Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Jan. 01, 2022
Dec. 26, 2020
Cash Flows Provided By Operating Activities      
Net income $ 107,653 $ 43,801 $ 56,837
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation Expense 7,935 6,450 5,985
Reduction in carrying amount of right-of-use assets 5,390 0 0
Change in inventory obsolescence reserve (739) 669 (682)
Intangible amortization 29,683 31,588 27,046
Deferred finance fee amortization 3,682 3,222 3,226
Provision for losses on accounts receivable 1,683 1,349 2,417
Share based compensation 4,115 5,327 171
Loss (gain) on extinguishment of debt 0 2,415 (258)
Contingent consideration and earnout fair value adjustments 0 687 (2,176)
(Gain) loss on sale of assets (85) 38 36
Loss on abandonment of lease 571 794 0
Change in fair value of derivative warrant liabilities 0 5,918 0
Undistributed (earnings) losses of affiliate (154) 151 (61)
Deferred income taxes, net 13,526 4,849 349
Changes in operating assets and liabilities      
Accounts receivable (50,073) (23,984) (4,934)
Costs in excess of billings on uncompleted contracts (16,130) (11,619) (75)
Inventory (10,342) (22,908) 3,568
Prepaid expenses and other current assets (8,508) (6,017) (2,681)
Accounts payable (2,694) 16,553 374
Billing in excess of costs on uncompleted contracts (1,762) 1,682 (919)
Other accrued expenses 7,674 16,630 10,313
Other assets and long-term liabilities (2,958) (2,766) 2,311
Net Cash Provided By Operating Activities 88,467 74,829 100,847
Cash Flows Used In Investing Activities      
Proceeds from sale of equipment 113 83 43
Purchases of property and equipment (8,807) (19,866) (6,338)
Proceeds from sale leaseback transaction   9,638 0
Cash paid for acquisitions, net of cash acquired 0 (179,744) (4,472)
Net Cash Used In Investing Activities (8,694) (189,889) (10,767)
Cash Flows Provided by (Used In) Financing Activities      
(Repayments of) proceeds from line of credit (6,369)    
(Repayments of) proceeds from line of credit   6,369 0
Distributions to Janus Midco LLC unitholders 0 (4,174) (48,954)
Principal payments on long-term debt (8,067) (68,858) (8,254)
Principal payments on finance lease obligations (210) 0 0
Proceeds from issuance of long-term debt 0 155,000 0
Proceeds from merger 0 334,874 0
Proceeds from PIPE 0 250,000 0
Payments for transaction costs, net 0 (44,489) 0
Payments to Janus Midco, LLC unitholders at the Business Combination 0 (541,710) 0
Proceeds from warrant exercise 0 110 0
Payment of contingent consideration 0 0 (6,923)
Payments for deferred financing fees 0 (4,322) 0
Cash Provided By (Used In) Financing Activities (14,646) 82,800 (64,131)
Effect of exchange rate changes on cash and cash equivalents 54 197 (600)
Net Increase (Decrease) in Cash and Cash Equivalents 65,181 (32,063) 25,349
Cash, cash equivalents and restricted cash at beginning of year 13,192 45,255 19,906
Cash, cash equivalents and restricted cash at end of year 78,373 13,192 45,255
Supplemental Cash Flows Information      
Interest paid 40,862 32,852 30,849
Income taxes paid, net of refunds 33,381 2,054 1,301
Cash paid for operating leases 7,661 0 0
Right-of-use assets obtained in exchange for operating lease obligations 48,437 0 0
Right-of-use assets obtained in exchange for finance lease obligations $ 1,214 $ 0 $ 0