Wendy's 2011 Annual Report Download - page 157
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SCHEDULE I (Continued)
THE WENDY’S COMPANY (PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF CASH FLOWS
(In Thousands)
Year Ended
January 1,
2012
January 2,
2011
January 3,
2010
Cash flows from operating activities:
Net income (loss) ........................................... $ 9,875 $ (4,325) $ 5,062
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Equity in (income) loss of subsidiaries ....................... (13,078) 2,175 (10,516)
Dividends from subsidiaries ............................... — 443,700 115,000
Tax sharing payments received from subsidiaries ............... 13,078 — 10,417
Other operating transactions with Wendy’s Restaurants, LLC ..... 6,031 8,032 (14,114)
Share-based compensation provision ........................ 1,021 914 1,555
Depreciation and amortization ............................. 627 1,863 1,745
Income on collection of notes receivable ..................... — (4,909) —
Tax sharing receivable from subsidiaries, net .................. (2,437) (1,052) (65,366)
Deferred income tax (benefit) provision, net .................. (10,094) (4,027) 67,241
Other, net ............................................ (1,547) 8 (2,175)
Changes in assets and liabilities: ............................
Other current assets ................................. 491 231 1,467
Other current liabilities .............................. (2,332) (4,033) (8,951)
Net cash provided by operating activities ............. 1,635 438,577 101,365
Cash flows from investing activities:
Net repayments from subsidiaries .......................... 377 987 31,901
Proceeds from repayment of notes receivable .................. — 30,752 —
Other, net ............................................ — 205 (443)
Net cash provided by investing activities ............. 377 31,944 31,458
Cash flows from financing activities:
Repayments of long-term debt ............................. (1,368) (8,330) (889)
Repurchases of common stock ............................. (157,556) (173,537) (72,927)
Dividends paid ........................................ (32,366) (27,621) (27,976)
Proceeds from stock option exercises ........................ 6,359 1,444 1,715
Other, net ............................................ (2,262) (828) (7,633)
Net cash used in financing activities ................. (187,193) (208,872) (107,710)
Net (decrease) increase in cash and cash equivalents ..................... (185,181) 261,649 25,113
Cash and cash equivalents at beginning of year ........................ 313,622 51,973 26,860
Cash and cash equivalents at end of year ............................. $128,441 $ 313,622 $ 51,973
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