Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 27, 2019
Jun. 28, 2018
Operating activities    
Net income $ 74,316 $ 71,717
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 34,910 23,632
Gain on asset disposals 22 0
Amortization of tenant improvement allowances 0 (2,165)
Deferred income taxes (1,478) 2,822
Interest cap derivative contracts 1,250 (794)
Stock based compensation expense 4,418 2,952
Changes in operating assets and liabilities:    
Receivables, net 15,809 12,697
Inventories, net 24,618 (14,989)
Trade accounts payable (40,808) 6,257
Accrued expenses and other current liabilities 9,058 (21,912)
Income taxes 1,541 (5,320)
Deferred revenue 1,723 2,441
Deferred rent 0 4,955
Tenant improvement allowances 0 3,034
Other (3,222) (1,404)
Net cash provided by operating activities 122,157 83,923
Investing activities    
Purchases of fixed assets (78,172) (63,438)
Net cash used in investing activities (78,172) (63,438)
Financing activities    
Borrowings on revolving line of credit 95,300 129,300
Payments on revolving line of credit (95,300) (156,700)
Payments on term loans (1,750) (1,750)
Proceeds from exercise of stock options 7,152 8,656
Proceeds from employee stock purchase plan 1,419 0
Net cash provided by (used in) financing activities 6,821 (20,494)
Net increase (decrease) in cash and cash equivalents 50,806 (9)
Cash and cash equivalents, beginning of the period 644 556
Cash and cash equivalents, end of the period 51,450 547
Supplemental disclosures of cash flow information    
Buildings and equipment acquired under operating leases 132,213 0
Cash paid for interest 3,912 3,844
Cash paid for income taxes 12,099 637
Fixed assets accrued at the end of the period $ 25,420 $ 18,596