Wendy's 2013 Annual Report Download - page 138

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SCHEDULE I (Continued)
THE WENDY’S COMPANY (PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF CASH FLOWS
(In Thousands)
Year Ended
December 29,
2013
December 30,
2012
January 1,
2012
Cash flows from operating activities:
Net income ............................................. $ 45,487 $ 7,083 $ 9,875
Adjustments to reconcile net income to net cash provided by operating
activities:
Equity in income from operations of subsidiaries ............. (20,850) (31,217) (13,078)
Other operating transactions with Wendy’s Restaurants, LLC . . . 4,988 28,733 6,031
Depreciation and amortization ........................... 1,272 3,078 627
Impairment of long-lived assets .......................... 1,830 1,628 —
Share-based compensation .............................. 1,552 944 1,021
Tax sharing payments received from subsidiaries ............. — 37 13,078
Amortization of deferred financing costs .................... — 21 —
Deferred income tax ................................... 80,161 (4,118) (10,094)
Tax sharing receivable from subsidiaries, net ................. (119,249) — (2,437)
Dividends from subsidiaries ............................. 170,000 — —
Other, net ........................................... 1,439 1,753 (1,547)
Changes in operating assets and liabilities:
Other current assets ............................... 10,305 (472) 491
Other current liabilities ............................ (2,040) 8,643 (2,332)
Net cash provided by operating activities ........... 174,895 16,113 1,635
Cash flows from investing activities:
Net repayments from subsidiaries ......................... — — 377
Other, net ........................................... — 686 —
Net cash provided by investing activities ............ — 686 377
Cash flows from financing activities:
Repayments of long-term debt ........................... — (11,303) (1,368)
Repurchases of common stock ........................... (69,320) — (157,556)
Dividends ........................................... (70,681) (39,043) (32,366)
Proceeds from stock option exercises ...................... 42,370 7,806 6,359
Other, net ........................................... — (48) (2,262)
Net cash used in financing activities ............... (97,631) (42,588) (187,193)
Net increase (decrease) in cash and cash equivalents ................... 77,264 (25,789) (185,181)
Cash and cash equivalents at beginning of year ....................... 102,652 128,441 313,622
Cash and cash equivalents at end of year ............................ $179,916 $102,652 $ 128,441
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