v3.22.2.2
Consolidated Condensed Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Oct. 03, 2022
Sep. 27, 2021
Cash flows from operating activities:    
Net income $ 88,566 $ 46,027
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 67,306 63,711
Amortization of definite-lived intangible assets 30,973 30,988
Amortization of debt discount and issuance costs 1,608 1,613
Loss on extinguishment of debt   15,217
Deferred income taxes (7,158) 3,704
Stock-based compensation 14,131 12,503
Other (5,194) (4,005)
Changes in operating assets and liabilities:    
Accounts receivable, net (40,605) (7,128)
Contract assets (8,642) (52,518)
Inventories (16,903) (24,404)
Prepaid expenses and other current assets (31,638) (12,440)
Accounts payable 24,337 59,686
Contract liabilities 27,842 (1,878)
Accrued salaries, wages and benefits 22,738 (12,164)
Other current liabilities 27,953 (4,649)
Net cash provided by operating activities 195,314 114,263
Cash flows from investing activities:    
Acquisition of Gritel Holding Co., Inc. and ISC Farmingdale Corp. (298,339)  
Purchase of property, plant and equipment and other assets (76,245) (62,086)
Proceeds from sale of property, plant and equipment and other assets 150 1,017
Other (245)  
Net cash used in investing activities (374,679) (61,069)
Cash flows from financing activities:    
Proceeds from borrowings of revolving loan 50,000  
Repayment of revolving loan (50,000)  
Repurchases of common stock (35,424) (33,262)
Customer deposits 15,000  
Cash used to settle warrants (887) (3,177)
Proceeds from long-term debt borrowing   500,000
Repayment of long-term debt borrowings   (425,838)
Payment of debt issuance costs   (5,864)
Other   (7,071)
Net cash (used in) provided by financing activities (21,311) 24,788
Effect of foreign currency exchange rates on cash and cash equivalents (1,377) 269
Net (decrease) increase in cash and cash equivalents (202,053) 78,251
Cash and cash equivalents at beginning of period 537,678 451,565
Cash and cash equivalents at end of period 335,625 529,816
Supplemental cash flow information:    
Cash paid, net for interest 38,405 36,431
Cash paid, net for income taxes 3,031 3,292
Supplemental disclosure of noncash investing and financing activities:    
Property, plant and equipment recorded in accounts payable 37,555 37,550
Issuance of common stock for warrant settlement $ 589 2,116
Repurchases of common stock recorded in accounts payable   $ 1,854

Source