| Dec'19 | Dec'18 | Dec'17 | Jan'17 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Operating activities: | |||||||||
Net income (loss) | |||||||||
-84,386 | 7,787 | -36,232 | 16,712 | 38,536 | 36,176 | 9,257 | 8,267 | 9,541 | 7,043 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
Loss (gain) on disposals of property and equipment | |||||||||
6 | 757 | -815 | -779 | 170 | 369 | 208 | -186 | -325 | -327 |
Stock-based compensation | |||||||||
2,844 | 3,469 | 3,545 | 3,283 | 4,293 | 3,497 | - | - | - | 1,002 |
Stock-based compensation | |||||||||
- | - | - | - | - | - | 2,298 | 1,834 | 1,708 | 1,002 |
Impairment and other lease charges | |||||||||
13,101 | 21,144 | 61,760 | 25,644 | 2,382 | 363 | 199 | 7,039 | 2,744 | 6,614 |
Goodwill impairment | |||||||||
67,909 | 0 | 0 | - | - | - | - | - | - | - |
Loss on extinguishment of debt | |||||||||
- | - | - | - | - | - | -16,411 | 0 | 0 | - |
Loss on settlements of lease financing obligations | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Depreciation and amortization | |||||||||
39,195 | 37,604 | 34,957 | 36,776 | 30,575 | 23,047 | 20,375 | 18,278 | 19,537 | 19,075 |
Amortization of deferred financing costs | |||||||||
270 | 270 | 352 | 309 | 315 | 309 | 1,487 | 1,628 | 840 | 234 |
Amortization of deferred gains from sale-leaseback transactions | |||||||||
0 | 3,564 | 3,602 | 3,583 | 3,618 | 3,671 | 3,489 | 2,328 | 270 | 259 |
Deferred income taxes | |||||||||
-10,888 | -6,830 | 2,828 | 5,880 | -5,483 | -957 | 178 | 1,030 | 44 | 2,950 |
Other | |||||||||
- | - | - | 1 | 4 | 4 | 5 | 342 | 48 | - |
Changes in other operating assets and liabilities: | |||||||||
Accounts receivable | |||||||||
-640 | -805 | 1,171 | -446 | 2,877 | 329 | 77 | 1,093 | 1,361 | -901 |
Prepaid expenses and other current assets | |||||||||
-364 | -894 | 2,015 | 412 | 53 | - | - | - | - | - |
Operating lease right-of-use assets | |||||||||
-23,780 | 0 | 0 | - | - | - | - | - | - | - |
Other non-current assets | |||||||||
1,360 | 1,491 | 552 | 2,796 | 48 | -4 | - | - | - | - |
Accounts payable | |||||||||
504 | -1,797 | 1,046 | 3,330 | 283 | -529 | -1,817 | 2,398 | 1,892 | -173 |
Accrued payroll, related taxes and benefits | |||||||||
-220 | -1,690 | -499 | -3,339 | -243 | 1,561 | -423 | 2,565 | 1,718 | 276 |
Accrued interest | |||||||||
- | - | - | - | - | - | - | -391 | 7,152 | 0 |
Accrued real estate taxes | |||||||||
626 | 11 | -311 | 803 | 1,077 | 539 | 1,139 | 169 | 25 | - |
Other current liabilities | |||||||||
-2,618 | -10,583 | -590 | -780 | 3,325 | -113 | -3,966 | -28 | 792 | -1,638 |
Operating lease liabilities | |||||||||
-19,765 | 0 | 0 | - | - | - | - | - | - | - |
Other non-current liabilities | |||||||||
-162 | 1,358 | 3,887 | 6,498 | 4,752 | 3,441 | 986 | 728 | -817 | 1,531 |
Income tax receivable/payable | |||||||||
-14,036 | 6,523 | 8,030 | -4,144 | 2,474 | 477 | 4,423 | -522 | - | - |
Accretion of interest on lease financing obligations | |||||||||
- | - | - | - | - | - | - | - | - | -409 |
Deferred income taxes | |||||||||
- | - | - | - | - | - | - | - | - | -2,936 |
Changes in other operating assets and liabilities | |||||||||
608 | -36 | -288 | 1,256 | 190 | 304 | 1,400 | 1,111 | 663 | -137 |
Net cash provided by operating activities | |||||||||
65,032 | 53,803 | 50,820 | 80,679 | 81,352 | 64,106 | 36,176 | 37,975 | 43,167 | 32,529 |
Investing activities: | |||||||||
Capital expenditures: | |||||||||
New restaurant development | |||||||||
11,390 | 21,445 | 26,727 | 66,116 | 70,841 | 57,102 | 32,610 | 23,614 | 12,576 | 11,382 |
Restaurant remodeling | |||||||||
2,573 | 582 | 3,020 | 2,755 | 4,802 | 7,588 | 3,089 | 8,673 | 4,435 | 6,685 |
Other restaurant capital expenditures | |||||||||
19,335 | 27,464 | 17,410 | 7,125 | 7,714 | 4,975 | 5,407 | 6,917 | 5,040 | 5,178 |
Corporate and restaurant information systems | |||||||||
7,949 | 8,359 | 8,709 | 6,369 | 4,213 | 4,414 | 5,919 | 1,792 | 814 | 153 |
Payments to Acquire Productive Assets | |||||||||
41,247 | 57,850 | 55,866 | 82,365 | 87,570 | 74,079 | 47,025 | 40,996 | 22,865 | 23,398 |
