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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 16, 2024
Jun. 18, 2023
Jun. 16, 2024
Jun. 18, 2023
Cash flows from operating activities:        
Net Income (Loss) $ 141,978 $ 109,380 $ 267,802 $ 214,150
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 20,349 18,561 40,218 36,731
Refranchising loss 25 0 158 149
Loss on sale/disposal of assets 237 127 327 402
Amortization of debt issuance costs     2,475 2,578
Benefit for deferred income taxes     (6,246) (7,596)
Non-cash equity-based compensation expense 10,686 9,527 22,024 17,065
Excess tax benefits from equity-based compensation     (20,238) (133)
Provision for losses on accounts and notes receivable     111 1,166
Unrealized loss on investments     7,301 14,964
Changes in operating assets and liabilities     (31,660) (33,794)
Changes in advertising fund assets and liabilities, restricted     (8,122) (3,391)
Net cash provided by operating activities     274,150 242,291
Cash flows from investing activities:        
Capital expenditures     (43,683) (37,980)
Other     (1,277) (1,211)
Net cash used in investing activities     (44,960) (39,191)
Cash flows from financing activities:        
Repayments of long-term debt and finance lease obligations     (14,764) (27,186)
Proceeds from exercise of stock options     31,467 1,051
Purchases of common stock     (25,000) (120,847)
Tax payments for restricted stock upon vesting     (9,260) (3,068)
Payments of common stock dividends and equivalents     (53,100) (42,930)
Net cash used in financing activities     (70,657) (192,980)
Effect of exchange rate changes on cash     (990) 494
Change in cash and cash equivalents, restricted cash and cash equivalents     157,543 10,614
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 283,699 77,020 283,699 77,020
Restricted cash and cash equivalents, end of period 197,019 189,694 197,019 189,694
Cash and cash equivalents included in advertising fund assets, restricted, end of period 79,958 139,104 79,958 139,104
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period $ 560,676 $ 405,818 $ 560,676 $ 405,818
[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.