Wendy's 2014 Annual Report Download - page 50

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Cash used in financing activities increased $98.8 million during 2013 as compared to 2012, primarily due to
the following:
• repurchases of common stock of $69.3 million during 2013;
• an increase in dividend payments of $31.6 million;
• a net increase in cash used for long-term debt activities of $36.4 million resulting from our 2012 and 2013
refinancings; partially offset by
• an increase in proceeds from the exercise of stock options of $34.6 million.
The net cash provided by our business before the effect of exchange rate changes on cash was approximately
$130.3 million.
Sources and Uses of Cash for 2015
Our anticipated consolidated sources of cash and cash requirements for 2015 exclusive of operating cash flow
requirements consist principally of:
• capital expenditures of approximately $270.0 million as discussed below in “Capital Expenditures;”
• quarterly cash dividends aggregating up to approximately $80.9 million as discussed below in “Dividends;”
• potential stock repurchases of up to $76.1 million, of which $6.0 million was repurchased subsequent to
December 28, 2014 through February 18, 2015 as discussed below in “Stock Repurchases;”
• restaurant dispositions under our system optimization initiative;
• potential restaurant acquisitions; and
• the impact, as well as the cost, of any potential financing activities, including the Company’s announced
intent to recapitalize its balance sheet.
Based upon current levels of operations, the Company expects that available cash and cash flows from
operations will provide sufficient liquidity to meet operating cash requirements for the next 12 months.
Capitalization
Year End
2014
Long-term debt, including current portion ........................................ $1,448.1
Stockholders’ equity ......................................................... 1,717.6
$3,165.7
The Wendy’s Company’s total capitalization at December 28, 2014 decreased $227.6 million from
$3,393.3 million at December 29, 2013 and was impacted principally by the following:
• stock repurchases of $301.2 million;
• dividends paid of $75.1 million;
• repayments of long-term debt of $38.4 million; partially offset by
• comprehensive income of $100.5 million; and
• treasury share issuances of $31.3 million for exercises and vestings of share-based compensation awards.
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