Popeye's 2015 Annual Report Download - page 64

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Popeyes Louisiana Kitchen, Inc.
Consolidated Statements of Cash Flows
For Fiscal Years 2015, 2014, and 2013
(In millions)
2015 2014 2013
Cash flows provided by (used in) operating activities:
Net income $ 44.1 $ 38.0 $ 34.1
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 9.7 8.7 6.7
Net (gain) loss on sale and disposal of assets (0.1)(0.8) 0.3
Deferred income taxes 4.2 2.4 4.5
Non-cash interest expense, net 0.4 1.0 0.8
Provision for credit losses (recoveries) 0.1 — (0.7)
Excess tax benefit from share-based payment arrangements (7.6)(2.6)(3.4)
Stock-based compensation expense 6.7 5.3 5.4
Change in operating assets and liabilities:
Accounts receivable (0.6) 0.4 (1.6)
Other operating assets 6.7 4.9 (2.3)
Accounts payable and other operating liabilities (0.9) 2.3 0.5
Net cash provided by operating activities 62.7 59.6 44.3
Cash flows provided by (used in) investing activities:
Capital expenditures (12.8)(27.8)(32.8)
Proceeds from dispositions of property and equipment 0.2 1.3 0.6
Capitalized interest ——
(0.2)
Investment in indefinite-lived assets — (41.8)—
Net cash used in investing activities (12.6)(68.3)(32.4)
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)
Borrowings under 2013 revolving credit facility 6.0 43.0 63.0
Payments under 2013 revolving credit facility (3.0)— —
Excess tax benefits from share-based payment arrangements 7.6 2.6 3.4
Share repurchases (62.0)(40.0)(19.9)
Proceeds from exercise of employee stock options 2.5 2.4 3.6
Debt issuance costs ——
(0.7)
Other financing activities, net (0.5)(0.5)(0.4)
Net cash provided by (used in) financing activities (49.4) 7.5 (19.3)
Net increase (decrease) in cash and cash equivalents 0.7 (1.2)(7.4)
Cash and cash equivalents at beginning of year 8.4 9.6 17.0
Cash and cash equivalents at end of year $ 9.1 $ 8.4 $ 9.6
The accompanying notes are an integral part of these consolidated financial statements.
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