Wendy's 2009 Annual Report Download - page 155

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Wendy’s/Arby’s Group, Inc.
(Parent Company Only)
CONDENSED STATEMENTS OF CASH FLOWS
(In Thousands)
January 3,
2010
December 28,
2008
December 30,
2007
Year-Ended
Cash flows from continuing operating activities:
Net income (loss).......................................... $ 5,062 $(479,741) $ 16,081
Adjustments to reconcile net income (loss) to net cash
provided by (used in) continuing operating activities:
Dividends from subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,000 — 74,474
Deferred income tax benefit, net. . . . . . . . . . . . . . . . . . . . . . . . . . 67,241 (21,359) (58,195)
Tax sharing payments received from subsidiaries . . . . . . . . . . . 10,417 17,000 —
Tax sharing receivable from subsidiaries, net . . . . . . . . . . . . . . . (65,366) — —
Depreciation and amortization of properties. . . . . . . . . . . . . . . . 1,745 2,212 2,599
Share-based compensation provision . . . . . . . . . . . . . . . . . . . . . . . 1,555 358 2,721
Write-off and amortization of deferred financing costs . . . . . . 25 5,132 21
Other operating transactions with Wendy’s/Arby’s
Restaurants, LLC...................................... (14,114) — —
Equity in (income) loss from continuing operations of
subsidiaries........................................... (8,970) 451,158 (82,691)
Equity in income from discontinued operations of
subsidiaries........................................... (1,546) (2,217) (995)
Operating investment adjustments, net (see below) . . . . . . . . . — 22,838 (8,706)
Impairment of other long-lived assets . . . . . . . . . . . . . . . . . . . . . — 2,671 —
Other, net.............................................. (2,200) (5,772) (2,570)
Changes in assets and liabilities:
Other current assets................................... 1,467 797 (869)
Other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,381) (20,355) (3,436)
Net cash provided by (used in) continuing operating
activities......................................... 104,935 (27,278) (61,566)
Cash flows from continuing investing activities:
Net repayments from subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,901 10,577 98,531
Investment activities, net (see below) . . . . . . . . . . . . . . . . . . . . . . . . — — 7,220
Cost of merger with Wendy’s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (608) (18,403) —
Capital expenditures ....................................... — (1,065) (66)
Other, net................................................ 165 884 (204)
Net cash provided by (used in) continuing investing
activities......................................... 31,458 (8,007) 105,481
Cash flows from continuing financing activities:
Advances from Wendy’s/Arby’s Restaurants, LLC . . . . . . . . . . . . . — 155,000 —
Capital contribution to Wendy’s/Arby’s Restaurants, LLC . . . . . — (150,177) —
Repurchases of common stock .............................. (72,927) — —
Dividends paid............................................ (27,976) (30,538) (32,117)
Proceeds from intercompany loan ........................... — 47,000 —
Proceeds from long-term debt .............................. — 20,000 —
Repayments of long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (889) (2,361) (3,226)
Other .................................................... (5,918) (152) 1,370
Net cash (used in) provided by continuing financing
activities......................................... (107,710) 38,772 (33,973)
Net cash provided by continuing operations . . . . . . . . . . . . . . . . . . . . 28,683 3,487 9,942
Net cash used in operating activities of discontinued operations . . (3,570) (1,318) (635)
Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . 25,113 2,169 9,307
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . 26,860 24,691 15,384
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . $ 51,973 $ 26,860 $ 24,691
SCHEDULE I (Continued)