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
 6 Months Ended
Jun. 29, 2017
Jun. 30, 2016
Operating activities    
Net income $ 31,557 $ 12,113
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,058 13,696
Loss on extinguishment of debt 5,442 153
Loss on asset disposals 0 263
Amortization of tenant improvement allowances (1,547) (1,188)
Deferred income taxes 7,586 1,546
Stock based compensation expense 2,135 1,460
Changes in operating assets and liabilities:    
Receivables, net (3,967) (535)
Inventories, net (73,771) (26,332)
Other assets (1,643) (1,303)
Trade accounts payable 85,118 20,330
Accrued expenses (10,901) 16,597
Income taxes (7,868) (2,711)
Deferred revenue 7,063 3,707
Deferred rent 5,994 2,152
Tenant improvement allowances 3,124 3,283
Other 59 50
Net cash provided by operating activities 66,439 43,281
Investing activities    
Purchases of fixed assets (45,498) (30,920)
Net cash used in investing activities (45,498) (30,920)
Financing activities    
Borrowings on revolving line of credit 111,700 89,650
Payments on revolving line of credit (129,900) (113,050)
Proceeds from term loans 0 12,000
Payments on term loans (195,750) (733)
Debt issuance costs (993) (197)
Proceeds from initial public offering 192,082 0
Proceeds from exercise of stock options 1,855 34
Net cash used in financing activities (21,006) (12,296)
Net (decrease) increase in cash and cash equivalents (65) 65
Cash and cash equivalents, beginning of the period 451 318
Cash and cash equivalents, end of the period 386 383
Supplemental disclosures of cash flow information    
Cash paid for interest 11,682 4,194
Cash paid for income taxes 11,134 8,692
Fixed assets accrued at the end of the period 8,472 8,459
Fixed assets acquired as part of lease—paid for by lessor $ 1,786 $ 0