Sonic 2014 Annual Report Download - page 30

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Condensed Consolidated Statements of Cash Flows
Year Ended August 31,
(In thousands) 2014 2013 2012
Cash flows from operating activities:
Net income $ 47,916 $ 36,701 $ 36,085
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 42,210 40,387 41,914
Stock-based compensation expense 3,742 3,630 4,295
Net loss from early extinguishment of debt – 4,443 –
Other (1,628) 2,381 788
(Increase) decrease in operating assets:
Restricted cash (1,428) (2,431) 2,586
Accounts receivable and other assets (5,977) 1,613 (2,591)
Increase (decrease) in operating liabilities:
Accounts payable 640 2,324 (932)
Accrued and other liabilities 7,347 5,129 (828)
Income taxes 10,726 (6,338) 13,811
Total adjustments 55,632 51,138 59,043
Net cash provided by operating activities 103,548 87,839 95,128
Cash flows from investing activities:
Purchases of property and equipment (79,008) (41,338) (24,175)
Proceeds from sale of assets 2,148 33,475 9,929
Other 6,337 6,679 (9,863)
Net cash used in investing activities (70,523) (1,184) (24,109)
Cash flows from financing activities:
Payments on and purchases of debt (9,976) (189,499) (15,220)
Proceeds from borrowings – 155,000 –
Restricted cash for securitization obligations 181 1,921 269
Purchases of treasury stock (79,786) (36,582) (30,000)
Proceeds from exercise of stock options 17,407 16,343 280
Debt issuance and extinguishment costs (151) (5,137) (57)
Other (2,902) (3,452) (3,153)
Net cash used in financing activities (75,227) (61,406) (47,881)
Net increase (decrease) in cash and cash equivalents (42,202) 25,249 23,138
Cash and cash equivalents at beginning of year 77,896 52,647 29,509
Cash and cash equivalents at end of year $ 35,694 $ 77,896 $ 52,647
Supplemental cash flow information
Cash paid during the year for:
Interest $ 23,701 $ 27,352 $ 29,283
Income taxes (net of refunds) $ 14,143 $ 25,440 $ 11,114
Non-cash investing and financing activities:
Change in obligation to acquire treasury stock 259 (1,102) 1,102
Notes receivable and direct financing leases from property disposition – 8,661 –
Stock options exercised by stock swap 4,634 – –
Change in obligation for purchase of property and equipment 3,097 (477) (1,061)
Dividend payable 4,852 – –
The accompanying notes are an integral part of the consolidated financial statements.
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