WINMARK CORP

For the period ended Dec 28, 2024. Filed Feb 26, 2025.

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.

FY2024 · Filed Feb 26, 2025

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

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows


	Year Ended
	December 28, 2024			December 30, 2023		December 31, 2022
OPERATING ACTIVITIES:
Net income		$39,954,200			$40,178,100		$39,424,900
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment		445,300			418,700		411,400
Amortization of intangible assets		354,000			354,000		191,700
Provision for credit losses		(1,500)			(5,600)		(57,900)
Compensation expense related to stock options		1,988,000			1,952,400		1,652,400
Deferred income taxes		(159,400)			(512,000)		(287,700)
Gain from disposal of property and equipment		—			—		(9,400)
Operating lease right of use asset amortization		317,100			290,100		266,000
Tax benefits on exercised stock options		1,307,700			1,138,500		858,300
Change in operating assets and liabilities:
Receivables		138,900			(36,700)		(335,200)
Principal collections on lease receivables		104,700			556,000		3,646,700
Income tax receivable/payable		(1,372,800)			(611,200)		(749,500)
Inventories		(11,500)			384,500		(445,400)
Prepaid expenses		186,700			(81,700)		(301,800)
Other assets		(19,900)			(41,600)		(11,400)
Accounts payable		(157,400)			(402,600)		23,000
Accrued and other liabilities		(1,251,900)			(16,900)		222,800
Rents received in advance and security deposits		(28,000)			(275,200)		(819,200)
Deferred revenue		363,700			705,500		109,600
Net cash provided by operating activities		42,157,900			43,994,300		43,789,300
INVESTING ACTIVITIES:
Proceeds from sales of property and equipment		—			—		9,400
Purchase of property and equipment		(194,900)			(383,900)		(139,100)
Reacquired franchise rights		—			—		(3,540,000)
Net cash used for investing activities		(194,900)			(383,900)		(3,669,700)
FINANCING ACTIVITIES:
Proceeds from borrowings on line of credit/term loan		—			—		33,700,000
Payments on line of credit/term loan		—			—		(3,700,000)
Payments on notes payable		(9,187,500)			(4,250,000)		(4,250,000)
Repurchases of common stock		—			—		(49,119,800)
Proceeds from exercises of stock options		5,033,700			4,009,700		4,751,700
Dividends paid		(38,865,900)			(43,664,200)		(19,257,900)
Net cash used for financing activities		(43,019,700)			(43,904,500)		(37,876,000)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(1,056,700)			(294,100)		2,243,600
Cash, cash equivalents and restricted cash, beginning of period		13,386,500			13,680,600		11,437,000
Cash, cash equivalents and restricted cash, end of period		$12,329,800			$13,386,500		$13,680,600
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest		$2,851,000			$3,049,400		$2,722,500
Cash paid for income taxes		$11,168,700			$10,874,300		$11,308,800

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:
	Year Ended
	December 28, 2024		December 30, 2023		December 31, 2022
Cash and cash equivalents		$12,189,800			$13,361,500		$13,615,600
Restricted cash		140,000			25,000		65,000
Total cash, cash equivalents and restricted cash		$12,329,800			$13,386,500		$13,680,600

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.