WINMARK CORP

For the period ended Dec 30, 2023. Filed Feb 28, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 28, 2024

WINA$271.87-1.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows


· · Fiscal Year Ended
· December 30, 2023 · December 31, 2022 · December 25, 2021
OPERATING ACTIVITIES:
Net income		$40,178,100		$39,424,900	$39,919,900
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment		418,700		411,400	430,600
Amortization of intangible assets		354,000		191,700	—
Provision for credit losses		(5,600)		(57,900)	(206,600)
Compensation expense related to stock options		1,952,400		1,652,400	1,435,500
Deferred income taxes		(512,000)		(287,700)	(1,362,000)
Gain from disposal of property and equipment		—		(9,400)	—
Deferred initial direct costs		—		—	(2,100)
Amortization of deferred initial direct costs		—		—	18,900
Operating lease right of use asset amortization		290,100		266,000	244,300
Tax benefits on exercised stock options		1,138,500		858,300	2,479,600
Change in operating assets and liabilities:
Receivables		(36,700)		(335,200)	478,500
Principal collections on lease receivables		556,000		3,646,700	9,915,400
Income tax receivable/payable		(611,200)		(749,500)	(2,925,900)
Inventories		384,500		(445,400)	(218,600)
Prepaid expenses		(81,700)		(301,800)	(13,400)
Other assets		(41,600)		(11,400)	17,600
Accounts payable		(402,600)		23,000	329,400
Accrued and other liabilities		(16,900)		222,800	(948,500)
Rents received in advance and security deposits		(275,200)		(819,200)	(1,046,600)
Deferred revenue		705,500		109,600	(199,800)
Net cash provided by operating activities		43,994,300		43,789,300	48,346,200
INVESTING ACTIVITIES:
Proceeds from sales of property and equipment		—		9,400	—
Purchase of property and equipment		(383,900)		(139,100)	(74,700)
Reacquired franchise rights		—		(3,540,000)	—
Purchase of equipment for lease contracts		—		—	(208,400)
Net cash used for investing activities		(383,900)		(3,669,700)	(283,100)
FINANCING ACTIVITIES:
Proceeds from borrowings on line of credit/term loan		—		33,700,000	—
Payments on line of credit/term loan		—		(3,700,000)	—
Proceeds from borrowings on notes payable		—		—	30,000,000
Payments on notes payable		(4,250,000)		(4,250,000)	(4,250,000)
Repurchases of common stock		—		(49,119,800)	(44,217,500)
Proceeds from exercises of stock options		4,009,700		4,751,700	8,320,000
Dividends paid		(43,664,200)		(19,257,900)	(33,162,600)
Net cash used for financing activities		(43,904,500)		(37,876,000)	(43,310,100)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(294,100)		2,243,600	4,753,000
Cash, cash equivalents and restricted cash, beginning of period		13,680,600		11,437,000	6,684,000
Cash, cash equivalents and restricted cash, end of period		$13,386,500		$13,680,600	$11,437,000
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest		$3,049,400		$2,722,500	$1,388,900
Cash paid for income taxes		$10,874,300		$11,308,800	$11,555,100

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same amounts shown above:
	Fiscal Year Ended
	December 30, 2023		December 31, 2022	December 25, 2021
Cash and cash equivalents		$13,361,500		$13,615,600	$11,407,000
Restricted cash		25,000		65,000	30,000
Total cash, cash equivalents and restricted cash		$13,386,500		$13,680,600	$11,437,000

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.