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50
Popeyes Louisiana Kitchen, Inc.
Consolidated Statements of Cash Flows
For Fiscal Years 2013,2012, and 2011
(In millions)
2013 2012 2011
Cash flows provided by (used in) operating activities:
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $34.1 $30.4 $24.2
Adjustments to reconcile net income to net cash provided by (used in) operating
activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7 4.6 4.2
Disposals of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.3 0.5
Net gain on sale of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1)(0.9)(0.8)
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 2.2 1.3
Non-cash interest expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 0.4 0.5
Provision for credit recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.7)(0.1)(0.3)
Excess tax benefit from share-based payment arrangements . . . . . . . . . . . . . . . . . . . . . (3.4)(0.4)(0.1)
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 4.9 2.9
Change in operating assets and liabilities:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.6)(0.2)(1.4)
Other operating assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.3)0.8 (0.2)
Accounts payable and other operating liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 (1.8)1.3
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.8 40.2 32.1
Cash flows provided by (used in) investing activities:
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (33.3)(27.3)(7.6)
Proceeds from dispositions of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 0.4 0.7
Capitalized interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2) — —
Investment in trademark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —(8.0) —
Proceeds from notes receivable and other investing activities . . . . . . . . . . . . . . . . . . . . . — — 0.3
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32.9)(34.9)(6.6)
Cash flows provided by (used in) financing activities:
Principal payments — 2010 credit facility (revolver). . . . . . . . . . . . . . . . . . . . . . . . . . . . (37.0) — —
Principal payments — 2010 credit facility (term loan) . . . . . . . . . . . . . . . . . . . . . . . . . . . (31.3)(5.0)(3.8)
Borrowings under 2013 credit facility (revolver) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63.0 — —
Borrowings under 2010 revolving credit facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —13.0 2.0
Excess tax benefits from share-based payment arrangements . . . . . . . . . . . . . . . . . . . . . 3.4 0.4 0.1
Share repurchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19.9)(15.2)(22.3)
Proceeds from exercise of employee stock options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6 1.3 0.6
Debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.7) — —
Other financing activities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.4)(0.4)(0.4)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19.3)(5.9)(23.8)
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7.4)(0.6)1.7
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.0 17.6 15.9
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9.6 $17.0 $17.6
The accompanying notes are an integral part of these consolidated financial statements.