(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.)
