Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 29, 2018
Mar. 30, 2017
Operating activities    
Net income $ 31,871 $ 11,128
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,534 8,933
Amortization of tenant improvement allowances (1,045) (755)
Deferred income taxes 2,111 5,453
Interest cap derivative contracts (535) 0
Stock based compensation expense 1,415 885
Changes in operating assets and liabilities:    
Receivables, net 15,775 1,150
Inventories, net (9,262) (22,838)
Other assets (2,204) (2,755)
Trade accounts payable (3,723) 47,473
Accrued expenses (12,926) (7,073)
Income taxes 780 699
Deferred revenue 1,500 6,470
Deferred rent 2,707 2,785
Tenant improvement allowances 128 4,495
Other 2,486 24
Net cash provided by operating activities 40,612 56,074
Investing activities    
Purchases of fixed assets (27,841) (19,801)
Net cash used in investing activities (27,841) (19,801)
Financing activities    
Borrowings on revolving line of credit 51,900 25,300
Payments on revolving line of credit (66,100) (60,800)
Payments on term loans (1,750) (875)
Proceeds from exercise of stock options 3,195 96
Net cash used in financing activities (12,755) (36,279)
Net increase (decrease) in cash and cash equivalents 16 (6)
Cash and cash equivalents, beginning of the period 556 556
Cash and cash equivalents, end of the period 572 445
Supplemental disclosures of cash flow information    
Cash paid for interest 2,368 7,945
Cash paid for income taxes 19 0
Fixed assets accrued at the end of the period $ 16,332 $ 7,372