Popeye's 2014 Annual Report Download - page 65

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47
Popeyes Louisiana Kitchen, Inc.
Consolidated Statements of Cash Flows
For Fiscal Years 2014, 2013, and 2012
(In millions)
2014 2013 2012
Cash flows provided by (used in) operating activities:
Net income $ 38.0 $ 34.1 $ 30.4
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 8.7 6.7 4.6
Disposals of property and equipment 0.2 0.4 0.3
Net gain on sale of assets (1.0)(0.1)(0.9)
Deferred income taxes 2.4 4.5 2.2
Non-cash interest expense, net 1.0 0.8 0.4
Provision for credit recoveries — (0.7)(0.1)
Excess tax benefit from share-based payment arrangements (2.6)(3.4)(0.4)
Stock-based compensation expense 5.3 5.4 4.9
Change in operating assets and liabilities:
Accounts receivable 0.4 (1.6)(0.2)
Other operating assets 4.9 (2.3) 0.8
Accounts payable and other operating liabilities 2.3 0.5 (2.9)
Net cash provided by operating activities 59.6 44.3 39.1
Cash flows provided by (used in) investing activities:
Capital expenditures (27.8)(32.8)(26.2)
Proceeds from dispositions of property and equipment 1.3 0.6 0.4
Capitalized interest — (0.2) —
Investment in indefinite lived assets (41.8) — (8.0)
Net cash used in investing activities (68.3)(32.4)(33.8)
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)
Borrowings under 2013 credit facility (revolver) 43.0 63.0 —
Borrowings under 2010 revolving credit facility — — 13.0
Excess tax benefits from share-based payment arrangements 2.6 3.4 0.4
Share repurchases (40.0)(19.9)(15.2)
Proceeds from exercise of employee stock options 2.4 3.6 1.3
Debt issuance costs — (0.7) —
Other financing activities, net (0.5)(0.4)(0.4)
Net cash provided by (used in) financing activities 7.5 (19.3)(5.9)
Net increase (decrease) in cash and cash equivalents (1.2)(7.4)(0.6)
Cash and cash equivalents at beginning of year 9.6 17.0 17.6
Cash and cash equivalents at end of year $ 8.4 $ 9.6 $ 17.0
The accompanying notes are an integral part of these consolidated financial statements.