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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
May 30, 2020
May 25, 2019
Operating activities:    
Net income $ 18,983 $ 79,930
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 11,854 9,788
Amortization of intangible assets 18,514 7,204
Non-cash interest expense, net 7,440 0
Amortization of debt issuance costs 2,181 1,186
Last-in, first-out expense 1,450 1,544
Stock-based compensation 3,332 5,735
Deferred income taxes 365 362
Other, net 516 1,265
Change in assets and liabilities:    
Receivables 31,440 (20,961)
Inventories 91,938 2,701
Prepaid expenses and other assets 159 (653)
Accounts payable (13,528) 3,954
Income taxes and unrecognized tax benefits (2,622) (13,898)
Accrued expenses and other liabilities (9,585) 4,692
Net cash provided by operating activities 162,437 82,849
Investing activities:    
Purchases of property and equipment (28,582) (31,681)
Acquisition of business, net of cash acquired (260,965) (702)
Proceeds from the sale of property 0 134
Other, net 141 1,752
Net cash used in investing activities (289,406) (30,497)
Financing activities:    
Borrowings on credit agreement 1,495,209 342,549
Repayments of credit agreement (1,495,209) (375,438)
Proceeds from issuance of convertible senior notes 300,000 0
Purchase of convertible note hedge (70,800) 0
Proceeds from issuance of warrants 42,210 0
Payments on long-term debt (6,500) 0
Payments of offering costs (10,761) 0
Payments of cash dividends (10,881) (10,201)
Payments for repurchase of common stock 0 (7,724)
Other, net (1,250) 296
Net cash provided by (used in) financing activities 242,018 (50,518)
Net increase in cash and cash equivalents 115,049 1,834
Cash and cash equivalents at beginning of period 37,431 2,342
Cash and cash equivalents at end of period 152,480 4,176
Supplement cash flow disclosure:    
Income taxes paid, net 6,240 33,852
Interest paid 14,961 10,335
Non-cash transactions:    
Issuance of Winnebago common stock for acquisition of business 92,572 0
Capital expenditures in accounts payable $ 255 $ 9