Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 17, 2023 | Jul. 02, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35849 | ||
Entity Registrant Name | NV5 Global, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-3458017 | ||
Entity Address, Address Line One | 200 South Park Road, | ||
Entity Address, Address Line Two | Suite 350, | ||
Entity Address, City or Town | Hollywood, | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33021 | ||
City Area Code | 954 | ||
Local Phone Number | 495-2112 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | NVEE | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.6 | ||
Entity Common Stock, Shares Outstanding | 15,529,919 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the 2023 definitive Proxy Statement are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0001532961 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Auditor Location | Miami, Florida |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 38,541 | $ 47,980 |
Billed receivables, net | 145,637 | 153,814 |
Unbilled receivables, net | 92,862 | 89,734 |
Prepaid expenses and other current assets | 13,636 | 12,442 |
Total current assets | 290,676 | 303,970 |
Property and equipment, net | 41,640 | 32,729 |
Right-of-use lease assets, net | 39,314 | 44,260 |
Intangible assets, net | 160,431 | 188,224 |
Goodwill | 400,957 | 389,916 |
Other assets | 2,705 | 2,844 |
Total Assets | 935,723 | 961,943 |
Current liabilities: | ||
Accounts payable | 57,771 | 55,954 |
Accrued liabilities | 44,313 | 50,461 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 31,183 | 29,444 |
Other current liabilities | 1,597 | 1,551 |
Current portion of contingent consideration | 10,854 | 5,807 |
Current portion of notes payable and other obligations | 15,176 | 20,734 |
Total current liabilities | 160,894 | 163,951 |
Contingent consideration, less current portion | 4,481 | 2,521 |
Other long-term liabilities | 29,542 | 34,304 |
Notes payable and other obligations, less current portion | 39,673 | 111,062 |
Deferred income tax liabilities, net | 6,893 | 25,385 |
Total liabilities | 241,483 | 337,223 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 45,000,000 shares authorized, 15,523,300 and 15,414,005 shares issued and outstanding as of December 31, 2022 and January 1, 2022, respectively | 155 | 154 |
Additional paid-in capital | 471,300 | 451,754 |
Retained earnings | 222,785 | 172,812 |
Total stockholders’ equity | 694,240 | 624,720 |
Total liabilities and stockholders’ equity | $ 935,723 | $ 961,943 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2022 | Jan. 01, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 45,000,000 | 45,000,000 |
Common stock, shares issued (in shares) | 15,523,300 | 15,414,005 |
Common stock, shares outstanding (in shares) | 15,523,300 | 15,414,005 |
CONSOLIDATED STATEMENTS OF NET
CONSOLIDATED STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Income Statement [Abstract] | |||
Gross revenues | $ 786,778 | $ 706,706 | $ 659,296 |
Direct costs: | |||
Salaries and wages | 186,806 | 175,047 | 176,865 |
Sub-consultant services | 153,641 | 124,998 | 107,602 |
Other direct costs | 60,357 | 47,347 | 40,291 |
Total direct costs | 400,804 | 347,392 | 324,758 |
Gross profit | 385,974 | 359,314 | 334,538 |
Operating expenses: | |||
Salaries and wages, payroll taxes, and benefits | 193,488 | 176,838 | 176,816 |
General and administrative | 66,114 | 53,986 | 50,214 |
Facilities and facilities related | 21,252 | 20,193 | 21,280 |
Depreciation and amortization | 38,938 | 39,953 | 42,079 |
Total operating expenses | 319,792 | 290,970 | 290,389 |
Income from operations | 66,182 | 68,344 | 44,149 |
Interest expense | (3,808) | (6,239) | (15,181) |
Income before income tax expense | 62,374 | 62,105 | 28,968 |
Income tax expense | (12,401) | (14,958) | (7,950) |
Net income and comprehensive income | $ 49,973 | $ 47,147 | $ 21,018 |
Earnings per share: | |||
Basic (in dollars per Share) | $ 3.39 | $ 3.34 | $ 1.70 |
Diluted (in dollars per Share) | $ 3.27 | $ 3.22 | $ 1.65 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 14,753,738 | 14,135,333 | 12,362,786 |
Diluted (in shares) | 15,260,186 | 14,656,381 | 12,713,075 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings |
Balance (in shares) at Dec. 28, 2019 | 12,852,357 | |||
Balance at Dec. 28, 2019 | $ 355,963 | $ 129 | $ 251,187 | $ 104,647 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 14,955 | 14,955 | ||
Restricted stock issuance, net (in shares) | 373,684 | |||
Restricted stock issuance, net | 0 | $ 4 | (4) | |
Stock issuance for acquisitions (in shares) | 38,846 | |||
Stock issuance for acquisitions | 1,855 | 1,855 | ||
Payment of contingent consideration with common stock (in shares) | 5,244 | |||
Payment of contingent consideration with common stock | 278 | 278 | ||
Net income | 21,018 | 21,018 | ||
Balance (in shares) at Jan. 02, 2021 | 13,270,131 | |||
Balance at Jan. 02, 2021 | 394,069 | $ 133 | 268,271 | 125,665 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 16,301 | 16,301 | ||
Restricted stock issuance, net (in shares) | 226,736 | |||
Restricted stock issuance, net | 0 | $ 2 | (2) | |
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation (in shares) | (580) | |||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation | (52) | (52) | ||
Stock issuance for acquisitions (in shares) | 60,680 | |||
Stock issuance for acquisitions | 5,203 | 5,203 | ||
Proceeds from secondary offering, net of costs (in shares) | 1,854,838 | |||
Proceeds from secondary offering, net of costs | 161,843 | $ 19 | 161,824 | |
Payment of contingent consideration with common stock (in shares) | 2,200 | |||
Payment of contingent consideration with common stock | 209 | 209 | ||
Net income | 47,147 | 47,147 | ||
Balance (in shares) at Jan. 01, 2022 | 15,414,005 | |||
Balance at Jan. 01, 2022 | 624,720 | $ 154 | 451,754 | 172,812 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 18,195 | 18,195 | ||
Restricted stock issuance, net (in shares) | 96,776 | |||
Restricted stock issuance, net | 0 | $ 1 | (1) | |
Stock issuance for acquisitions (in shares) | 12,519 | |||
Stock issuance for acquisitions | 1,352 | 1,352 | ||
Net income | 49,973 | 49,973 | ||
Balance (in shares) at Dec. 31, 2022 | 15,523,300 | |||
Balance at Dec. 31, 2022 | $ 694,240 | $ 155 | $ 471,300 | $ 222,785 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 49,973 | $ 47,147 | $ 21,018 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 44,063 | 44,971 | 45,488 |
Non-cash lease expense | 12,813 | 10,191 | 9,469 |
Provision for doubtful accounts | (60) | 1,243 | 4,311 |
Stock-based compensation | 19,326 | 16,301 | 14,955 |
Change in fair value of contingent consideration | 2,972 | 2,333 | 0 |
Gain on disposals of property and equipment | (328) | (1,102) | (462) |
Deferred income taxes | (18,492) | (7,007) | (13,064) |
Amortization of debt issuance costs | 724 | 1,210 | 896 |
Changes in operating assets and liabilities, net of impact of acquisitions: | |||
Billed receivables | 10,212 | 2,677 | (13,592) |
Unbilled receivables | (3,303) | (12,573) | 1,996 |
Prepaid expenses and other assets | (1,125) | (4,792) | 4,680 |
Accounts payable | (1,673) | 8,181 | 3,367 |
Accrued liabilities and other long-term liabilities | (19,901) | (12,507) | (4,865) |
Contingent consideration | (800) | 0 | 0 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (296) | 4,005 | 21,659 |
Other current liabilities | (125) | 1,164 | 153 |
Net cash provided by operating activities | 93,980 | 101,442 | 96,009 |
Cash flows from investing activities: | |||
Cash paid for acquisitions (net of cash received from acquisitions) | (5,908) | (67,995) | (882) |
Proceeds from sale of assets | 87 | 1,639 | 1,670 |
Purchase of property and equipment | (15,689) | (13,903) | (9,855) |
Net cash used in investing activities | (21,510) | (80,259) | (9,067) |
Cash flows from financing activities: | |||
Borrowings from Senior Credit Facility | 0 | 138,750 | 0 |
Proceeds from common stock offering | 0 | 172,500 | 0 |
Payments of borrowings from Senior Credit Facility | (65,000) | (323,832) | (36,625) |
Payments on notes payable | (15,445) | (12,516) | (15,207) |
Payments of contingent consideration | (1,464) | (1,329) | (1,579) |
Payments of common stock offering costs | 0 | (10,657) | 0 |
Payments of debt issuance costs | 0 | (976) | (447) |
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation | 0 | (52) | 0 |
Net cash used in financing activities | (81,909) | (38,112) | (53,858) |
Net (decrease) increase in cash and cash equivalents | (9,439) | (16,929) | 33,084 |
Cash and cash equivalents – beginning of period | 47,980 | 64,909 | 31,825 |
Cash and cash equivalents – end of period | 38,541 | 47,980 | 64,909 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 4,220 | 5,909 | 15,623 |
Cash paid for income taxes | 29,639 | 26,270 | 19,748 |
Non-cash investing and financing activities: | |||
Contingent consideration (earn-out) | 6,299 | 5,133 | 255 |
Notes payable and other obligations issued for acquisitions | 2,039 | 21,837 | 500 |
Stock issuance for acquisitions | 1,352 | 5,203 | 1,855 |
Finance leases | 2,490 | 376 | 1,244 |
Payment of contingent consideration and other obligations with common stock | $ 0 | $ 209 | $ 278 |
Organization and Nature of Busi
Organization and Nature of Business Operations | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization and Nature of Business Operations | Organization and Nature of Business Operations Business NV5 Global, Inc. and its subsidiaries (collectively, the “Company” or “NV5 Global”) is a provider of professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, utility services, construction, real estate, environmental, and geospatial markets, operating nationwide and abroad. The Company’s clients include the U.S. Federal, state and local governments, and the private sector. NV5 Global provides a wide range of services, including, but not limited to: ● Utility services ● MEP & technology design ● LNG services ● Commissioning ● Engineering ● Building program management ● Civil program management ● Environmental health & safety ● Surveying ● Real estate transaction services ● Testing, inspection, & consulting (TIC) ● Energy efficiency & clean energy services ● Code compliance consulting ● 3D geospatial data modeling ● Forensic services ● Environmental & natural resources ● Litigation support ● Robotic survey solutions ● Ecological studies ● Geospatial data applications & software Impact of COVID-19 on Our Business The COVID-19 pandemic has significantly impacted global stock markets and economies. The Company is closely monitoring the impact of the outbreak of COVID-19 on all aspects of its business. The extent to which the Company's operations may be impacted by the COVID-19 pandemic will depend largely on future developments, which are highly uncertain and cannot be accurately predicted. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Fiscal Year The Company reports its financial results on a 52/53-week fiscal year ending on the Saturday closest to December 31st (whether or not in the following calendar year), with interim calendar quarters ending on the Saturday closest to the end of such calendar quarter (whether or not in the following calendar quarter). As a result, fiscal 2022 and 2021 included 52 weeks compared to fiscal 2020, which included 53 weeks. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates and assumptions are based on management’s most recent assessment of underlying facts and circumstances using the most recent information available. Actual results could differ significantly from these estimates and assumptions, and the differences could be material. Estimates and assumptions are evaluated periodically and adjusted when necessary. The more significant estimates affecting amounts reported in the consolidated financial statements include the following: • Fair value estimates used in accounting for business combinations including the valuation of identifiable intangible assets and contingent consideration, • Fair value estimates in determining the fair value of our reporting units for goodwill impairment assessment, • Revenue recognition over time, and • Allowances for uncollectible accounts. Cash and Cash Equivalents Cash and cash equivalents include cash on deposit with financial institutions and investments in high quality overnight money market funds, all of which have maturities of three months or less when purchased. From time to time the Company may be exposed to credit risk with its bank deposits in excess of the Federal Deposit Insurance Corporation insurance limits and with uninsured money market investments. Management believes cash and cash equivalent balances are not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Concentration of Credit Risk Trade receivable balances carried by the Company are comprised of accounts from a diverse client base across a broad range of industries and are not collateralized. The Company did not have any clients representing more than 10% of our gross revenues during 2022, 2021, or 2020; however, 28%, 26% and 28% of the Company’s gross revenues for fiscal years 2022, 2021, and 2020, respectively, are from California-based projects. During fiscal years 2022, 2021, and 2020 approximately 64%, 65% and 68%, respectively, of our gross revenues were attributable to the public and quasi-public sector. Management continually evaluates the creditworthiness of these and future clients and provides for bad debt reserves as necessary. Fair Value of Financial Instruments Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories: Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities. Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. The Company considers cash and cash equivalents, accounts receivable, accounts payable, income taxes payable, accrued liabilities, and debt obligations to meet the definition of financial instruments. As of December 31, 2022, and January 1, 2022, the carrying amount of cash and cash equivalents, accounts receivable, accounts payable, income taxes payable, and accrued liabilities approximate their fair value due to the relatively short period of time between their origination and their expected realization or payment. The carrying amounts of debt obligations approximate their fair values as the terms are comparable to terms currently offered by local lending institutions for arrangements with similar terms to industry peers with comparable credit characteristics. Fair Value of Acquisitions The Company applies the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations , in the accounting for its acquisitions, which requires recognition of the assets acquired and the liabilities assumed at their acquisition date fair values, separately from goodwill. