XML 22 R8.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
May 30, 2021
May 31, 2020
May 26, 2019
Cash flows from operating activities:      
Net (loss) income $ (32,665) $ (38,191) $ 411
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Depreciation, amortization of intangibles, debt costs and right-of-use assets 19,867 18,838 15,230
Loss on debt refinancing 1,110 0 0
Stock-based compensation expense 3,360 2,419 3,560
Provision (benefit) for expected credit losses 418 (284) 421
Deferred taxes (7,893) (5,440) 910
Change in investment in non-public company, fair value 11,800 4,200 (1,600)
Net loss on disposal of property and equipment held and used 61 143 188
Loss on disposal of property and equipment related to restructuring, net 10,143 14,802 0
Other, net (74) 195 0
Impairment of goodwill and intangible assets 0 12,953 2,000
Change in contingent consideration liability 0 (500) (3,500)
Pacific Harvest note receivable reserve 0 1,202 0
Changes in current assets and current liabilities:      
Accounts receivable, net 5,775 (6,357) (9,281)
Inventory (3,352) (12,179) (10,929)
Prepaid expenses and other current assets 7,941 (6,815) 1,601
Accounts payable (5,982) (1,249) 19,116
Accrued compensation 3,270 (1,894) 249
Other accrued liabilities 460 1,263 21
Deferred revenue 778 (147) (2,377)
Net cash provided by (used in) operating activities 15,017 (17,041) 16,020
Cash flows from investing activities:      
Purchases of property and equipment (23,769) (26,686) (44,734)
Proceeds from sales of property and equipment 12,913 2,434 264
Proceeds from collections of notes receivable 0 364 545
Proceeds from sale of investment in non-public company 0 0 7,000
Acquisition of Yucatan Foods (Note 2), net of cash acquired 0 0 (59,872)
Net cash used in investing activities (10,856) (23,888) (96,797)
Cash flows from financing activities:      
Proceeds from long-term debt 170,000 27,500 60,000
Payments on long-term debt (114,130) (11,125) (5,092)
Proceeds from lines of credit 100,000 119,300 59,000
Payments on lines of credit (148,400) (93,900) (34,000)
Payments for debt issuance costs (10,484) (1,576) (509)
Taxes paid by Company for employee stock plans (405) (212) (700)
Proceeds from sale of common stock 0 30 327
Net cash (used in) provided by financing activities (3,419) 40,017 79,026
Net increase (decrease) in cash, cash equivalents and restricted cash 742 (912) (1,751)
Cash, cash equivalents and restricted cash, beginning of period 553 1,465 3,216
Cash, cash equivalents and restricted cash, end of period 1,295 553 1,465
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 13,223 10,130 5,614
Cash paid during the period for income taxes, net of refunds received (7,680) (1,124) (1,963)
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Purchases of property and equipment on trade vendor credit $ 4,724 $ 2,820 $ 3,948