Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Sep. 29, 2018
Sep. 30, 2017
Sep. 24, 2016
Cash flows from operating activities:      
Net income $ 124,120 $ 79,730 $ 45,585
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 47,199 42,719 40,001
Amortization of deferred financing costs 1,748 1,361 1,504
Stock-based compensation 11,602 11,115 8,356
Excess tax benefits from stock-based awards 0 (19,946) (6,869)
Deferred income taxes (4,833) 10,789 3,189
Gain on sale of property and equipment 0 (2,050) (2,544)
Loss on disposal of property, plant and equipment 273 65 1,163
Write-off of deferred financing costs 0 0 3,337
Asset impairments 0 0 19,367
Other 1,840 3,999 987
Changes in assets and liabilities (excluding businesses acquired):      
Receivables (28,741) (32,419) 27,444
Inventories (15,087) (15,885) (6,519)
Prepaid expenses and other assets (3,803) 2,845 6,901
Accounts payable (1,163) (2,143) (2,793)
Accrued expenses (20,096) 35,018 11,234
Other long-term obligations 1,053 (889) 1,083
Net cash provided by operating activities 114,112 114,309 151,426
Cash flows from investing activities:      
Additions to property, plant and equipment (37,845) (44,659) (27,622)
Businesses acquired, net of cash acquired (91,244) (103,880) (69,001)
Escrow deposit for acquisition-related contingent consideration 0 (6,000) 0
Proceeds from asset sales 0 8,547 3,911
Change in restricted cash and cash equivalents. 1,746 (1,735) 2,247
Payments for investments (9,048) (12,495) 0
Other investing activities (2,745) (4,355) (730)
Net cash used in investing activities (139,136) (164,577) (91,195)
Cash flows from financing activities:      
Repayments on revolving line of credit (23,000) (552,000) (419,000)
Borrowings on revolving line of credit 23,000 552,000 419,000
Repayments of long-term debt (431) (463) (400,307)
Issuance of long-term debt 300,000 0 400,000
Proceeds from issuance of common stock, net of offering costs 195,631 0 324
Excess tax benefits from stock-based awards 0 19,946 6,869
Repurchase of common stock, including shares surrendered for tax withholding (13,797) (27,556) (10,873)
Payments of contingent consideration (253) (1,300) (2,026)
Distribution to noncontrolling interest (1,597) (1,019) (592)
Payment of financing costs (4,770) 0 (7,560)
Net cash provided (used) by financing activities 474,783 (10,392) (14,165)
Effect of exchange rate changes on cash and equivalents (50) 75 (668)
Net increase (decrease) in cash and cash equivalents 449,709 (60,585) 45,398
Cash and cash equivalents at beginning of year 32,397 92,982 47,584
Cash and cash equivalents at end of year 482,106 32,397 92,982
Supplemental information:      
Cash paid for interest 36,664 27,878 32,995
Cash paid for income taxes – net of refunds 19,508 10,560 10,399
Non-cash investing and financing activities:      
Capital expenditures incurred but not paid 2,386 3,106 2,743
Liability for contingent performance based payments $ (2,888) $ 2,830 $ 2,590