Del taco restaurants, inc. (TACO)
CashFlow / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Jan'19Sep'18Aug'18Jun'18Jun'18Mar'18Mar'18Jan'18Aug'17Jun'17Mar'17Aug'16May'16Mar'16Dec'15Aug'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14
Operating activities
Net (loss) income

-222,178

-118,285

1,494

15,037

17,155

18,959

-

48,515

-

47,742

0

48,862

49,871

0

0

0

17,713

10,578

2,927

-559

-6,130

-4,321

-1,707

-1,524

0

0

0

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization

25,718

25,488

25,839

25,753

25,787

25,794

-

25,075

-

24,742

0

24,173

23,362

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Amortization of above and below Market Leases

-

-

-

-

-

-767

-

-890

-

-767

0

-780

-809

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Depreciation and amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

Amortization of deferred financing costs, debt discount and interest rate cap

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

333

0

0

0

-

-

-

-

-

-

Amortization of deferred financing costs, debt discount and interest rate cap

0

-

0

0

0

-

-

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

Amortization of operating lease assets

21,830

21,681

14,886

9,915

4,963

0

0

-

-

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt modification costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

Stock-based compensation

5,941

6,293

6,601

6,699

6,382

6,079

-

5,615

-

5,361

0

5,081

4,876

0

0

0

3,982

3,127

0

0

0

-

-

-

-

-

-

Impairment of goodwill

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of trademarks

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of long-lived assets

15,300

7,000

7,301

5,894

3,861

3,861

-

0

-

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-10,937

-583

1,609

488

1,027

1,097

-

-24,503

-

-22,915

0

-22,521

-22,594

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Loss on disposal of assets and adjustments to assets held for sale, net

-9,280

-9,448

-9,042

-1,716

-1,209

-1,012

-

-1,311

-

-964

0

-1,217

-1,075

0

0

0

-193

-140

0

0

0

-

-

-

-

-

-

Restaurant closure charges

-72

0

-37

502

534

449

-

858

-

359

0

369

379

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts and other receivables, net

-1,025

349

-747

-248

449

-616

-

212

-

-562

0

-336

-313

0

0

0

904

-867

0

0

0

-

-

-

-

-

-

Inventories

364

191

281

121

-66

220

-

-46

-

125

0

109

-6

0

0

0

-248

-114

0

0

0

-

-

-

-

-

-

Prepaid expenses and other current assets

-328

732

374

1,165

-678

-1,949

-

518

-

-462

0

926

2,580

0

0

0

-939

-1,024

0

0

0

-

-

-

-

-

-

Other assets

350

273

258

151

127

125

-

69

-

143

0

160

162

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Accounts payable

335

-271

646

3,412

1,294

2

-

-652

-

-570

0

125

2,332

0

0

0

-907

-2,874

0

0

0

-

-

-

-

-

-

Operating lease liabilities

-19,014

-18,846

-13,584

-9,316

-4,695

0

0

-

-

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other accrued liabilities

6,539

-1,308

87

-3,824

-566

-488

-

-2,113

-

668

0

-2,219

-1,526

0

0

0

6,029

-175

0

0

0

-

-

-

-

-

-

Other non-current liabilities

151

973

2,688

3,317

2,875

3,647

-

3,693

-

4,291

0

3,717

2,856

0

0

0

1,718

273

0

0

0

-

-

-

-

-

-

Net cash provided by operating activities

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued interest income

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

Accrued operating expenses and accounts payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

0

0

Income tax receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

0

0

Prepaid insurance

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-100

-101

-101

0

0

0

Prepaid expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

26

-7

0

0

0

Franchise tax payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-62

0

134

0

0

0

Net cash provided by operating activities

-

-

-

-

-

-

-

0

-

0

0

0

-

0

0

0

57,620

38,138

25,987

16,599

-2,614

-977

-827

-847

0

0

0

Investing activities
Purchases of property and equipment

44,672

43,696

45,897

48,423

45,445

48,032

-

51,080

-

53,317

0

54,571

50,627

0

0

0

34,013

34,139

0

0

0

-

-

-

-

-

-

Proceeds from disposal of property and equipment, net

5,507

14,107

14,130

13,446

10,790

1,323

-

3,497

-

2,747

0

10,480

9,907

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Proceeds from the Company’s trust account

