Buffalo Wild Wings 2011 Annual Report Download - page 40

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40
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal years ended December 25, 2011, December 26, 2010, and December 27, 2009
(Dollar amounts in thousands)
Fiscal years ended
December 25,
2011
December 26,
2010
December 27,
2009
Cash flows from operating activities:
Net earnings
$ 50,426
38,400
30,671
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation
49,003
38,591
31,993
Amortization
910
614
612
Loss on asset disposals and store closures
1,680
1,835
1,928
Deferred lease credits
3,632
2,217
2,181
Deferred income taxes
12,816
6,486
4,817
Stock-based compensation
11,383
7,712
6,490
Excess tax benefit from stock issuance
(4,462)
(1,475)
(1,453)
Change in operating assets and liabilities, net of effect of
acquisition:
Trading securities
(317)
(1,369)
(2,051)
Accounts receivable
(1,222)
(357)
(2,663)
Inventory
(1,840)
(514)
(540)
Prepaid expenses
20
(533)
322
Other assets
(2,550)
(885)
(490)
Unearned franchise fees
(257)
(597)
192
Accounts payable
17,676
1,898
1,150
Income taxes
3,267
(3,019)
1,192
Accrued expenses
8,095
695
4,935
Net cash provided by operating activities
148,260
89,699
79,286
Cash flows from investing activities:
Purchase of property and equipment
(130,127
)
(73,399)
(73,748)
Purchase of marketable securities
(97,148
)
(99,165)
(57,024)
Proceeds of marketable securities
114,337
87,338
51,600
Acquisition of franchised restaurants
(33,744)
—
—
Net cash used in investing activities
(146,68
2)
(85,226)
(79,172)
Cash flows from financing activities:
Issuance of common stock
1,709
1,415
1,179
Excess tax benefit from stock issuance
4,462
1,475
1,453
Tax payments for restricted stock units
(2,481)
(1,625)
(1,513)
Net cash provided by financing activities
3,690
1,265
1,119
Effect of exchange rate changes on cash and cash equivalents
(47)
(9)
—
Net increase in cash and cash equivalents
5,221
5,729
1,233
Cash and cash equivalents at beginning of year
15,309
9,580
8,347
Cash and cash equivalents at end of year
$ 20,530
15,309
9,580
See accompanying notes to consolidated financial statements.