CHEESECAKE FACTORY INC
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
CAKE$108.80-1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS** **
(In thousands)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| | Fiscal Year | ||||||||
| | 2024 | 2023 | 2022 | ||||||
| Cash flows from operating activities: | | | | | | | | | |
| Net income | | $156,783 | | $101,351 | | $43,123 | |||
| | | | | | | | | | |
| Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | | | |
| Depreciation and amortization expenses | | | 101,450 | | | 93,136 | | | 92,380 |
| Impairment of assets and lease termination expenses | | 12,769 | | 26,998 | | 31,327 | |||
| Deferred income taxes | | | (6,062) | | | (15,715) | | | (18,646) |
| Stock-based compensation | | 29,962 | | 25,781 | | 24,426 | |||
| Payment of deferred consideration and compensation in excess of acquisition-date fair value | | | (6,506) | | | — | | | — |
| Changes in assets and liabilities: | | | | | | | | | |
| Accounts and other receivables | | | (1,719) | | | (98) | | | (12,266) |
| Income taxes receivable/payable | | 3,253 | | 852 | | 14,651 | |||
| Inventories | | (6,883) | | (2,092) | | (12,725) | |||
| Prepaid expenses | | 8,347 | | (14,694) | | (11,960) | |||
| Operating lease assets/liabilities | | (32,303) | | (27,113) | | (18,404) | |||
| Other assets | | | (13,995) | | | (14,504) | | | 13,739 |
| Accounts payable | | (1,827) | | 3,971 | | 17,586 | |||
| Gift card liabilities | | 3,904 | | 3,104 | | 8,634 | |||
| Other accrued expenses | | | 21,152 | | | 37,424 | | | (9,939) |
| Cash provided by operating activities | | 268,325 | | 218,401 | | 161,926 | |||
| | | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | | |
| Additions to property and equipment | | (160,364) | | (151,565) | | (112,464) | |||
| Additions to intangible assets | | (1,054) | | (1,658) | | (680) | |||
| Other | | | 321 | | | (274) | | | 329 |
| Cash used in investing activities | | (161,097) | | (153,497) | | (112,815) | |||
| | | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | | |
| Acquisition-related deferred consideration and compensation | | | — | | | (24,243) | | | (18,316) |
| Borrowings on credit facility | | | — | | | 15,000 | | | 130,000 |
| Repayments on credit facility | | | (20,000) | | | (15,000) | | | (130,000) |
| Proceeds from exercise of stock options | | 12,475 | | | — | | | 84 | |
| Common stock dividends paid | | (53,041) | | (53,207) | | (42,272) | |||
| Treasury stock purchases, inclusive of excise tax | | (18,228) | | (46,085) | | (63,132) | |||
| Cash used in financing activities | | (78,794) | | (123,535) | | (123,636) | |||
| Foreign currency translation adjustment | | | (548) | | 144 | | (325) | ||
| Net change in cash and cash equivalents | | 27,886 | | | (58,487) | | | (74,850) | |
| Cash and cash equivalents at beginning of period | | 56,290 | | 114,777 | | 189,627 | |||
| Cash and cash equivalents at end of period | | $84,176 | | $56,290 | | $114,777 | |||
| | | | | | | | | | |
| Supplemental disclosures: | | | | | | | | | |
| Interest paid | | $12,891 | | $9,764 | | $7,233 | |||
| Income taxes paid | | $19,119 | | $14,473 | | $14,688 | |||
| Construction payable | | $24,252 | | $16,815 | | $9,346 | |||
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