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Table of Contents






CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 116,513 $ 68,325
$ 116,539
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 74,904 76,437
69,810
Loss on disposal of property and equipment 1,561 1,530
670
Impairment charge 2,657
10,527
26
Excess tax benefit from share-based compensation (347) (49)
(210)
Share-based compensation 18,438 19,326
21,174
Non-cash loss on extinguishment of debt 5,314 —
—
Deferred taxes (10,700) 6,291
(807)
Landlord allowance amortization (12,730)
(11,369)
(9,342)
Payment of original issue discount (2,812)
—
—
Changes in operating assets and liabilities:
Receivables, net 1,097 (5,724)
(6,508)
Inventories (14,625) (28,989)
2,133
Accounts payable, deferred revenue, and accrued expenses 17,705 (886)
(29,870)
Other assets and liabilities 32,628 21,151
31,460
Net cash provided by operating activities 229,603 156,570
195,075
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (115,343) (115,088)
(105,368)
Purchase of intangible assets (35) (1,010)
(94)
Net cash used in investing activities (115,378) (116,098)
(105,462)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt (198,038) —
—
Costs incurred in connection with debt arrangements (1,006) —
—
Payments on lease financing obligations (1,552) (1,478)
(313)
Excess tax benefit from share-based compensation 347 49
210
Proceeds from exercise of stock options 1,276 —
4,701
Repurchase of common stock under share repurchase plan (see Note 9) (68,574)
—
(35,088)
Repurchase of shares for tax withholding obligations (4,450) (3,509)
(2,841)
Net cash used in financing activities (271,997) (4,938)
(33,331)
EFFECT OF EXCHANGE RATE ON CASH (1,484) (1,259)
(695)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (159,256)
34,275
55,587
CASH AND CASH EQUIVALENTS, Beginning of period 346,159 311,884
256,297
CASH AND CASH EQUIVALENTS, End of period $ 186,903 $ 346,159
$ 311,884
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest $ 8,787
$ 17,574
$ 17,574
Cash paid to taxing authorities $ 71,686
$ 43,171
$ 75,591
See notes to consolidated financial statements.
39