Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jul. 01, 2022 |
| Operating activities |
|
|
| Net income (loss) |
$ (15,681)
|
$ 13,327
|
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
| Depreciation expense |
11,326
|
3,238
|
| Amortization of intangible assets |
45,211
|
4,423
|
| Loss (gain) on disposal of property, plant, and equipment |
522
|
(15)
|
| Stock-based compensation |
20,446
|
4,725
|
| Amortization of debt issuance costs |
4,692
|
388
|
| Loss on extinguishment of debt |
22,052
|
0
|
| Changes in assets and liabilities: |
|
|
| Receivables |
(20,404)
|
(29,302)
|
| Prepaid expenses |
(1,645)
|
(5,321)
|
| Other assets |
436
|
5,185
|
| Accounts payable |
7,647
|
32,470
|
| Deferred taxes |
(5,143)
|
0
|
| Compensation and other employee benefits |
(23,150)
|
2,507
|
| Other liabilities |
31,831
|
(11,989)
|
| Net cash provided by operating activities |
78,140
|
19,636
|
| Investing activities |
|
|
| Purchases of capital assets |
(11,543)
|
(3,492)
|
| Proceeds from the disposition of assets |
5
|
18
|
| Contribution to joint venture |
0
|
(2,113)
|
| Net cash used in investing activities |
(11,538)
|
(5,587)
|
| Financing activities |
|
|
| Proceeds from issuance of long-term debt |
250,000
|
0
|
| Repayments of long-term debt |
(424,888)
|
(5,200)
|
| Proceeds from revolver |
552,750
|
392,000
|
| Repayments of revolver |
(467,750)
|
(402,000)
|
| Proceeds from exercise of stock options |
6
|
370
|
| Payment of debt issuance costs |
(7,507)
|
(458)
|
| Prepayment premium on early redemption of debt |
(1,600)
|
0
|
| Payments of employee withholding taxes on share-based compensation |
(14,618)
|
(1,696)
|
| Net cash used in financing activities |
(113,607)
|
(16,984)
|
| Exchange rate effect on cash |
1,252
|
(507)
|
| Net change in cash and cash equivalents |
(45,753)
|
(3,442)
|
| Cash and cash equivalents - beginning of period |
116,067
|
38,513
|
| Cash and cash equivalents - end of period |
70,314
|
35,071
|
| Supplemental disclosure of cash flow information: |
|
|
| Interest paid |
58,300
|
3,409
|
| Income taxes paid |
2,707
|
6,112
|
| Purchase of capital assets on account |
$ 1,813
|
$ 13
|