Sonic 2012 Annual Report Download - page 32

Download and view the complete annual report

Please find page 32 of the 2012 Sonic annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 56

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56

Consolidated Statements of Cash Flows
Year Ended August 31,
(In thousands) 2012 2011 2010
Cash flows from operating activities
Net income - including noncontrolling interests $ 36,085 $ 19,225 $ 25,839
Adjustments to reconcile net income including noncontrolling
interests to net cash provided by operating activities:
Depreciation and amortization 41,914 41,225 42,615
Stock-based compensation expense 4,295 5,644 7,666
Noncontrolling interests –– (4,630)
Provision for impairment of long-lived assets 764 824 15,161
Net loss from early extinguishment of debt –23,035 314
Other 24 1,580 1,091
Decrease (increase) in operating assets:
Restricted cash 2,586 (5,136) 4,465
Accounts receivable and other assets (2,591) (2,124) 292
Increase (decrease) in operating liabilities:
Accounts payable (932) (552) (522)
Accrued and other liabilities (828) (281) (1,440)
Income taxes 13,811 662 (13,247)
Total adjustments 59,043 64,877 51,765
Net cash provided by operating activities 95,128 84,102 77,604
Cash flows from investing activities
Purchases of property and equipment (24,175) (21,200) (24,468)
Proceeds from sale of assets 9,929 6,448 14,271
Other (9,863) (1,321) 814
Net cash used in investing activities (24,109) (16,073) (9,383)
Cash flows from financing activities
Payments on and purchases of debt (15,220) (624,171) (106,296)
Proceeds from borrowings –535,000 –
Restricted cash for securitization obligations 269 6,409 (209)
Proceeds from exercise of stock options 280 2,130 3,404
Purchases of noncontrolling interests (92) (182) (9,277)
Purchases of treasury stock (30,000) ––
Debt issuance and extinguishment costs (57) (40,248) –
Other (3,061) (3,494) (7,404)
Net cash used in financing activities (47,881) (124,556) (119,782)
Net increase (decrease) in cash and cash equivalents 23,138 (56,527) (51,561)
Cash and cash equivalents at beginning of the year 29,509 86,036 137,597
Cash and cash equivalents at end of the year $ 52,647 $ 29,509 $ 86,036
Supplemental cash flow information
Cash paid during the year for:
Interest (net of amounts capitalized of $337, $23 and $25, respectively)
$ 29,283 $ 29,033 $ 32,184
Income taxes (net of refunds) 11,114 10,523 25,534
Non-cash investing and financing activities:
Additions to capital lease obligations 1,692 1,340 446
Obligation to acquire treasury stock 1,102 ––
Stock options exercised by stock swap –1,572 78
Change in obligation for purchase of property and equipment (1,061) (524) 3,208
The accompanying notes are an integral part of the consolidated financial statements.
30