Carrols restaurant group, inc. (TAST)
CashFlow / Yearly
Dec'19Dec'18Dec'17Jan'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows provided from (used for) operating activities:
Net Income (Loss) Attributable to Parent

-31,919

10,104

7,159

45,472

45,472

4

-38,117

-13,519

-18,888

11,218

11,916

21,835

Loss (income) from discontinued operations, net of income taxes

-

-

-

-

-

-

-

-

-72

11,742

10,106

10,761

Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
Loss on disposals of property and equipment

74

-312

-521

549

549

-364

-537

-925

-212

-63

-285

-228

Stock-based compensation

5,753

5,812

3,518

2,053

2,053

1,438

1,180

1,205

925

1,037

884

868

Gain on bargain purchase

0

230

0

0

-

-

-

-

-

-

-

-

Impairment and other lease charges

3,564

3,685

2,827

2,355

2,355

3,078

3,541

4,462

977

-

-

-

Impairment and other lease charges

-

-

-

-

-

-

-

-

-

1,293

-

-

Impairment and other lease charges

-

-

-

-

-

-

-

-

-

-

709

487

Depreciation, Depletion and Amortization

74,674

58,468

54,159

47,295

47,295

39,845

36,923

33,594

26,321

16,058

15,354

14,714

Amortization of deferred financing costs

1,694

1,202

1,035

791

791

874

1,007

1,004

777

738

934

974

Amortization of bond premium and discount on debt

-80

-913

-459

0

0

0

-

-

-

-

-

-

Amortization of unearned income

-

-

-

-

-

-

-

-

0

0

-

-

Amortization of unearned purchase discounts

-

-

-

-

-

-

-

-

-

-

-

-2,149

Sale Leaseback Transaction, Current Period Gain Recognized

0

1,584

1,626

1,788

1,788

2,535

1,793

1,799

1,776

1,987

1,825

-1,702

Gain on settlements of lease financing obligations

-

-

-

-

-

-

-

-

-

-

-

-133

Accretion of interest on lease financing obligations

-

-

-

-

-

-

-

-

-

-

-

3

Deferred income taxes

-11,982

-483

574

-28,085

-28,085

0

11,548

-6,284

-9,399

4,828

2,046

4,266

Loss on extinguishment of debt - non-cash

129

0

0

-

0

12,635

0

0

1,509

733

0

0

Change in refundable income taxes

284

-55

-99

153

153

-2,416

-177

2,379

-2,196

1,773

-116

-1,514

Trade and other receivables

523

2,275

1,310

1,462

1,462

2,127

1,094

-3,653

3,183

99

-

-

Accounts payable

1,196

-926

3,084

1,686

1,686

2,054

2,194

-2,691

7,160

-932

-2,026

1,564

Accrued interest

-2,917

146

996

4

4

502

30

2

2,112

-6,827

-27

-862

Accrued payroll, related taxes and benefits

-538

2,084

336

-1,553

-1,553

10,261

-700

2,780

5,581

