Business Acquisitions (Tables)

3 Months Ended

Apr. 02, 2022

Business Combination and Asset Acquisition [Abstract]

Summary of the fair values of the assets acquires and liabilities assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date for the acquisitions closed during the fiscal year ended January 1, 2022:

	Fiscal Year Ended
	January 1, 2022
Cash	$	1,480
Billed and unbilled receivables, net	17,733
Right-of-use assets	2,932
Property and equipment	3,741
Prepaid expenses	587
Other assets	13
Intangible assets:
Customer relationships	36,407
Trade name	2,098
Customer backlog	3,860
Non-compete	4,456
Total Assets	$	73,307
Liabilities	(13,984)
Deferred tax liabilities	(4,521)
Net assets acquired	$	54,802
Consideration paid (Cash, Notes and/or stock)	$	95,560
Contingent earn-out liability (Cash and stock)	5,133
Total Consideration	$	100,693
Excess consideration over the amounts assigned to the net assets acquired (Goodwill)	$	45,891

Pro forma consolidated results of operations

The following table presents the results of operations of businesses acquired from their respective dates of acquisition for the three months ended April 3, 2021.

	Three Months Ended
	April 3, 2021
Gross revenues	$	1,451
Income before income taxes	$	493

The pro forma results are not necessarily indicative of (i) the results of operations that would have occurred had the operations of these acquisitions actually been acquired at the beginning of fiscal year 2021 or (ii) future results of operations:

	Three Months Ended
	April 3, 2021
Gross revenues	$	170,151
Net income	$	6,287
Basic earnings per share	$	0.49
Diluted earnings per share	$	0.47