Wendy's 2010 Annual Report Download - page 170

SCHEDULE I (Continued)
Wendy’s/Arby’s Group, Inc. (Parent Company Only)
CONDENSED STATEMENTS OF CASH FLOWS
Year Ended
January 2,
2011
January 3,
2010
December 28,
2008
Cash flows from continuing operating activities:
Net (loss) income ............................................ $ (4,325) $ 5,062 $(479,741)
Adjustments to reconcile net (loss) income to net cash provided by (used
in) continuing operating activities:
Dividends from subsidiaries ................................ 443,700 115,000 —
Equity in loss (income) from continuing operations of subsidiaries . . . 2,175 (8,970) 451,158
Other operating transactions with Wendy’s/Arby’s Restaurants,
LLC ................................................ 8,032 (14,114) —
Tax sharing payments received from subsidiaries ................ — 10,417 17,000
Depreciation and amortization .............................. 1,863 1,745 2,212
Share-based compensation provision .......................... 914 1,555 358
Write-off and amortization of deferred financing costs ............ 16 25 5,132
Cancellation of intercompany debts, net ....................... (23,212) — —
Operating investment adjustments, net (see below) .............. (4,909) — 22,838
Deferred income tax benefit, net ............................. (4,027) 67,241 (21,359)
Tax sharing receivable from subsidiaries, net .................... (1,052) (65,366) —
Equity in income from discontinued operations of subsidiaries ...... — (1,546) (2,217)
Impairment of long-lived assets .............................. — — 2,671
Other, net .............................................. (8) (2,200) (5,772)
Changes in assets and liabilities:
Other current assets .................................. 231 1,467 797
Other current liabilities ................................ (4,033) (5,381) (20,355)
Net cash provided by (used in) continuing operating
activities ..................................... 438,577 104,935 (27,278)
Cash flows from continuing investing activities:
Net repayments from subsidiaries ................................ 987 31,901 10,577
Investment activities (see below) ................................. 30,752 — —
Cost of merger with Wendy’s ................................... — (608) (18,403)
Capital expenditures .......................................... — — (1,065)
Other, net .................................................. 205 165 884
Net cash provided by (used in) continuing investing
activities ..................................... 31,944 31,458 (8,007)
Cash flows from continuing financing activities:
Repurchases of common stock .................................. (173,537) (72,927) —
Dividends paid .............................................. (27,621) (27,976) (30,538)
Repayments of long-term debt .................................. (8,330) (889) (2,361)
Proceeds from long-term debt ................................... — — 20,000
Advances from Wendy’s/Arby’s Restaurants, LLC ................... — — 155,000
Capital contribution to Wendy’s/Arby’s Restaurants, LLC ............. — — (150,177)
Proceeds from intercompany loan ................................ — — 47,000
Other ..................................................... 616 (5,918) (152)
Net cash (used in) provided by continuing financing
activities ..................................... (208,872) (107,710) 38,772
Net cash provided by continuing operations ............................ 261,649 28,683 3,487
Net cash used in operating activities of discontinued operations ............. — (3,570) (1,318)
Net increase in cash and cash equivalents .............................. 261,649 25,113 2,169
Cash and cash equivalents at beginning of year .......................... 51,973 26,860 24,691
Cash and cash equivalents at end of year ............................... $313,622 $ 51,973 $ 26,860
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