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. 27, 2015
Dec. 28, 2014
Dec. 29, 2013
Cash Flows From Operating Activities:      
Net income $ 47,704 $ 32,561 $ 32,239
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 77,374 64,579 58,200
Gift card breakage (5,079) (2,284) (2,106)
Provision for deferred income taxes and benefit from exercise of stock options 2,681 (1,990) (1,662)
Asset impairment charges 581 8,833 1,517
Stock-based compensation 4,724 4,170 3,823
Amortization of debt issuance costs and other 479 702 449
Changes in operating assets and liabilities, net of effects of acquired business:      
Accounts receivable and other current assets 4,272 (1,279) (2,334)
Inventory (2,375) (1,949) (3,621)
Other assets (3,055) (6,466) (1,816)
Trade accounts payable, accrued and other liabilities 1,536 12,051 17,571
Unearned revenue 7,909 8,877 7,830
Deferred rent 4,172 5,776 3,439
Net cash provided by operating activities 140,923 123,581 113,529
Cash Flows From Investing Activities:      
Purchases of property, equipment and intangible assets (166,284) (107,703) (78,876)
Acquisition of franchise restaurants, net of cash acquired (2,532) (47,511) 0
Other investing activities (295) (64) 645
Net cash used in investing activities (169,111) (155,278) (78,231)
Cash Flows From Financing Activities:      
Borrowings of long-term debt 415,500 231,000 141,500
Payments of long-term debt and capital leases (352,550) (171,817) (188,783)
Purchase of treasury stock (40,009) (26,884) (5,003)
Debt issuance costs (319) (690) 0
Tax benefit from exercise of stock options 1,980 2,224 3,481
Proceeds from exercise of stock options and employee stock purchase plan 4,165 3,218 8,175
Net cash provided by (used in) financing activities 28,767 37,051 (40,630)
Effect of exchange rate changes on cash and cash equivalents (282) (54) 0
Net increase (decrease) in cash and cash equivalents 297 5,300 (5,332)
Cash and cash equivalents, beginning of year 22,408 17,108 22,440
Cash and cash equivalents, end of year $ 22,705 $ 22,408 $ 17,108