Wendy's 2008 Annual Report Download - page 96

Wendy’s/Arby’s Group, Inc. and Subsidiaries
(Formerly Triarc Companies, Inc.)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
December 28,
2008
December 30,
2007
December 31,
2006
Year Ended
Cash flows from continuing operating activities:
Net (loss) income ........................................ $(479,741) $ 16,081 $ (10,932)
Adjustments to reconcile net (loss) income to net cash
provided by continuing operating activities:
Goodwill impairment ................................ 460,075 — —
Operating investment adjustments, net (see below)...... 105,357 (33,525) 574,393
Depreciation and amortization ........................ 88,315 66,277 60,673
Impairment of other long-lived assets. ................. 19,203 7,045 5,554
Share-based compensation provision. . . ................. 9,129 9,990 15,889
Write-off and amortization of deferred financing costs. . . 8,885 2,038 7,121
Non-cash rent expense ............................... 3,103 1,528 875
Minority interests in income of consolidated
subsidiaries ....................................... 340 2,682 11,523
Deferred income tax benefit .......................... (105,276) (10,777) (14)
Net (recognition) receipt of deferred vendor incentive . . . (6,459) (990) 5,828
Payment of withholding taxes relating to share-based
compensation . . ................................... (2,989) (4,795) (56,576)
(Income) loss from discontinued operations ............. (2,217) (995) 129
Gain on sale of consolidated business . ................. — (40,193) —
Other, net .......................................... 2,775 2,970 (5,873)
Changes in operating assets and liabilities:
Accounts and notes receivable . . . ................. (4,187) 15,022 2,771
Inventories . . ................................... (140) (987) 1,072
Prepaid expenses and other current assets . . ........ 8,808 (3,123) (2,719)
Accounts payable, accrued expenses, and other
current liabilities . . . .......................... (31,376) (7,444) (7,663)
Net cash provided by continuing operating
activities (a) . . . .......................... 73,605 20,804 602,051
Cash flows from continuing investing activities:
Capital expenditures . . . ................................... (106,989) (72,990) (80,250)
Proceeds from dispositions ................................ 1,322 2,734 8,081
Costs of the merger with Wendy’s ......................... (18,403) (2,017) —
Increase in cash from the merger with Wendy’s ............. 199,785 — —
Cost of other business acquisitions, less cash acquired........ (9,622) (4,094) (2,886)
Decrease in cash related to the sale of a consolidated
business . . ............................................. — (15,104) —
Investing investment activities, net (see below).............. 51,066 51,531 (426,653)
Other, net . . ............................................. (228) 16 (2,737)
Net cash provided by (used in) continuing
investing activities........................ 116,931 (39,924) (504,445)
Cash flows from continuing financing activities:
Proceeds from long-term debt . . . .......................... 37,753 23,060 25,876
Repayments of notes payable and long-term debt. . . . ........ (177,883) (24,505) (76,721)
Dividends paid........................................... (30,538) (32,117) (70,040)
Distributions to minority interests ......................... (1,144) (13,494) (39,932)
Other, net . . ............................................. (1,113) (3,147) 8,596
Net cash used in continuing financing
activities................................. (172,925) (50,203) (152,221)
Effect of exchange rate changes on cash ......................... (4,123) — —
Net cash provided by (used in) continuing operations ............ 13,488 (69,323) (54,615)
Net cash used in operating activities of discontinued operations . . . (1,514) (713) (73)
Net increase (decrease) in cash and cash equivalents .............. 11,974 (70,036) (54,688)
Cash and cash equivalents at beginning of year . ................. 78,116 148,152 202,840
Cash and cash equivalents at end of year ........................ $ 90,090 $ 78,116 $ 148,152
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