UNIFIRST CORP
For the period ended May 25, 2024. Filed Jul 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
May 25, 2024 · Filed Jul 3, 2024
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Consolidated Statements of Cash Flows for the
Consolidated Statements of Cash Flows
| Thirty-Nine Weeks Ended (in thousands) | May 25, 2024 | May 27, 2023 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | $100,839 | $76,043 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization (1) | 103,453 | 88,115 |
| Share-based compensation | 7,145 | 6,874 |
| Accretion on environmental contingencies | 948 | 777 |
| Accretion on asset retirement obligations | 721 | 690 |
| Deferred income taxes | 4,048 | 11,709 |
| Other | 1,061 | 16 |
| Changes in assets and liabilities, net of acquisitions: | ||
| Receivables, less reserves | (5,288) | (22,148) |
| Inventories | (13,101) | 2,110 |
| Rental merchandise in service | 5,308 | (19,544) |
| Prepaid expenses and other current assets and Other assets | (11,518) | 67 |
| Accounts payable | (5,118) | 3,492 |
| Accrued liabilities | (3,212) | (13,152) |
| Prepaid and accrued income taxes | 7,726 | 7,758 |
| Net cash provided by operating activities | 193,012 | 142,807 |
| Cash flows from investing activities: | ||
| Acquisition of businesses, net of cash acquired | (203) | (306,192) |
| Capital expenditures, including capitalization of software costs | (121,937) | (124,067) |
| Purchases of investments | (24,581) | (117,012) |
| Maturities of investments | 21,679 | 107,000 |
| Proceeds from sale of assets | 749 | 517 |
| Net cash used in investing activities | (124,293) | (439,754) |
| Cash flows from financing activities: | ||
| Payment of deferred financing costs | — | (851) |
| Borrowings under line of credit | — | 80,000 |
| Repayments under line of credit | — | (80,000) |
| Proceeds from exercise of share-based awards | 3 | 3 |
| Taxes withheld and paid related to net share settlement of equity awards | (2,731) | (2,850) |
| Repurchase of Common Stock | (15,962) | — |
| Payment of cash dividends | (17,436) | (16,527) |
| Net cash used in financing activities | (36,126) | (20,225) |
| Effect of exchange rate changes | 210 | 76 |
| Net increase (decrease) in cash and cash equivalents | 32,803 | (317,096) |
| Cash and cash equivalents at beginning of period | 79,443 | 376,399 |
| Cash and cash equivalents at end of period | $112,246 | $59,303 |
| Supplemental disclosure of cash flow information: | ||
| Non-cash capital expenditures | $6,010 | $10,761 |
(1)
Depreciation and amortization for thethirty-nine weeks ended May 25, 2024 and May 27, 2023 included approximately$13.9 million and$9.8 million, respectively, of non-cash amortization expense recognized on acquisition-related intangible assets.
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