Wendy's 2014 Annual Report Download - page 67

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THE WENDY’S COMPANY AND SUBSIDIARIES
CONSOLIDATED 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 $ 44,632 $ 9,467
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ......................... 159,860 200,219 154,174
Share-based compensation ............................. 28,243 19,613 11,473
Impairment (see below) ............................... 19,613 45,782 21,097
Deferred income tax ................................. 69,540 12,853 (31,598)
Excess tax benefits from share-based compensation .......... (9,363) — —
Non-cash rent expense, net ............................ 1,951 8,152 7,210
Net receipt (recognition) of deferred vendor incentives ....... 4,063 6,318 (920)
(Gain) loss on dispositions, net (see below) ................ (91,579) (49,714) 442
(Gain) loss on sale of investments, net .................... (975) 799 (27,769)
Distributions received from TimWen joint venture .......... 13,896 14,116 15,274
Equity in earnings in joint ventures, net .................. (10,176) (9,722) (8,724)
Accretion of long-term debt ............................ 1,187 5,942 7,973
Amortization of deferred financing costs .................. 2,438 2,487 4,241
Loss on early extinguishment of debt ..................... — 28,563 75,076
Other, net ......................................... (11,686) (8,908) 3,093
Changes in operating assets and liabilities:
Accounts and notes receivable ...................... (2,763) 174 3,999
Inventories ..................................... 706 1,477 (561)
Prepaid expenses and other current assets ............. (2,976) (4,626) (1,360)
Accounts payable ................................ (3,105) (380) (9,266)
Accrued expenses and other current liabilities .......... (35,532) 12,070 (42,906)
Net cash provided by operating activities .......... 254,776 329,847 190,415
Cash flows from investing activities:
Capital expenditures ................................. (298,471) (224,245) (197,590)
Acquisitions ........................................ (53,954) (4,612) (40,608)
Dispositions ....................................... 161,386 149,112 21,023
Changes in restricted cash ............................. 1,750 (18,593) —
Investment activities, net (see below) ..................... 1,043 21,691 27,949
Other, net ......................................... 434 (43) (159)
Net cash used in investing activities .............. (187,812) (76,690) (189,385)
Cash flows from financing activities:
Proceeds from long-term debt .......................... — 575,000 1,113,750
Repayments of long-term debt .......................... (38,380) (590,293) (1,044,310)
Deferred financing costs .............................. — (7,684) (15,566)
Premium payments on redemptions/purchases of notes ....... — (8,439) (43,151)
Proceeds from termination of interest rate swaps ............ — 5,708 —
Repurchases of common stock .......................... (301,216) (69,320) —
Dividends ......................................... (75,117) (70,681) (39,043)
Distribution to noncontrolling interests ................... — — (3,667)
Proceeds from stock option exercises ..................... 30,788 42,370 7,806
Excess tax benefits from share-based compensation .......... 9,363 — —
Other, net ......................................... — 438 52
Net cash used in financing activities ............. (374,562) (122,901) (24,129)
Net cash (used in) provided by operations before effect of exchange rate
changes on cash ........................................... (307,598) 130,256 (23,099)
Effect of exchange rate changes on cash ........................... (5,278) (3,465) 1,229
Net (decrease) increase in cash and cash equivalents ................. (312,876) 126,791 (21,870)
Cash and cash equivalents at beginning of period ................... 580,152 453,361 475,231
Cash and cash equivalents at end of period ........................ $267,276 $ 580,152 $ 453,361
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