Properties purchased for sale-leaseback | |||||||||
- | - | - | 2,663 | 250 | 0 | 4,438 | 2,082 | 0 | 1,345 |
Proceeds from disposals of properties | |||||||||
1,774 | 4,743 | 374 | 226 | 149 | 1,729 | 1,734 | 2,426 | 0 | 0 |
Proceeds from insurance recoveries | |||||||||
42 | 983 | 0 | 0 | - | - | - | - | - | - |
Proceeds from sale-leaseback transactions | |||||||||
- | - | - | 3,600 | 0 | 5,692 | 15,662 | 7,934 | 7,783 | 3,363 |
Net cash used in investing activities | |||||||||
-39,431 | -52,124 | -55,492 | -81,160 | -87,671 | -66,658 | -34,067 | -32,718 | -15,082 | -21,380 |
Financing activities: | |||||||||
Proceeds from issuance of senior secured second lien notes | |||||||||
- | - | - | - | - | - | - | - | 200,000 | 0 |
Senior secured second lien note redemption | |||||||||
- | - | - | - | - | - | 200,000 | 0 | 0 | - |
Proceeds from issuance of stock, net of issuance costs | |||||||||
- | - | - | - | - | 30 | 135,286 | 0 | 0 | - |
Premium and other costs associated with debt redemption | |||||||||
- | - | - | - | - | - | 12,545 | 0 | 0 | - |
Excess tax benefit from vesting of restricted shares | |||||||||
- | - | - | 566 | 1,566 | 1,765 | 865 | 0 | 0 | - |
Borrowings from (payments to) former parent, net | |||||||||
- | - | - | - | - | - | - | 500 | -138,953 | -18,040 |
Capital contribution from former parent | |||||||||
- | - | - | - | - | - | - | 2,500 | 3,345 | 0 |
Dividend to former parent | |||||||||
- | - | - | - | - | - | - | - | 75,469 | - |
Cash Dividends Paid to Former Parent Company | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Borrowings on revolving credit facility | |||||||||
32,000 | 26,000 | 91,000 | 18,400 | 28,500 | 25,000 | 81,000 | 2,100 | 0 | 0 |
Repayments on revolving credit facility | |||||||||
35,000 | 23,000 | 85,900 | 19,500 | 23,500 | 30,000 | 10,000 | 2,100 | 0 | 0 |
Principal payments on finance leases | |||||||||
164 | 101 | 88 | 70 | 53 | 61 | 59 | 59 | 56 | 45 |
Financing costs associated with issuance of debt | |||||||||
0 | 150 | 937 | 0 | 0 | - | 1,196 | 288 | 7,512 | 0 |
Payments to purchase treasury stock | |||||||||
14,282 | 2,769 | 0 | 0 | - | - | - | - | - | - |
Settlement of lease financing obligations | |||||||||
- | - | - | - | - | - | - | 6,047 | 0 | 0 |
Proceeds from issuance of lease financing obligations | |||||||||
- | - | - | - | - | - | - | - | 1,736 | 5,915 |
Payments of financing cost associated with lease financing obligations | |||||||||
- | - | - | - | - | - | - | - | 89 | 250 |
Other financing costs | |||||||||
- | - | - | - | - | -13 | -15 | 0 | 0 | - |
Net cash provided by (used in) financing activities | |||||||||
-17,446 | -20 | 4,075 | -604 | 6,513 | -3,339 | -6,664 | -3,394 | -16,998 | -12,420 |
Net change in cash | |||||||||
8,155 | 1,659 | -597 | -1,085 | 194 | -5,891 | -4,555 | 1,863 | 11,087 | -1,271 |
Supplemental disclosures: | |||||||||
Supplemental disclosures: | |||||||||
Interest paid on long-term debt | |||||||||
4,395 | 3,508 | 2,363 | 1,867 | 1,748 | 1,971 | 23,707 | 18,699 | 280 | 0 |
Interest paid on lease financing obligations | |||||||||
0 | 0 | 83 | 141 | 140 | 139 | 137 | 4,207 | 11,240 | 10,865 |
Accruals for capital expenditures | |||||||||
4,097 | 6,191 | 8,409 | 5,288 | 4,858 | 2,889 | 3,009 | 802 | 161 | 430 |
Income tax payments (refunds), net | |||||||||
-15,557 | -3,081 | 3,103 | 9,873 | 17,472 | 18,718 | 7,204 | 3,454 | 0 | 0 |
Right-of-use assets obtained in exchange for lease liabilities: | |||||||||
Finance lease ROU assets | |||||||||
495 | 322 | 0 | 0 | 410 | 0 | 496 | 0 | 0 | 123 |
Operating lease right-of-use assets obtained and lease liabilities incurred as a result of adoption of ASC 842: | |||||||||
Non-cash transfers of income tax assets and liabilities from Carrols | |||||||||
- | - | - | - | - | -127 | 96 | 2,575 | 0 | 0 |
Non-cash reduction of lease financing obligations | |||||||||
0 | 0 | 1,664 | 0 | 0 | - | 1,377 | 114,165 | 1,740 | 0 |
Non-cash reduction of assets under lease financing obligations | |||||||||
0 | 0 | 1,193 | 0 | 0 | - | 965 | 80,419 | 0 | 0 |