6
Cal-Maine Foods, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Twenty-sixThirty-nine Weeks
Ended
NovemberFebruary 25, 2023
February 26, 2022
November 27, 2021
Cash flows from operating activities:
Net income (loss)
$
323,428646,197
$
(16,881)22,573
Depreciation and amortization
34,72953,198
33,96950,996
Deferred income taxes
(540)7,098
(15,995)(3,861)
Gain on insurance recoveries
(3,220)
(3,225)
Net proceeds from insurance settlement - business interruption
3,220
—
Other adjustments, net
(12,830)16
(16,585)(45,659)
Net cash provided by (used in) operations
344,787706,509
(15,492)20,824
Cash flows from investing activities:
Purchases of investment securities
(152,365)(442,583)
(26,387)(47,135)
Sales and maturities of investment securities
65,279132,686
67,86476,377
Investment in unconsolidated entities
(1,673)
(3,000)
Distributions from unconsolidated entities
—
400
Acquisition of business, net of cash acquired
—
(44,823)
Purchases of property,
plant and equipment
(59,709)(86,168)
(28,647)(49,170)
Net proceeds from insurance settlement - property,plant and equipment —
5,380
Net proceeds from disposal of property,
plant and equipment
92118
5,338661
Net cash used in investing activities
(146,703)(397,620)
(26,255)(61,310)
Cash flows from financing activities:
Payments of dividends
(78,394)(144,559)
—
Purchase of common stock by treasury
(45)(1,633)
(18)(1,120)
Principal payments on finance lease
(94)(167)
(106)(160)
Contributions
—
3
Net cash used in financing activities
(78,533)(146,359)
(121)(1,277)
Net change in cash and cash equivalents
119,551162,530
(41,868)(41,763)
Cash and cash equivalents at beginning of period
59,084
57,352
Cash and cash equivalents at end of period
$
178,635221,614
$
15,48415,589
See Notes to Condensed Consolidated Financial Statements.