Papa Johns 2010 Annual Report Download - page 71

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64
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) Years Ended
December 26, December 27, December 28,
2010 2009 2008
Operating activities
Net income, net of noncontrolling interests 51,940$ 57,453$ 36,796$
Adjustments to reconcile net income to net cash provided by operating activities:
Restaurant impairment and disposition losses 253 657 8,818
Provision for uncollectible accounts and notes receivable 917 2,242 5,769
Depreciation and amortization 32,407 31,446 32,773
Deferred income taxes 4,553 7,469 (3,608)
Stock-based compensation expense 6,066 5,817 2,564
Excess tax benefit related to exercise of non-qualified stock options (359) (1,035) (771)
Other 512 1,672 1,541
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable (5,022) 155 (5,162)
Inventories (1,848) 1,096 1,828
Prepaid expenses (1,303) 595 927
Other current assets 16 2,009 446
Other assets and liabilities (935) (3,507) (2,898)
Accounts payable 4,579 (1,776) (2,071)
Income and other taxes 286 (3,831) (1,181)
Accrued expenses (3,894) (144) (2,166)
Unearned franchise and development fees 928 (248) (368)
Net cash provided by operating activities 89,096 100,070 73,237
Investing activities
Purchase of property and equipment (31,125) (33,538) (29,271)
Purchase of investments (549) (1,187) (632)
Proceeds from sale or maturity of investments 327 335 927
Loans issued (2,637) (11,635) (1,468)
Loan repayments 3,918 8,496 2,017
Acquisitions - (464) (183)
Proceeds from divestitures of restaurants 1,397 830 2,145
Other 12 756 233
Net cash used in investing activities (28,657) (36,407) (26,232)
Financing activities
Net repayments from line of credit facility - (24,500) (10,500)
Net repayments from short-term debt - variable interest entities - (7,075) (1,625)
Excess tax benefit related to exercise of non-qualified stock options 359 1,035 771
Proceeds from exercise of stock options 6,410 9,830 4,623
Acquisition of Company common stock (46,936) (28,477) (37,697)
Noncontrolling interests, net of contributions and distributions 338 (84) 217
Other 96 (27) 72
Net cash used in financing activities (39,733) (49,298) (44,139)
Effect of exchange rate changes on cash and cash equivalents 62 176 (592)
Change in cash and cash equivalents 20,768 14,541 2,274
Cash and cash equivalents at beginning of year 25,457 10,916 8,642
Cash and cash equivalents at end of year 46,225$ 25,457$ 10,916$
See accompanying notes.