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the tangible and identifiable intangible assets acquired and liabilities assumed. The allocation of the purchase price to identifiable intangible assets is based on valuations performed to determine the fair values of such assets as of the acquisition dates. Generally, the Company engages a third-party independent valuation specialist to assist in management’s determination of fair values of tangible and intangible assets acquired and liabilities assumed. The fair values of earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. The Company estimates the fair value of contingent earn-out payments as part of the initial purchase price and records the estimated fair value of contingent consideration as a liability on the consolidated balance sheet. Changes in the estimated fair value of contingent earn-out payments are included in General and Administrative expenses on the Consolidated Statements of Net Income and Comprehensive Income. Several factors are considered when determining contingent consideration liabilities as part of the purchase price, including whether: (i) the valuation of the acquisitions is not supported solely by the initial consideration paid, and the contingent earn-out formula is a critical and material component of the valuation approach to determining the purchase price; and (ii) the former owners of the acquired companies that remain as key employees receive compensation other than contingent earn-out payments at a reasonable level compared with the compensation of other key employees. The contingent earn-out payments are not affected by employment termination. The Company reviews and re-assesses the estimated fair value of contingent consideration liabilities on a quarterly basis, and the updated fair value could differ from the initial estimates. The Company measures contingent consideration recognized in connection with business combinations at fair value on a recurring basis using significant unobservable inputs classified as Level 3 inputs. The Company generally uses a Monte Carlo simulation-based option pricing model, based on key inputs requiring significant judgments and estimates to be made by the Company, including projections of future earnings over the earn-out period. Significant increases or decreases to these inputs could result in a significantly higher or lower liability with a higher liability capped by the contractual maximum of the contingent consideration liabilities. Ultimately, the liability will be equivalent to the amount paid, and the difference between the fair value estimate on the acquisition date and amount paid will be recorded in earnings. See Note 12, Contingent Consideration , for additional information regarding contingent considerations. Property and Equipment Property and equipment is stated at cost. Property and equipment acquired in a business combination is stated at fair value at the acquisition date. The Company capitalizes the cost of improvements to property and equipment that increase the value or extend the useful lives of the assets. Normal repair and maintenance costs are expensed as incurred. Depreciation and amortization is computed on a straight-line basis over the following estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the lesser of their estimated useful lives or the remaining terms of the related lease agreement. Asset Depreciation Period (in years) Office furniture and equipment 4 Computer equipment 3 Survey and field equipment 5 - 15 Leasehold improvements Lesser of the estimated useful lives or remaining term of the lease Property and equipment balances are periodically reviewed by management for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. If an indicator of impairment exists, the Company compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then impairment is measured as the difference between fair value and carrying value, with fair value typically based on a discounted cash flow model. During fiscal years 2022, 2021 and 2020, no impairment charge relating to property and equipment was recognized. Goodwill and Intangible Assets Goodwill is the excess of consideration paid for an acquired entity over the amounts assigned to assets acquired, including other identifiable intangible assets and liabilities assumed in a business combination. To determine the amount of goodwill resulting from a business combination, the Company performs an assessment to determine the acquisition date fair value of the acquired company’s tangible and identifiable intangible assets and liabilities. The Company evaluates goodwill annually for impairment on August 1, or whenever events or changes in circumstances indicate the asset may be impaired, using the quantitative method. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. These qualitative factors include macroeconomic and industry conditions, cost factors, overall financial performance, and other relevant entity-specific events. If the entity determines that this threshold is met, then the Company applies a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company determines fair value through multiple valuation techniques, and weights the results accordingly. Subjective and complex judgments are required in assessing whether an event of impairment of goodwill has occurred, including assumptions and estimates used to determine the fair value of its reporting units. The Company conducts its annual impairment tests on the goodwill using the quantitative method of evaluating goodwill. Identifiable intangible assets primarily include customer backlog, customer relationships, trade names, non-compete agreements, and developed technology. Amortizable intangible assets are amortized on a straight-line basis over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the assets may be impaired. If an indicator of impairment exists, the Company compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then impairment, if any, is measured as the difference between fair value and carrying value, with fair value typically based on a discounted cash flow model. During fiscal years 2022, 2021 and 2020, no impairment charge relating to goodwill and intangible assets was recognized. See Note 9, Goodwill and Intangible Assets , for further information on goodwill and identified intangibles. Revenue Recognition The Company utilizes the contract method under ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”), which allows companies to account for contracts on a contract-by-contract basis. For the Company's time and materials contracts, it applies the as-invoiced practical expedient, which permits us to recognize revenue as the right to invoice for services performed. To determine the proper revenue recognition method, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. The majority of the Company's contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, is not distinct. The Company’s performance obligations are satisfied as work progresses or at a point in time. Revenue on the Company's cost-reimbursable contracts is recognized over time using direct costs incurred or direct costs incurred to date as compared to the estimated total direct costs for performance obligations because it depicts the transfer of control to the customer. Contract costs include labor, sub-consultant services, and other direct costs. Gross revenues from services transferred to customers over time accounted for 88%, 90%, and 92% of the Company’s revenues during fiscal years 2022, 2021, and 2020, respectively. Gross revenues recognized under lump-sum contracts were $343,538, $309,624, and $297,116 during the fiscal years 2022, 2021, and 2020, respectively. Gross revenues from services transferred to customers at a point in time is recognized when the customer obtains control of the asset, which is generally upon delivery and acceptance by the customer of the reports and/or analysis performed. Gross revenue from services transferred to customers at a point in time accounted for 12%, 10%, and 8% of the Company’s revenues during fiscal years 2022, 2021, and 2020, respectively. As of December 31, 2022, the Company had $761,776 of remaining performance obligations, of which $607,239 is expected to be recognized over the next 12 months and the majority of the balance over the next 24 months. Contracts for which work authorizations have been received are included in performance obligations. Performance obligations include only those amounts that have been funded and authorized and does not reflect the full amounts the Company may receive over the term of such contracts. In the case of non-government contracts and project awards, performance obligations include future revenue at contract or customary rates, excluding contract renewals or extensions that are at the discretion of the client. For contracts with a not-to-exceed maximum amount, the Company includes revenue from such contracts in performance obligations to the extent of the remaining estimated amount. Contract modifications are common in the performance of our contracts. Contracts modified typically result from changes in scope, specifications, design, performance, sites, or period of completion. In most cases, contract modifications are for services that are not distinct, and, therefore, are accounted for as part of the existing contract. Contract estimates are based on various assumptions to project the outcome of future events. These assumptions are dependent upon the accuracy of a variety of estimates, including engineering progress, achievement of milestones, labor productivity, and cost estimates. Due to uncertainties inherent in the estimation process, it is possible that actual completion costs may vary from estimates. If estimated total costs on contracts indicate a loss or reduction to the percentage of total contract revenues recognized to date, these losses or reductions are recognized in the period in which the revisions are known. The effect of revisions to revenues, estimated costs to complete contracts, including penalties, incentive awards, change orders, claims, and anticipated losses are recorded on the cumulative catch-up basis in the period in which the revisions are identified and the loss can be reasonably estimated. Such revisions could occur in any reporting period and the effects on the results of operations for that reporting period may be material depending on the size of the project or the adjustment. During fiscal years 2022, 2021, and 2020 the cumulative catch-up adjustments for contract modifications were not material. A significant amount of the Company’s revenues are derived under multi-year contracts. The Company enters into contracts with its clients that contain two principal types of pricing provisions: cost-reimbursable and fixed-unit price. Cost-reimbursable contracts consist of the following: • Time and materials contracts, which are common for smaller scale professional and technical consulting and certification services projects. Under these types of contracts, there is no predetermined fee. Instead, the Company negotiates hourly billing rates and charges the clients based upon actual hours expended on a project. In addition, any direct project expenditures are passed through to the client and are typically reimbursed. These contracts may have an initial not-to-exceed or guaranteed maximum price provision. • Cost-plus contracts are the predominant contracting method used by U.S. Federal, state, and local governments. Under these types of contracts, the Company charges clients for its costs, including both direct and indirect costs, plus a negotiated fee. The total estimated cost plus the negotiated fee represents the total contract value. • Lump-sum contracts typically require the performance of all of the work under the contract for a specified lump-sum fee, subject to price adjustments if the scope of the project changes or unforeseen conditions arise. Many of the Company’s lump-sum contracts are negotiated and arise in the design of projects with a specified scope and project deliverables. In most cases, we can bill additional fees if the construction schedule is modified and lengthened. Fixed-unit price contracts typically require the performance of an estimated number of units of work at an agreed price per unit, with the total payment under the contract determined by the actual number of units performed. Federal Acquisition Regulations (“FAR”), which are applicable to the Company’s federal government contracts and may be incorporated in local and state agency contracts, limit the recovery of certain specified indirect costs on contracts. Cost-plus contracts covered by FAR or certain state and local agencies also may require an audit of actual costs and provide for upward or downward adjustments if actual recoverable costs differ from billed recoverable costs. Contract Balances The timing of revenue recognition, billings, and cash collections results in billed receivables, unbilled receivables (contract assets), and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) on the Consolidated Balance Sheets. Billed receivables, net represents amounts billed to clients that remain uncollected as of the balance sheet date. The amounts are stated at their estimated realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. The allowance is estimated based on management’s evaluation of the contracts involved and the financial condition of clients. Factors the Company considers include, but are not limited to: • Client type (governmental or commercial client), • Historical performance, • Historical collection trends, and • General economic conditions. Billed receivables are generally collected within less than 12 months. The allowance is increased by the Company’s provision for doubtful accounts which is charged against income. All recoveries on receivables previously charged off are included in income, while direct charge-offs of receivables are deducted from the allowance. Unbilled receivables, net represents recognized amounts pending billing pursuant to contract terms or accounts billed after period end, and are expected to be billed and collected within the next 12 months. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. Unbilled receivables (contract assets) are generally classified as current. In certain circumstances, the contract may allow for billing terms that result in the cumulative amounts billed in excess of revenues recognized. “Billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized on these contracts as of the reporting date. This liability is generally classified as current. During fiscal 2022, the Company performed services and recognized $25,262 of revenue related to its contract liabilities that existed as of January 1, 2022. Advertising Advertising costs are charged to expense in the period incurred and amounted to $1,977, $895, and $940 during fiscal years 2022, 2021, and 2020, respectively, which are included in General and Administrative Expenses on the accompanying Consolidated Statements of Net Income and Comprehensive Income. Income Taxes The Company accounts for income taxes in accordance with ASC Topic No. 740 “ Income Taxes ” (“Topic No. 740”). Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. A valuation allowance against the Company’s deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, management is required to make assumptions and to apply judgment, including forecasting future earnings, taxable income, and the mix of earnings in the jurisdictions in which the Company operates. Management periodically assesses the need for a valuation allowance based on the Company’s current and anticipated results of operations. The need for and the amount of a valuation allowance can change in the near term if operating results and projections change significantly. The Company recognizes the consolidated financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies the uncertain tax position guidance to all tax positions for which the statute of limitations remains open. The Company’s policy is to classify interest and penalties as income tax expense. