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

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Jan. 03, 2026
Dec. 28, 2024
Dec. 30, 2023
Cash flows provided by operating activities      
Net income $ 53.8 $ 70.4 $ 135.7
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation of property, plant, and equipment 12.9 12.0 9.3
Noncash lease expense 7.8 7.6 6.3
Amortization of intangibles 33.2 32.0 29.8
Deferred financing fee amortization 2.6 2.4 3.6
Provision for (reversal of) expected losses on accounts receivable 0.4 15.7 (0.7)
Share-based compensation 16.2 10.7 7.1
Impairment 0.7 12.0 0.0
Loss on extinguishment of debt 0.0 0.0 1.6
(Gain) loss on sale of property, plant, and equipment (0.6) (5.0) 0.1
Deferred income taxes, net 24.9 0.1 9.5
Other, net 1.0 (0.7) 0.0
Changes in operating assets and liabilities, excluding effects of acquisition      
Accounts receivable 28.5 24.2 (17.4)
Contract assets (3.9) 26.2 (10.3)
Inventories (5.4) (4.8) 19.4
Prepaid expenses and other current assets (10.8) (3.9) 4.1
Other assets 0.7 0.0 (1.9)
Accounts payable (13.7) (6.1) 7.3
Contract liabilities (1.8) (9.1) 5.0
Accrued expenses and other current liabilities (6.3) (24.6) 10.0
Other long-term liabilities (0.7) (5.1) (3.5)
Net cash provided by operating activities 139.5 154.0 215.0
Cash flows used in investing activities      
Purchases of property, plant, and equipment (25.5) (20.1) (19.0)
Cash paid for acquisition, net of cash acquired (0.1) (59.4) (1.0)
Proceeds from sale of property, plant, and equipment 0.0 8.9 0.1
Payment for equity method investment 0.0 (2.5) 0.0
Net cash used in investing activities (25.6) (73.1) (19.9)
Cash flows used in financing activities      
Principal payments on long-term debt (47.5) (24.9) (428.5)
Repurchase of common stock (15.9) (78.8) 0.0
Cash paid for common stock withheld for taxes (3.1) (1.7) 0.0
Principal payments on finance lease obligations (2.1) (1.6) (0.7)
Proceeds from issuance of long-term debt 0.0 0.0 337.6
Excise taxes paid for repurchase of common stock (0.8) 0.0 0.0
Payments for deferred financing fees 0.0 (0.2) (10.8)
Other financing activities 0.0 4.2 0.0
Net cash used in financing activities (69.4) (103.0) (102.4)
Effect of exchange rate changes on cash and cash equivalents 0.6 (0.3) 0.6
Net increase (decrease) in cash 45.1 (22.4) 93.3
Cash, beginning of fiscal year 149.3 171.7 78.4
Cash, end of fiscal year 194.4 149.3 171.7
Supplemental cash flow information      
Interest paid 39.7 58.9 43.4
Income taxes paid 7.3 26.8 33.9
Cash paid for operating leases included in operating activities 10.3 9.2 8.4
Non-cash investing and financing activities      
Right-of-use assets obtained in exchange for operating lease obligations 20.2 15.9 9.5
Right-of-use assets and lease liabilities reduced for terminated leases 0.0 0.5 0.0
Right-of-use assets obtained in exchange for finance lease obligations 1.2 1.6 3.1
RSU shares withheld included in accrued employee taxes 0.4 0.1 0.4
Excise taxes from common share repurchase included in accrued expenses 0.1 0.8 0.0
Purchases of property, plant, and equipment in accounts payable 0.3 0.2 0.0
Property, plant and equipment obtained in exchange for operating lease obligations 0.0 0.0 1.6
Financing liability related to completed sale leaseback $ (4.2) $ 0.0 $ 0.0