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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Cash flows from operating activities:    
Net income $ 8,642 $ 5,480
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,167 10,542
Non-cash lease expense 3,092 2,161
Provision for doubtful accounts 678 (536)
Stock-based compensation 4,789 3,696
Change in fair value of contingent consideration 0 209
Gain on disposals of property and equipment (54) (530)
Deferred income taxes (1,903) (2,282)
Amortization of debt issuance costs 185 227
Changes in operating assets and liabilities, net of impact of acquisitions:    
Billed receivables 23,211 36,037
Unbilled receivables 2,042 2,032
Prepaid expenses and other assets 3,230 (1,114)
Accounts payable (7,854) (6,332)
Accrued liabilities 4,684 2,629
Income taxes payable 0 3,085
Billings in excess of costs and estimated earnings on uncompleted contracts (5,104) (7,241)
Other current liabilities (289) 92
Net cash provided by operating activities 46,516 48,155
Cash flows from investing activities:    
Cash paid for acquisitions (net of cash received from acquisitions) (326) (15,007)
Proceeds from sale of assets 0 460
Purchase of property and equipment (6,044) (1,470)
Net cash used in investing activities (6,370) (16,017)
Cash flows from financing activities:    
Proceeds from common stock offering 0 150,000
Payments on notes payable (4,581) (1,669)
Payments of contingent consideration (1,597) (150)
Payments of borrowings from Senior Credit Facility 0 (143,207)
Payments of common stock offering costs 0 (9,044)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation 0 (52)
Net cash used in financing activities (6,178) (4,122)
Net increase in cash and cash equivalents 33,968 28,016
Cash and cash equivalents – beginning of period 47,980 64,909
Cash and cash equivalents – end of period 81,948 92,925
Non-cash investing and financing activities:    
Contingent consideration (earn-out) 0 1,870
Notes payable and other obligations issued for acquisitions 0 8,180
Stock issuance for acquisitions 1,352 3,150
Accrued common stock offering costs 0 319
Finance leases 375 78
Payment of contingent consideration with common stock $ 0 $ 209