| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Operating activities | ||||||
Net income | ||||||
20,476 | 21,719 | 23,940 | 13,769 | 10,106 | 8,986 | 7,530 |
Adjustments to reconcile net income to cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
5,484 | 4,313 | 3,376 | 3,008 | 2,682 | 2,904 | 3,030 |
Excess tax benefit of stock-based compensation | ||||||
- | - | - | - | - | 749 | 575 |
Deferred income taxes | ||||||
-426 | -1,054 | -2,548 | -1,645 | -1,046 | -1,530 | -917 |
Stock-based compensation expense | ||||||
6,974 | 3,725 | 1,851 | 1,231 | 1,155 | 960 | 748 |
Loss on disposal of property and equipment | ||||||
- | - | - | - | - | - | -4 |
Amortization of debt issuance costs | ||||||
1,586 | 1,983 | 292 | 437 | 330 | 185 | 245 |
Changes in operating assets and liabilities: | ||||||
Accounts receivable | ||||||
-496 | 1,197 | 1,368 | -205 | 1,004 | 616 | 152 |
Prepaid expenses and other assets | ||||||
-323 | 178 | 503 | 171 | 196 | 901 | -65 |
Advertising fund assets and liabilities, net | ||||||
-449 | 1,657 | 386 | -1,450 | - | - | - |
Accounts payable and other current liabilities | ||||||
3,086 | 6,996 | -876 | 3,648 | 1,169 | 2,681 | 1,483 |
Other current liabilities attributable to earn-out | ||||||
- | - | - | - | - | - | -2,500 |
Deferred revenue | ||||||
881 | 977 | 3,052 | 2,644 | 450 | 2,128 | 1,243 |
Other non-current liabilities | ||||||
152 | -171 | -167 | 203 | 214 | 322 | 702 |
Cash provided by operating activities | ||||||
38,583 | 38,770 | 27,435 | 21,879 | 13,860 | 14,370 | 10,906 |
Investing activities | ||||||
Purchases of property and equipment | ||||||
22,486 | 3,982 | 2,535 | 2,056 | 1,915 | 1,510 | 2,146 |
Acquisition of restaurant from franchisee | ||||||
1,245 | 6,516 | 3,949 | 0 | 0 | - | - |
Proceeds from sales of assets | ||||||
- | - | - | - | - | 1,147 | 2 |
Cash used in investing activities | ||||||
-23,731 | -10,498 | -6,484 | -2,056 | -1,915 | -363 | -2,144 |
Financing activities | ||||||
Proceeds from issuance of common stock, net of expenses | ||||||
- | - | - | - | 34,988 | 0 | 0 |
Proceeds from exercise of stock options | ||||||
689 | 517 | 1,318 | 485 | 478 | 573 | 510 |
Borrowings of long-term debt | ||||||
5,000 | 551,108 | 3,500 | 165,000 | 40,000 | 0 | 33,200 |
Repayments of long-term debt | ||||||
7,400 | 364,858 | 21,000 | 109,250 | 38,218 | 8,779 | 2,700 |
Payment of deferred financing costs | ||||||
15 | 9,571 | 0 | 1,180 | 227 | 0 | 399 |
Tax payments for restricted stock upon vesting | ||||||
1,149 | 183 | 0 | 0 | - | - | - |
Excess tax benefit of stock-based compensation | ||||||
- | - | - | - | - | 749 | 575 |
Earn-out payment from 2010 acquisition | ||||||
- | - | - | - | - | - | 2,500 |
Dividends paid | ||||||
11,742 | 190,737 | 4,070 | 83,268 | 47,999 | 0 | 38,528 |
Cash provided by (used in) financing activities | ||||||
-14,617 | -13,724 | -20,252 | -28,213 | -10,978 | -7,457 | -9,842 |
Net change in cash, cash equivalents, and restricted cash | ||||||
235 | 14,548 | 699 | -8,390 | 967 | 6,550 | -1,080 |
Supplemental information: | ||||||
Cash paid for interest | ||||||
16,929 | 7,601 | 4,842 | 4,775 | 3,409 | 3,406 | 2,476 |
Cash paid for taxes | ||||||
5,407 | 2,951 | 10,096 | 7,230 | 5,362 | 6,158 | 4,658 |