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"). This ASU provides optional expedients and exceptions to the current guidance on contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) ("ASU 2022-06"). This ASU deferred the sunset date of this guidance to December 31, 2024. The Company applied this guidance to its Second A&R Credit Agreement and there was no impact to its financial statements as a result. Business Combinations In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). This ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency. This ASU requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period, excluding unvested restricted shares. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The effect of potentially dilutive securities is not considered during periods of loss or if the effect is anti-dilutive. The weighted average number of shares outstanding in calculating basic earnings per share during fiscal years 2022, 2021, and 2020 exclude 742,671, 777,683, and 763,183 non-vested restricted shares, respectively. During fiscal 2022, 2021, and 2020 there were 25,979, 7,448, and 12,588 weighted average securities which are not included in the calculation of diluted weighted average shares outstanding because their impact is anti-dilutive or their performance conditions have not been met. The following table represents a reconciliation of the net income and weighted average shares outstanding for the calculation of basic and diluted earnings per share during fiscal years 2022, 2021 and 2020: Fiscal Years Ended December 31, 2022 January 1, 2022 January 2, 2021 Numerator: Net income – basic and diluted $ 49,973 $ 47,147 $ 21,018 Denominator: Basic weighted average shares outstanding 14,753,738 14,135,333 12,362,786 Effect of dilutive non-vested restricted shares and units 490,981 498,116 303,622 Effect of issuable shares related to acquisitions 15,467 22,932 46,667 Diluted weighted average shares outstanding 15,260,186 14,656,381 12,713,075 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' EquitySecondary offeringOn March 10, 2021, the Company priced an underwritten public offering of 1,612,903 shares of its common stock (the "Firm Shares") at a price of $93.00 per share. The shares were sold pursuant to an effective registration statement on Form S-3 (Registration No. 333-237167). In addition, the Company also granted the underwriters a 30-day option to purchase 241,935 additional shares (the "Option Shares") of its common stock at the public offering price. On March 15, 2021, the Company closed on the Firm Shares, for which it received net proceeds of approximately $140,693 after deducting the underwriting discount and estimated offering expenses payable by the Company. On April 13, 2021, the underwriters exercised the Option Shares and the Company received net proceeds of $21,150 after deducting the underwriting discount and estimated offering expenses payable by the Company. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Business Acquisitions | Business Acquisitions 2022 Acquisitions The Company completed five acquisitions during 2022. The aggregate purchase price of the acquisitions was $14,220, including $5,882 in cash, $1,606 of promissory notes, $433 of the Company's common stock, and potential earn-outs of up to $15,850 payable in cash and common stock, which were recorded at an estimated fair value of $6,299. An option-based model was used to determine the fair value of the earn-outs, which is a generally accepted valuation technique that embodies all significant assumption types. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed, the Company engaged an independent third-party valuation specialist to assist in the determination of fair values. The final determination of the fair value of assets and liabilities will be completed within the one-year measurement period as required by ASC 805. The 2022 acquisitions will necessitate the use of this measurement period to adequately analyze and assess the factors used in establishing the asset and liability fair values as of the relevant acquisition date, including intangible assets, accounts receivable, certain fixed assets, and the fair value of the earn-outs. In late 2022, the Company entered into a definitive agreement to acquire the Visual Information Solutions commercial geospatial technology and software business from L3Harris. 2021 Acquisitions The Company completed eight acquisitions during 2021. The aggregate purchase price of the acquisitions was $100,449, including $69,501 of cash, $19,028 of promissory notes, $6,787 of the Company's common stock, and potential earn-outs of up to $25,700 payable in cash and stock, which were recorded at an estimated fair value of $5,133. An option-based model was used to determine the fair value of the earn-outs, which is a generally accepted valuation technique that embodies all significant assumption types. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed, the Company engaged an independent third-party valuation specialist to assist in the determination of fair values. The final determination of the fair value of assets and liabilities was completed within the one-year measurement period as required by ASC 805. Purchase price allocation adjustments recorded during 2022 were immaterial. 2020 Acquisitions The Company completed one acquisition during 2020. The aggregate purchase price was $1,949, including $882 of cash, $500 in promissory note, $312 of the Company's common stock, and $255 in additional contingent payments. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed the Company performed a fair value assessment. The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition dates for acquisitions closed during fiscal years 2022, 2021, and 2020: 2022 2021 2020 Total Total Total Cash $ — $ 1,480 $ — Billed and unbilled receivables, net 1,807 17,728 1,439 Right-of-use assets 632 2,932 — Property and equipment 1,510 3,741 28 Prepaid expenses — 519 33 Other assets — 13 28 Intangible assets: Customer relationships 3,612 36,338 237 Trade name 268 2,098 30 Customer backlog 460 3,847 56 Other 281 4,456 5 Total Assets $ 8,570 $ 73,152 $ 1,856 Liabilities (5,623) (13,984) (345) Deferred tax liabilities — (4,521) (86) Net assets acquired $ 2,947 $ 54,647 $ 1,425 Consideration paid (Cash, notes and/or stock) $ 7,921 $ 95,316 $ 1,694 Contingent earn-out liability (Cash and stock) 6,299 5,133 255 Total Consideration $ 14,220 $ 100,449 $ 1,949 Excess consideration over the amounts assigned to the net assets acquired (Goodwill) $ 11,273 $ 45,802 $ 524 Goodwill was recorded based on the amount by which the purchase price exceeded the fair value of the net assets acquired and the amount is attributable to the reputation of the business acquired, the workforce in place and the synergies to be achieved from these acquisitions. See Note 9, Goodwill and Intangible Assets , for further information on fair value adjustments to goodwill and identified intangible assets. The consolidated financial statements of the Company include the results of operations from any business acquired from their respective dates of acquisition. The following table presents the results of operations of businesses acquired from their respective dates of acquisition for fiscal years 2022, 2021, and 2020. 2022 2021 2020 Gross revenues $ 5,211 $ 29,965 $ 851 Income before income taxes $ 985 $ 5,167 $ 31 General and administrative expense for fiscal years 2022, 2021, and 2020 includes $2,639, $3,274, and $856, respectively, of acquisition-related costs pertaining to the Company’s acquisition activities. The following table presents the unaudited, pro forma consolidated results of operations (in thousands, except per share amounts) for fiscal years 2022, 2021, and 2020 as if the 2022 acquisitions had occurred at the beginning of fiscal year 2021 and the 2021 acquisitions had occurred at the beginning of fiscal year 2020. The pro forma information provided below is compiled from the pre-acquisition financial information and includes pro forma adjustments for amortization expense, adjustments to certain expenses, and the income tax impact of these adjustments. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the Company would have been if the acquisitions and related financing transactions had occurred on the date assumed, nor are they indicative of future results of operations. Fiscal Years Ended 2022 2021 2020 Gross revenues $ 789,934 $ 765,632 $ 720,039 Net income $ 50,071 $ 49,769 $ 22,774 Basic earnings per share $ 3.39 $ 3.50 $ 1.83 Diluted earnings per share $ 3.28 $ 3.38 $ 1.78 Adjustments were made to the pro forma results to adjust amortization of intangible assets to reflect fair value of identified assets acquired, to record the effects of promissory notes issued, and to record the income tax effect of these adjustments. |
Billed and Unbilled Receivables
Billed and Unbilled Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Billed and Unbilled Receivables | Billed and Unbilled Receivables Billed and Unbilled Receivables consists of the following: December 31, 2022 January 1, 2022 Billed receivables $ 149,082 $ 159,942 Less: allowance for doubtful accounts (3,445) (6,128) Billed receivables, net $ 145,637 $ 153,814 Unbilled receivables $ 95,104 $ 91,558 Less: allowance for doubtful accounts (2,242) (1,824) Unbilled receivables, net $ 92,862 $ 89,734 Activity in the allowance for doubtful accounts consists of the following: December 31, 2022 January 1, 2022 Balance as of the beginning of the year $ 7,952 $ 8,679 Provision for doubtful accounts (60) 1,243 Write-offs of uncollectible accounts (2,205) (1,970) Balance as of the end of the year $ 5,687 $ 7,952 |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consists of the following: December 31, 2022 January 1, 2022 Office furniture and equipment $ 3,421 $ 3,314 Computer equipment 25,816 20,063 Survey and field equipment 49,985 35,436 Leasehold improvements 6,546 6,395 Total 85,768 65,208 Less: accumulated depreciation (44,128) (32,479) Property and equipment, net $ 41,640 $ 32,729 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The changes in the carrying value by reportable segment for the fiscal years 2022 and 2021 were as follows: Fiscal Year 2022 January 1, 2022 Acquisitions Adjustments December 31, 2022 INF $ 90,725 $ 120 $ 87 $ 90,932 BTS 111,005 1,152 (319) 111,838 GEO 188,186 10,001 — 198,187 Total $ 389,916 $ 11,273 $ (232) $ 400,957 Fiscal Year 2021 January 2, 2021 Acquisitions Adjustments January 1, 2022 INF $ 87,333 $ 3,392 $ — $ 90,725 BTS 78,848 32,071 86 111,005 GEO 177,615 10,571 — 188,186 Total $ 343,796 $ 46,034 $ 86 $ 389,916 Goodwill of $2,891 and $24,775 from acquisitions in 2022 and 2021 is expected to be deductible for income tax purposes. During 2022, the Company recorded goodwill related to acquisitions of $11,273 and purchase price allocation adjustments of $232 that decreased goodwill for 2021 acquisitions. During 2021, the Company recorded goodwill related to acquisitions of $46,034 and a purchase price adjustments of $86 that increased goodwill for the 2020 acquisition. Intangible assets Intangible assets, net, at December 31, 2022 and January 1, 2022 consists of the following: December 31, 2022 January 1, 2022 Gross Accumulated Net Gross Accumulated Net Finite-lived intangible assets: Customer relationships (1) $ 222,998 $ (87,054) $ 135,944 $ 219,455 $ (65,017) $ 154,438 Trade name (2) 16,883 (15,933) 950 16,615 (14,815) 1,800 Customer backlog (3) 29,419 (27,333) 2,086 28,971 (25,162) 3,809 Non-compete (4) 14,110 (11,298) 2,812 13,829 (9,024) 4,805 Developed technology (5) 32,944 (14,305) 18,639 32,944 (9,572) 23,372 Total finite-lived intangible assets $ 316,354 $ (155,923) $ 160,431 $ 311,814 $ (123,590) $ 188,224 (1) Amortized on a straight-line basis over estimated lives (1 to 12 years) (2) Amortized on a straight-line basis over their estimated lives (1 to 2 years) (3) Amortized on a straight-line basis over their estimated lives (1 to 10 years) (4) Amortized on a straight-line basis over their contractual lives (1 to 5 years) (5) Amortized on a straight-line basis over their estimated lives (5 to 7 years) The following table summarizes the weighted average useful lives of definite-lived intangible assets acquired during 2022, 2021, and 2020: 2022 2021 2020 Customer relationships 7.5 8.2 10.0 Trade name 1.8 2.0 1.5 Customer backlog 1.4 1.6 1.5 Non-compete 3.6 3.8 2.0 Amortization expense for fiscal years 2022, 2021 and 2020 was $32,341, $33,498 and $34,596 respectively. As of December 31, 2022, the future estimated aggregate amortization related to finite-lived intangible assets for the next five fiscal years and thereafter is as follows: Fiscal Year Amount 2023 $ 30,630 2024 27,793 2025 26,721 2026 25,545 2027 17,562 Thereafter 32,180 Total $ 160,431 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following: December 31, 2022 January 1, 2022 Current portion of lease liability $ 13,081 $ 12,897 Accrued vacation 12,467 12,819 Payroll and related taxes 6,616 10,931 Benefits 5,160 6,767 Accrued operating expenses 4,540 4,329 Other 2,449 2,718 Total $ 44,313 $ 50,461 |
Notes Payable and Other Obligat
