Dunkin' Donuts 2012 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2012 Dunkin' Donuts 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 112

  • 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

See accompanying notes to consolidated financial statements.
-55-
DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
Fiscal year ended
December 29,
2012
December 31,
2011
December 25,
2010
Cash flows from operating activities:
Net income including noncontrolling interests $ 107,624 34,442 26,861
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 56,027 52,522 57,826
Amortization of deferred financing costs and original issue discount 5,727 6,278 6,523
Loss on debt extinguishment and refinancing transactions 3,963 34,222 61,955
Impact of unfavorable operating leases acquired (2,352) (3,230) (4,320)
Deferred income taxes (6,946) (11,363) (28,389)
Excess tax benefits from share-based compensation — (1,494) (1,110)
Impairment charges 1,278 2,060 7,075
Provision for (recovery of) bad debt (542) 2,019 1,505
Share-based compensation expense 6,920 4,632 1,461
Net loss (income) of equity method investments (22,351) 3,475 (17,825)
Dividends received from equity method investments 6,497 7,362 6,603
Other, net (845) (1,139) (137)
Change in operating assets and liabilities:
Restricted cash — — 101,675
Accounts, notes, and other receivables, net 6,321 19,123 (11,815)
Other current assets (1,480) 4,406 6,701
Accounts payable 2,804 85 (1,115)
Other current liabilities 38,767 17,904 29,384
Liabilities of advertising funds, net (5,688) (3,572) (346)
Income taxes payable, net (38,928) 473 1,341
Deferred income (1,491) (5,658) (12,809)
Other, net (885) 156 (2,040)
Net cash provided by operating activities 154,420 162,703 229,004
Cash flows from investing activities:
Additions to property and equipment (22,398) (18,596) (15,358)
Other, net (549) (1,211) (249)
Net cash used in investing activities (22,947) (19,807) (15,607)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 396,000 250,000 1,859,375
Repayment of long-term debt (15,441) (654,608) (1,470,985)
Payment of deferred financing and other debt-related costs (5,978) (20,087) (34,979)
Proceeds from initial public offering, net of offering costs — 389,961 —
Repurchases of common stock (450,369) (286) (3,890)
Dividends paid on Class L common stock — — (500,002)
Dividends paid on common stock (70,069) — —
Change in restricted cash 218 178 16,144
Excess tax benefits from share-based compensation 11,978 1,494 1,110
Other, net 8,059 3,274 644
Net cash used in financing activities (125,602) (30,074) (132,583)
Effect of exchange rate changes on cash and cash equivalents 32 (207) 76
Increase in cash and cash equivalents 5,903 112,615 80,890
Cash and cash equivalents, beginning of year 246,715 134,100 53,210
Cash and cash equivalents, end of year $ 252,618 246,715 134,100
Supplemental cash flow information:
Cash paid for income taxes $ 90,225 43,143 19,206
Cash paid for interest 54,115 103,147 100,629
Noncash investing activities:
Property and equipment included in accounts payable and other
current liabilities 5,244 1,641 1,822
Purchase of leaseholds in exchange for capital lease obligation 2,818 — 178