Buffalo Wild Wings 2014 Annual Report Download - page 46

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45
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal years ended December 28, 2014, December 29, 2013, and December 30, 2012
(Dollar amounts in thousands)
Fiscal years ended
December 28,
2014 December 29,
2013 December 30,
2012
Cash flows from operating activities:
Net earnings including noncontrolling interest $ 94,055 71,554 57,275
Adjustments to reconcile net earnings to cash provided by
operations:
Depreciation 93,773 79,881 64,154
Amortization 4,681 5,097 3,308
Loss on asset disposals and impairment 3,827 3,253 2,883
Deferred lease credits 4,331 5,247 4,322
Deferred income taxes (3,946)(2,209)(835)
Stock-based compensation 14,253 11,496 8,119
Excess tax benefit from stock issuance (2,500)(5,471)(4,151)
Change in operating assets and liabilities, net of effect of
acquisitions:
Trading securities (972)(1,287)(992)
Accounts receivable (3,443)(2,012)(11,797)
Inventory (2,178)(1,581)(1,088)
Prepaid expenses 383 (647)(46)
Other assets (139)(1,218)(2,071)
Unearned franchise fees 191 55 (89)
Accounts payable 5,343 (1,467) 3,172
Income taxes (2,948) 5,264 7,590
Accrued expenses 13,155 13,405 15,434
Net cash provided by operating activities 217,866 179,360 145,188
Cash flows from investing activities:
Acquisition of property and equipment (137,466)(138,735)(130,542)
Acquisition of businesses/investments in affiliates (30,572)(10,288)(43,580)
Purchase of marketable securities (22,991) — (132,140)
Proceeds of marketable securities 12,000 3,282 163,509
Net cash used in investing activities (179,029)(145,741)(142,753)
Cash flows from financing activities:
Proceeds from line of credit — 5,000 —
Repayments of line of credit — (5,000) —
Issuance of common stock 3,032 2,514 2,783
Excess tax benefit from stock issuance 2,500 5,471 4,151
Tax payments for restricted stock units (7,474)(4,946)(8,522)
Net cash provided by (used in) financing activities (1,942) 3,039 (1,588)
Effect of exchange rate changes on cash and cash equivalents (1,068)(496)(37)
Net increase in cash and cash equivalents 35,827 36,162 810
Cash and cash equivalents at beginning of year 57,502 21,340 20,530
Cash and cash equivalents at end of year $ 93,329 57,502 21,340
See accompanying notes to consolidated financial statements.