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

Purchases of other assets

1,908

2,039

1,418

1,507

1,515

1,474

-

1,435

-

1,306

0

1,306

1,033

0

0

0

1,830

1,236

0

0

0

-

-

-

-

-

-

Acquisition of franchisees

0

-

0

0

0

-

-

0

-

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of company-operated restaurants

6,316

7,187

2,090

2,090

2,090

0

-

0

-

0

0

0

2,192

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Net cash (used in) provided by investing activities

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition of Del Taco Holdings, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

Net cash used in investing activities

-

-

-

-

-

-

-

0

-

0

0

0

-

0

0

0

-34,252

26,377

0

0

0

-

-

-

-

-

-

Financing activities
Proceeds from issuance of common stock

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

Repurchase of common stock and warrants

3,067

7,373

15,879

18,898

20,589

16,316

-

10,948

-

9,123

0

5,872

13,849

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Payment of tax withholding related to restricted stock vesting

2,623

2,602

2,602

2,383

2,383

2,378

-

2,378

-

1,943

0

1,943

1,923

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Payments on term loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

Payments on finance leases and other debt

518

635

768

970

1,201

1,417

-

1,492

-

1,542

0

1,570

1,587

0

0

0

1,750

1,681

0

0

0

-

-

-

-

-

-

Proceeds from revolving credit facility

72,000

41,000

41,000

40,000

35,000

31,000

-

29,500

-

30,500

0

33,500

31,500

0

0

0

14,000

166,556

0

0

0

-

-

-

-

-

-

Payments on revolving credit facility

51,000

55,000

43,000

47,000

35,000

25,000

-

25,500

-

23,500

0

38,500

37,500

0

0

0

19,000

18,000

0

0

0

-

-

-

-

-

-

Payments of Debt Issuance Costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

Repayment of note payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

Payment of deferred underwriter compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

Proceeds from exercise of stock options

104

120

155

131

190

222

-

250

-

211

0

147

99

0

0

0

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Increase in cash and cash equivalents

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in financing activities

-

-

-

-

-

-

-

0

-

0

0

0

-

0

0

0

-18,939

-57,217

0

0

0

-

-

-

-

-

-

(Decrease) increase in cash and cash equivalents

-

-

-

-

-

594

-

-394

-

8,221

0

722

-2,236

0

0

0

4,429

7,298

13,335

9,963

6,654

-721

-827

-847

0

0

0

Supplemental cash flow information:
Cash paid during the period for interest

0

-

-

0

0

-

-

0

-

0

0

0

-

0

0

0

6,315

6,088

0

0

0

-

-

-

-

-

-

Cash paid during the period for income taxes

3,856

3,856

4,150

4,159

3,061

3,061

-

5,373

-

5,374

0

9,441

9,441

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Supplemental schedule of non-cash activities:
Accrued property and equipment purchases

6,426

5,729

7,492

9,797

11,525

5,691

-

3,549

-

2,853

0

759

5,134

0

0

0

4,116

4,705

0

0

0

-

-

-

-

-

-

Write-offs against bad debt reserves

-

-

-

-

-

26

-

26

-

6

0

6

0

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Amortization of interest rate cap into net income, net of tax

0

-

0

0

0

-

-

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

Change in other asset for fair value of interest rate cap recorded to other comprehensive (loss) income, net of tax

-225

-364

-535

-437

-191

122

-

421

-

363

0

100

-162

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Issuance of shares for consideration in the acquisition of Del Taco Holdings, Inc.

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

Issuance of warrants as payment for working capital loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

Common stock of Del Taco Restaurants, Inc. reclassified to equity upon release from possible redemption

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

Operating lease right-of-use assets obtained in exchange for lease obligations

68,140

298,942

262,369

252,440

240,160

0

0

-

-

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Finance lease right-of-use assets obtained in exchange for lease obligations

0

1,185

1,185

1,185

1,185

0

0

-

-

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment on operating lease right-of-use assets related to the adoption of new accounting pronouncements

0

3,116

3,116

3,116

3,116

0

0

-

-

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-