574

-2,226

2,810

Change in operating right-of-use assets and operating lease liabilities, net

-3,980

0

0

-

-

-

-

-

-

-

-

-

Accrued income taxes

-

-

-

-

-

-

-

-

-

-

-

-2,099

Other

-6,035

-5,312

-1,870

3,778

3,778

-1,893

726

-628

-3,611

-20,266

16,458

17,880

Net cash provided by (used for) operating activities

48,708

80,769

72,783

62,288

62,288

70,702

14,707

21,581

18,207

33,448

32,260

-

Net cash provided from operating activities of continuing operations

-

-

-

-

-

-

-

-

-

-

-

46,409

Cash flows used for investing activities:
New restaurant development

53,596

23,171

14,759

8,228

8,228

574

1,696

3,166

0

1,757

2,697

1,907

Restaurant remodeling

61,105

31,951

33,504

65,767

65,767

41,582

38,197

37,450

21,342

8,533

5,541

10,360

Other restaurant capital expenditures

18,922

15,726

18,926

15,168

15,168

10,772

6,720

7,203

6,247

12,632

4,177

7,094

Corporate and restaurant information systems

11,978

4,887

6,327

4,936

4,936

3,920

5,397

2,667

10,053

4,849

1,234

1,456

Total capital expenditures

145,601

75,735

73,516

94,099

94,099

56,848

52,010

50,486

37,642

27,771

13,649

20,817

Proceeds from sale of other assets

-

-

-

-

0

534

54

0

0

-

-

-

Increase in restricted cash balance

-

-

-

-

-

-

-20,000

0

20,000

0

0

-

Properties purchased for sale-leaseback

1,207

2,123

1,404

9,046

9,046

3,513

3,412

3,144

0

2,058

2,390

1,197

Proceeds from sale-leaseback transactions

48,364

8,424

4,257

53,599

53,599

9,148

19,565

3,144

1,177

-

-

-

Acquisition of restaurants, net of cash acquired

130,646

38,102

37,923

48,088

48,088

52,750

52,200

0

12,135

0

0

-

Proceeds from insurance recoveries

323

642

481

1,413

1,413

0

0

-

610

477

0

0

Proceeds from lease incentives

10,722

0

0

-

-

-

-

-

-

-

-

-

Proceeds from sales of other properties

-

-

-

-

-

-

-

-

2,082

573

0

249

Proceeds from sale-leaseback transactions

-

-

-

-

-

-

-

-

-

2,818

3,413

4,306

Net cash used for investing activities

-218,045

-106,894

-108,105

-96,221

-96,221

-103,429

-68,003

-50,486

-65,908

-25,961

-12,626

-

Net cash used for investing activities of continuing operations

-

-

-

-

-

-

-

-

-

-

-

-17,459

Cash flows provided by financing activities:
Repayments of prior Carrols senior subordinated notes

-

-

-

-

-

-

-

-

-

165,000

0

-

Borrowings on prior revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-102,300

