Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
Jul. 01, 2022 |
Jul. 02, 2021 |
| Operating activities |
|
|
| Net income |
$ 13,327
|
$ 27,982
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation expense |
3,238
|
3,097
|
| Amortization of intangible assets |
4,423
|
4,891
|
| (Gain) Loss on disposal of property, plant, and equipment |
(15)
|
60
|
| Stock-based compensation |
4,725
|
4,923
|
| Amortization of debt issuance costs |
388
|
463
|
| Changes in assets and liabilities: |
|
|
| Receivables |
(29,302)
|
(38,882)
|
| Prepaid expenses |
(5,321)
|
(4,660)
|
| Other assets |
5,185
|
597
|
| Accounts payable |
32,470
|
18,784
|
| Deferred taxes |
0
|
370
|
| Compensation and other employee benefits |
2,507
|
11,285
|
| Other liabilities |
(11,989)
|
(14,884)
|
| Net cash provided by operating activities |
19,636
|
14,026
|
| Investing activities |
|
|
| Purchases of capital assets |
(3,492)
|
(4,833)
|
| Proceeds from the disposition of assets |
18
|
16
|
| Business acquisition purchase price adjustment |
0
|
262
|
| Contribution to joint venture |
(2,113)
|
(1,846)
|
| Net cash used in investing activities |
(5,587)
|
(6,401)
|
| Financing activities |
|
|
| Repayments of long-term debt |
(5,200)
|
(4,000)
|
| Proceeds from revolver |
392,000
|
215,000
|
| Repayments of revolver |
(402,000)
|
(215,000)
|
| Proceeds from exercise of stock options |
370
|
113
|
| Payment of debt issuance costs |
(458)
|
(17)
|
| Payments of employee withholding taxes on share-based compensation |
(1,696)
|
(2,272)
|
| Net cash used in financing activities |
(16,984)
|
(6,176)
|
| Exchange rate effect on cash |
(507)
|
(373)
|
| Net change in cash, cash equivalents and restricted cash |
(3,442)
|
1,076
|
| Cash, cash equivalents and restricted cash - beginning of year |
38,513
|
68,727
|
| Cash, cash equivalents and restricted cash - end of period |
35,071
|
69,803
|
| Supplemental disclosure of cash flow information: |
|
|
| Interest paid |
3,409
|
3,111
|
| Income taxes paid |
6,112
|
5,747
|
| Purchase of capital assets on account |
$ 13
|
$ 618
|