XML 41 R5.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Cash Flows From Operating Activities:    
Net income $ 20,180 $ 19,197
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,908 11,660
Non-cash lease expense 6,770  
Provision for doubtful accounts 1,725 843
Stock based compensation 6,989 4,541
Change in fair value of contingent consideration 49 267
Gain on disposals of property and equipment (48) 0
Deferred income taxes (3,839) 564
Changes in operating assets and liabilities, net of impact of acquisitions:    
Billed receivables 508 (6,396)
Unbilled receivables (4,490) (3,759)
Prepaid expenses and other assets (5,279) 819
Accounts payable (2,053) (679)
Accrued liabilities (9,170) (3,259)
Income taxes payable (2,789) (6,713)
Billings in excess of costs and estimated earnings on uncompleted contracts (5,972) 485
Deposits 68 0
Net cash provided by operating activities 21,557 17,570
Cash Flows From Investing Activities:    
Cash paid for acquisitions (net of cash received from acquisitions) (29,365) (28,460)
Purchase of property and equipment (1,810) (1,582)
Net cash used in investing activities (31,175) (30,042)
Cash Flows From Financing Activities:    
Proceeds from secondary offering 0 93,469
Borrowings from Senior Credit Facility 10,000 0
Payments on notes payable (8,483) (7,410)
Payments of contingent consideration (1,213) (728)
Proceeds from exercise of unit warrant 0 1,092
Payments of borrowings from Senior Credit Facility 0 (36,500)
Net cash provided by financing activities 304 49,923
Net (decrease) increase in Cash and Cash Equivalents (9,314) 37,451
Cash and cash equivalents – beginning of period 40,739 18,751
Cash and cash equivalents – end of period 31,425 56,202
Non-cash investing and financing activities:    
Contingent consideration (earn-out) 2,570 1,565
Notes payable and other obligations issued for acquisitions 10,044 8,356
Stock issuance for acquisitions 2,632 4,950
Capital leases $ 769 $ 2,878