(in thousands)
Fiscal Year Ended | |||||||
(Unaudited) | |||||||
March 26,
2021 |
March 27,
2020 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 18,101 | $ | 37,105 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 48,307 | 64,048 | |||||
Amortization of debt issuance costs | 226 | — | |||||
Deferred income taxes | (18,930 | ) | (4,909 | ) | |||
Stock-based compensation | 49,870 | 1,435 | |||||
Loss on disposal of assets | 269 | 698 | |||||
Loss on debt extinguishment | 9,055 | — | |||||
Gain on contingent consideration change in fair value | (2,500 | ) | — | ||||
Impairment on assets held for sale | 7,119 | — | |||||
Provisions for inventory and bad debt | 5,019 | 3,891 | |||||
Changes in operating assets and liabilities: | |||||||
Trade accounts receivable | (9,303 | ) | 16,441 | ||||
Accounts receivable - other | (28 | ) | 346 | ||||
Inventories | 7,641 | 346 | |||||
Prepaid expenses and other assets | (29,048 | ) | 2,629 | ||||
Trade accounts payable | 15,099 | (3,122 | ) | ||||
Due from/to related parties | 4,878 | (23,946 | ) | ||||
Accrued expenses and other current and long-term liabilities | 14,795 | (13,543 | ) | ||||
Net cash provided by operating activities | 120,570 | 81,419 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of property, plant and equipment | (40,673 | ) | (45,615 | ) | |||
Acquisition of business, net of cash acquired | (11,555 | ) | — | ||||
Proceeds from sales of property, plant and equipment | 318 | 3,936 | |||||
Disposal of cash balances of subsidiary | (16,335 | ) | — | ||||
Net cash used in investing activities | (68,245 | ) | (41,679 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Related party note receivable | 51,377 | 30,000 | |||||
Proceeds from initial public offering, net of underwriting discounts and other offering costs | 321,425 | — | |||||
Payments for taxes related to net share settlement of equity awards | (27,707 | ) | — | ||||
Dividends paid | (400,000 | ) | — | ||||
Borrowings of senior secured debt, net of deferred financing costs | 315,719 | 43,000 | |||||
Repayment of senior secured debt | (300,000 | ) | — | ||||
Repayment of unsecured credit facilities | (33,000 | ) | — | ||||
Capital contribution | — | 9,500 | |||||
Net cash (used) provided by financing activities | (72,186 | ) | 82,500 | ||||
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash | 3,860 | (5,621 | ) | ||||
Net (decrease) increase in Cash and cash equivalents and Restricted cash | (16,001 | ) | 116,619 | ||||
Cash and cash equivalents and Restricted cash at beginning of period | 219,876 | 103,257 | |||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ | 203,875 | $ | 219,876 | |||
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: | |||||||
Cash and cash equivalents at beginning of period | $ | 214,491 | $ | 99,743 | |||
Restricted cash at beginning of period | 5,385 | 3,514 | |||||
Cash and cash equivalents and Restricted cash at beginning of period | $ | 219,876 | $ | 103,257 | |||
Cash and cash equivalents at end of period | 197,214 | 214,491 | |||||
Restricted cash at end of period | 6,661 | 5,385 | |||||
Cash and cash equivalents and Restricted cash at end of period | $ | 203,875 | $ | 219,876 | |||
Consolidated Statements of Cash Flows (cont.)