|
The Cheesecake Factory Incorporated and Subsidiaries
Consolidated Statements of Cash Flows
| |
Fiscal Year |
 |
|
| (In thousands) |
2004 |
2003 |
2002 |
|
| |
|
(restated) |
(restated) |
| Cash flows from operating activities: |
| Net income |
$ |
66,538 |
|
$ |
57,230 |
|
$ |
48,771 |
|
| Adjustments to reconcile net income to cash provided by operating activities: |
| Depreciation and amortization |
|
35,943 |
|
|
28,228 |
|
|
23,099 |
|
| Gain on available-for-sale securities |
|
(195 |
) |
|
(2,456 |
) |
|
(1,797 |
) |
| Deferred income taxes |
|
16,668 |
|
|
11,557 |
|
|
11,189 |
|
| Tax benefit related to stock options exercised |
|
13,354 |
|
|
10,519 |
|
|
25,361 |
|
| Changes in assets and liabilities: |
| Accounts receivable |
|
(1,132 |
) |
|
(1,870 |
) |
|
255 |
|
| Other receivables |
|
(4,606 |
) |
|
(1,794 |
) |
|
(7,070 |
) |
| Inventories |
|
(2,093 |
) |
|
(2,449 |
) |
|
(7,214 |
) |
| Prepaid expenses |
|
613 |
|
|
(3,705 |
) |
|
(4,323 |
) |
| Other |
|
(10,400 |
) |
|
(8,656 |
) |
|
(7,982 |
) |
| Accounts payable |
|
6,045 |
|
|
11,157 |
|
|
(4,046 |
) |
| Income taxes payable |
|
3,411 |
|
|
– |
|
|
(2,837 |
) |
| Other accrued expenses |
|
25,992 |
|
|
19,800 |
|
|
18,051 |
|
|
|
| Cash provided by operating activities |
|
150,138 |
|
|
117,561 |
|
|
91,457 |
|
|
|
| |
| Cash flows from investing activities: |
| Additions to property and equipment |
|
(161,898 |
) |
|
(113,327 |
) |
|
(84,624 |
) |
| Investments in available-for-sale securities |
|
(113,467 |
) |
|
(174,205 |
) |
|
(119,970 |
) |
| Sales of available-for-sale securities |
|
96,900 |
|
|
155,435 |
|
|
98,338 |
|
|
|
| Cash used in investing activities |
|
(178,465 |
) |
|
(132,097 |
) |
|
(106,256 |
) |
|
|
| |
| Cash flows from financing activities: |
| Deemed landlord financing proceeds |
|
20,230 |
|
|
6,862 |
|
|
– |
|
| Issuance of common stock |
|
12 |
|
|
11 |
|
|
24 |
|
| Dividends paid for fractional shares |
|
(83 |
) |
|
– |
|
|
– |
|
| Proceeds from exercise of employee stock options |
|
16,301 |
|
|
12,644 |
|
|
21,558 |
|
| Purchase of treasury stock |
|
(9,259 |
) |
|
(847 |
) |
|
(7,059 |
) |
|
|
| Cash provided by financing activities |
|
27,201 |
|
|
18,670 |
|
|
14,523 |
|
|
|
| Net change in cash and cash equivalents |
|
(1,126 |
) |
|
4,134 |
|
|
(276 |
) |
| Cash and cash equivalents at beginning of period |
|
15,167 |
|
|
11,033 |
|
|
11,309 |
|
|
|
| Cash and cash equivalents at end of period |
$ |
14,041 |
|
$ |
15,167 |
|
$ |
11,033 |
|
|
|
| |
| Supplemental disclosures: |
| Interest paid |
$ |
492 |
|
$ |
112 |
|
$ |
– |
|
|
|
| Income taxes paid |
$ |
4,393 |
|
$ |
12,730 |
|
$ |
283 |
|
|
|
See the accompanying notes to the consolidated financial statements.
|