Notes Payable and Other Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Notes Payable and Other Obligations | N otes Payable and Other Obligations Notes payable and other obligations consists of the following: December 31, 2022 January 1, 2022 Senior credit facility $ 33,750 $ 98,750 Uncollateralized promissory notes 18,492 31,493 Finance leases 3,465 2,215 Other obligations 1,814 2,733 Debt issuance costs, net of amortization (2,672) (3,395) Total Notes Payable and Other Obligations 54,849 131,796 Current portion of notes payable and other obligations 15,176 20,734 Notes payable and other obligations, less current portion $ 39,673 $ 111,062 Future contractual maturities of long-term debt as of December 31, 2022 are as follows: Fiscal Year Amount 2023 $ 15,153 2024 4,977 2025 1,799 2026 35,388 2027 and thereafter 204 Total $ 57,521 Senior Credit Facility On August 13, 2021 (the "Closing Date"), the Company amended and restated its Credit Agreement (the "Second A&R Credit Agreement"), originally dated December 7, 2016 and as amended to the Closing Date, with Bank of America, N.A. ("Bank of America"), as administrative agent, swingline lender and letter of credit issuer, the other lenders party thereto, and certain of the Company's subsidiaries as guarantors. Pursuant to the Second A&R Credit Agreement, the previously drawn term commitments of $150,000 and revolving commitments totaling $215,000 in the aggregate were converted into revolving commitments totaling $400,000 in the aggregate. These revolving commitments are available through August 13, 2026 (the "Maturity Date") and an aggregate amount of approximately $138,750 was drawn under the Second A&R Credit Amendment on the Closing Date to repay previously existing borrowings under the term and revolving facilities prior to such amendment and restatement. Borrowings under the Second A&R Credit Agreement are secured by a first priority lien on substantially all of the assets of the Company. The Second A&R Credit Agreement also includes an accordion feature permitting the Company to request an increase in the revolving facility under the Second A&R Credit Agreement by an additional amount of up to $200,000 in the aggregate. As of December 31, 2022 and January 1, 2022, the outstanding balance on the Second A&R Credit Agreement was $33,750 and $98,750, respectively. Our credit agreement provides for the replacement of LIBOR (London Interbank Offered Rate), which prior to June 30, 2023 will likely be transitioned to SOFR (Secured Overnight Funding Rate) ("LIBOR Transition"). Borrowings under the Second A&R Credit Agreement bear interest at variable rates which are tied to a Eurocurrency rate equal to LIBOR or, from and after the LIBOR Transition, either Term SOFR or Daily Simple SOFR, plus in each case an applicable margin, or a base rate denominated in U.S. dollars. Interest rates remain subject to change based on the Company's consolidated leverage ratio. As of December 31, 2022 the Company's interest rate was 5.3%. The Second A&R Credit Agreement contains financial covenants that require NV5 Global to maintain a consolidated net leverage ratio (the ratio of the Company's pro forma consolidated net funded indebtedness to the Company's pro forma consolidated EBITDA for the most recently completed measurement period) of no greater than 4.00 to 1.00. These financial covenants also require the Company to maintain a consolidated fixed charge coverage ratio of no less than 1.10 to 1.00 as of the end of any measurement period. As of December 31, 2022, the Company was in compliance with the financial covenants. The Second A&R Credit Agreement contains covenants that may have the effect of limiting the Company's ability to, among other things, merge with or acquire other entities, enter into a transaction resulting in a Change in Control, create certain new liens, incur certain additional indebtedness, engage in certain transactions with affiliates, or engage in new lines of business, or sell a substantial part of their assets. The Second A&R Credit Agreement also contains customary events of default, including (but not limited to) a default in the payment of principal or, following an applicable grace period, interest, breaches of the Company's covenants or warranties under the Second A&R Credit Agreement, payment default or acceleration of certain indebtedness, certain events of bankruptcy, insolvency or liquidation, certain judgments or uninsured losses, changes in control, and certain liabilities related to ERISA based plans. The Second A&R Credit Agreement limits the payment of cash dividends (together with certain other payments that would constitute a "Restricted Payment" within the meaning of the Second A&R Credit Agreement and generally including dividends, stock repurchases, and certain other payments in respect to warrants, options, and other rights to acquire equity securities), unless the Consolidated Leverage Ratio would be less than 3.25 to 1.00 and available liquidity (defined as unrestricted, domestically held cash plus revolver availability) would be at least $30,000, in each case after giving effect to such payment. Total debt issuance costs incurred and capitalized in connection with the issuance of the Second A&R Credit Agreement were $3,702. Total amortization of debt issuance costs was $724, $1,210, and $896 during 2022, 2021, and 2020, respectively. Other Obligations |
Contingent Consideration
Contingent Consideration | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Consideration | Contingent Consideration The following table summarizes the changes in the carrying value of estimated contingent consideration: December 31, 2022 January 1, 2022 Contingent consideration, beginning of the year $ 8,328 $ 2,400 Additions for acquisitions 6,299 5,133 Reduction of liability for payments made (2,264) (1,538) Increase of liability related to re-measurement of fair value 2,972 2,333 Total contingent consideration, end of the period 15,335 8,328 Current portion of contingent consideration 10,854 5,807 Contingent consideration, less current portion $ 4,481 $ 2,521 During 2022 and 2021, the Company recorded earn-out fair value adjustments of $2,972 and $2,333, respectively, that increased the contingent consideration liability of acquisitions. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company primarily leases property under operating leases and has six equipment operating leases for aircrafts used by its geospatial operations. The Company's property operating leases consist of various office facilities. The Company uses a portfolio approach to account for such leases due to the similarities in characteristics and applies an incremental borrowing rate based on estimates of rates the Company would pay for senior collateralized loans over a similar term. The Company's office leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for lease components (e.g. fixed payments including rent, real estate taxes and common area maintenance costs) as a single lease component. Some of the Company's leases include one or more options to renew the lease term at its sole discretion; however, these are not included in the calculation of its lease liability or right-of-use ("ROU") lease asset because they are not reasonably certain of exercise. The Company also leases vehicles through a fleet leasing program. The payments for the vehicles are based on the terms selected. The Company has determined that it is reasonably certain that the leased vehicles will be held beyond the period in which the entire capitalized value of the vehicle has been paid to the lessor. As such, the capitalized value is the delivered price of the vehicle. The Company's vehicle leases are classified as financing leases. Supplemental balance sheet information related to the Company's operating and finance leases is as follows: Leases Classification December 31, 2022 January 1, 2022 Assets Operating lease assets Right-of-use lease asset, net (1) $ 39,314 $ 44,260 Finance lease assets Property and equipment, net (1) 3,446 2,197 Total leased assets $ 42,760 $ 46,457 Liabilities Current Operating Accrued liabilities $ (13,081) $ (12,897) Finance Current portion of notes payable and other obligations (1,333) (1,225) Noncurrent Operating Other long-term liabilities (28,452) (33,169) Finance Notes payable and other obligations, less current portion (2,132) (990) Total lease liabilities $ (44,998) $ (48,281) (1) As of December 31, 2022, operating right of-use lease assets and finance lease assets are recorded net of accumulated amortization of $35,646 and $4,864, respectively. As of January 1, 2022, operating right-of-use lease assets and finance lease assets are recorded net of accumulated amortization of $29,257 and $3,643, respectively. Supplemental balance sheet information related to the Company's operating and finance leases is as follows: Weighted - Average Remaining Lease Term (Years) December 31, 2022 January 1, 2022 Operating leases 4.0 4.5 Finance leases 2.2 1.6 Weighted - Average Discount Rate Operating leases 4% 4% Finance leases 7% 7% Supplemental cash flow information related to the Company's operating and finance lease liabilities is as follows: Fiscal Year Ended December 31, 2022 January 1, 2022 January 2, 2021 Operating cash flows from operating leases $ 13,739 $ 14,081 $ 13,854 Financing cash flows from finance leases $ 1,241 $ 1,274 $ 267 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 7,058 $ 9,249 $ 13,427 The following table summarizes the components of lease cost recognized in the consolidated statements of net income and comprehensive income: Fiscal Year Ended Lease Cost Classification December 31, 2022 January 1, 2022 January 2, 2021 Operating lease cost Facilities and facilities related $ 15,724 $ 15,439 $ 15,071 Variable operating lease cost Facilities and facilities related 3,806 1,655 2,934 Finance lease cost Amortization of financing lease assets Depreciation and amortization 1,239 1,250 1,035 Interest on lease liabilities Interest expense 121 154 121 Total lease cost $ 20,890 $ 18,498 $ 19,161 As of December 31, 2022, maturities of the Company's lease liabilities under its long-term operating leases and finance leases for the next five fiscal years and thereafter are as follows: Fiscal Year Operating Leases Finance Leases 2023 $ 14,221 $ 1,410 2024 11,259 911 2025 8,389 748 2026 5,727 698 2027 2,519 237 Thereafter 2,445 9 Total lease payments 44,560 4,013 Less: Interest (3,027) (548) Present value of lease liabilities $ 41,533 $ 3,465 |
Leases | Leases The Company primarily leases property under operating leases and has six equipment operating leases for aircrafts used by its geospatial operations. The Company's property operating leases consist of various office facilities. The Company uses a portfolio approach to account for such leases due to the similarities in characteristics and applies an incremental borrowing rate based on estimates of rates the Company would pay for senior collateralized loans over a similar term. The Company's office leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for lease components (e.g. fixed payments including rent, real estate taxes and common area maintenance costs) as a single lease component. Some of the Company's leases include one or more options to renew the lease term at its sole discretion; however, these are not included in the calculation of its lease liability or right-of-use ("ROU") lease asset because they are not reasonably certain of exercise. The Company also leases vehicles through a fleet leasing program. The payments for the vehicles are based on the terms selected. The Company has determined that it is reasonably certain that the leased vehicles will be held beyond the period in which the entire capitalized value of the vehicle has been paid to the lessor. As such, the capitalized value is the delivered price of the vehicle. The Company's vehicle leases are classified as financing leases. Supplemental balance sheet information related to the Company's operating and finance leases is as follows: Leases Classification December 31, 2022 January 1, 2022 Assets Operating lease assets Right-of-use lease asset, net (1) $ 39,314 $ 44,260 Finance lease assets Property and equipment, net (1) 3,446 2,197 Total leased assets $ 42,760 $ 46,457 Liabilities Current Operating Accrued liabilities $ (13,081) $ (12,897) Finance Current portion of notes payable and other obligations (1,333) (1,225) Noncurrent Operating Other long-term liabilities (28,452) (33,169) Finance Notes payable and other obligations, less current portion (2,132) (990) Total lease liabilities $ (44,998) $ (48,281) (1) As of December 31, 2022, operating right of-use lease assets and finance lease assets are recorded net of accumulated amortization of $35,646 and $4,864, respectively. As of January 1, 2022, operating right-of-use lease assets and finance lease assets are recorded net of accumulated amortization of $29,257 and $3,643, respectively. Supplemental balance sheet information related to the Company's operating and finance leases is as follows: Weighted - Average Remaining Lease Term (Years) December 31, 2022 January 1, 2022 Operating leases 4.0 4.5 Finance leases 2.2 1.6 Weighted - Average Discount Rate Operating leases 4% 4% Finance leases 7% 7% Supplemental cash flow information related to the Company's operating and finance lease liabilities is as follows: Fiscal Year Ended December 31, 2022 January 1, 2022 January 2, 2021 Operating cash flows from operating leases $ 13,739 $ 14,081 $ 13,854 Financing cash flows from finance leases $ 1,241 $ 1,274 $ 267 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 7,058 $ 9,249 $ 13,427 The following table summarizes the components of lease cost recognized in the consolidated statements of net income and comprehensive income: Fiscal Year Ended Lease Cost Classification December 31, 2022 January 1, 2022 January 2, 2021 Operating lease cost Facilities and facilities related $ 15,724 $ 15,439 $ 15,071 Variable operating lease cost Facilities and facilities related 3,806 1,655 2,934 Finance lease cost Amortization of financing lease assets Depreciation and amortization 1,239 1,250 1,035 Interest on lease liabilities Interest expense 121 154 121 Total lease cost $ 20,890 $ 18,498 $ 19,161 As of December 31, 2022, maturities of the Company's lease liabilities under its long-term operating leases and finance leases for the next five fiscal years and thereafter are as follows: Fiscal Year Operating Leases Finance Leases 2023 $ 14,221 $ 1,410 2024 11,259 911 2025 8,389 748 2026 5,727 698 2027 2,519 237 Thereafter 2,445 9 Total lease payments 44,560 4,013 Less: Interest (3,027) (548) Present value of lease liabilities $ 41,533 $ 3,465 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation, Claims, and Assessments The Company is subject to certain claims and lawsuits typically filed against the engineering, consulting and construction profession, alleging primarily professional errors or omissions. The Company carries professional liability insurance, subject to certain deductibles and policy limits, against such claims. However, in some actions, parties are seeking damages that exceed our insurance coverage or for which we are not insured. While management does not believe that the resolution of these claims will have a material adverse effect, individually or in aggregate, on its financial position, results of operations or cash flows, management acknowledges the uncertainty surrounding the ultimate resolution of these matters. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation In October 2011, the Company’s stockholders approved the 2011 Equity Incentive Plan, which was subsequently amended and restated in March 2013 (as amended, the “2011 Equity Plan”). The 2011 Equity Plan provides directors, executive officers, and other employees of the Company with additional incentives by allowing them to acquire ownership interest in the business and, as a result, encouraging them to contribute to the Company’s success. The Company may provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other cash-based or stock-based awards. As of December 31, 2022, 1,995,274 shares of common stock are authorized and reserved for issuance under the 2011 Equity Plan. This reserve automatically increases on each January 1 from 2014 through 2023, by an amount equal to the smaller of: (i) 3.5% of the number of shares issued and outstanding on the immediately preceding December 31, or (ii) an amount determined by the Company’s Board of Directors. The restricted shares of common stock granted generally provide for service-based vesting after two The following summarizes the activity of restricted stock awards during fiscal years 2022, 2021, and 2020: Share Units Weighted Average Grant Date Fair Value Unvested shares as of December 28, 2019 652,677 $ 58.20 Granted 390,833 $ 47.00 Vested (251,178) $ 44.95 Forfeited (22,149) $ 64.00 Unvested shares as of January 2, 2021 770,183 $ 57.20 Granted 265,644 $ 91.31 Vested (257,435) $ 65.14 Forfeited (33,902) $ 58.25 Unvested shares as of January 1, 2022 744,490 $ 66.34 Granted 203,149 $ 118.33 Vested (131,973) $ 63.72 Forfeited (101,873) $ 67.08 Unvested shares as of December 31, 2022 713,793 $ 81.25 Stock-based compensation expense is recognized on a straight-line basis over the vesting period, net of actual forfeitures. Stock-based compensation expense relating to restricted stock awards during fiscal years ended 2022, 2021, and 2020 was $19,326, $16,301, and $14,955, respectively. In connection with the Company's 401(k) Profit Sharing match, stock-based compensation expense during fiscal 2022 includes $1,131 of expense related to the Company's liability-classified awards. