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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net (loss) income $ (1,622) $ 10,941
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization expense 27,170 36,002
Income from equity method investments (4,192) 0
Amortization of debt costs 16,491 14,583
Stock-based compensation 4,343 5,102
Long-lived asset impairments 0 14,556
Loss on forward contracts for the issuance of convertible preferred stock 16,787 0
Loss on net asset exchange for the formation of the joint ventures 21,293 0
Gain on convertible debt repurchase (3,214) 0
Gains on refranchising (440) (276)
Loss on debt refinancing 0 16,740
Third-party fees associated with refinancing 0 (16,322)
Distributions received from equity method investments 791 0
Changes in assets and liabilities:    
Increase in receivables (4,933) (6,080)
Decrease (increase) in inventory 9,718 (5,794)
Increase in prepaid and other current assets (843) (6,552)
Increase in accounts payable 48,795 6,860
Decrease in deferred revenue and accrued liabilities (9,456) (10,565)
Decrease in net lease liabilities (25,382) 0
Other operating activities 2,332 (3,506)
Net cash provided by operating activities 97,638 55,689
Cash flows from investing activities:    
Capital expenditures (10,933) (13,355)
Refranchising proceeds, net of store acquisition costs 2,062 1,916
Proceeds from net asset exchange 99,221 0
Capital contribution to the newly formed joint ventures (13,079) 0
Net cash provided by (used in) investing activities 77,271 (11,439)
Cash flows from financing activities:    
Borrowings under revolving credit facility 22,000 261,500
Payments on revolving credit facility (22,000) (261,500)
Proceeds from the issuance of convertible preferred stock 199,950 0
Payments on convertible notes repurchase (24,708) 0
Original issuance discount and revolving credit facility fees (10,365) (35,235)
Fees associated with the issuance of convertible preferred stock (12,814) (3,443)
Minimum tax withholding requirements (233) (296)
Net cash used in financing activities (119,256) (74,487)
Effect of exchange rate changes on cash and cash equivalents (1,020) (416)
Net increase (decrease) in cash and cash equivalents 54,633 (30,653)
Beginning balance, cash and cash equivalents 67,224 64,001
Ending balance, cash and cash equivalents 121,857 33,348
Non-cash investing activities:    
Capital expenditures in current liabilities 1,050 1,177
Non-cash financing activities:    
Original issuance discount 0 13,231
Tranche B-1    
Cash flows from financing activities:    
Payments on term loan facility (147,312) (3,413)
Tranche B-2    
Cash flows from financing activities:    
Payments on term loan facility $ (123,774) $ (32,100)