Jack In The Box 2010 Annual Report Download - page 27

Table of Contents
Cash Flows. The table below summarizes our cash flows from operating, investing and financing activities for each of the past three
fiscal years .
  
Total cash provided by (used in):
Operating activities:
Continuing operations $ 64,038 $ 147,324 $ 167,035
Discontinued operations (2,172) 1,426 5,349
Investing activities:
Continuing operations 19,173 (71,607) (132,406)
Discontinued operations - 30,648 (1,964)
Financing activities (123,434) (102,673) (5,832)
Increase (decrease) in cash and cash equivalents $ (42,395) $ 5,118 $ 32,182
Operating Activities. Operating cash flows from continuing operations decreased $83.3 million in 2010 compared with 2009 due
primarily to the timing of working capital receipts and disbursements and a decrease in cash flows related to higher company restaurant
costs, our refranchising strategy and same-store sales declines at our Jack in the Box restaurants. In 2009, cash flows from continuing
operations decreased $19.7 million compared with 2008 due to a decrease in earnings from continuing operations adjusted for non-cash
items, partially offset by fluctuations due to the timing of working capital receipts and disbursements. Operating cash flows from our
discontinued operations were not material to our consolidated statements of cash flows for all fiscal years presented.
Investing Activities. Investing activity cash flows from continuing operations increased $90.8 million in 2010 compared with 2009.
This increase is primarily due to an increase in the number of sites that we sold and leased back and lower spending for purchases of
property and equipment, partially offset by decreases in proceeds from and collections of notes receivable related to the sale of restaurants
to franchisees. In 2009, cash flows used in investing activities from continuing operations decreased $60.8 million compared with 2008.
This decrease was primarily due to an increase in cash proceeds from the sale of company-operated restaurants to franchisees, lower
spending for purchases of property and equipment and an increase in collections on notes receivable, offset in part by an increase in
spending related to assets held for sale and leaseback and cash used in 2009 to acquire Qdoba franchise-operated restaurants.
In 2009, cash flows provided by discontinued operations increased $32.6 million compared with 2008 due primarily to proceeds
received in 2009 of $34.4 million related to the sale of our Quick Stuff convenience and fuel stores.
 We use sale and leaseback financing to lower the initial cash investment in our Jack in the Box
restaurants to the cost of the equipment, whenever possible. In 2010, 20 of our new Jack in the Box restaurants were developed as sale and
leaseback properties, compared with 18 in 2009 and 9 in 2008. In 2010, we sold and leased back 25 restaurants compared with four in
2009 and 7 in 2008. As of October 3, 2010, we had cash investments of $59.9 million in approximately 56 operating and under-
construction restaurant properties that we expect to sell and lease back during fiscal 2011.
 The composition of capital expenditures used in continuing operations in each year follows ():
  
Jack in the Box:
New restaurants $ 20,867 $ 46,078 $ 35,751
Restaurant facility improvements 50,724 69,856 116,670
Other, including corporate 10,447 18,377 10,943
Qdoba 13,572 19,189 15,241
Total capital expenditures used in continuing operations $ 95,610 $ 153,500 $ 178,605
Our capital expenditure program includes, among other things, investments in new locations, restaurant remodeling, new equipment
and information technology enhancements. In 2010, capital expenditures decreased
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