DARDEN RESTAURANTS INC
For the period ended Aug 25, 2024. Filed Sep 27, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Aug 25, 2024 · Filed Sep 27, 2024
DRI$228.66-0.5%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows
| Three Months Ended | ||
|---|---|---|
| August 25,2024 | August 27,2023 | |
| Cash flows—operating activities | ||
| Net earnings | $207.2 | $194.5 |
| Losses from discontinued operations, net of tax | 0.4 | 0.3 |
| Adjustments to reconcile net earnings from continuing operations to cash flows: | ||
| Depreciation and amortization | 121.5 | 109.8 |
| Impairments and disposal of assets, net | 1.0 | 3.1 |
| Stock-based compensation expense | 34.7 | 30.3 |
| Change in current assets and liabilities | (77.8) | (59.5) |
| Contributions to pension and postretirement plans | (0.4) | (0.4) |
| Deferred income taxes | 5.0 | 4.2 |
| Change in other assets and liabilities | (11.0) | (10.4) |
| Other, net | (7.4) | (2.8) |
| Net cash provided by operating activities of continuing operations | $273.2 | $269.1 |
| Cash flows—investing activities | ||
| Purchases of land, buildings and equipment | (145.2) | (150.9) |
| Proceeds from disposal of land, buildings and equipment | — | 1.6 |
| Cash used in business acquisitions, net of cash acquired | — | (699.9) |
| Purchases of capitalized software and other assets | (6.3) | (5.2) |
| Other, net | 1.8 | 0.2 |
| Net cash used in investing activities of continuing operations | $(149.7) | $(854.2) |
| Cash flows—financing activities | ||
| Proceeds from issuance of common stock | 9.7 | 22.3 |
| Dividends paid | (166.0) | (158.5) |
| Repurchases of common stock | (172.4) | (142.9) |
| Proceeds from the issuance of commercial paper, net | 207.1 | 95.4 |
| Proceeds from issuance of long-term debt | — | 600.0 |
| Principal payments on finance leases | (5.1) | (5.5) |
| Payments of debt issuance costs | — | (1.4) |
| Net cash (used in) provided by financing activities of continuing operations | $(126.7) | $409.4 |
| Cash flows—discontinued operations | ||
| Net cash provided by operating activities of discontinued operations | — | — |
| Net cash provided by discontinued operations | $— | $— |
| Decrease in cash, cash equivalents, and restricted cash | (3.2) | (175.7) |
| Cash, cash equivalents, and restricted cash - beginning of period | 220.1 | 416.2 |
| Cash, cash equivalents, and restricted cash - end of period | $216.9 | $240.5 |
| Reconciliation of cash, cash equivalents, and restricted cash: | August 25,2024 | August 27,2023 |
|---|---|---|
| Cash and cash equivalents | $192.5 | $192.1 |
| Restricted cash included in prepaid expenses and other current assets | 24.4 | 48.4 |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $216.9 | $240.5 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| Three Months Ended | ||
|---|---|---|
| August 25,2024 | August 27,2023 | |
| Cash flows from changes in current assets and liabilities | ||
| Receivables, net | 15.3 | 29.5 |
| Inventories | (7.7) | 9.4 |
| Prepaid expenses and other current assets | (26.2) | (40.1) |
| Accounts payable | 8.0 | (16.0) |
| Accrued payroll | (29.1) | (13.7) |
| Prepaid/accrued income taxes | 13.7 | 20.8 |
| Other accrued taxes | 10.5 | 7.8 |
| Unearned revenues | (37.1) | (32.1) |
| Other current liabilities | (25.2) | (25.1) |
| Change in current assets and liabilities | $(77.8) | $(59.5) |
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