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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Cash flows from operating activities:    
Net income $ 32,203 $ 50,953
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 45,753 40,419
Debt related charges included in interest expense 962 2,446
Inventory step-up amortization 798 0
Stock-based compensation 10,951 8,953
Non-cash lease expense 5,344 3,947
Non-cash loss on equity investments 2,724 2,019
Other non-cash losses 7,510 29
Deferred income taxes (969) (242)
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable (37,642) (19,141)
Inventories (41,471) 898
Prepaid expenses and other assets (783) (2,604)
Contract assets (6,189) (16,792)
Accounts payable 25,554 16,937
Accrued expenses and other liabilities (7,295) (13,737)
Income taxes (439) (5,298)
Net cash provided by operating activities 37,011 68,787
Cash flows from investing activities:    
Acquisition of property, plant and equipment (22,610) (18,416)
Proceeds from sale of property, plant and equipment 587 15
Acquisitions, net (126,636) 0
Net cash used in investing activities (148,659) (18,401)
Cash flows from financing activities:    
Principal payments of term loans (7,625) (64,750)
Proceeds from revolving credit facility 160,000 0
Payments of revolving credit facility (34,000) 0
Proceeds from the exercise of stock options 0 340
Payment of debt issuance costs 0 (141)
Tax withholdings related to net share settlements of restricted stock unit awards (1,926) (2,988)
Contingent consideration payments (493) (1,621)
Principal payments on finance leases (353) (24)
Net cash provided by (used in) financing activities 115,603 (69,184)
Effect of foreign currency exchange rates on cash and cash equivalents (6,247) 173
Net decrease in cash and cash equivalents (2,292) (18,625)
Cash and cash equivalents, beginning of period 17,885 49,206
Cash and cash equivalents, end of period $ 15,593 $ 30,581