Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Operating activities    
Net income $ 70,100,000 $ 100,000,000.0
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation of property, plant and equipment 8,900,000 6,600,000
Noncash lease expense 5,600,000 4,700,000
Provision for inventory obsolescence 200,000 1,400,000
Amortization of intangibles 23,700,000 22,300,000
Deferred income taxes 7,900,000 0
Deferred finance fee amortization 1,900,000 3,100,000
Provision for expected losses on accounts receivable 8,600,000 (700,000)
Share-based compensation 7,200,000 5,400,000
Impairment 2,800,000 0
Loss on extinguishment of debt 0 1,600,000
Loss on equity investment 0 100,000
Loss on sale of property, plant, and equipment 0 100,000
Changes in operating assets and liabilities, excluding effects of acquisition    
Accounts receivable 7,300,000 (14,900,000)
Contract assets 24,500,000 (12,100,000)
Prepaid expenses and other current assets (13,300,000) 9,800,000
Inventories (5,700,000) 12,000,000.0
Other assets 400,000 100,000
Accounts payable (8,600,000) 3,600,000
Contract liabilities (6,300,000) (3,600,000)
Accrued expenses and other current liabilities (27,500,000) 11,000,000.0
Other long-term liabilities (5,100,000) (4,000,000.0)
Net cash provided by operating activities 102,600,000 146,500,000
Investing activities    
Purchases of property, plant, and equipment (14,000,000.0) (13,500,000)
Cash paid for acquisitions, net of cash acquired (59,400,000) (1,000,000.0)
Payment for equity-method investment (2,500,000) 0
Proceeds from sale of property, plant and equipment 0 100,000
Net cash used in investing activities (75,900,000) (14,400,000)
Financing activities    
Principal payments on long-term debt (23,400,000) (426,900,000)
Proceeds from long-term debt 0 337,600,000
Principal payments under finance lease obligations (1,400,000) (500,000)
Payments for deferred financing fees (200,000) (11,200,000)
Cash paid for common stock withheld for taxes (1,200,000) 0
Repurchase of common stock (70,200,000) 0
Net cash used in financing activities (96,400,000) (101,000,000.0)
Effect of exchange rate changes on cash 100,000 200,000
Net (decrease) increase in cash (69,600,000) 31,300,000
Cash, beginning of period 171,700,000 78,400,000
Cash, end of period 102,100,000 109,700,000
Supplemental cash flows information    
Interest paid 47,500,000 38,900,000
Income taxes paid 26,500,000 22,500,000
Cash paid for operating leases included in operating activities 6,600,000 6,200,000
Non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease obligations 4,200,000 4,500,000
Right-of-use assets obtained in exchange for finance lease obligations 1,600,000 2,400,000
RSU shares withheld included in accrued employee taxes 100,000 200,000
Excise taxes from common share repurchase included in accrued expenses 700,000 0
Capital expenditures in accounts payable $ 200,000 $ 0