Papa Johns 2009 Annual Report Download - page 74

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67
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) Years Ended
December 27, December 28, December 30,
2009 2008 2007
Operating activities
Net income, net of noncontrolling interests 57,453$ 36,796$ 32,735$
Adjustments to reconcile net income to net cash provided by operating activities:
Restaurant impairment and disposition losses 657 8,818 1,807
Provision for uncollectible accounts and notes receivable 2,242 5,769 1,718
Depreciation and amortization 32,756 32,846 31,866
Deferred income taxes 7,469 (3,608) (10,779)
Stock-based compensation expense 5,817 2,564 4,883
Excess tax benefit related to exercise of non-qualified stock options (1,035) (771) (3,325)
Other 1,486 1,255 5,564
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable 154 (5,162) (183)
Inventories 1,114 1,833 7,915
Prepaid expenses 706 914 (3,402)
Other current assets 2,009 446 2,468
Other assets and liabilities (3,813) (2,913) (7,092)
Accounts payable (1,879) (2,009) 1,893
Income and other taxes (3,831) (1,181) (3,656)
Accrued expenses (144) (2,166) 457
Unearned franchise and development fees (248) (368) (1,278)
Net cash provided by operating activities 100,913 73,063 61,591
Investing activities
Purchase of property and equipment (33,538) (29,271) (31,148)
Purchase of investments (1,187) (632) (303)
Proceeds from sale or maturity of investments 335 927 731
Loans issued (11,635) (1,468) (6,541)
Loan repayments 8,496 2,017 6,257
Acquisitions (464) (183) (24,983)
Proceeds from divestitures of restaurants 830 2,145 632
Other 756 233 32
Net cash used in investing activities (36,407) (26,232) (55,323)
Financing activities
Net proceeds (repayments) from line of credit facility (24,500) (10,500) 37,500
Net proceeds (repayments) from short-term debt - variable interest entities (7,075) (1,625) 8,175
Excess tax benefit related to exercise of non-qualified stock options 1,035 771 3,325
Proceeds from exercise of stock options 9,830 4,623 12,219
Acquisition of Company common stock (28,477) (37,697) (72,871)
Noncontrolling interests, net of contributions and distributions (84) 217 1,808
Other 734 82 (773)
Net cash used in financing activities (48,537) (44,129) (10,617)
Effect of exchange rate changes on cash and cash equivalents 176 (592) 247
Change in cash and cash equivalents 16,145 2,110 (4,102)
Cash recorded from consolidation of VIEs 1,087 - -
Cash and cash equivalents at beginning of year 10,987 8,877 12,979
Cash and cash equivalents at end of year 28,219$ 10,987$ 8,877$
See accompanying notes.