Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 26, 2020
Mar. 28, 2019
Operating activities    
Net income $ 37,063 $ 30,720
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 22,088 17,184
Gain on asset impairments and disposals (29) 0
Deferred income taxes (4,739) (1,057)
Interest cap derivative contracts 83 610
Stock based compensation expense 2,908 2,250
Changes in operating assets and liabilities:    
Receivables, net 18,740 22,568
Inventories, net (7,076) 33,510
Trade accounts payable (48,644) (84,005)
Accrued expenses and other current liabilities (2,478) 3,017
Income taxes 12,542 13,143
Deferred revenue 506 1,337
Other, net (6,296) (12,256)
Net cash provided by operating activities 24,668 27,021
Investing activities    
Purchases of fixed assets (38,384) (31,634)
Net cash used in investing activities (38,384) (31,634)
Financing activities    
Borrowings on revolving line of credit 275,000 80,200
Payments on revolving line of credit 0 (78,100)
Payments on term loans (875) (875)
Proceeds from exercise of stock options 3,783 1,776
Proceeds from employee stock purchase plan 1,131 1,419
Debt issuance costs (2,429) 0
Net cash provided by (used in) financing activities 276,610 4,420
Net increase in cash and cash equivalents 262,894 (193)
Cash and cash equivalents, beginning of the period 27,037 644
Cash and cash equivalents, end of the period 289,931 451
Supplemental disclosures of cash flow information    
Buildings and equipment acquired under operating leases 63,578 53,049
Cash paid for interest 1,298 1,987
Fixed assets accrued at the end of the period $ 19,620 $ 10,836