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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 27, 2022
Mar. 28, 2021
Cash flows from operating activities:    
Net income $ 90,964 $ 117,761
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,976 16,465
Loss on sale/disposal of assets 195 161
Amortization of debt issuance costs 1,319 1,203
Provision for deferred income taxes 1,319 1,578
Non-cash equity-based compensation expense 7,265 5,204
Excess tax benefits from equity-based compensation (86) (914)
Provision for losses on accounts and notes receivable 1,462 180
Unrealized gain on investments 0 (2,500)
Changes in operating assets and liabilities (34,718) (1,634)
Changes in advertising fund assets and liabilities, restricted (7,907) 15,347
Net cash provided by operating activities 78,789 152,851
Cash flows from investing activities:    
Capital expenditures (12,454) (16,561)
Purchase of investments 0 (40,000)
Purchases of franchise operations and other assets (6,814) 0
Other (1,368) 121
Net cash used in investing activities (20,636) (56,440)
Cash flows from financing activities:    
Repayments of long-term debt and finance lease obligations (13,861) (704)
Proceeds from exercise of stock options 266 3,693
Purchases of common stock (47,661) (25,000)
Tax payments for restricted stock upon vesting (789) (1,044)
Payments of common stock dividends and equivalents (51) (64)
Net cash used in financing activities (62,096) (23,119)
Effect of exchange rate changes on cash 374 161
Change in cash and cash equivalents, restricted cash and cash equivalents (3,569) 73,453
Cash and cash equivalents, beginning of period 148,160 [1] 168,821
Restricted cash and cash equivalents, beginning of period 180,579 [1] 217,453
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period 161,741 115,872
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period 490,480 502,146
Cash and cash equivalents, end of period 164,962 267,719
Restricted cash and cash equivalents, end of period 168,241 176,029
Cash and cash equivalents included in advertising fund assets, restricted, end of period 153,708 131,851
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period $ 486,911 $ 575,599
[1] The condensed consolidated balance sheet at January 2, 2022 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.