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19
Sonic Corp. 2008 Annual Report
Year ended August 31,
2008 2007 2006
(In thousands)
Cash flows from financing activities
Proceeds from borrowings $ 165,250 $1,404,490 $ 274,763
Payments on long-term debt (123,321) (815,396) (206,806)
Purchases of treasury stock (46,628) (564,984) (93,689)
Debt issuance costs (226) (28,166) –
Restricted cash for debt obligations (1,463) (15,910) –
Payments on capital lease obligations (2,640) (2,471) (2,444)
Exercises of stock options 5,796 7,732 7,194
Excess tax benefit from exercise of employee stock options 2,033 4,117 4,645
Net cash used in financing activities (1,199) (10,588) (16,337)
Net increase (decrease) in cash and cash equivalents 18,841 15,828 3,166
Cash and cash equivalents at beginning of the year 25,425 9,597 6,431
Cash and cash equivalents at end of the year $ 44,266 $ 25,425 $ 9,597
Supplemental cash flow information
Cash paid during the year for:
Interest (net of amounts capitalized of
$734, $576 and $733, respectively) $ 44,727 $ 36,501 $ 8,769
Income taxes (net of refunds) 35,316 32,651 48,225
Obligation to acquire treasury stock – 14,432 –
Additions to capital lease obligations 1,055 5,164 4,958
Accounts and notes receivable and decrease in capital lease
obligations from property and equipment sales 348 1,500 6,514
Stock options exercised by stock swap 488 799 787
Change in obligation for purchase of property and equipment (222) 1,134 –
See accompanying notes.