Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 26, 2016 |
Mar. 28, 2015 |
| Cash flows provided by operating activities: |
|
|
| Net Income |
$ 7,032
|
$ 13,743
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
12,029
|
10,312
|
| Loss on disposal of property, plant and equipment |
303
|
335
|
| Bad debt recovery |
(33)
|
(42)
|
| Stock-based compensation expense |
2,686
|
1,621
|
| Excess tax benefit from stock-based compensation arrangements |
(3,839)
|
(12,538)
|
| Deferred income taxes |
351
|
(5)
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(6,166)
|
(7,444)
|
| Inventories |
(5,275)
|
(4,489)
|
| Prepaid expenses, income tax receivable and other assets |
8,165
|
29,535
|
| Accounts payable |
825
|
2,138
|
| Accrued expenses and other current liabilities |
(8,282)
|
(12,108)
|
| Other liabilities |
(1,529)
|
167
|
| Net cash provided by operating activities |
6,267
|
21,225
|
| Cash flows used in investing activities: |
|
|
| Purchases of property, plant and equipment |
(13,011)
|
(18,688)
|
| Cash paid for acquisition of intangible assets |
|
(100)
|
| Decrease in restricted cash |
56
|
57
|
| Net cash used in investing activities |
(12,955)
|
(18,731)
|
| Cash flows (used in) provided by financing activities: |
|
|
| Repurchase of Class A Common Stock |
(60,775)
|
(9,490)
|
| Proceeds from exercise of stock options |
20,347
|
39,745
|
| Cash paid on note payable |
(58)
|
(54)
|
| Excess tax benefit from stock-based compensation arrangements |
3,839
|
12,538
|
| Net proceeds from sale of investment shares |
270
|
521
|
| Net cash (used in) provided by financing activities |
(36,377)
|
43,260
|
| Change in cash and cash equivalents |
(43,065)
|
45,754
|
| Cash and cash equivalents at beginning of year |
94,193
|
76,402
|
| Cash and cash equivalents at end of period |
51,128
|
122,156
|
| Supplemental disclosure of cash flow information: |
|
|
| Income taxes paid |
1,963
|
417
|
| Income taxes refunded |
12,000
|
17,252
|
| Increase in accounts payable for purchase of property, plant and equipment |
$ 1,628
|
$ 1,647
|