Wendy's 2012 Annual Report Download - page 130
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SCHEDULE I (Continued)
THE WENDY’S COMPANY (PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF CASH FLOWS
(In Thousands)
Year Ended
December 30,
2012
January 1,
2012
January 2,
2011
Cash flows from operating activities:
Net income (loss) .......................................... $ 7,083 $ 9,875 $ (4,325)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Equity in (income) loss from operations of subsidiaries ......... (31,217) (13,078) 2,175
Other operating transactions with Wendy’s Restaurants, LLC .... 28,733 6,031 8,032
Depreciation and amortization ............................ 3,078 627 1,863
Impairment of long-lived assets ........................... 1,628 — —
Share-based compensation ............................... 944 1,021 914
Tax sharing payments received from subsidiaries .............. 37 13,078 —
Amortization of deferred financing costs .................... 21 — —
Deferred income tax .................................... (4,118) (10,094) (4,027)
Income on collection of notes receivable .................... — — (4,909)
Tax sharing receivable from subsidiaries, net ................. — (2,437) (1,052)
Dividends from subsidiaries .............................. — — 443,700
Other, net ........................................... 1,753 (1,547) 8
Changes in operating assets and liabilities:
Other current assets ................................ (472) 491 231
Other current liabilities ............................. 8,643 (2,332) (4,033)
Net cash provided by operating activities ............ 16,113 1,635 438,577
Cash flows from investing activities:
Net repayments from subsidiaries .......................... — 377 987
Proceeds from repayment of DFR notes ..................... — — 30,752
Other, net ........................................... 686 — 205
Net cash provided by investing activities ............ 686 377 31,944
Cash flows from financing activities:
Repayments of long-term debt ............................ (11,303) (1,368) (8,330)
Repurchases of common stock ............................ — (157,556) (173,537)
Dividends ........................................... (39,043) (32,366) (27,621)
Proceeds from stock option exercises ....................... 7,806 6,359 1,444
Other, net ........................................... (48) (2,262) (828)
Net cash used in financing activities ................ (42,588) (187,193) (208,872)
Net (decrease) increase in cash and cash equivalents .................... (25,789) (185,181) 261,649
Cash and cash equivalents at beginning of year ....................... 128,441 313,622 51,973
Cash and cash equivalents at end of year ............................ $102,652 $ 128,441 $ 313,622
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