Sonic 2011 Annual Report Download - page 34

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Consolidated Statements of Cash Flows
Year ended August 31,
(In thousands) 2011 2010 2009
Cash flows from operating activities
Net income - including noncontrolling interests $ 20,170 $ 25,839 $ 64,793
Adjustments to reconcile net income including noncontrolling
interests to net cash provided by operating activities:
Depreciation and amortization 41,225 42,615 48,064
Loss (gain) on dispositions of assets, net (585) 763 (12,506)
Stock-based compensation expense 5,644 7,666 6,910
Noncontrolling interests (945) (4,630) (15,351)
Provision for impairment of long-lived assets 824 15,161 11,163
Net loss (gain) from early extinguishment of debt 23,035 314 (6,382)
Other 2,165 328 4,730
Decrease (increase) in operating assets:
Restricted cash (5,136) 4,465 126
Accounts receivable and other assets (2,124) 292 (2,149)
Increase (decrease) in operating liabilities:
Accounts payable (552) (522) (5,001)
Accrued and other liabilities (281) (1,440) (4,003)
Income taxes 662 (13,247) 7,141
Total adjustments 63,932 51,765 32,742
Net cash provided by operating activities 84,102 77,604 97,535
Cash flows from investing activities
Purchases of property and equipment (21,200) (24,468) (36,145)
Acquisition of businesses, net of cash received (438) ––
Decrease (increase) in notes receivable (240) 1,534 572
Proceeds from sale of assets 6,448 14,271 84,986
Other (643) (720) (187)
Net cash provided by (used in) investing activities (16,073) (9,383) 49,226
Cash flows from financing activities
Payments on and purchases of debt (624,171) (106,296) (64,838)
Proceeds from borrowings 535,000 – 12,495
Restricted cash for securitization obligations 6,409 (209) (487)
Proceeds from exercise of stock options 2,130 3,404 3,794
Proceeds from sale of noncontrolling interests 40 613 5,190
Purchases of noncontrolling interests (182) (9,277) (11,753)
Debt issuance and extinguishment costs (40,248) ––
Other (3,534) (8,017) 2,169
Net cash used in financing activities (124,556) (119,782) (53,430)
Net (decrease) increase in cash and cash equivalents (56,527) (51,561) 93,331
Cash and cash equivalents at beginning of the year 86,036 137,597 44,266
Cash and cash equivalents at end of the year $ 29,509 $ 86,036 $ 137,597
Supplemental cash flow information
Cash paid during the year for:
Interest (net of amounts capitalized of $23, $25 and $212, respectively)
$ 29,033 $ 32,184 $ 38,446
Income taxes (net of refunds) 10,523 25,534 12,961
Additions to capital lease obligations 1,340 446 5,299
Accounts and notes receivable and decrease in capital lease
obligations from property and equipment sales – 391 4,412
Stock options exercised by stock swap 1,572 78 713
Change in obligation for purchase of property and equipment (524) 3,208 (1,162)
The accompanying notes are an integral part of the consolidated financial statements.
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