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan The Company sponsors 401(k) plans for which employees meeting certain age and length of service requirements may contribute up to the defined statutory limit. In 2022 the Company is offering a 401(k) Profit Sharing match for participating employees equal to 50% of contributions into the plan up to the first 6% of eligible compensation. The match will be allocated 25% in cash to the retirement plan and 75% in restricted stock awards ("RSA's") under the NV5 Equity Incentive Plan with a three-year vesting. This annual match will be made after the completion of the plan year and employees must be employed on December 31st of the plan year to receive the match. The RSA's to be issued are deemed to be liability-classified awards that will be recognized over the applicable service period. The awards will be remeasured to fair value each reporting period until the unvested RSAs are granted. The Company recognized expenses of $1,648, $334, and $1,673, respectively, related to the 401(k) plans for fiscal years 2022, 2021, and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for years 2022, 2021, and 2020 consists of the following: Fiscal Years Ended December 31, 2022 January 1, 2022 January 2, 2021 Current: Federal $ 20,977 $ 14,251 $ 13,192 State 9,040 7,353 7,690 Foreign 943 400 137 Total current income tax expense 30,960 22,004 21,019 Deferred: Federal (15,401) (3,740) (10,708) State (3,161) (3,238) (2,317) Foreign 3 (68) (44) Total deferred income tax benefit (18,559) (7,046) (13,069) . Total income tax expense $ 12,401 $ 14,958 $ 7,950 Temporary differences comprising the net deferred income tax liability shown in the Company’s consolidated balance sheets were as follows: December 31, 2022 January 1, 2022 Deferred tax asset: Lease liabilities $ 10,732 $ 11,811 Tax carryforwards 3,863 5,734 Accrued compensation 11,945 9,133 Accrued payroll tax — 1,414 Allowance for doubtful accounts 1,559 2,306 Capitalized Research and Development Costs 14,795 — Other 1,025 369 Total deferred tax asset $ 43,919 $ 30,767 Deferred tax liability: Acquired intangibles $ (30,226) $ (35,620) Right-of-use assets (10,361) (11,338) Depreciation and amortization (9,467) (8,088) Cash to accrual adjustment — (609) Other (758) (497) Total deferred tax liability $ (50,812) $ (56,152) Net deferred tax liability $ (6,893) $ (25,385) As of December 31, 2022 and January 1, 2022, the Company had net non-current deferred tax liabilities of $6,893 and $25,385, respectively. No material valuation allowances are recorded against the Company’s deferred income tax assets as of December 31, 2022 and January 1, 2022. Deferred income tax liabilities primarily relate to depreciation and intangible assets, which are partially offset by deferred tax assets related to accrued compensation, the capitalization of research and development costs under Section 174 of the Internal Revenue Code, and other deferred tax items. Beginning in 2022, the Tax Cuts and Jobs Act eliminates the option to currently deduct research and development expenditures in the period incurred and requires taxpayers to capitalize and amortize such expenditures over five years pursuant to Section 174 of the Internal Revenue Code. Total income tax expense was different than the amount computed by applying the Federal statutory rate as follows: Fiscal Years Ended December 31, 2022 January 1, 2022 January 2, 2021 Tax at federal statutory rate $ 13,099 $ 13,042 $ 6,083 State taxes, net of Federal benefit 3,853 3,908 2,653 Stock-based compensation (1,495) (1,432) (157) Federal and state tax credits (3,983) (1,242) (1,544) Changes in unrecognized tax position (73) 96 179 Other 1,000 586 736 Total income tax expense $ 12,401 $ 14,958 $ 7,950 The Company’s consolidated effective income tax rate was 19.9%, 24.1%, and 27.4% for fiscal years 2022, 2021, and 2020, respectively. The Company and its subsidiaries file income tax returns in the U.S. Federal jurisdiction and various state and foreign jurisdictions. The Company evaluates tax positions for recognition using a more-likely-than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. Fiscal years 2012 through 2022 are considered open tax years in the State of California, and 2019 through 2022 are considered open tax years in the U.S. Federal jurisdiction and other state and foreign jurisdictions. As of December 31, 2022 and January 1, 2022, the Company had $966 and $1,071, respectively, of gross unrecognized tax benefits, which if recognized, $847 and $952 would affect our effective tax rate. The Company expects to reverse an immaterial amount of unrecognized tax benefits in the next 12 months. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2022 January 1, 2022 January 2, 2021 Balance, beginning of period $ 1,071 $ 1,022 $ 887 Additions based on tax positions related to the current year 131 124 155 Additions for tax positions of prior years 6 — 30 Lapse of statute of limitations (103) (45) (50) Reductions for positions of prior years (139) (30) — Balance, end of period $ 966 $ 1,071 $ 1,022 The Company records accrued interest and penalties related to unrecognized tax benefits in income tax expense. Accrued interest and penalties related to unrecognized tax benefits in the Consolidated Balance Sheet were $340 and $296 as of December 31, 2022 and January 1, 2022, respectively. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Reportable Segments | Reportable Segments The Company's Chief Executive Officer, who is the chief operating decision maker ("CODM"), has organized the Company into three operating and reportable segments as follows: • Infrastructure ("INF"), which includes the Company's engineering, civil program management, utility services, and construction quality assurance, testing and inspection practices, • Building, Technology & Sciences ("BTS") , which includes the Company's environmental health sciences, clean energy consulting, buildings and program management, and MEP & technology design practices, and • Geospatial Solutions ("GEO") , which includes the Company's geospatial solution practices. The Company evaluates the performance of these reportable segments based on their respective operating income before the effect of amortization expense related to acquisitions and other unallocated corporate expenses. The following tables set forth summarized financial information concerning our reportable segments: Fiscal Years Ended December 31, 2022 January 1, 2022 January 2, 2021 Gross revenues INF $ 395,878 $ 383,725 $ 352,965 BTS 232,577 185,995 157,432 GEO 158,323 136,986 148,899 Total gross revenues $ 786,778 $ 706,706 $ 659,296 Segment income before taxes INF $ 68,259 $ 71,838 $ 62,574 BTS 43,810 35,221 21,091 GEO 42,640 33,027 30,013 Total Segment income before taxes 154,709 140,086 113,678 Corporate (1) (92,335) (77,981) (84,710) Total income before taxes $ 62,374 $ 62,105 $ 28,968 (1) Includes amortization of intangibles of $32,341, $33,498, and $34,596 for the fiscal years ended 2022, 2021, and 2020, respectively. December 31, 2022 January 1, 2022 Assets INF $ 226,301 $ 246,377 BTS 231,049 246,841 GEO 366,385 361,793 Corporate (1) 111,988 106,932 Total assets $ 935,723 $ 961,943 (1) Corporate assets consist of intercompany eliminations and assets not allocated to segments including cash and cash equivalents and certain other assets. Substantially all of the Company's assets are located in the United States. The Company disaggregates its gross revenues from contracts with customers by geographic location, customer-type, and contract-type for each of its reportable segments. Disaggregated revenues include the elimination of inter-segment revenues which has been allocated to each segment. The Company believes this best depicts how the nature, amount, timing, and uncertainty of its revenues and cash flows are affected by economic factors. No sales to an individual customer or country other than the United States accounted for more than 10% of gross revenue for fiscal years 2022, 2021, and 2020. Gross revenue, classified by the major geographic areas in which our customers were located, were as follows: Fiscal Year 2022 INF BTS GEO Total United States $ 395,878 $ 204,036 $ 154,584 $ 754,498 Foreign — 28,541 3,739 32,280 Total gross revenues $ 395,878 $ 232,577 $ 158,323 $ 786,778 Fiscal Year 2021 INF BTS GEO Total United States $ 383,725 $ 167,057 $ 134,003 $ 684,785 Foreign — 18,938 2,983 21,921 Total gross revenues $ 383,725 $ 185,995 $ 136,986 $ 706,706 Fiscal Year 2020 INF BTS GEO Total United States $ 352,965 $ 147,806 $ 146,511 $ 647,282 Foreign — 9,626 2,388 12,014 Total gross revenues $ 352,965 $ 157,432 $ 148,899 $ 659,296 Gross revenue by customer were as follows: Fiscal Year 2022 INF BTS GEO Total Public and quasi-public sector $ 312,817 $ 61,726 $ 128,786 $ 503,329 Private sector 83,061 170,851 29,537 283,449 Total gross revenues $ 395,878 $ 232,577 $ 158,323 $ 786,778 Fiscal Year 2021 INF BTS GEO Total Public and quasi-public sector $ 304,753 $ 66,964 $ 86,628 $ 458,345 Private sector 78,972 119,031 50,358 248,361 Total gross revenues $ 383,725 $ 185,995 $ 136,986 $ 706,706 Fiscal Year 2020 INF BTS GEO Total Public and quasi-public sector $ 279,965 $ 67,434 $ 101,456 $ 448,855 Private sector 73,000 89,998 47,443 210,441 Total gross revenues $ 352,965 $ 157,432 $ 148,899 $ 659,296 Gross revenues by contract type were as follows: Fiscal Year 2022 INF BTS GEO Total Cost-reimbursable contracts $ 379,818 $ 155,632 $ 157,992 $ 693,442 Fixed-unit price contracts 16,060 76,945 331 93,336 Total gross revenues $ 395,878 $ 232,577 $ 158,323 $ 786,778 Fiscal Year 2021 INF BTS GEO Total Cost-reimbursable contracts $ 367,310 $ 133,272 $ 136,683 $ 637,265 Fixed-unit price contracts 16,415 52,723 303 69,441 Total gross revenues $ 383,725 $ 185,995 $ 136,986 $ 706,706 Fiscal Year 2020 INF BTS GEO Total Cost-reimbursable contracts $ 337,580 $ 123,135 $ 148,631 $ 609,346 Fixed-unit price contracts 15,385 34,297 268 49,950 Total gross revenues $ 352,965 $ 157,432 $ 148,899 $ 659,296 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn February 22, 2023 ("Axim Closing Date"), the Company acquired all of the outstanding equity interests in Axim Geospatial, LLC ("Axim") and its subsidiaries, a provider of comprehensive geospatial services and solutions addressing critical mission requirements for customers across the defense and intelligence and state and local government sectors. The aggregate purchase price is up to $143,156, including $120,656 of cash at closing, a $7,500 promissory note, payable in three equal installments of $2,500 due on the first, second, and third anniversary dates from the Axim Closing Date, and $15,000 of the Company's common stock. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of ConsolidationThe consolidated financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. |
Fiscal Year | Fiscal YearThe Company reports its financial results on a 52/53-week fiscal year ending on the Saturday closest to December 31st (whether or not in the following calendar year), with interim calendar quarters ending on the Saturday closest to the end of such calendar quarter (whether or not in the following calendar quarter). As a result, fiscal 2022 and 2021 included 52 weeks compared to fiscal 2020, which included 53 weeks. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates and assumptions are based on management’s most recent assessment of underlying facts and circumstances using the most recent information available. Actual results could differ significantly from these estimates and assumptions, and the differences could be material. Estimates and assumptions are evaluated periodically and adjusted when necessary. The more significant estimates affecting amounts reported in the consolidated financial statements include the following: • Fair value estimates used in accounting for business combinations including the valuation of identifiable intangible assets and contingent consideration, • Fair value estimates in determining the fair value of our reporting units for goodwill impairment assessment, • Revenue recognition over time, and • Allowances for uncollectible accounts. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on deposit with financial institutions and investments in high quality overnight money market funds, all of which have maturities of three months or less when purchased. From time to time the Company may be exposed to credit risk with its bank deposits in excess of the Federal Deposit Insurance Corporation insurance limits and with uninsured money market investments. Management believes cash and cash equivalent balances are not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. |
Concentration of Credit Risk | Concentration of Credit Risk Trade receivable balances carried by the Company are comprised of accounts from a diverse client base across a broad range of industries and are not collateralized. The Company did not have any clients representing more than 10% of our gross revenues during 2022, 2021, or 2020; however, 28%, 26% and 28% of the Company’s gross revenues for fiscal years 2022, 2021, and 2020, respectively, are from California-based projects. During fiscal years 2022, 2021, and 2020 approximately 64%, 65% and 68%, respectively, of our gross revenues were attributable to the public and quasi-public sector. Management continually evaluates the creditworthiness of these and future clients and provides for bad debt reserves as necessary. |
