Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Cash flows provided by operating activities      
Net income $ 70.4 $ 135.7 $ 107.7
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation of property, plant and equipment 12.0 9.3 7.9
Noncash lease expense 7.6 6.3 5.4
Provision for inventory obsolescence 0.0 0.0 (0.7)
Amortization of intangibles 32.0 29.8 29.7
Deferred finance fee amortization 2.4 3.6 3.7
Provisions for (reversal of) expected losses on accounts receivable 15.7 (0.7) 1.7
Share-based compensation 10.7 7.1 4.1
Impairment 12.0 0.0 0.0
Loss on extinguishment of debt 0.0 1.6 0.0
(Gain) loss on sale of property, plant, and equipment (5.0) 0.1 (0.1)
Loss on abandonment of lease 0.0 0.0 0.6
Gain on equity method investment (0.7) 0.0 (0.2)
Deferred income taxes, net 0.1 9.5 13.5
Changes in operating assets and liabilities, excluding effects of acquisition      
Accounts receivable 24.2 (17.4) (50.1)
Contract assets 26.2 (10.3) (16.1)
Inventories (4.8) 19.4 (10.3)
Prepaid expenses and other current assets (3.9) 4.1 (8.5)
Other assets 0.0 (1.9) (12.3)
Accounts payable (6.1) 7.3 (2.7)
Contract liabilities (9.1) 5.0 (1.8)
Accrued expenses and other current liabilities (24.6) 10.0 7.7
Other long-term liabilities (5.1) (3.5) 9.3
Net cash provided by operating activities 154.0 215.0 88.5
Cash flows used in investing activities      
Proceeds from sale of property plant and equipment 8.9 0.1 0.1
Purchases of property, plant and equipment (20.1) (19.0) (8.8)
Payment for equity method investment (2.5) 0.0 0.0
Cash paid for acquisitions, net of cash acquired (59.4) (1.0) 0.0
Net cash used in investing activities (73.1) (19.9) (8.7)
Cash flows used in financing activities      
Payments on line of credit 0.0 0.0 (6.4)
Principal payments on long-term debt (24.9) (428.5) (8.1)
Principal payments on finance lease obligations (1.6) (0.7) (0.2)
Proceeds from issuance of long-term debt 0.0 337.6 0.0
Cash paid for common stock withheld for taxes (1.7) 0.0 0.0
Repurchase of common stock (78.8) 0.0 0.0
Payments for deferred financing fees (0.2) (10.8) 0.0
Other financing activities 4.2 0.0 0.0
Net cash used in financing activities (103.0) (102.4) (14.7)
Effect of exchange rate changes on cash and cash equivalents (0.3) 0.6 0.1
Net (decrease) increase in cash (22.4) 93.3 65.2
Cash, beginning of fiscal year 171.7 78.4 13.2
Cash, end of fiscal year 149.3 171.7 78.4
Supplemental cash flows information      
Interest paid 58.9 43.4 40.9
Income taxes paid 26.8 33.9 33.4
Cash paid for operating leases included in operating activities 9.2 8.4 7.7
Non-cash investing and financing activities      
Right-of-use assets obtained in exchange for operating lease obligations 15.9 9.5 48.4
Right-of-use assets and lease liabilities reduced for terminated leases 0.5 0.0 0.0
Right-of-use assets obtained in exchange for finance lease obligations 1.6 3.1 1.2
RSU shares withheld included in accrued employee taxes 0.1 0.4 0.0
Excise taxes from common share repurchase included in accrued expenses 0.8 0.0 0.0
Purchases of property, plant and equipment in accounts payable 0.2 0.0 0.0
Property, plant and equipment obtained in exchange for operating lease obligations $ 0.0 $ 1.6 $ 0.0