Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 29, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 27,748 $ 26,820
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15,453 13,762
Deferred income taxes 960 744
Non-cash interest expense 62 62
Loss on disposal of property and equipment, net   21
Amortization of below market lease   59
Stock-based compensation expense 6,148 5,720
Changes in operating assets and liabilities:    
Accounts receivable 3,704 10,295
Inventories 698 700
Prepaid expenses and other 67 287
Other assets (17)  
Accounts payable and accrued expenses (15,483) (9,797)
Deferred revenue (8,096) (6,070)
Deferred rent   834
Operating lease liabilities and assets 487  
Other liabilities (917) (2,895)
Net cash provided by operating activities 30,814 40,542
Cash flows from investing activities:    
Acquisition of property and equipment (19,864) (22,113)
Acquisition of franchise restaurants, net of cash acquired (18,613)  
Acquisition of intangible assets   (1,171)
Net cash used in investing activities (38,477) (23,284)
Cash flows from financing activities:    
Principal borrowings on long-term debt 54,000 23,000
Principal repayments on long-term debt (12,000) (19,000)
Repurchase of common stock (20,596) (5,943)
Cash dividend payments (11,752) (10,176)
Tax payments from the vesting of restricted stock and option exercises (3,720) (4,342)
Deferred financing costs (35)  
Proceeds from the exercise of stock options 12 29
Net cash provided by (used in) financing activities 5,909 (16,432)
Net increase (decrease) in cash and cash equivalents (1,754) 826
Cash and cash equivalents at beginning of period 5,062 4,051
Cash and cash equivalents at end of period 3,308 4,877
Supplemental disclosures of cash flow information:    
Interest, net of capitalized interest 1,400 1,204
Income taxes 6,707 6,730
Noncash investing and financing activities:    
Accrued acquisition of property and equipment $ 5,722 $ 1,253