Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Mar. 27, 2021
Mar. 28, 2020
Cash flows from operating activities:    
Net income $ 79,241 $ 38,603
Adjustments to reconcile net income to net cash used by operating activities:    
Depreciation and amortization 31,769 26,316
Amortization of deferred financing costs 952 921
Non-cash lease expense 19,120 17,194
Stock-based compensation 10,394 8,423
Debt extinguishment costs 8,577 0
Loss on sale of business 2,611 0
Deferred income taxes 4,196 4,966
Gain on sale of property and equipment (662) (9)
Other 221 1,331
Change in assets and liabilities (excluding businesses acquired):    
Accounts receivable (191,332) (160,799)
Inventories (131,887) (50,471)
Prepaid expenses and other assets 8,585 (6,051)
Accounts payable 62,393 37,857
Accrued expenses (6,119) 6,803
Other long-term obligations 371 23
Operating lease liabilities (18,606) (17,765)
Net cash used by operating activities (120,176) (92,658)
Cash flows from investing activities:    
Additions to plant, property and equipment (33,647) (19,487)
Payments to acquire companies, net of cash acquired (733,692) 0
Proceeds from the sale of business 2,400 0
Investments 0 (4,439)
Other investing activities (473) (437)
Net cash used in investing activities (765,412) (24,363)
Cash flows from financing activities:    
Repayments of long-term debt (400,048) (59)
Proceeds from issuance of long-term debt 500,000 0
Borrowings under revolving line of credit 830,000 0
Repayments under revolving line of credit (640,000) 0
Premium paid on extinguishment of debt (6,124) 0
Repurchase of common stock, including shares surrendered for tax withholding (4,454) (48,026)
Payment of contingent consideration liability (157) (90)
Distribution to noncontrolling interest (532) (57)
Payment of financing costs (8,235) (959)
Net cash provided (used) by financing activities 270,450 (49,191)
Effect of exchange rate changes on cash and cash equivalents 1,222 87
Net decrease in cash, cash equivalents and restricted cash (613,916) (166,125)
Cash, cash equivalents and restricted cash at beginning of period 666,397 510,701
Cash, cash equivalents and restricted cash at end of period 52,481 344,576
Supplemental information:    
Cash paid for interest 21,857 21,464
Cash paid for taxes 37,837 2,094
Operating leases $ 38,667 $ 4,986