PGT, Inc.

CIK:0001354327|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income Statement [Abstract]
Net sales	$ 1,504,241	$ 1,491,954	$ 1,161,464
Cost of sales	913,600	921,285	757,965
Gross profit	590,641	570,669	403,499
Selling, general and administrative expenses	404,193	402,886	303,043
Impairment of trade name	5,500	7,423
Restructuring costs and charges, net	1,722
Income from operations	179,226	160,360	100,456
Interest expense, net	31,077	28,879	30,029
Debt extinguishment costs		410	25,472
Income before income taxes	148,149	131,071	44,955
Income tax expense	38,010	32,666	9,759
Net income	110,139	98,405	35,196
Less: Net income attributable to redeemable non-controlling interest ("RNCI")	(1,101)	(1,523)	(2,318)
Net income attributable to the Company	109,038	96,882	32,878
Calculation of net income per common share attributable to common shareholders:
Net income attributable to the Company	109,038	96,882	32,878
Change in redemption value of RNCI	(1,637)	2,000	(6,081)
Net income attributable to common shareholders	$ 107,401	$ 98,882	$ 26,797
Net income per common share attributable to common shareholders:
Basic	$ 1.84	$ 1.65	$ 0.45
Diluted	$ 1.83	$ 1.64	$ 0.45
Weighted average number of common shares outstanding:
Basic	58,363	59,926	59,518
Diluted	58,700	60,319	60,058

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Cash flows from operating activities:
Net income	$ 110,139	$ 98,405	$ 35,196
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	35,991	34,048	30,487
Amortization	26,307	26,150	21,082
Impairment of trade name	5,500	7,423
Asset impairment charges		2,131
Non-cash portion of restructuring costs and charges	1,679
Provision for allowance for credit losses	3,132	10,979	3,834
Stock-based compensation	12,240	9,670	7,819
Amortization and write-offs of deferred financing costs	1,320	1,242	978
Debt extinguishment costs		410	25,472
Deferred income taxes	6,752	(11,340)	7,632
Loss (gain) on sales of assets	406	(240)	261
Change in operating assets and liabilities (net of acquisition effects):
Accounts receivable, net	37,452	(20,622)	(34,390)
Inventories	527	(12,017)	(15,984)
Contract assets, net, prepaid expenses, other current and other assets	26,158	12,826	(5,958)
Accounts payable, accrued and other liabilities	(70,717)	37,309	(12,750)
Net cash provided by operating activities	196,886	196,374	63,679
Cash flows from investing activities:
Purchases of property, plant and equipment	(69,509)	(45,377)	(33,424)
Investment in and acquisition of business	(744)	(188,580)	(220,676)
Proceeds from sales of assets	1,167	37	187
Net cash used in investing activities	(69,086)	(233,920)	(253,913)
Cash flows from financing activities:
Payment of fair value of contingent consideration in Anlin Acquisition	(4,348)	(2,362)
Redemption of redeemable non-controlling interest	(37,459)
Proceeds from amounts drawn under revolving credit facility	50,000	160,000
Payments of borrowing under revolving credit facility	(81,352)	(83,648)
Proceeds from issuance of senior notes			638,300
Payments of senior notes			(425,000)
Payment of call-premium on redemption of senior notes			(21,518)
Proceeds from issuance of term loan debt			60,000
Payments of term loan debt		(60,000)	(54,000)
Payments of financing costs		(1,526)	(10,675)
Purchases of treasury stock under repurchase program	(82,349)	(1,565)
Income taxes paid from stock withheld relating to vested equity awards	(7,240)	(1,888)	(1,648)
Proceeds from exercise of stock options			138
Distribution to redeemable non-controlling interest		(1,665)
Proceeds from issuance of common stock under ESPP	1,108	602	463
Net cash (used in) provided by financing activities	(161,640)	7,948	186,060
Net decrease in cash and cash equivalents	(33,840)	(29,598)	(4,174)
Cash and cash equivalents at beginning of year	66,548	96,146	100,320
Cash and cash equivalents at end of year	$ 32,708	$ 66,548	$ 96,146

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 32,708	$ 66,548
Accounts receivable, net	117,617	160,107
Inventories	111,781	112,672
Contract assets, net	37,733	47,919
Prepaid expenses	11,586	11,763
Other current assets	16,860	16,532
Total current assets	328,285	415,541
Property, plant and equipment, net	238,126	208,354
Operating lease right-of-use asset, net	124,012	104,121
Intangible assets, net	415,245	447,052
Goodwill	462,630	460,415
Other assets, net	9,581	4,766
Total assets	1,577,879	1,640,249
Current liabilities:
Accounts payable	40,630	43,727
Accrued liabilities	73,190	125,234
Current portion of operating lease liability	20,368	16,393
Total current liabilities	134,188	185,354
Long-term debt	612,102	642,134
Operating lease liability, less current portion	114,030	95,159
Deferred income taxes	52,685	47,407
Other liabilities	5,007	7,459
Total liabilities	918,012	977,513
Redeemable non-controlling interest		34,721
Commitments and Contingencies
Shareholders' equity:
Preferred stock; par value $.01 per share; 10,000 shares authorized; none outstanding
Common stock; par value $.01 per share; 200,000 shares authorized; 64,395 and 63,940 shares issued and 57,188 and 59,912 shares outstanding at December 30, 2023 and December 31, 2022, respectively	644	639
Additional paid-in-capital	450,881	442,116
Accumulated other comprehensive income	191	223
Retained earnings	311,095	204,891
Treasury stock at cost (6,061 shares and 2,760 shares at December 30, 2023 and December 31, 2022, respectively)	(102,944)	(19,854)
Total shareholders' equity	659,867	628,015
Total liabilities, redeemable non-controlling interest, and shareholders' equity	$ 1,577,879	$ 1,640,249