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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 24, 2024
Mar. 26, 2023
Cash flows from operating activities:    
Net Income (Loss) $ 125,824 $ 104,770
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,869 18,170
Refranchising loss 133 149
Loss on sale/disposal of assets 90 275
Amortization of debt issuance costs 1,266 1,292
Benefit for deferred income taxes (3,757) (3,439)
Non-cash equity-based compensation expense 11,338 7,538
Excess tax (benefits) deficiencies from equity-based compensation (8,104) 298
(Benefit) provision for losses on accounts and notes receivable (8) 572
Unrealized loss on investments 18,699 0
Changes in operating assets and liabilities (9,961) 7,388
Changes in advertising fund assets and liabilities, restricted (31,925) (22,331)
Net cash provided by operating activities 123,464 114,682
Cash flows from investing activities:    
Capital expenditures (20,181) (19,031)
Other (1,305) (572)
Net cash used in investing activities (21,486) (19,603)
Cash flows from financing activities:    
Repayments of long-term debt and finance lease obligations (13,525) (13,899)
Proceeds from exercise of stock options 10,774 343
Purchases of common stock (25,000) (30,083)
Tax payments for restricted stock upon vesting (6,700) (1,553)
Payments of common stock dividends and equivalents (343) (89)
Net cash used in financing activities (34,794) (45,281)
Effect of exchange rate changes on cash (672) (186)
Change in cash and cash equivalents, restricted cash and cash equivalents 66,512 49,612
Cash and cash equivalents, beginning of period 114,098 [1] 60,356
Restricted cash and cash equivalents, beginning of period 200,870 [1] 191,289
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period 88,165 143,559
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period 403,133 395,204
Cash and cash equivalents, end of period 203,894 154,193
Restricted cash and cash equivalents, end of period 209,752 170,798
Cash and cash equivalents included in advertising fund assets, restricted, end of period 55,999 119,825
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period $ 469,645 $ 444,816
[1] The condensed consolidated balance sheet at December 31, 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.