Fair Value of Financial Instruments and Fair Value of Acquisitions | Fair Value of Financial Instruments Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories: Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities. Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. The Company considers cash and cash equivalents, accounts receivable, accounts payable, income taxes payable, accrued liabilities, and debt obligations to meet the definition of financial instruments. As of December 31, 2022, and January 1, 2022, the carrying amount of cash and cash equivalents, accounts receivable, accounts payable, income taxes payable, and accrued liabilities approximate their fair value due to the relatively short period of time between their origination and their expected realization or payment. The carrying amounts of debt obligations approximate their fair values as the terms are comparable to terms currently offered by local lending institutions for arrangements with similar terms to industry peers with comparable credit characteristics. Fair Value of Acquisitions The Company applies the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations , in the accounting for its acquisitions, which requires recognition of the assets acquired and the liabilities assumed at their acquisition date fair values, separately from goodwill. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the tangible and identifiable intangible assets acquired and liabilities assumed. The allocation of the purchase price to identifiable intangible assets is based on valuations performed to determine the fair values of such assets as of the acquisition dates. Generally, the Company engages a third-party independent valuation specialist to assist in management’s determination of fair values of tangible and intangible assets acquired and liabilities assumed. The fair values of earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. The Company estimates the fair value of contingent earn-out payments as part of the initial purchase price and records the estimated fair value of contingent consideration as a liability on the consolidated balance sheet. Changes in the estimated fair value of contingent earn-out payments are included in General and Administrative expenses on the Consolidated Statements of Net Income and Comprehensive Income. Several factors are considered when determining contingent consideration liabilities as part of the purchase price, including whether: (i) the valuation of the acquisitions is not supported solely by the initial consideration paid, and the contingent earn-out formula is a critical and material component of the valuation approach to determining the purchase price; and (ii) the former owners of the acquired companies that remain as key employees receive compensation other than contingent earn-out payments at a reasonable level compared with the compensation of other key employees. The contingent earn-out payments are not affected by employment termination. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost. Property and equipment acquired in a business combination is stated at fair value at the acquisition date. The Company capitalizes the cost of improvements to property and equipment that increase the value or extend the useful lives of the assets. Normal repair and maintenance costs are expensed as incurred. Depreciation and amortization is computed on a straight-line basis over the following estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the lesser of their estimated useful lives or the remaining terms of the related lease agreement. Asset Depreciation Period (in years) Office furniture and equipment 4 Computer equipment 3 Survey and field equipment 5 - 15 Leasehold improvements Lesser of the estimated useful lives or remaining term of the lease Property and equipment balances are periodically reviewed by management for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. If an indicator of impairment exists, the Company compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then impairment is measured as the difference between fair value and carrying value, with fair |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is the excess of consideration paid for an acquired entity over the amounts assigned to assets acquired, including other identifiable intangible assets and liabilities assumed in a business combination. To determine the amount of goodwill resulting from a business combination, the Company performs an assessment to determine the acquisition date fair value of the acquired company’s tangible and identifiable intangible assets and liabilities. The Company evaluates goodwill annually for impairment on August 1, or whenever events or changes in circumstances indicate the asset may be impaired, using the quantitative method. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. These qualitative factors include macroeconomic and industry conditions, cost factors, overall financial performance, and other relevant entity-specific events. If the entity determines that this threshold is met, then the Company applies a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company determines fair value through multiple valuation techniques, and weights the results accordingly. Subjective and complex judgments are required in assessing whether an event of impairment of goodwill has occurred, including assumptions and estimates used to determine the fair value of its reporting units. The Company conducts its annual impairment tests on the goodwill using the quantitative method of evaluating goodwill. |
Revenue Recognition | Revenue Recognition The Company utilizes the contract method under ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”), which allows companies to account for contracts on a contract-by-contract basis. For the Company's time and materials contracts, it applies the as-invoiced practical expedient, which permits us to recognize revenue as the right to invoice for services performed. To determine the proper revenue recognition method, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. The majority of the Company's contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, is not distinct. The Company’s performance obligations are satisfied as work progresses or at a point in time. Revenue on the Company's cost-reimbursable contracts is recognized over time using direct costs incurred or direct costs incurred to date as compared to the estimated total direct costs for performance obligations because it depicts the transfer of control to the customer. Contract costs include labor, sub-consultant services, and other direct costs. Gross revenues from services transferred to customers over time accounted for 88%, 90%, and 92% of the Company’s revenues during fiscal years 2022, 2021, and 2020, respectively. Gross revenues recognized under lump-sum contracts were $343,538, $309,624, and $297,116 during the fiscal years 2022, 2021, and 2020, respectively. Gross revenues from services transferred to customers at a point in time is recognized when the customer obtains control of the asset, which is generally upon delivery and acceptance by the customer of the reports and/or analysis performed. Gross revenue from services transferred to customers at a point in time accounted for 12%, 10%, and 8% of the Company’s revenues during fiscal years 2022, 2021, and 2020, respectively. As of December 31, 2022, the Company had $761,776 of remaining performance obligations, of which $607,239 is expected to be recognized over the next 12 months and the majority of the balance over the next 24 months. Contracts for which work authorizations have been received are included in performance obligations. Performance obligations include only those amounts that have been funded and authorized and does not reflect the full amounts the Company may receive over the term of such contracts. In the case of non-government contracts and project awards, performance obligations include future revenue at contract or customary rates, excluding contract renewals or extensions that are at the discretion of the client. For contracts with a not-to-exceed maximum amount, the Company includes revenue from such contracts in performance obligations to the extent of the remaining estimated amount. Contract modifications are common in the performance of our contracts. Contracts modified typically result from changes in scope, specifications, design, performance, sites, or period of completion. In most cases, contract modifications are for services that are not distinct, and, therefore, are accounted for as part of the existing contract. Contract estimates are based on various assumptions to project the outcome of future events. These assumptions are dependent upon the accuracy of a variety of estimates, including engineering progress, achievement of milestones, labor productivity, and cost estimates. Due to uncertainties inherent in the estimation process, it is possible that actual completion costs may vary from estimates. If estimated total costs on contracts indicate a loss or reduction to the percentage of total contract revenues recognized to date, these losses or reductions are recognized in the period in which the revisions are known. The effect of revisions to revenues, estimated costs to complete contracts, including penalties, incentive awards, change orders, claims, and anticipated losses are recorded on the cumulative catch-up basis in the period in which the revisions are identified and the loss can be reasonably estimated. Such revisions could occur in any reporting period and the effects on the results of operations for that reporting period may be material depending on the size of the project or the adjustment. During fiscal years 2022, 2021, and 2020 the cumulative catch-up adjustments for contract modifications were not material. A significant amount of the Company’s revenues are derived under multi-year contracts. The Company enters into contracts with its clients that contain two principal types of pricing provisions: cost-reimbursable and fixed-unit price. Cost-reimbursable contracts consist of the following: • Time and materials contracts, which are common for smaller scale professional and technical consulting and certification services projects. Under these types of contracts, there is no predetermined fee. Instead, the Company negotiates hourly billing rates and charges the clients based upon actual hours expended on a project. In addition, any direct project expenditures are passed through to the client and are typically reimbursed. These contracts may have an initial not-to-exceed or guaranteed maximum price provision. • Cost-plus contracts are the predominant contracting method used by U.S. Federal, state, and local governments. Under these types of contracts, the Company charges clients for its costs, including both direct and indirect costs, plus a negotiated fee. The total estimated cost plus the negotiated fee represents the total contract value. • Lump-sum contracts typically require the performance of all of the work under the contract for a specified lump-sum fee, subject to price adjustments if the scope of the project changes or unforeseen conditions arise. Many of the Company’s lump-sum contracts are negotiated and arise in the design of projects with a specified scope and project deliverables. In most cases, we can bill additional fees if the construction schedule is modified and lengthened. Fixed-unit price contracts typically require the performance of an estimated number of units of work at an agreed price per unit, with the total payment under the contract determined by the actual number of units performed. Federal Acquisition Regulations (“FAR”), which are applicable to the Company’s federal government contracts and may be incorporated in local and state agency contracts, limit the recovery of certain specified indirect costs on contracts. Cost-plus contracts covered by FAR or certain state and local agencies also may require an audit of actual costs and provide for upward or downward adjustments if actual recoverable costs differ from billed recoverable costs. Contract Balances The timing of revenue recognition, billings, and cash collections results in billed receivables, unbilled receivables (contract assets), and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) on the Consolidated Balance Sheets. Billed receivables, net represents amounts billed to clients that remain uncollected as of the balance sheet date. The amounts are stated at their estimated realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. The allowance is estimated based on management’s evaluation of the contracts involved and the financial condition of clients. Factors the Company considers include, but are not limited to: • Client type (governmental or commercial client), • Historical performance, • Historical collection trends, and • General economic conditions. Billed receivables are generally collected within less than 12 months. The allowance is increased by the Company’s provision for doubtful accounts which is charged against income. All recoveries on receivables previously charged off are included in income, while direct charge-offs of receivables are deducted from the allowance. Unbilled receivables, net represents recognized amounts pending billing pursuant to contract terms or accounts billed after period end, and are expected to be billed and collected within the next 12 months. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. Unbilled receivables (contract assets) are generally classified as current. |
Advertising | Advertising Advertising costs are charged to expense in the period incurred and amounted to $1,977, $895, and $940 during fiscal years 2022, 2021, and 2020, respectively, which are included in General and Administrative Expenses on the accompanying Consolidated Statements of Net Income and Comprehensive Income. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC Topic No. 740 “ Income Taxes ” (“Topic No. 740”). Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. A valuation allowance against the Company’s deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, management is required to make assumptions and to apply judgment, including forecasting future earnings, taxable income, and the mix of earnings in the jurisdictions in which the Company operates. Management periodically assesses the need for a valuation allowance based on the Company’s current and anticipated results of operations. The need for and the amount of a valuation allowance can change in the near term if operating results and projections change significantly. The Company recognizes the consolidated financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies the uncertain tax position guidance to all tax positions for which the statute of limitations remains open. The Company’s policy is to classify interest and penalties as income tax expense. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"). This ASU provides optional expedients and exceptions to the current guidance on contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) ("ASU 2022-06"). This ASU deferred the sunset date of this guidance to December 31, 2024. The Company applied this guidance to its Second A&R Credit Agreement and there was no impact to its financial statements as a result. Business Combinations In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). This ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency. This ASU requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of property plant and equipment, estimated useful life | Asset Depreciation Period (in years) Office furniture and equipment 4 Computer equipment 3 Survey and field equipment 5 - 15 Leasehold improvements Lesser of the estimated useful lives or remaining term of the lease |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of the net income and weighted average shares outstanding for the calculation of basic and diluted earnings per share | The following table represents a reconciliation of the net income and weighted average shares outstanding for the calculation of basic and diluted earnings per share during fiscal years 2022, 2021 and 2020: Fiscal Years Ended December 31, 2022 January 1, 2022 January 2, 2021 Numerator: Net income – basic and diluted $ 49,973 $ 47,147 $ 21,018 Denominator: Basic weighted average shares outstanding 14,753,738 14,135,333 12,362,786 Effect of dilutive non-vested restricted shares and units 490,981 498,116 303,622 Effect of issuable shares related to acquisitions 15,467 22,932 46,667 Diluted weighted average shares outstanding 15,260,186 14,656,381 12,713,075 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule 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 dates for acquisitions closed during fiscal years 2022, 2021, and 2020: 2022 2021 2020 Total Total Total Cash $ — $ 1,480 $ — Billed and unbilled receivables, net 1,807 17,728 1,439 Right-of-use assets 632 2,932 — Property and equipment 1,510 3,741 28 Prepaid expenses — 519 33 Other assets — 13 28 Intangible assets: Customer relationships 3,612 36,338 237 Trade name 268 2,098 30 Customer backlog 460 3,847 56 Other 281 4,456 5 Total Assets $ 8,570 $ 73,152 $ 1,856 Liabilities (5,623) (13,984) (345) Deferred tax liabilities — (4,521) (86) Net assets acquired $ 2,947 $ 54,647 $ 1,425 Consideration paid (Cash, notes and/or stock) $ 7,921 $ 95,316 $ 1,694 Contingent earn-out liability (Cash and stock) 6,299 5,133 255 Total Consideration $ 14,220 $ 100,449 $ 1,949 Excess consideration over the amounts assigned to the net assets acquired (Goodwill) $ 11,273 $ 45,802 $ 524 |
