(in thousands)
(Unaudited)
| Nine-Month Period Ended | |||||||
|
December 25,
2020 |
December 27,
2019 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net income | $ | 9,412 | $ | 23,776 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 36,225 | 47,608 | |||||
| Amortization of deferred financing costs | 226 | — | |||||
| Deferred income taxes | (17,526 | ) | (288 | ) | |||
| Stock-based compensation | 46,901 | 1,051 | |||||
| Loss on disposal of assets | 272 | 718 | |||||
| Loss on debt extinguishment | 9,055 | — | |||||
| Provisions for inventory and bad debt | 3,857 | 3,353 | |||||
| Changes in operating assets and liabilities: | |||||||
| Trade accounts receivable | (5,975 | ) | 15,540 | ||||
| Accounts receivable - other | 115 | 657 | |||||
| Inventories | 1,118 | (341 | ) | ||||
| Prepaid expenses and other assets | (29,655 | ) | (6,165 | ) | |||
| Trade accounts payable | 2,411 | 1,100 | |||||
| Due to/from related parties | 8,283 | (20,969 | ) | ||||
| Accrued expenses and other current and long-term liabilities | (1,185 | ) | (17,270 | ) | |||
| Net cash provided by operating activities | 63,534 | 48,770 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property, plant and equipment | (25,880 | ) | (34,997 | ) | |||
| Acquisition of business, net of cash acquired | (8,500 | ) | — | ||||
| Proceeds from sales of property, plant and equipment | 314 | 3,936 | |||||
| Contribution of cash balances due to divestiture of subsidiary | (16,335 | ) | — | ||||
| Net cash used in investing activities | (50,401 | ) | (31,061 | ) | |||
| 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 | — | |||||
| Repayment of senior secured debt | (300,000 | ) | — | ||||
| Repayment of unsecured credit facilities | (33,000 | ) | — | ||||
| Net cash (used in) provided by financing activities | (72,186 | ) | 30,000 | ||||
| Effect of exchange rate changes on Cash and cash equivalents and Restricted cash | 3,350 | (6,452 | ) | ||||
| Net (decrease) increase in Cash and cash equivalents and Restricted cash | (55,703 | ) | 41,257 | ||||
| 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: | $ | 164,173 | $ | 144,514 | |||
| 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 | 157,653 | 139,306 | |||||
| Restricted cash at end of period | 6,520 | 5,208 | |||||
| Cash and cash equivalents and Restricted cash at end of period | $ | 164,173 | $ | 144,514 | |||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||
| Cash paid for interest | $ | 2,559 | $ | 872 | |||
| Cash paid for income taxes | $ | 7,568 | $ | 12,937 | |||
| Noncash transactions: | |||||||
| Changes in Trade accounts payable related to Property, plant and equipment, net | $ | (786 | ) | $ | (2,663 | ) | |
| Loans to cover purchase of common stock under employee stock plan | $ | 171 | $ | 232 | |||
