Sonic 2009 Annual Report Download - page 30

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Consolidated Statements of Cash Flows
Year ended August 31,
(In thousands)
2009 2008 2007
Cash flows from operating activities
Net income $ 49,442 $ 60,319 $ 64,192
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 47,601 50,212 44,432
Amortization 463 441 671
Gain on dispositions of assets, net (12,506) (2,954) (3,267)
Stock-based compensation expense 6,910 7,428 7,058
Provision for deferred income taxes 24 (2,439) (1,592)
Provision for impairment of long-lived assets 11,163 571 1,165
Excess tax benefit from exercise of employee stock options (776) (2,033) (4,117)
Debt extinguishment and other costs (6,382) – 5,283
Payment for hedge termination ––(5,640)
Amortization of debt costs to interest expense 4,531 5,896 4,256
Other 950 190 185
Decrease (increase) in operating assets:
Restricted cash (8,755) 212 (8,965)
Accounts and notes receivable (2,352) (3,226) (709)
Inventories and prepaid expenses 203 337 159
Increase (decrease) in operating liabilities:
Accounts payable (5,000) 2,454 106
Deposits from franchisees (459) 1,196 3,556
Accrued and other liabilities 3,597 8,539 14,242
Total adjustments 39,212 66,824 56,823
Net cash provided by operating activities 88,654 127,143 121,015
Cash flows from investing activities
Purchases of property and equipment (36,145) (105,426) (110,912)
Acquisition of businesses, net of cash received – (20,895) (10,760)
Proceeds from sale/leaseback of real estate 7,097 – 12,619
Investments in direct financing leases (517) (67) (302)
Collections on direct financing leases 957 1,427 1,544
Proceeds from dispositions of assets 86,770 17,339 13,668
Proceeds from sale of minority interests in Partner Drive-Ins 5,190 5,120 3,701
Purchases of minority interests in Partner Drive-Ins (11,753) (6,048) (4,369)
Decrease (increase) in intangibles and other assets (55) 1,447 212
Net cash provided by (used in) investing activities 51,544 (107,103) (94,599)
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