Wendy's 2014 Annual Report Download - page 132

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SCHEDULE I (Continued)
THE WENDY’S COMPANY (PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF CASH FLOWS
(In Thousands)
Year Ended
December 28,
2014
December 29,
2013
December 30,
2012
Cash flows from operating activities:
Net income ............................................. $121,434 $ 45,487 $ 7,083
Adjustments to reconcile net income to net cash provided by
operating activities:
Equity in income from operations of subsidiaries ............ (113,010) (20,850) (31,217)
Depreciation and amortization .......................... — 1,272 3,078
Share-based compensation ............................. 737 1,552 944
Impairment of long-lived assets .......................... — 1,830 1,628
Deferred income tax .................................. 7,213 80,161 (4,118)
Excess tax benefits from share-based compensation ........... (9,363) — —
Amortization of deferred financing costs ................... — — 21
Dividends from subsidiaries ............................ 210,000 170,000 —
Tax sharing receivable from subsidiaries, net ................ (16,764) (119,249) —
Tax sharing payments received from subsidiaries ............. — — 37
Other operating transactions with Wendy’s Restaurants, LLC . . (13,002) 4,988 28,733
Other, net .......................................... (5,525) 1,439 1,753
Changes in operating assets and liabilities:
Other current assets .............................. 2,300 10,305 (472)
Other current liabilities ............................ 4,654 (2,040) 8,643
Net cash provided by operating activities .......... 188,674 174,895 16,113
Cash flows from investing activities:
Other, net .......................................... 3,148 — 686
Net cash provided by investing activities ........... 3,148 — 686
Cash flows from financing activities:
Repayments of long-term debt .......................... — — (11,303)
Repurchases of common stock .......................... (301,216) (69,320) —
Dividends .......................................... (75,117) (70,681) (39,043)
Proceeds from stock option exercises ...................... 30,788 42,370 7,806
Excess tax benefits from share-based compensation ........... 9,363 — —
Other, net .......................................... — — (48)
Net cash used in financing activities .............. (336,182) (97,631) (42,588)
Net (decrease) increase in cash and cash equivalents .................. (144,360) 77,264 (25,789)
Cash and cash equivalents at beginning of year ...................... 179,916 102,652 128,441
Cash and cash equivalents at end of year ........................... $ 35,556 $ 179,916 $102,652
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