XML 19 R8.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jul. 02, 2022
Jul. 03, 2021
Cash Flows from Operating Activities    
Net Income $ 12,246 $ 15,118
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:    
Depreciation and amortization 15,666 13,908
Non-cash operating lease cost 3,582 1,563
Inventory write down and property and equipment impairment due to restructuring 832 0
Stock-based compensation expense 5,190 5,742
Deferred income taxes (4,117) 1,002
Recovery of credit losses (449) (74)
Other 382 357
Changes in Assets and Liabilities:    
Accounts receivable (11,597) (8,646)
Contract assets (6,139) (18,910)
Inventories (13,821) (15,381)
Production cost of contracts 879 (1,558)
Other assets (136) (1,147)
Accounts payable 15,674 3,475
Contract liabilities (5,356) (6,394)
Operating lease liabilities (2,930) (1,566)
Accrued and other liabilities (3,788) (5,307)
Net Cash Provided by (Used in) Operating Activities 6,118 (17,818)
Cash Flows from Investing Activities    
Purchases of property and equipment (9,068) (7,367)
Proceeds from sale of assets 51 531
Post closing cash received from the acquisition of Magnetic Seal LLC, net 365 0
Net Cash Used in Investing Activities (8,652) (6,836)
Cash Flows from Financing Activities    
Borrowings from senior secured revolving credit facility 0 20,000
Repayments of senior secured revolving credit facility 0 (30,000)
Repayments of term loans (33,500) (4,426)
Repayments of other debt (168) (170)
Net cash paid upon issuance of common stock under stock plans (2,595) (5,214)
Net Cash Used in Financing Activities (36,263) (19,810)
Net Decrease in Cash and Cash Equivalents (38,797) (44,464)
Cash and Cash Equivalents at Beginning of Period 76,316 56,466
Cash and Cash Equivalents at End of Period $ 37,519 $ 12,002