BRINKER INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Fiscal Years | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2006 | 2005 | 2004 | |||||||||
| Cash Flows from Operating Activities: Net income |
$ | 212,395 | $ | 160,219 | $ | 150,918 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: Depreciation and amortization |
190,206 | 179,908 | 167,802 | ||||||||
| Restructure charges and other impairments | 1,950 | 61,855 | 69,236 | ||||||||
| Stock-based compensation | 32,200 | 2,127 | 2,702 | ||||||||
| Deferred income taxes | (34,219 | ) | (14,852 | ) | 1,467 | ||||||
| Gain on sale of assets | (19,278 | ) | (6,314 | ) | (2,452 | ) | |||||
| Amortization of deferred costs | (39 | ) | 3,113 | 7,548 | |||||||
| Loss (income) from discontinued operations, net of taxes | 1,555 | (1,763 | ) | 1,265 | |||||||
| Gain on extinguishment of debt | — | (1,750 | ) | — | |||||||
| Changes in assets and liabilities, excluding effects of acquisitions and dispositions: Receivables |
(8,948 | ) | (5,821 | ) | (4,203 | ) | |||||
| Inventories | 8,474 | (12,500 | ) | (13,800 | ) | ||||||
| Prepaid expenses and other | (3,773 | ) | (3,867 | ) | 1,562 | ||||||
| Other assets | 19,198 | (3,422 | ) | (3,162 | ) | ||||||
| Income taxes payable | 11,994 | (4,844 | ) | 34,115 | |||||||
| Accounts payable | 18,120 | 27,301 | (2,273 | ) | |||||||
| Accrued liabilities | 54,016 | 36,541 | 35,376 | ||||||||
| Other liabilities | (13,346 | ) | 9,430 | 21,917 | |||||||
| Net cash provided by operating activities of continuing operations |
470,505 | 425,361 | 468,018 | ||||||||
| Cash Flows from Investing Activities: Payments for property and equipment |
(354,607 | ) | (322,713 | ) | (304,482 | ) | |||||
| Proceeds from sale of assets | 48,462 | 38,928 | 22,235 | ||||||||
| Payments for purchases of restaurants | (23,095 | ) | — | — | |||||||
| Proceeds from disposition of equity method investee | 1,101 | — | — | ||||||||
| Purchases of short-term investments | — | — | (254,175 | ) | |||||||
| Proceeds from sale of short-term investments | — | 179,325 | 74,850 | ||||||||
| Net payments to affiliates | — | — | (2,252 | ) | |||||||
| Net cash used in investing activities of continuing operations | (328,139 | ) | (104,460 | ) | (463,824 | ) | |||||
| Cash Flows from Financing Activities: Purchases of treasury stock |
(305,714 | ) | (170,210 | ) | (322,615 | ) | |||||
| Net borrowings on credit facilities | 80,300 | 62,900 | — | ||||||||
| Proceeds from issuances of treasury stock | 53,808 | 71,112 | 41,587 | ||||||||
| Payments of dividends | (25,417 | ) | — | — | |||||||
| Excess tax benefits from stock-based compensation | 2,107 | 6,628 | 4,749 | ||||||||
| Payments on long-term debt | (1,581 | ) | (301,364 | ) | (17,120 | ) | |||||
| Net proceeds from issuance of debt | — | — | 296,075 | ||||||||
| Net cash (used in) provided by financing activities of continuing operations |
(196,497 | ) | (330,934 | ) | 2,676 | ||||||
| Cash Flows from Discontinued Operations (Revised): Net cash provided by operating activities of discontinued operations |
5,042 | 12,324 | 17,952 | ||||||||
| Net cash provided by (used in) investing activities of discontinued operations |
62,845 | (7,471 | ) | (10,877 | ) | ||||||
| Net cash provided by discontinued operations | 67,887 | 4,853 | 7,075 | ||||||||
| Net change in cash and cash equivalents | 13,756 | (5,180 | ) | 13,945 | |||||||
| Cash and cash equivalents at beginning of year | 41,859 | 47,039 | 33,094 | ||||||||
| Cash and cash equivalents at end of year | $ | 55,615 | $ | 41,859 | $ | 47,039 | |||||
See accompanying notes to consolidated financial statements.