Sonic 2013 Annual Report Download - page 34

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Condensed Consolidated Statements of Cash Flows
Year Ended August 31,
(In thousands) 2013 2012 2011
Cash flows from operating activities
Net income $ 36,701 $ 36,085 $ 19,225
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 40,387 41,914 41,225
Stock-based compensation expense 3,630 4,295 5,644
Net loss from early extinguishment of debt 4,443 – 23,035
Other 2,381 788 2,404
(Increase) decrease in operating assets:
Restricted cash (2,431) 2,586 (5,136)
Accounts receivable and other assets 1,613 (2,591) (2,124)
Increase (decrease) in operating liabilities:
Accounts payable 2,324 (932) (552)
Accrued and other liabilities 5,129 (828) (281)
Income taxes (6,338) 13,811 662
Total adjustments 51,138 59,043 64,877
Net cash provided by operating activities 87,839 95,128 84,102
Cash flows from investing activities
Purchases of property and equipment (41,338) (24,175) (21,200)
Proceeds from sale of assets 33,475 9,929 6,448
Other 6,679 (9,863) (1,321)
Net cash used in investing activities (1,184) (24,109) (16,073)
Cash flows from financing activities
Payments on and purchases of debt (189,499) (15,220) (624,171)
Proceeds from borrowings 155,000 – 535,000
Restricted cash for securitization obligations 1,921 269 6,409
Purchases of treasury stock (36,582) (30,000) –
Proceeds from exercise of stock options 16,343 280 2,130
Debt issuance and extinguishment costs (5,137) (57) (40,248)
Other (3,452) (3,153) (3,676)
Net cash used in financing activities (61,406) (47,881) (124,556)
Net increase (decrease) in cash and cash equivalents 25,249 23,138 (56,527)
Cash and cash equivalents at beginning of year 52,647 29,509 86,036
Cash and cash equivalents at end of year $ 77,896 $ 52,647 $ 29,509
Supplemental cash flow information
Cash paid during the year for:
Interest $ 27,352 $ 29,283 $ 29,033
Income taxes (net of refunds) 25,440 11,114 10,523
Non-cash investing and financing activities:
Change in obligation to acquire treasury stock (1,102) 1,102 –
Notes receivable and direct financing leases from property disposition
8,661 ––
Stock options exercised by stock swap –– 1,572
Change in obligation for purchase of property and equipment (477) (1,061) (524)
The accompanying notes are an integral part of the consolidated financial statements.
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