v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2025
Dec. 29, 2024
Dec. 31, 2023
Operating activities      
Net income $ 32,117 $ 84,197 $ 82,799
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for allowance for credit losses on accounts and notes receivable 8,396 2,737 5,393
Depreciation and amortization 92,245 69,407 64,090
Refranchising (gain)/loss and impairment loss (15,768) 18,340 0
Deferred income taxes 6,739 (3,037) (5,991)
Stock-based compensation expense 14,980 9,590 17,924
Loss/(gain) on disposal of property and equipment 2,800 (41,953) 0
Other 1,407 1,711 146
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (7,562) (465) (4,920)
Income tax receivable (3,908) 345 6,212
Inventories 17 851 5,441
Prepaid expenses and other current assets 816 319 1,212
Other assets and liabilities (8,269) (8,774) (11,803)
Accounts payable (620) (10,043) 22,031
Income and other taxes payable (3,098) (5,678) 9,087
Accrued expenses and other current liabilities 6,960 (2,035) 18,313
Deferred revenue (3,635) (6,245) (3,704)
Advertising fund assets and liabilities 2,383 (2,635) (13,175)
Net cash provided by operating activities 126,000 106,632 193,055
Investing activities      
Purchases of property and equipment (64,695) (72,484) (76,620)
Purchases of property and equipment related to damages from natural disasters (9,740) 0 0
Insurance proceeds related to damages from natural disasters 6,300 0 0
Notes issued 0 (154) (4,338)
Repayments of notes issued 6,447 4,152 4,655
Acquisitions, net of cash acquired 0 (125) (5,613)
Proceeds from dispositions and refranchising, net of cash transferred 34,500 49,016 3,457
Proceeds from investments 4,739 2,275 4,405
Proceeds from the sale of property and equipment 963 0 0
Other 0 (28) (1,069)
Net cash used in investing activities (21,486) (17,348) (75,123)
Financing activities      
Net (repayments) proceeds from revolving credit facilities (224,471) (17,268) 159,000
Proceeds from term loan 200,000 0 0
Debt issuance costs (3,223) 0 0
Proceeds from exercise of stock options 414 1,055 2,252
Acquisition of Company common stock (including excise tax payment) 0 (2,080) (210,348)
Dividends paid to common stockholders (61,141) (60,559) (58,451)
Tax payments for equity award issuances (2,003) (3,619) (6,416)
Distributions to noncontrolling interests (5,735) (825) (1,320)
Principal payments on finance leases (10,079) (8,529) (8,821)
Other (19) 153 28
Net cash used in financing activities (106,257) (91,672) (124,076)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 738 (244) (642)
Change in cash, cash equivalents, and restricted cash (1,005) (2,632) (6,786)
Cash, cash equivalents, and restricted cash at beginning of period 37,955 40,587 47,373
Cash, cash equivalents, and restricted cash at end of period $ 36,950 $ 37,955 $ 40,587

Source

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