Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2022 |
Oct. 01, 2021 |
| Operating activities |
|
|
| Net (loss) income |
$ (3,711)
|
$ 38,240
|
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
| Depreciation expense |
8,663
|
4,788
|
| Amortization of intangible assets |
28,597
|
7,521
|
| Loss on disposal of property, plant, and equipment |
59
|
65
|
| Stock-based compensation |
18,800
|
6,927
|
| Amortization of debt issuance costs |
3,903
|
689
|
| Changes in assets and liabilities: |
|
|
| Receivables |
(1,676)
|
(22,835)
|
| Prepaid expenses |
(3,442)
|
(15,625)
|
| Other assets |
1,119
|
(118)
|
| Accounts payable |
50,210
|
55,653
|
| Deferred taxes |
(151)
|
780
|
| Compensation and other employee benefits |
21,200
|
(5,737)
|
| Other liabilities |
(23,803)
|
(16,970)
|
| Net cash provided by operating activities |
99,768
|
53,378
|
| Investing activities |
|
|
| Purchases of capital assets |
(8,231)
|
(7,650)
|
| Proceeds from the disposition of assets |
20
|
16
|
| Acquisition of business, net of cash acquired |
194,431
|
262
|
| Contribution to joint venture |
0
|
(2,496)
|
| Net cash provided by (used in) investing activities |
186,220
|
(9,868)
|
| Financing activities |
|
|
| Repayments of long-term debt |
(58,363)
|
(6,000)
|
| Proceeds from revolver |
392,000
|
352,000
|
| Repayments of revolver |
(495,000)
|
(397,000)
|
| Proceeds from exercise of stock options |
370
|
114
|
| Payment of debt issuance costs |
(2,324)
|
(17)
|
| Payments of employee withholding taxes on share-based compensation |
(1,934)
|
(2,317)
|
| Net cash used in financing activities |
(165,251)
|
(53,220)
|
| Exchange rate effect on cash |
(11,877)
|
(2,784)
|
| Net change in cash, cash equivalents and restricted cash |
108,860
|
(12,494)
|
| Cash, cash equivalents and restricted cash - beginning of year |
38,513
|
68,727
|
| Cash, cash equivalents and restricted cash - end of period |
147,373
|
56,232
|
| Supplemental disclosure of cash flow information: |
|
|
| Interest paid |
27,035
|
4,706
|
| Income taxes paid |
10,344
|
9,068
|
| Purchase of capital assets on account |
438
|
480
|
| Common stock issued for business acquisition |
$ 630,636
|
$ 0
|