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 Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Cash Flows Provided by Operating Activities      
Net income $ 135.7 $ 107.7 $ 43.8
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation of property, plant and equipment 9.3 7.9 6.5
Noncash lease expense 6.3 5.4 0.0
(Reversal of) provision for inventory obsolescence 0.0 (0.7) 0.7
Amortization of intangibles 29.8 29.7 31.6
Deferred finance fee amortization 3.6 3.7 3.2
(Reversal of) provision for losses on accounts receivable (0.7) 1.7 1.3
Share-based compensation 7.1 4.1 5.3
Loss on extinguishment of debt 1.6 0.0 2.4
Change in fair value of contingent consideration and earnout 0.0 0.0 0.7
Loss (gain) on sale of assets 0.1 (0.1) 0.0
Loss on abandonment of lease 0.0 0.6 0.8
Change in fair value of derivative warrant liabilities 0.0 0.0 5.9
(Gain) loss on equity method investment 0.0 (0.2) 0.2
Deferred income taxes, net 9.5 13.5 4.8
Changes in operating assets and liabilities      
Accounts receivable (17.4) (50.1) (24.0)
Contract assets (10.3) (16.1) (11.6)
Inventories 19.4 (10.3) (22.9)
Prepaid expenses and other current assets 4.1 (8.5) (6.0)
Other long-term assets (1.9) (12.3) 13.5
Accounts payable 7.3 (2.7) 16.6
Billings in excess of costs 5.0 (1.8) 1.7
Accrued expenses and other current liabilities 10.0 7.7 16.6
Other long-term liabilities (3.5) 9.3 (16.3)
Net Cash Provided by Operating Activities 215.0 88.5 74.8
Cash Flows Used in Investing Activities      
Proceeds from sale of equipment 0.1 0.1 0.1
Purchases of property and equipment (19.0) (8.8) (19.9)
Proceeds from sale leaseback transaction     9.6
Cash paid for acquisitions, net of cash acquired (1.0) 0.0 (179.7)
Net Cash Used in Investing Activities (19.9) (8.7) (189.9)
Cash Flows (Used in) Provided by Financing Activities      
(Payments on) proceeds from line of credit 0.0   6.4
(Payments on) proceeds from line of credit   (6.4)  
Distributions to Janus Midco LLC unitholders 0.0 0.0 (4.2)
Principal payments on long-term debt (0.7) (8.1) (68.9)
Principal payments on finance lease obligations (428.5) (0.2) 0.0
Proceeds from issuance of long-term debt 337.6 0.0 155.0
Payments for deferred financing fees (10.8) 0.0 (4.3)
Proceeds from merger 0.0 0.0 334.9
Proceeds from PIPE 0.0 0.0 250.0
Payments for transaction costs, net 0.0 0.0 (44.5)
Payments to Janus Midco, LLC unitholders at the Business Combination 0.0 0.0 (541.7)
Proceeds from warrant exercise 0.0 0.0 0.1
Cash (Used in) Provided by Financing Activities (102.4) (14.7) 82.8
Effect of exchange rate changes on cash 0.6 0.1 0.2
Net Increase (Decrease) in Cash 93.3 65.2 (32.1)
Cash, cash equivalents and restricted cash at beginning of year 78.4 13.2 45.3
Cash, cash equivalents and restricted cash at end of year 171.7 78.4 13.2
Supplemental Cash Flows Information      
Interest paid 43.4 40.9 32.9
Income taxes paid 33.9 33.4 2.1
Cash paid for operating leases included in operating activities 8.4 7.7 0.0
Non-cash investing and financing activities      
Right-of-use assets obtained in exchange for operating lease obligations 9.5 48.4 0.0
Right-of-use assets obtained in exchange for finance lease obligations 3.1 1.2 0.0
RSU Shares withheld related to employee taxes 0.4 0.0 0.0
Property, plant and equipment obtained in exchange for operating lease obligations $ 1.6 $ 0.0 $ 0.0