XML 22 R5.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 26, 2023
Mar. 27, 2022
Cash flows from operating activities:    
Net income $ 104,770 $ 90,964
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,170 18,976
Refranchising loss 149 0
Loss on sale/disposal of assets 275 195
Amortization of debt issuance costs 1,292 1,319
(Benefit) provision for deferred income taxes (3,439) 1,319
Non-cash equity-based compensation expense 7,538 7,265
Excess tax deficiencies (benefits) from equity-based compensation 298 (86)
Provision for losses on accounts and notes receivable 572 1,462
Changes in operating assets and liabilities 7,388 (34,718)
Changes in advertising fund assets and liabilities, restricted (22,331) (7,907)
Net cash provided by operating activities 114,682 78,789
Cash flows from investing activities:    
Capital expenditures (19,031) (12,454)
Purchases of franchise operations and other assets 0 (6,814)
Other (572) (1,368)
Net cash used in investing activities (19,603) (20,636)
Cash flows from financing activities:    
Repayments of long-term debt and finance lease obligations (13,899) (13,861)
Proceeds from exercise of stock options 343 266
Purchases of common stock (30,083) (47,661)
Tax payments for restricted stock upon vesting (1,553) (789)
Payments of common stock dividends and equivalents (89) (51)
Net cash used in financing activities (45,281) (62,096)
Effect of exchange rate changes on cash (186) 374
Change in cash and cash equivalents, restricted cash and cash equivalents 49,612 (3,569)
Cash and cash equivalents, beginning of period 60,356 [1] 148,160
Restricted cash and cash equivalents, beginning of period 191,289 [1] 180,579
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period 143,559 161,741
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period 395,204 490,480
Cash and cash equivalents, end of period 154,193 164,962
Restricted cash and cash equivalents, end of period 170,798 168,241
Cash and cash equivalents included in advertising fund assets, restricted, end of period 119,825 153,708
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period $ 444,816 $ 486,911
[1] The condensed consolidated balance sheet at January 1, 2023 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.