Repayments on prior revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

118,400

Repayments of term loans under prior credit facility

-

-

-

-

-

-

-

-

-

-

-

0

Repayments of prior Carrols senior subordinated notes

-

-

-

-

-

-

-

-

-

-

-

0

Scheduled principal payments on term loans under prior credit facility

-

-

-

-

-

-

-

-

-

-

-

12,000

Capital contribution to Fiesta Restaurant Group

-

-

-

-

-

-

-

-

2,500

3,345

0

-

Payments on finance lease liabilities

2,170

1,811

1,651

1,480

1,480

1,280

1,050

1,075

620

2

35

62

Proceeds from lease financing obligations

0

2,692

0

1,816

1,816

0

0

-

-

-

-

835

Proceeds from issuance of senior secured second lien notes

422,875

0

0

0

0

200,000

0

0

150,000

0

0

-

Scheduled principal payments on Carrols LLC term loans

-

-

-

-

-

-

-

-

-

-

-

0

Repayments of Term Loan B Facility

2,125

0

0

-

-

-

-

-

1,625

8,661

17,750

0

Retirement of 8% Senior Secured Second Lien Notes

280,500

0

0

-

-

-

-

-

-

-

-

-

Proceeds from issuance of 8% senior secured second lien notes

0

0

79,875

-

-

-

-

-

-

-

-

-

Proceeds from public stock offering, net of expenses

-

-

-

-

-

-

67,327

0

0

-

-

-

Borrowings under prior revolving credit facility

0

17,000

183,250

129,000

129,000

0

59,000

0

0

-

-

-

Repayments under prior revolving credit facility

0

17,000

196,750

115,500

115,500

0

59,000

0

0

-

-

-

Proceeds from Fiesta Restaurant Group financing

-

-

-

-

-

-

-

-

-

192,307

0

-

Cash of Fiesta Restaurant Group deconsolidated as a result of spin-off

-

-

-

-

-

-

-

-

5,490

0

0

-

Term loan borrowings from Carrols LLC credit facility

-

-

-

-

-

-

-

-

-

65,000

0

-

Term loan borrowings from new Carrols LLC credit facility

-

-

-

-

-

-

-

-

-

-

-

0

Borrowings under new revolving credit facility

436,000

0

0

-

-

-

-

-

19,200

59,800

97,100

0

Repayments under new revolving credit facility

390,250

0

0

-

-

-

-

-

23,200

55,800

99,000

0

Redemption of 11.25% senior secured second lien notes

-

-

-

-

0

159,771

0

0

61,750

80,214

0

-

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

936

152

0

0

Proceeds from lease financing obligations

0

2,692

0

1,816

1,816

0

-

-

-

-

-

835

Settlement of lease financing obligations

-

-

-

-

-

-

-

-

-

-

-

1,945

Financing costs associated with issuance of lease financing obligations

-

-

-

-

-

-

-

-

-

-

-

4

Costs associated with financing long-term debt

11,516

154

1,992

175

175

5,169

62

8

5,945

1,845

0

0

Purchase of treasury shares

4,017

0

0

-

-

-

-

-

-

-

-

-

Purchase of treasury shares

4,017

0

0

-

-

-

-

-

-

-

-

-

Proceeds from stock option exercises

-

-

-

-

-

-

-

-

295

551

64

0

Net cash provided by financing activities

168,297

727

62,732

13,661

13,661

33,780

66,215

-1,083

69,301

2,943

-19,621

-

Net cash provided from (used for) financing activities of continuing operations

-

-

-

-

-

-

-

-

-

-

-

-29,276

Net increase (decrease) in cash from continuing operations

-

-

-

-

-

-

-

-

21,600

10,430

-

-326

Net cash provided from (used for) operating activities of discontinued operations

-

-

-

-

-

-

-

-

3,718

21,052

14,488

14,279

Net cash provided from (used for) investing activities of discontinued operations

-

-

-

-

-

-

-

-

-15,007

-15,082

-15,714

-12,910

Net cash provided from (used for) financing activities of discontinued operations

-

-

-

-

-

-

-

-

3,318

5,117

-45

-40

Net increase (decrease) in cash from discontinued operations

-

-

-

-

-

-

-

-

-7,971

11,087

-1,271

1,329

Net increase (decrease) in cash

-1,040

-25,398

27,410

-20,272

-20,272

1,053

12,919

-29,988

13,629

21,517

-1,258

1,003

Supplemental disclosures:
Interest paid on long-term debt

29,055

23,098

20,885

17,415

17,415

17,088

17,659

17,731

9,751

18,055

16,772

18,317

Interest paid on lease financing obligations

104

105

119

105

105

104

103

101

101

96

100

234

Accruals for capital expenditures

15,062

7,605

6,839

4,032

4,032

3,779

4,683

524

5,034

307

183

309

Common stock issued for consideration in acquisition

145,333

0

0

-

-

-

-

-

-

-

-

-

Non-cash reduction of capital lease assets and obligation

0

2,538

1,744

0

0

0

1,055

0

0

-

-

-

Income taxes paid

144

-270

-63

153

153

-2,416

-41

1,733

-2,889

-446

4,868

10,567

Non-cash reduction of lease financing obligations

-

-

-

-

-

-

-

-

-

-

-

880

Preferred stock issued for consideration in acquisition

-

-

-

-

-

-

-

-

57,711

0

0

-

Capital lease obligations acquired or incurred

-

-

-

-

-

-

-

858

0

0

-

-

Finance lease obligations acquired or incurred

754

49

316

583

583

615

1,459

116

10,779

0

0

-

Non-cash reduction of assets under lease financing obligations

-

-

-

-

-

-

-

-

-

-

-

288

Non-cash reduction of lease financing obligations

-

-

-

-

-

-

-

-

-

-

-

880