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43
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the fiscal year ended
December 30,
2014
December 31,
2013
December 25,
2012
Cash flows from operations:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 179,293 $ 196,169 $ 173,448
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,109 106,523 90,939
Stock-based compensation expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,077 10,703 9,094
Tax benefit from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . (3,089)(8,100)(8,587)
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,459 10,356 20,334
Loss on disposals of property and equipment . . . . . . . . . . . . . . . . . . . . . 1,547 5,764 3,995
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,070 589 475
Changes in operating assets and liabilities, excluding the effect of
acquisitions and dispositions:
Trade and other accounts receivable, net. . . . . . . . . . . . . . . . . . . . . . . . . (22,139) 3,021 (31,414)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (895)(2,186)(2,440)
Prepaid expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,524)(841)(10,995)
Deposits and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 1,449 161
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,978 8,162 (6,513)
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,288 13,372 49,246
Deferred rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,067 5,868 5,718
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,599 (2,432)(4,005)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . 335,079 348,417 289,456
Cash flows from investing activities:
Additions to property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (224,217)(192,010)(152,328)
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —(2,446)(47,951)
Purchase of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —(97,919)—
Proceeds from sale of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 97,936 —
Proceeds from sale-leaseback transactions. . . . . . . . . . . . . . . . . . . . . . . . . . 12,900 6,132 4,538
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (211,317)(188,307)(195,741)
Cash flows from financing activities:
Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 — —
Debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (193)—
(1,097)
Repurchase of common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (159,503)(339,409)(31,566)
Exercise of employee stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,116 573 4,455
Tax benefit from exercise of stock options. . . . . . . . . . . . . . . . . . . . . . . . . . 3,089 8,100 8,587
Proceeds from issuance of common stock under employee benefit plans . . 3,247 2,842 2,462
Payment of deferred acquisition holdback . . . . . . . . . . . . . . . . . . . . . . . . . . (270)(4,112)(2,055)
Net cash used in financing activities. . . . . . . . . . . . . . . . . . . . . . . . . . (52,514)(332,006)(19,214)
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . 71,248 (171,896) 74,501
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . 125,245 297,141 222,640
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . $ 196,493 $ 125,245 $ 297,141
The accompanying notes are an integral part of the consolidated financial statements.