Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 25, 2016
Dec. 27, 2015
Dec. 28, 2014
Cash Flows From Operating Activities:      
Net income $ 11,725 $ 47,704 $ 32,561
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 86,695 77,374 64,579
Gift card breakage (3,517) (5,079) (2,284)
(Benefit) provision for deferred income taxes and benefit from exercise of stock options (11,929) 2,681 (1,990)
Asset impairment and restaurant closure costs 31,842 581 8,833
Stock-based compensation 4,545 4,724 4,170
Amortization of debt issuance costs and other 555 479 702
Changes in operating assets and liabilities, net of effects of acquired business:      
Accounts receivable and other current assets (3,537) 4,272 (1,279)
Inventory (1,218) (2,375) (1,949)
Other assets (1,618) (3,055) (6,466)
Trade accounts payable, accrued and other liabilities (22,414) 1,536 12,051
Unearned revenue 5,073 7,909 8,877
Deferred rent 2,755 4,172 5,776
Net cash provided by operating activities 98,957 140,923 123,581
Cash Flows From Investing Activities:      
Purchases of property, equipment and intangible assets (163,767) (166,284) (107,703)
Acquisition of franchise restaurants, net of cash acquired (39,966) (2,532) (47,511)
Proceeds from sales of real estate and property, plant, and equipment 4,354 0 0
Other investing activities 0 (295) (64)
Net cash used in investing activities (199,379) (169,111) (155,278)
Cash Flows From Financing Activities:      
Borrowings of long-term debt 366,500 415,500 231,000
Payments of long-term debt and capital leases (233,642) (352,550) (171,817)
Purchase of treasury stock (46,078) (40,009) (26,884)
Debt issuance costs (1,058) (319) (690)
Tax benefit from exercise of stock options 411 1,980 2,224
Proceeds from exercise of stock options and employee stock purchase plan 3,200 4,165 3,218
Net cash provided by financing activities 89,333 28,767 37,051
Effect of exchange rate changes on cash and cash equivalents 116 (282) (54)
Net (decrease) increase in cash and cash equivalents (10,973) 297 5,300
Cash and cash equivalents, beginning of year 22,705 22,408 17,108
Cash and cash equivalents, end of year $ 11,732 $ 22,705 $ 22,408