Schedule of Pro forma consolidated results of operations | The following table presents the results of operations of businesses acquired from their respective dates of acquisition for fiscal years 2022, 2021, and 2020. 2022 2021 2020 Gross revenues $ 5,211 $ 29,965 $ 851 Income before income taxes $ 985 $ 5,167 $ 31 Company would have been if the acquisitions and related financing transactions had occurred on the date assumed, nor are they indicative of future results of operations. Fiscal Years Ended 2022 2021 2020 Gross revenues $ 789,934 $ 765,632 $ 720,039 Net income $ 50,071 $ 49,769 $ 22,774 Basic earnings per share $ 3.39 $ 3.50 $ 1.83 Diluted earnings per share $ 3.28 $ 3.38 $ 1.78 |
Billed and Unbilled Receivabl_2
Billed and Unbilled Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of accounts, notes, loans and financing receivable | Billed and Unbilled Receivables consists of the following: December 31, 2022 January 1, 2022 Billed receivables $ 149,082 $ 159,942 Less: allowance for doubtful accounts (3,445) (6,128) Billed receivables, net $ 145,637 $ 153,814 Unbilled receivables $ 95,104 $ 91,558 Less: allowance for doubtful accounts (2,242) (1,824) Unbilled receivables, net $ 92,862 $ 89,734 |
Schedule of Allowance for credit losses on financing receivables | Activity in the allowance for doubtful accounts consists of the following: December 31, 2022 January 1, 2022 Balance as of the beginning of the year $ 7,952 $ 8,679 Provision for doubtful accounts (60) 1,243 Write-offs of uncollectible accounts (2,205) (1,970) Balance as of the end of the year $ 5,687 $ 7,952 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Property and equipment, net consists of the following: December 31, 2022 January 1, 2022 Office furniture and equipment $ 3,421 $ 3,314 Computer equipment 25,816 20,063 Survey and field equipment 49,985 35,436 Leasehold improvements 6,546 6,395 Total 85,768 65,208 Less: accumulated depreciation (44,128) (32,479) Property and equipment, net $ 41,640 $ 32,729 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in the carrying value by reportable segment for the fiscal years 2022 and 2021 were as follows: Fiscal Year 2022 January 1, 2022 Acquisitions Adjustments December 31, 2022 INF $ 90,725 $ 120 $ 87 $ 90,932 BTS 111,005 1,152 (319) 111,838 GEO 188,186 10,001 — 198,187 Total $ 389,916 $ 11,273 $ (232) $ 400,957 Fiscal Year 2021 January 2, 2021 Acquisitions Adjustments January 1, 2022 INF $ 87,333 $ 3,392 $ — $ 90,725 BTS 78,848 32,071 86 111,005 GEO 177,615 10,571 — 188,186 Total $ 343,796 $ 46,034 $ 86 $ 389,916 |
Schedule of finite-lived intangible assets | Intangible assets, net, at December 31, 2022 and January 1, 2022 consists of the following: December 31, 2022 January 1, 2022 Gross Accumulated Net Gross Accumulated Net Finite-lived intangible assets: Customer relationships (1) $ 222,998 $ (87,054) $ 135,944 $ 219,455 $ (65,017) $ 154,438 Trade name (2) 16,883 (15,933) 950 16,615 (14,815) 1,800 Customer backlog (3) 29,419 (27,333) 2,086 28,971 (25,162) 3,809 Non-compete (4) 14,110 (11,298) 2,812 13,829 (9,024) 4,805 Developed technology (5) 32,944 (14,305) 18,639 32,944 (9,572) 23,372 Total finite-lived intangible assets $ 316,354 $ (155,923) $ 160,431 $ 311,814 $ (123,590) $ 188,224 (1) Amortized on a straight-line basis over estimated lives (1 to 12 years) (2) Amortized on a straight-line basis over their estimated lives (1 to 2 years) (3) Amortized on a straight-line basis over their estimated lives (1 to 10 years) (4) Amortized on a straight-line basis over their contractual lives (1 to 5 years) (5) Amortized on a straight-line basis over their estimated lives (5 to 7 years) |
Schedule of acquired finite-lived intangible assets by major class | The following table summarizes the weighted average useful lives of definite-lived intangible assets acquired during 2022, 2021, and 2020: 2022 2021 2020 Customer relationships 7.5 8.2 10.0 Trade name 1.8 2.0 1.5 Customer backlog 1.4 1.6 1.5 Non-compete 3.6 3.8 2.0 |
Schedule of finite-fived intangible assets, future amortization expense | As of December 31, 2022, the future estimated aggregate amortization related to finite-lived intangible assets for the next five fiscal years and thereafter is as follows: Fiscal Year Amount 2023 $ 30,630 2024 27,793 2025 26,721 2026 25,545 2027 17,562 Thereafter 32,180 Total $ 160,431 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of accrued liabilities | Accrued liabilities consist of the following: December 31, 2022 January 1, 2022 Current portion of lease liability $ 13,081 $ 12,897 Accrued vacation 12,467 12,819 Payroll and related taxes 6,616 10,931 Benefits 5,160 6,767 Accrued operating expenses 4,540 4,329 Other 2,449 2,718 Total $ 44,313 $ 50,461 |
Notes Payable and Other Oblig_2
Notes Payable and Other Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of notes payable and other obligations | Notes payable and other obligations consists of the following: December 31, 2022 January 1, 2022 Senior credit facility $ 33,750 $ 98,750 Uncollateralized promissory notes 18,492 31,493 Finance leases 3,465 2,215 Other obligations 1,814 2,733 Debt issuance costs, net of amortization (2,672) (3,395) Total Notes Payable and Other Obligations 54,849 131,796 Current portion of notes payable and other obligations 15,176 20,734 Notes payable and other obligations, less current portion $ 39,673 $ 111,062 |
Schedule of maturities of long-term debt | Future contractual maturities of long-term debt as of December 31, 2022 are as follows: Fiscal Year Amount 2023 $ 15,153 2024 4,977 2025 1,799 2026 35,388 2027 and thereafter 204 Total $ 57,521 |
Contingent Consideration (Table
Contingent Consideration (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of changes carrying value of estimated contingent consideration | The following table summarizes the changes in the carrying value of estimated contingent consideration: December 31, 2022 January 1, 2022 Contingent consideration, beginning of the year $ 8,328 $ 2,400 Additions for acquisitions 6,299 5,133 Reduction of liability for payments made (2,264) (1,538) Increase of liability related to re-measurement of fair value 2,972 2,333 Total contingent consideration, end of the period 15,335 8,328 Current portion of contingent consideration 10,854 5,807 Contingent consideration, less current portion $ 4,481 $ 2,521 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of supplemental balance sheet information | Supplemental balance sheet information related to the Company's operating and finance leases is as follows: Leases Classification December 31, 2022 January 1, 2022 Assets Operating lease assets Right-of-use lease asset, net (1) $ 39,314 $ 44,260 Finance lease assets Property and equipment, net (1) 3,446 2,197 Total leased assets $ 42,760 $ 46,457 Liabilities Current Operating Accrued liabilities $ (13,081) $ (12,897) Finance Current portion of notes payable and other obligations (1,333) (1,225) Noncurrent Operating Other long-term liabilities (28,452) (33,169) Finance Notes payable and other obligations, less current portion (2,132) (990) Total lease liabilities $ (44,998) $ (48,281) |
Schedule of lease term and discount rate | Supplemental balance sheet information related to the Company's operating and finance leases is as follows: Weighted - Average Remaining Lease Term (Years) December 31, 2022 January 1, 2022 Operating leases 4.0 4.5 Finance leases 2.2 1.6 Weighted - Average Discount Rate Operating leases 4% 4% Finance leases 7% 7% |
Schedule of supplemental cash flow information | Supplemental cash flow information related to the Company's operating and finance lease liabilities is as follows: Fiscal Year Ended December 31, 2022 January 1, 2022 January 2, 2021 Operating cash flows from operating leases $ 13,739 $ 14,081 $ 13,854 Financing cash flows from finance leases $ 1,241 $ 1,274 $ 267 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 7,058 $ 9,249 $ 13,427 |
Schedule of lease cost | The following table summarizes the components of lease cost recognized in the consolidated statements of net income and comprehensive income: Fiscal Year Ended Lease Cost Classification December 31, 2022 January 1, 2022 January 2, 2021 Operating lease cost Facilities and facilities related $ 15,724 $ 15,439 $ 15,071 Variable operating lease cost Facilities and facilities related 3,806 1,655 2,934 Finance lease cost Amortization of financing lease assets Depreciation and amortization 1,239 1,250 1,035 Interest on lease liabilities Interest expense 121 154 121 Total lease cost $ 20,890 $ 18,498 $ 19,161 |
Schedule of maturities of lease liabilities | As of December 31, 2022, maturities of the Company's lease liabilities under its long-term operating leases and finance leases for the next five fiscal years and thereafter are as follows: Fiscal Year Operating Leases Finance Leases 2023 $ 14,221 $ 1,410 2024 11,259 911 2025 8,389 748 2026 5,727 698 2027 2,519 237 Thereafter 2,445 9 Total lease payments 44,560 4,013 Less: Interest (3,027) (548) Present value of lease liabilities $ 41,533 $ 3,465 |
Schedule of maturities of lease liabilities | As of December 31, 2022, maturities of the Company's lease liabilities under its long-term operating leases and finance leases for the next five fiscal years and thereafter are as follows: Fiscal Year Operating Leases Finance Leases 2023 $ 14,221 $ 1,410 2024 11,259 911 2025 8,389 748 2026 5,727 698 2027 2,519 237 Thereafter 2,445 9 Total lease payments 44,560 4,013 Less: Interest (3,027) (548) Present value of lease liabilities $ 41,533 $ 3,465 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based payment arrangement, restricted stock unit, activity | The following summarizes the activity of restricted stock awards during fiscal years 2022, 2021, and 2020: Share Units Weighted Average Grant Date Fair Value Unvested shares as of December 28, 2019 652,677 $ 58.20 Granted 390,833 $ 47.00 Vested (251,178) $ 44.95 Forfeited (22,149) $ 64.00 Unvested shares as of January 2, 2021 770,183 $ 57.20 Granted 265,644 $ 91.31 Vested (257,435) $ 65.14 Forfeited (33,902) $ 58.25 Unvested shares as of January 1, 2022 744,490 $ 66.34 Granted 203,149 $ 118.33 Vested (131,973) $ 63.72 Forfeited (101,873) $ 67.08 Unvested shares as of December 31, 2022 713,793 $ 81.25 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax expense (benefit) | Income tax expense for years 2022, 2021, and 2020 consists of the following: Fiscal Years Ended December 31, 2022 January 1, 2022 January 2, 2021 Current: Federal $ 20,977 $ 14,251 $ 13,192 State 9,040 7,353 7,690 Foreign 943 400 137 Total current income tax expense 30,960 22,004 21,019 Deferred: Federal (15,401) (3,740) (10,708) State (3,161) (3,238) (2,317) Foreign 3 (68) (44) Total deferred income tax benefit (18,559) (7,046) (13,069) . Total income tax expense $ 12,401 $ 14,958 $ 7,950 |
Schedule of deferred tax assets and liabilities | Temporary differences comprising the net deferred income tax liability shown in the Company’s consolidated balance sheets were as follows: December 31, 2022 January 1, 2022 Deferred tax asset: Lease liabilities $ 10,732 $ 11,811 Tax carryforwards 3,863 5,734 Accrued compensation 11,945 9,133 Accrued payroll tax — 1,414 Allowance for doubtful accounts 1,559 2,306 Capitalized Research and Development Costs 14,795 — Other 1,025 369 Total deferred tax asset $ 43,919 $ 30,767 Deferred tax liability: Acquired intangibles $ (30,226) $ (35,620) Right-of-use assets (10,361) (11,338) Depreciation and amortization (9,467) (8,088) Cash to accrual adjustment — (609) Other (758) (497) Total deferred tax liability $ (50,812) $ (56,152) Net deferred tax liability $ (6,893) $ (25,385) |
Schedule of effective income tax rate reconciliation | Total income tax expense was different than the amount computed by applying the Federal statutory rate as follows: Fiscal Years Ended December 31, 2022 January 1, 2022 January 2, 2021 Tax at federal statutory rate $ 13,099 $ 13,042 $ 6,083 State taxes, net of Federal benefit 3,853 3,908 2,653 Stock-based compensation (1,495) (1,432) (157) Federal and state tax credits (3,983) (1,242) (1,544) Changes in unrecognized tax position (73) 96 179 Other 1,000 586 736 Total income tax expense $ 12,401 $ 14,958 $ 7,950 |
Schedule of unrecognized tax benefits roll forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2022 January 1, 2022 January 2, 2021 Balance, beginning of period $ 1,071 $ 1,022 $ 887 Additions based on tax positions related to the current year 131 124 155 Additions for tax positions of prior years 6 — 30 Lapse of statute of limitations (103) (45) (50) Reductions for positions of prior years (139) (30) — Balance, end of period $ 966 $ 1,071 $ 1,022 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | The following tables set forth summarized financial information concerning our reportable segments: Fiscal Years Ended December 31, 2022 January 1, 2022 January 2, 2021 Gross revenues INF $ 395,878 $ 383,725 $ 352,965 BTS 232,577 185,995 157,432 GEO 158,323 136,986 148,899 Total gross revenues $ 786,778 $ 706,706 $ 659,296 Segment income before taxes INF $ 68,259 $ 71,838 $ 62,574 BTS 43,810 35,221 21,091 GEO 42,640 33,027 30,013 Total Segment income before taxes 154,709 140,086 113,678 Corporate (1) (92,335) (77,981) (84,710) Total income before taxes $ 62,374 $ 62,105 $ 28,968 (1) Includes amortization of intangibles of $32,341, $33,498, and $34,596 for the fiscal years ended 2022, 2021, and 2020, respectively. December 31, 2022 January 1, 2022 Assets INF $ 226,301 $ 246,377 BTS 231,049 246,841 GEO 366,385 361,793 Corporate (1) 111,988 106,932 Total assets $ 935,723 $ 961,943 (1) Corporate assets consist of intercompany eliminations and assets not allocated to segments including cash and cash equivalents and certain other assets. |
Schedule of revenue from external customers by geographic areas | Gross revenue, classified by the major geographic areas in which our customers were located, were as follows: Fiscal Year 2022 INF BTS GEO Total United States $ 395,878 $ 204,036 $ 154,584 $ 754,498 Foreign — 28,541 3,739 32,280 Total gross revenues $ 395,878 $ 232,577 $ 158,323 $ 786,778 Fiscal Year 2021 INF BTS GEO Total United States $ 383,725 $ 167,057 $ 134,003 $ 684,785 Foreign — 18,938 2,983 21,921 Total gross revenues $ 383,725 $ 185,995 $ 136,986 $ 706,706 Fiscal Year 2020 INF BTS GEO Total United States $ 352,965 $ 147,806 $ 146,511 $ 647,282 Foreign — 9,626 2,388 12,014 Total gross revenues $ 352,965 $ 157,432 $ 148,899 $ 659,296 |
Schedule of revenue by major customers by reporting segments | Gross revenue by customer were as follows: Fiscal Year 2022 INF BTS GEO Total Public and quasi-public sector $ 312,817 $ 61,726 $ 128,786 $ 503,329 Private sector 83,061 170,851 29,537 283,449 Total gross revenues $ 395,878 $ 232,577 $ 158,323 $ 786,778 Fiscal Year 2021 INF BTS GEO Total Public and quasi-public sector $ 304,753 $ 66,964 $ 86,628 $ 458,345 Private sector 78,972 119,031 50,358 248,361 Total gross revenues $ 383,725 $ 185,995 $ 136,986 $ 706,706 Fiscal Year 2020 INF BTS GEO Total Public and quasi-public sector $ 279,965 $ 67,434 $ 101,456 $ 448,855 Private sector 73,000 89,998 47,443 210,441 Total gross revenues $ 352,965 $ 157,432 $ 148,899 $ 659,296 |
