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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jul. 02, 2023
Jul. 03, 2022
Cash flows from operating activities:    
Net income $ 99,453 $ 85,553
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) 66,970 66,659
Amortization of cloud computing arrangements 3,848 0
Share-based compensation 10,218 12,470
Impairment of long-lived assets 454 2,476
Deferred income tax 4,254 7,306
Non-cash rental expense, net 19,552 16,684
Change in operating lease liabilities (23,528) (22,913)
Net receipt of deferred vendor incentives 6,881 5,039
System optimization losses (gains), net 1 (3,686)
Distributions received from joint ventures, net of equity in earnings 542 1,108
Long-term debt-related activities, net 5,334 3,731
Cloud computing arrangements expenditures (16,817) (13,213)
Changes in operating assets and liabilities and other, net (35,658) (63,019)
Net cash provided by operating activities 141,504 98,195
Cash flows from investing activities:    
Capital expenditures (30,164) (30,941)
Franchise development fund (395) (1,312)
Dispositions 280 1,016
Notes receivable, net 1,335 2,445
Net cash used in investing activities (28,944) (28,792)
Cash flows from financing activities:    
Proceeds from long-term debt 0 500,000
Repayments of long-term debt (46,434) (12,125)
Repayments of finance lease liabilities (12,336) (9,495)
Deferred financing costs 0 (10,232)
Repurchases of common stock (86,930) (51,950)
Dividends (105,715) (53,546)
Proceeds from stock option exercises 7,847 1,959
Payments related to tax withholding for share-based compensation (2,708) (1,904)
Net cash (used in) provided by financing activities (246,276) 362,707
Net cash (used in) provided by operations before effect of exchange rate changes on cash (133,716) 432,110
Effect of exchange rate changes on cash 2,161 (2,428)
Net (decrease) increase in cash, cash equivalents and restricted cash (131,555) 429,682
Cash, cash equivalents and restricted cash at beginning of period 831,801 366,966
Cash, cash equivalents and restricted cash at end of period $ 700,246 $ 796,648