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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Jun. 28, 2023
Jun. 29, 2022
Jun. 30, 2021
Cash flows from operating activities      
Net income $ 102.6 $ 117.6 $ 131.6 [1]
Adjustments to reconcile Net income to Net cash provided by operating activities:      
Depreciation and amortization 168.5 164.4 150.2 [2]
Deferred income taxes, net (30.9) (11.7) (12.5)
Restructure and impairment charges 24.0 20.3 9.8
Stock-based compensation 14.4 18.6 16.4
Net loss on disposal of assets 2.7 3.4 1.8
Other 1.8 3.0 3.7
Changes in assets and liabilities, net of the impact of acquisitions:      
Accounts receivable, net 0.7 3.4 (9.9)
Inventories 0.0 (5.5) (2.2)
Restaurant supplies (1.1) (1.6) (1.0)
Prepaid expenses (20.6) (12.2) 0.3
Current income taxes 8.0 14.4 14.7
Operating lease assets, net of liabilities (2.8) 3.4 (27.6)
Other assets 0.0 0.0 (0.5)
Accounts payable (5.8) 0.2 21.1
Gift card liability (10.9) (23.3) (3.5)
Accrued payroll (5.3) (11.5) 57.2
Other accrued liabilities 10.0 (2.0) 6.3
Other liabilities 1.0 (28.7) 13.8
Net cash provided by operating activities 256.3 252.2 369.7
Cash flows from investing activities      
Payments for property and equipment (184.9) (150.3) (94.0)
Payments for franchise restaurant acquisitions 0.0 (106.6) 0.0
Proceeds from sale leaseback transactions, net of related expenses 0.0 20.5 0.0
Proceeds from note receivable 4.5 2.1 1.5
Proceeds from sale of assets 5.5 0.1 1.6
Insurance recoveries 0.7 0.0 0.0
Net cash used in investing activities (174.2) (234.2) (90.9)
Cash flows from financing activities      
Borrowings on revolving credit facility 765.0 720.5 43.4
Payments on revolving credit facility (875.0) (620.5) (345.0)
Proceeds from issuance of long-term debt 350.0 0.0 0.0
Payments on long-term debt (322.1) (23.7) (20.0)
Purchases of treasury stock (5.0) (100.9) (4.2)
Proceeds from issuance of treasury stock 12.5 0.4 30.7
Payments for debt issuance costs (5.3) (3.1) (2.2)
Payments of dividends (0.6) (1.1) (1.5)
Net cash used in financing activities (80.5) (28.4) (298.8)
Net change in cash and cash equivalents 1.6 (10.4) (20.0)
Cash and cash equivalents at beginning of period 13.5 23.9 43.9
Cash and cash equivalents at end of period 15.1 13.5 23.9
Supplemental disclosure of cash flow information:      
Income taxes paid (refunds received), net 12.4 (4.7) 9.7
Interest paid, net of amounts capitalized 51.0 41.0 49.5
Accrued capital expenditures $ 11.3 $ 15.2 $ 8.8
[1] Fiscal 2021, which ended on June 30, 2021, contained 53 weeks. The impact of the 53rd week in fiscal 2021 resulted in an increase in Total revenues. While certain expenses increased in direct relationship to additional revenues from the 53rd week, other expenses, such as fixed costs, are incurred on a calendar month basis.
[2] Fiscal 2021, which ended on June 30, 2021, contained 53 weeks. The impact of the 53rd week in fiscal 2021 resulted in an increase in Total revenues. While certain expenses increased in direct relationship to additional revenues from the 53rd week, other expenses, such as fixed costs, are incurred on a calendar month basis.