Panera Bread 2015 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 2015 Panera Bread annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 96

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

46
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the fiscal year ended
December 29,
2015
December 30,
2014
December 31,
2013
Cash flows from operating activities:
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,325 $ 179,293 $ 196,169
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,398 124,109 106,523
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,086 10,077 10,703
Tax benefit from stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,057) (3,089) (8,100)
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,991) 10,459 10,356
Refranchising loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,942 — —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,505 4,617 6,353
Changes in operating assets and liabilities, excluding the effect of acquisitions and
dispositions:
Trade and other accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,605) (22,139) 3,021
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,698) (895) (2,186)
Prepaid expenses and other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,191) (8,524) (841)
Deposits and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (455) 239 1,449
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (183) 1,978 8,162
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,169 35,288 13,372
Deferred rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,751 1,067 5,868
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,951) 2,599 (2,432)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318,045 335,079 348,417
Cash flows from investing activities:
Additions to property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (223,932) (224,217) (192,010)
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (2,446)
Purchase of investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (97,919)
Proceeds from sale of investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 97,936
Proceeds from refranchising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,869 — —
Proceeds from sale of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,553 — —
Proceeds from sale-leaseback transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,095 12,900 6,132
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (165,415) (211,317) (188,307)
Cash flows from financing activities:
Proceeds from issuance of long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299,070 100,000 —
Repayments of long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,301) — —
Capitalized debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (363) (193) —
Payment of deferred acquisition holdback. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (270) (4,112)
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (405,513) (159,503) (339,409)
Exercise of employee stock options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288 1,116 573
Tax benefit from stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,057 3,089 8,100
Proceeds from issuance of common stock under employee benefit plans. . . . . . . . . 3,525 3,247 2,842
Net cash used in financing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (107,237) (52,514) (332,006)
Net increase (decrease) in cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . 45,393 71,248 (171,896)
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196,493 125,245 297,141
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 241,886 $ 196,493 $ 125,245
The accompanying notes are an integral part of the consolidated financial statements.