Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 29, 2019
Dec. 30, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 6,215 $ 5,539 $ 28,956
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 20,739 19,804 17,560
Amortization of operating lease assets 1,017 0 0
Amortization of loan origination costs 33 33 34
Loss on impairment 12,693 12,336 0
Stock-based compensation 3,286 3,096 2,880
Gain on insurance related to property and equipment 0 0 (61)
Loss on disposal of property and equipment 283 97 107
Amortization of deferred lease incentives 0 (2,869) (2,517)
Deferred income taxes (5,096) (3,837) (7,331)
Changes in operating assets and liabilities:      
Accounts receivable 628 642 (1,564)
Lease incentive receivable 1,347 4,754 (2,329)
Inventories (116) 64 (154)
Income tax receivable and payable 1,135 622 958
Prepaid expenses and other current assets 360 2,188 (717)
Accounts payable (2,594) (1,454) (2,248)
Accrued and other liabilities 4,279 733 (1,269)
Accrued deferred rent 0 2,752 2,595
Operating lease liability (778) 0 0
Deferred lease incentives 0 3,382 9,482
Net cash provided by operating activities 43,431 47,882 44,382
Cash flows from investing activities:      
Purchase of property and equipment, net (32,870) (44,087) (49,185)
Insurance proceeds from property claims 0 0 501
Purchase of other assets (404) (434) (450)
Net cash used in investing activities (33,274) (44,521) (49,134)
Cash flows from financing activities:      
Borrowings under revolving line of credit 5,000 0 0
Payments under revolving line of credit (5,000) 0 0
Proceeds from the exercise of stock options 388 453 340
Payments for Repurchase of Common Stock (7,793) (3,607) 0
Indirect repurchase of shares for minimum tax withholdings (877) (793) (497)
Net cash used in financing activities (8,282) (3,947) (157)
Net increase (decrease) in cash and cash equivalents 1,875 (586) (4,909)
Cash and cash equivalents, beginning of period 8,199 8,785 13,694
Cash and cash equivalents, end of period 10,074 8,199 8,785
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment and other assets acquired by accounts payable 384 1,521 630
Supplemental cash flow disclosures:      
Cash paid for interest 77 35 39
Cash paid for income taxes $ 1,059 $ 862 $ 908