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43
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the fiscal year ended
December 31,
2013
December 25,
2012
December 27,
2011
Cash flows from operations:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 196,169 $ 173,448 $ 135,952
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,523 90,939 79,899
Stock-based compensation expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,703 9,094 9,861
Tax benefit from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . (8,100)(8,587)(4,994)
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,356 20,334 1,351
Loss on disposals of property and equipment . . . . . . . . . . . . . . . . . . . . . 5,764 3,995 1,789
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 589 475 634
Changes in operating assets and liabilities, excluding the effect of
acquisitions and dispositions:
Trade and other accounts receivable, net. . . . . . . . . . . . . . . . . . . . . . . . . 3,021 (31,414)(16,369)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,186)(2,440)(2,183)
Prepaid expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (841)(10,995)(7,323)
Deposits and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,449 161 117
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,162 (6,513) 8,538
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,372 49,246 19,630
Deferred rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,868 5,718 6,081
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,432)(4,005) 3,906
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . 348,417 289,456 236,889
Cash flows from investing activities:
Additions to property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (192,010)(152,328)(107,932)
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,446)(47,951)(44,377)
Purchase of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (97,919)— —
Proceeds from sale of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,936 — —
Proceeds from sale of property and equipment . . . . . . . . . . . . . . . . . . . . . . — — 115
Proceeds from sale-leaseback transactions. . . . . . . . . . . . . . . . . . . . . . . . . . 6,132 4,538 —
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (188,307)(195,741)(152,194)
Cash flows from financing activities:
Repurchase of common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (339,409)(31,566)(96,605)
Exercise of employee stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 573 4,455 3,193
Tax benefit from exercise of stock options. . . . . . . . . . . . . . . . . . . . . . . . . . 8,100 8,587 4,994
Proceeds from issuance of common stock under employee benefit plans . . 2,842 2,462 2,040
Capitalized debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —(1,097)—
Payment of deferred acquisition holdback . . . . . . . . . . . . . . . . . . . . . . . . . . (4,112)(2,055)(4,976)
Net cash used in financing activities. . . . . . . . . . . . . . . . . . . . . . . . . . (332,006)(19,214)(91,354)
Net (decrease) increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . (171,896) 74,501 (6,659)
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . 297,141 222,640 229,299
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . $ 125,245 $ 297,141 $ 222,640
The accompanying notes are an integral part of the consolidated financial statements.