September 28, 2024, respectively, and $(0.2) million and $(0.8) million 
      for the three and nine-month periods ended September 30, 2023, 
      respectively. 
 
   8. Derived utilizing a combined statutory rate of 25% for the for the three 
      and nine-month periods ended September 28, 2024, and September 30, 2023, 
      respectively, and applied to the respective adjusted pre-tax loss. 
 
   9. Adjustments used to reconcile net loss per diluted share on a GAAP basis 
      to adjusted net income (loss) per diluted share are comprised of the same 
      adjustments, inclusive of the tax impact, used to reconcile net loss to 
      adjusted net income (loss) divided by the weighted-average diluted shares 
      outstanding during the period. 

The table below reflects the increase or decrease, and aggregate impact, to the line items included on our consolidated statements of operations based upon the adjustments used in arriving at Adjusted EBITDA from EBITDA for the periods indicated.

 
                           For the three-month       For the nine-month 
                              periods ended             periods ended 
                         ------------------------  ----------------------- 
                         September    September    September    September 
(dollars in thousands)    28, 2024     30, 2023     28, 2024    30, 2023 
                         ----------  ------------  ----------  ----------- 
Cost of revenue, 
 excluding depreciation 
 and amortization        $      281  $        166  $      457  $   (4,512) 
Branch and regional 
 administrative 
 expenses                     2,515         2,765       5,389        6,129 
Corporate expenses            5,421         4,445      14,756       10,629 
Goodwill impairment               -       105,136           -      105,136 
Acquisition-related 
 costs                          150           428         150          465 
Other operating expense 
 (income)                       (8)       (5,090)       2,112      (8,735) 
Other (expense) income       25,082      (12,412)         830     (24,982) 
                          ---------   -----------   ---------   ---------- 
Total adjustments        $   33,441  $     95,438  $   23,694  $    84,130 
                          =========   ===========   =========   ========== 
 

The following table reconciles the net cash provided by operating activities to free cash flow:

 
                                          For the nine-month period ended 
                                         --------------------------------- 
(dollars in thousands)                          September 28, 2024 
                                         --------------------------------- 
Net cash provided by operating 
 activities                                 $                       19,231 
Purchases of property and equipment, 
 and software                                                      (4,790) 
Principal payments of term loans                                   (4,600) 
Principal payments of notes payable and 
 financing lease obligations                                       (4,802) 
Settlements with swap counterparties                                11,681 
                                         ----  --------------------------- 
Free cash flow                              $                       16,720 
                                         ====  =========================== 
 

(END) Dow Jones Newswires

November 07, 2024 06:30 ET (11:30 GMT)