Cracker Barrel 2014 Annual Report Download - page 37

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35
Consolidated Statements Of Cash Flows
(In thousands)
CRACKER BARREL OLD COUNTRY STORE, INC.
Fiscal years ended
August 1, 2014 August 2, 2013 August 3, 2012
Cash ows from operating activities:
Net income $ 132,128 $ 117,265 $ 103,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 68,389 66,120 64,467
Loss on disposition of property and equipment 5,163 4,057 2,702
Share-based compensation 7,924 17,839 14,420
Excess tax benet from share-based compensation (1,248) (2,332) (4,502)
Changes in assets and liabilities:
Accounts receivable (6,762) (1,333) (2,330)
Income taxes receivable (1,725) — 7,898
Inventories (18,739) (3,420) (1,720)
Prepaid expenses and other current assets 651 (1,243) (2,405)
Other assets (1,701) (1,033) (4,725)
Accounts payable (12,160) 9,366 1,592
Taxes withheld and accrued 1,185 (4,628) 7,369
Accrued employee compensation (1,847) (4,143) 17,729
Accrued employee benets 1,573 (2,069) (2,701)
Deferred revenues 5,727 6,402 5,066
Other current liabilities (1,960) 6,628 2,651
Other long-term obligations 3,865 5,895 9,973
Deferred income taxes (2,838) (4,872) 1,257
Net cash provided by operating activities 177,625 208,499 219,822
Cash ows from investing activities:
Purchase of property and equipment (91,646) (74,417) (80,922)
Proceeds from insurance recoveries of property and equipment 1,082 456 752
Proceeds from sale of property and equipment 1,749 555 623
Net cash used in investing activities (88,815) (73,406) (79,547)
Cash ows from nancing activities:
Proceeds from issuance of long-term debt — — 92,600
(Taxes withheld) and proceeds from issuance of share-based compensation awards, net (8,457) 6,454 17,602
Principal payments under long-term debt and other long-term obligations (1) (125,153) (117,733)
Purchases and retirement of common stock (12,473) (3,570) (14,923)
Deferred nancing costs — — (263)
Dividends on common stock (71,484) (45,400) (22,372)
Excess tax benet from share-based compensation 1,248 2,332 4,502
Net cash used in nancing activities (91,167) (165,337) (40,587)
Net (decrease) increase in cash and cash equivalents (2,357) (30,244) 99,688
Cash and cash equivalents, beginning of year 121,718 151,962 52,274
Cash and cash equivalents, end of year $ 119,361 $ 121,718 $ 151,962
Supplemental disclosure of cash ow information:
Cash paid during the year for:
Interest, net of amounts capitalized $ 15,856 $ 29,959 $ 50,357
Income taxes 66,444 47,550 18,768
Supplemental schedule of non-cash investing and nancing activities:
Capital expenditures accrued in accounts payable $ 5,767 $ 6,852 $ 5,778
Change in fair value of interest rate swaps 3,058 23,620 17,223
Change in deferred tax asset for interest rate swaps (1,179) (9,074) (349)
Dividends declared but not yet paid 23,997 17,847 9,732
See Notes to Consolidated Financial Statements.