Baskin Robbins 2013 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2013 Baskin Robbins annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

See accompanying notes to consolidated financial statements.
-57-
DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
Fiscal year ended
December 28,
2013
December 29,
2012
December 31,
2011
Cash flows from operating activities:
Net income including noncontrolling interests $ 146,304 107,624 34,442
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 49,366 56,027 52,522
Amortization of deferred financing costs and original issue discount 4,706 5,727 6,278
Loss on debt extinguishment and refinancing transactions 5,018 3,963 34,222
Impact of unfavorable operating leases acquired (2,177) (2,352) (3,230)
Deferred income taxes (13,191) (6,946) (11,363)
Long-lived asset impairment charges 563 1,278 2,060
Provision for (recovery of) bad debt 3,484 (542) 2,019
Share-based compensation expense 7,323 6,920 4,632
Net loss (income) of equity method investments (18,370) (22,351) 3,475
Dividends received from equity method investments 7,226 6,497 7,362
Gain on sale of joint venture (6,320) — —
Other, net (2,268) (845) (2,633)
Change in operating assets and liabilities:
Accounts, notes, and other receivables, net (27,444) 6,321 19,123
Other current assets 1,879 (1,480) 4,406
Accounts payable 46 2,804 85
Other current liabilities 8,163 38,767 17,904
Liabilities of advertising funds, net 4,795 (5,688) (3,572)
Income taxes payable, net (27,847) (38,928) 473
Deferred income (842) (1,491) (5,658)
Other, net 1,385 (885) 156
Net cash provided by operating activities 141,799 154,420 162,703
Cash flows from investing activities:
Additions to property and equipment (31,099) (22,398) (18,596)
Proceeds from sale of joint venture 6,682 — —
Other, net 1,511 (549) (1,211)
Net cash used in investing activities (22,906) (22,947) (19,807)
Cash flows from financing activities:
Proceeds from issuance of long-term debt — 396,000 250,000
Repayment of long-term debt (24,157) (15,441) (654,608)
Payment of deferred financing and other debt-related costs (6,157) (5,978) (20,087)
Proceeds from initial public offering, net of offering costs — — 389,961
Repurchases of common stock (27,963) (450,369) (286)
Dividends paid on common stock (81,008) (70,069) —
Exercise of stock options 7,963 4,418 266
Excess tax benefits from share-based compensation 15,366 11,978 1,494
Other, net 1,782 3,859 3,186
Net cash used in financing activities (114,174) (125,602) (30,074)
Effect of exchange rate changes on cash and cash equivalents (404) 32 (207)
Increase in cash and cash equivalents 4,315 5,903 112,615
Cash and cash equivalents, beginning of year 252,618 246,715 134,100
Cash and cash equivalents, end of year $ 256,933 252,618 246,715
Supplemental cash flow information:
Cash paid for income taxes $ 98,483 90,225 43,143
Cash paid for interest 78,127 54,115 103,147
Noncash investing activities:
Property and equipment included in accounts payable and other
current liabilities 1,366 5,244 1,641
Purchase of leaseholds in exchange for capital lease obligations 173 2,818 —