CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
| Nine Months Ended | |||||||
| October 1, 2022 | October 2, 2021 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 41,973 | $ | 31,691 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 33,091 | 33,397 | |||||
| Non-cash lease expense | 9,409 | 7,941 | |||||
| Provision for doubtful accounts | 1,252 | 1,077 | |||||
| Stock-based compensation | 15,249 | 12,087 | |||||
| Change in fair value of contingent consideration | (543 | ) | (67 | ) | |||
| Gain on disposals of property and equipment | (100 | ) | (1,059 | ) | |||
| Deferred income taxes | (4,288 | ) | (4,318 | ) | |||
| Amortization of debt issuance costs | 556 | 1,024 | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | 13,281 | 16,728 | |||||
| Unbilled receivables | (8,633 | ) | (10,024 | ) | |||
| Prepaid expenses and other assets | (8,105 | ) | (4,160 | ) | |||
| Accounts payable | (7,937 | ) | 1,366 | ||||
| Accrued liabilities | (1,608 | ) | 403 | ||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | (2,902 | ) | (8,233 | ) | |||
| Other current liabilities | (304 | ) | 218 | ||||
| Net cash provided by operating activities | 80,391 | 78,071 | |||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (5,020 | ) | (23,569 | ) | |||
| Proceeds from sale of assets | 87 | 843 | |||||
| Purchase of property and equipment | (14,874 | ) | (6,714 | ) | |||
| Net cash used in investing activities | (19,807 | ) | (29,440 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from common stock offering | — | 172,500 | |||||
| Borrowings from Senior Credit Facility | — | 138,750 | |||||
| Payments on notes payable | (7,796 | ) | (7,299 | ) | |||
| Payments of contingent consideration | (1,597 | ) | (663 | ) | |||
| Payments of borrowings from Senior Credit Facility | (45,000 | ) | (283,832 | ) | |||
| Payments of common stock offering costs | — | (10,657 | ) | ||||
| Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation | — | (52 | ) | ||||
| Payments of debt issuance costs | — | (890 | ) | ||||
| Net cash (used in) provided by financing activities | (54,393 | ) | 7,857 | ||||
| Net increase in cash and cash equivalents | 6,191 | 56,488 | |||||
| Cash and cash equivalents – beginning of period | 47,980 | 64,909 | |||||
| Cash and cash equivalents – end of period | $ | 54,171 | $ | 121,397 | |||
