurchase of common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,566)(96,605)(153,492)
Exercise of employee stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,455 3,193 25,551
Tax benefit from exercise of stock options. . . . . . . . . . . . . . . . . . . . . . . . . . 8,587 4,994 3,603
Proceeds from issuance of common stock under employee benefit plans . . 2,462 2,040 1,802
Capitalized debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,097) — —
Payment of deferred acquisition holdback . . . . . . . . . . . . . . . . . . . . . . . . . . (2,055)(4,976) —
Net cash used in financing activities. . . . . . . . . . . . . . . . . . . . . . . . . . (19,214)(91,354)(122,536)
Net increase (decrease) in cash and cash equivalents. . . . . . . . . . . . . . . . . . . 74,501 (6,659)(17,101)
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . 222,640 229,299 246,400
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . $ 297,141 $ 222,640 $ 229,299
The accompanying notes are an integral part of the consolidated financial statements.