Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 28, 2023
Dec. 29, 2022
Dec. 30, 2021
Operating activities      
Net income $ 245,980 $ 298,195 $ 283,230
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 201,869 155,023 118,196
Stock-based compensation expense 27,240 22,233 20,528
Change in fair value of contingent earn-out liabilities 2,609 2,529 0
Deferred income taxes 23,722 2,525 3,042
Interest cap derivative contracts 113 114 357
Loss on asset impairments and disposals, net 925 20 438
Changes in operating assets and liabilities, net of effects of acquisitions:      
Receivables, net 1,151 (12,150) (19,768)
Inventories, net 194,890 (283,438) (349,678)
Trade accounts payable 96,985 (84,732) 232,761
Accrued expenses and other current liabilities 7,507 38,716 36,684
Income taxes (18,413) (8,865) (15,897)
Deferred revenue 1,217 (4,432) 3,158
Other, net 17,794 (13,288) (11,709)
Net cash provided by operating activities 803,589 112,450 301,342
Investing activities      
Purchases of fixed assets (547,613) (456,600) (407,671)
Acquisitions, net of cash acquired (17,353) (3,810) (63,567)
Proceeds from sales of property 0 4,773 0
Net cash used in investing activities (564,966) (455,637) (471,238)
Financing activities      
Proceeds from term loans 0 0 65,000
Payments on term loans (2,103) (2,103) (76,202)
Borrowings on revolving line of credit 518,900 1,047,100 13,466
Payments on revolving line of credit (729,100) (836,900) (15,969)
Payments of contingent earn-out liabilities (5,241) (2,571) 0
Proceeds from exercise of stock options 10,960 7,592 14,736
Proceeds from employee stock purchase plan 5,159 4,379 3,063
Debt issuance costs 0 (1,736) (1,409)
Tax payments for stock-based compensation awards (12,610) (2,224) (1,117)
Net cash (used in) provided by financing activities (214,035) 213,537 1,568
Net increase (decrease) in cash and cash equivalents 24,588 (129,650) (168,328)
Cash and cash equivalents, beginning of the period 9,794 139,444 307,772
Cash and cash equivalents, end of the period 34,382 9,794 139,444
Supplemental disclosures of cash flow information      
Buildings and equipment acquired under operating leases 201,486 225,968 285,865
Cash paid for interest, net of capitalized interest 9,595 7,403 6,279
Cash paid for income taxes, net of refunds 61,027 92,923 63,684
Fixed assets accrued at the end of the period $ 135,707 $ 116,997 $ 87,645