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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
May 25, 2024
May 27, 2023
May 25, 2024
May 27, 2023
Revenues $ 603,328 $ 576,668 $ 1,787,564 $ 1,661,157 Close
Operating expenses:        
Cost of revenues [1] 391,244 379,419 1,171,231 1,103,287
Selling and administrative expenses [1] 129,074 132,677 383,350 372,230
Depreciation and amortization 34,560 31,175 103,453 [2] 88,115 [2]
Total operating expenses 554,878 543,271 1,658,034 1,563,632 Close
Operating income 48,450 33,397 129,530 97,525 Close
Other (income) expense:        
Interest income, net (1,406) (553) (4,590) (6,353)
Other expense, net 522 621 1,813 1,526
Total other (income) expense, net (884) 68 (2,777) (4,827) Close
Income before income taxes 49,334 33,329 132,307 102,352 Close
Provision for income taxes 11,277 9,053 31,468 26,309 Close
Net income $ 38,057 $ 24,276 $ 100,839 $ 76,043 Close
Income per share – Diluted:        
Common stock (in dollars per share) $ 2.03 $ 1.29 $ 5.38 $ 4.06
Income allocated to – Basic:        
Common stock $ 38,057 $ 24,276 $ 100,839 $ 76,043
Income allocated to – Diluted:        
Common Stock $ 38,057 $ 24,276 $ 100,839 $ 76,043
Weighted average shares outstanding – Basic:        
Common stock (in shares) 18,652 18,677 18,684 18,674
Weighted average shares outstanding – Diluted:        
Common stock (in shares) 18,705 18,748 18,738 18,751
Common Stock        
Income per share – Basic:        
Common stock (in dollars per share) $ 2.12 $ 1.35 $ 5.61 $ 4.23
Income per share – Diluted:        
Common stock (in dollars per share) $ 2.03 $ 1.29 $ 5.38 $ 4.06
Income allocated to – Basic:        
Common stock $ 31,962 $ 20,394 $ 84,716 $ 63,882
Weighted average shares outstanding – Basic:        
Common stock (in shares) 15,062 15,087 15,094 15,084
Class B Common Stock        
Income per share – Basic:        
Common stock (in dollars per share) $ 1.7 $ 1.08 $ 4.49 $ 3.39
Income allocated to – Basic:        
Common stock $ 6,095 $ 3,882 $ 16,123 $ 12,161
Weighted average shares outstanding – Basic:        
Common stock (in shares) 3,590 3,590 3,590 3,590
[1] Exclusive of depreciation on the Company’s property, plant and equipment and amortization on its intangible assets.
[2] Depreciation and amortization for the thirty-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.