Schedule of revenue from external customers by products and services | Gross revenues by contract type were as follows: Fiscal Year 2022 INF BTS GEO Total Cost-reimbursable contracts $ 379,818 $ 155,632 $ 157,992 $ 693,442 Fixed-unit price contracts 16,060 76,945 331 93,336 Total gross revenues $ 395,878 $ 232,577 $ 158,323 $ 786,778 Fiscal Year 2021 INF BTS GEO Total Cost-reimbursable contracts $ 367,310 $ 133,272 $ 136,683 $ 637,265 Fixed-unit price contracts 16,415 52,723 303 69,441 Total gross revenues $ 383,725 $ 185,995 $ 136,986 $ 706,706 Fiscal Year 2020 INF BTS GEO Total Cost-reimbursable contracts $ 337,580 $ 123,135 $ 148,631 $ 609,346 Fixed-unit price contracts 15,385 34,297 268 49,950 Total gross revenues $ 352,965 $ 157,432 $ 148,899 $ 659,296 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Product Information [Line Items] | |||
Impairment, long-lived asset | $ 0 | $ 0 | $ 0 |
Goodwill and intangible asset impairment | 0 | 0 | 0 |
Revenue from contract with customer | 343,538 | 309,624 | 297,116 |
Contract with customer liability, revenue recognized | 25,262 | ||
Advertising expense | $ 1,977 | $ 895 | $ 940 |
Transferred at point in time | |||
Product Information [Line Items] | |||
Revenue from contract with customer, percent of gross revenues | 12% | 10% | 8% |
Revenue benchmark | Geographic concentration risk | CALIFORNIA | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 28% | 26% | 28% |
Revenue benchmark | Government contracts concentration risk | Public and quasi-public sector | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 64% | 65% | 68% |
Revenue benchmark | Transferred over time | Customer Concentration Risk | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 88% | 90% | 92% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Office furniture and equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 4 years |
Computer equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Survey and field equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Survey and field equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Revenue Recognition (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 761,776 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 607,239 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Period One | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue performance obligation expected timing of satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Period Two | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue performance obligation expected timing of satisfaction period | 24 months |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | $ 31,183 | $ 29,444 |
Accounting Standards Update 2021-08 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | $ 2,203 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 25,979 | 7,448 | 12,588 |
Restricted stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 742,671 | 777,683 | 763,183 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Numerator [Abstract] | |||
Net income – basic | $ 49,973 | $ 47,147 | $ 21,018 |
Net income – diluted | $ 49,973 | $ 47,147 | $ 21,018 |
Denominator [Abstract] | |||
Basic weighted average shares outstanding (in shares) | 14,753,738 | 14,135,333 | 12,362,786 |
Effect of dilutive non-vested restricted shares and units (in shares) | 490,981 | 498,116 | 303,622 |
Effect of issuable shares related to acquisitions (in shares) | 15,467 | 22,932 | 46,667 |
Diluted weighted average shares outstanding (in shares) | 15,260,186 | 14,656,381 | 12,713,075 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Apr. 13, 2021 | Mar. 15, 2021 | Mar. 10, 2021 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Class of Stock [Line Items] | ||||||
Proceeds from common stock offering | $ 0 | $ 172,500 | $ 0 | |||
Public Stock Offering | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from secondary offering, net of costs (in shares) | 1,612,903 | |||||
Shares issued, price per share (in dollars per share) | $ 93 | |||||
Proceeds from common stock offering | $ 140,693 | |||||
Over-Allotment Option | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from secondary offering, net of costs (in shares) | 241,935 | |||||
Award vesting period | 30 days | |||||
Proceeds from common stock offering | $ 21,150 |
Business Acquisitions - Narrati
Business Acquisitions - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) acquisition | Jan. 01, 2022 USD ($) acquisition | Jan. 02, 2021 USD ($) acquisition | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Total consideration | $ 100,449 | $ 1,949 | |
Earn-out of cash fair value | $ 15,335 | 8,328 | 2,400 |
Business combination, acquisition related costs | $ 2,639 | $ 3,274 | $ 856 |
Series of Individually Immaterial Business Acquisitions | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Number of businesses acquired | acquisition | 5 | 8 | 1 |
Total consideration | $ 14,220 | $ 1,949 | |
Payments to acquire businesses | 5,882 | $ 69,501 | 882 |
Consideration of common stock | 433 | 6,787 | 312 |
Consideration transferred of common stock | 15,850 | 25,700 | |
Earn-out of cash fair value | 6,299 | 5,133 | 255 |
Series of Individually Immaterial Business Acquisitions | Uncollateralized promissory notes | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Notes payable | $ 1,606 | $ 19,028 | $ 500 |
Business Acquisitions - Summary
Business Acquisitions - Summary of the Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Cash | $ 1,480 | $ 0 | |
Billed and unbilled receivables, net | 17,728 | 1,439 | |
Right-of-use assets | 2,932 | 0 | |
Property and equipment | 3,741 | 28 | |
Prepaid expenses | 519 | 33 | |
Other assets | 13 | 28 | |
Total Assets | 73,152 | 1,856 | |
Liabilities | (13,984) | (345) | |
Deferred tax liabilities | (4,521) | (86) | |
Net assets acquired | 54,647 | 1,425 | |
Consideration paid (Cash, notes and/or stock) | 95,316 | 1,694 | |
Contingent earn-out liability (Cash and stock) | 5,133 | 255 | |
Total Consideration | 100,449 | 1,949 | |
Excess consideration over the amounts assigned to the net assets acquired (Goodwill) | 45,802 | 524 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 36,338 | 237 | |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 2,098 | 30 | |
Customer backlog | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 3,847 | 56 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 4,456 | 5 | |
Series of Individually Immaterial Business Acquisitions | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cash | $ 0 | ||
Billed and unbilled receivables, net | 1,807 | ||
Right-of-use assets | 632 | ||
Property and equipment | 1,510 | ||
Prepaid expenses | 0 | ||
Other assets | 0 | ||
Total Assets | 8,570 | ||
Liabilities | (5,623) | ||
Deferred tax liabilities | 0 | ||
Net assets acquired | 2,947 | ||
Consideration paid (Cash, notes and/or stock) | 7,921 | ||
Contingent earn-out liability (Cash and stock) | 6,299 | ||
Total Consideration | 14,220 | $ 1,949 | |
Excess consideration over the amounts assigned to the net assets acquired (Goodwill) | 11,273 | ||
Series of Individually Immaterial Business Acquisitions | Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 3,612 | ||
Series of Individually Immaterial Business Acquisitions | Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 268 | ||
Series of Individually Immaterial Business Acquisitions | Customer backlog | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 460 | ||
Series of Individually Immaterial Business Acquisitions | Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 281 |
Business Acquisitions - Results
Business Acquisitions - Results of Operations From any Business Acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Business Combinations [Abstract] | |||
Gross revenues | $ 5,211 | $ 29,965 | $ 851 |
Income before income taxes | $ 985 | $ 5,167 | $ 31 |
Business Acquisitions - Pro For
Business Acquisitions - Pro Forma Consolidated Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |||
Gross revenues | $ 789,934 | $ 765,632 | $ 720,039 |
Net income | $ 50,071 | $ 49,769 | $ 22,774 |
Basic earnings per share (in dollars per Share) | $ 3.39 | $ 3.50 | $ 1.83 |
Diluted earnings per share (in dollars per Share) | $ 3.28 | $ 3.38 | $ 1.78 |
Billed and Unbilled Receivabl_3
Billed and Unbilled Receivables - Summary of Billed and Unbilled Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Receivables [Abstract] | ||
Billed receivables | $ 149,082 | $ 159,942 |
Less: allowance for doubtful accounts | (3,445) | (6,128) |
Billed receivables, net | 145,637 | 153,814 |
Unbilled receivables | 95,104 | 91,558 |
Less: allowance for doubtful accounts | (2,242) | (1,824) |
Unbilled receivables, net | $ 92,862 | $ 89,734 |
Billed and Unbilled Receivabl_4
Billed and Unbilled Receivables - Activity in the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of the beginning of the year | $ 7,952 | $ 8,679 | |
Provision for doubtful accounts | (60) | 1,243 | $ 4,311 |
Write-offs of uncollectible accounts | (2,205) | (1,970) | |
Balance as of the end of the year | $ 5,687 | $ 7,952 | $ 8,679 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 85,768 | $ 65,208 |
Less: accumulated depreciation | (44,128) | (32,479) |
Property and equipment, net | 41,640 | 32,729 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 3,421 | 3,314 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 25,816 | 20,063 |
Survey and field equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 49,985 | 35,436 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 6,546 | $ 6,395 |
Property and Equipment, net - N
Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Depreciation expense | $ 11,722 | $ 11,473 | $ 10,892 |
Other Direct Costs | |||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Depreciation expense | $ 5,125 | $ 5,018 | $ 4,510 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 389,916 | $ 343,796 |
Acquisitions | 11,273 | 46,034 |
Adjustments | (232) | 86 |
Ending balance | 400,957 | 389,916 |
INF | ||
Goodwill [Roll Forward] | ||
Beginning balance | 90,725 | 87,333 |
Acquisitions | 120 | 3,392 |
Adjustments | 87 | 0 |
Ending balance | 90,932 | 90,725 |
BTS | ||
Goodwill [Roll Forward] | ||
Beginning balance | 111,005 | 78,848 |
Acquisitions | 1,152 | 32,071 |
Adjustments | (319) | 86 |
Ending balance | 111,838 | 111,005 |
GEO | ||
Goodwill [Roll Forward] | ||
Beginning balance | 188,186 | 177,615 |
Acquisitions | 10,001 | 10,571 |
Adjustments | 0 | 0 |
Ending balance | $ 198,187 | $ 188,186 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Goodwill [Line Items] | |||
Goodwill | $ 2,891 | $ 24,775 | |
Acquisitions | 11,273 | 46,034 | |
Goodwill, purchase adjustments | (232) | 86 | |
Amortization expense | 32,341 | $ 33,498 | $ 34,596 |
2020 Acquisition | |||
Goodwill [Line Items] | |||
Goodwill, purchase adjustments | $ 232 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Finite-lived intangible assets: | ||
Gross Carrying Amount | $ 316,354 | $ 311,814 |
Accumulated Amortization | (155,923) | (123,590) |
Net Amount | 160,431 | 188,224 |
Customer relationships | ||
Finite-lived intangible assets: | ||
Gross Carrying Amount | 222,998 | 219,455 |
Accumulated Amortization | (87,054) | (65,017) |
Net Amount | $ 135,944 | 154,438 |
Customer relationships | Minimum | ||
Finite-lived intangible assets: | ||
Useful life | 1 year | |
Customer relationships | Maximum | ||
Finite-lived intangible assets: | ||
Useful life | 12 years | |
Trade name | ||
Finite-lived intangible assets: | ||
Gross Carrying Amount | $ 16,883 | 16,615 |
Accumulated Amortization | (15,933) | (14,815) |
Net Amount | $ 950 | 1,800 |
Trade name | Minimum | ||
Finite-lived intangible assets: | ||
Useful life | 1 year | |
Trade name | Maximum | ||
Finite-lived intangible assets: | ||
Useful life | 2 years | |
Customer backlog | ||
Finite-lived intangible assets: | ||
Gross Carrying Amount | $ 29,419 | 28,971 |
Accumulated Amortization | (27,333) | (25,162) |
Net Amount | $ 2,086 | 3,809 |
Customer backlog | Minimum | ||
Finite-lived intangible assets: | ||
Useful life | 1 year | |
Customer backlog | Maximum | ||
Finite-lived intangible assets: | ||
Useful life | 10 years | |
Non-compete | ||
Finite-lived intangible assets: | ||
Gross Carrying Amount | $ 14,110 | 13,829 |
Accumulated Amortization | (11,298) | (9,024) |
Net Amount | $ 2,812 | 4,805 |
Non-compete | Minimum | ||
Finite-lived intangible assets: | ||
Useful life | 1 year | |
Non-compete | Maximum | ||
Finite-lived intangible assets: | ||
Useful life | 5 years | |
Developed technology | ||
Finite-lived intangible assets: | ||
Gross Carrying Amount | $ 32,944 | 32,944 |
Accumulated Amortization | (14,305) | (9,572) |
Net Amount | $ 18,639 | $ 23,372 |
Developed technology | Minimum | ||
Finite-lived intangible assets: | ||
Useful life | 5 years | |
Developed technology | Maximum | ||
Finite-lived intangible assets: | ||
Useful life | 7 years |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Weighted Average Useful Lives of Intangible Assets (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful life | 7 years 6 months | 8 years 2 months 12 days | 10 years |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful life | 1 year 9 months 18 days | 2 years | 1 year 6 months |
Customer backlog | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful life | 1 year 4 months 24 days | 1 year 7 months 6 days | 1 year 6 months |
Non-compete | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful life | 3 years 7 months 6 days | 3 years 9 months 18 days | 2 years |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Schedule of Future Estimated Aggregate Amortization Related to Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 30,630 | |
2024 | 27,793 | |
2025 | 26,721 | |
2026 | 25,545 | |
2027 | 17,562 | |
Thereafter | 32,180 | |
Net Amount | $ 160,431 | $ 188,224 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Payables and Accruals [Abstract] | ||
Current portion of lease liability | $ 13,081 | $ 12,897 |
Accrued vacation | 12,467 | 12,819 |
Payroll and related taxes | 6,616 | 10,931 |
Benefits | 5,160 | 6,767 |
Accrued operating expenses | 4,540 | 4,329 |
Other | 2,449 | 2,718 |
Total | $ 44,313 | $ 50,461 |
Notes Payable and Other Oblig_3
Notes Payable and Other Obligations - Summary of Notes Payable and Other Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Debt Instrument [Line Items] | ||
Finance leases | $ 3,465 | $ 2,215 |
Debt issuance costs, net of amortization | (2,672) | (3,395) |
Total Notes Payable and Other Obligations | 54,849 | 131,796 |
Current portion of notes payable and other obligations | 15,176 | 20,734 |
Notes payable and other obligations, less current portion | 39,673 | 111,062 |
Senior credit facility | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 33,750 | 98,750 |
Uncollateralized promissory notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 18,492 | 31,493 |
Other obligations | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,814 | $ 2,733 |
Notes Payable and Other Oblig_4
Notes Payable and Other Obligations - Future Contractual Maturities of Long-term Debt (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Payables and Accruals [Abstract] | |
2023 | $ 15,153 |
2024 | 4,977 |
2025 | 1,799 |
2026 | 35,388 |
2027 and thereafter | 204 |
Total | $ 57,521 |
Notes Payable and Other Oblig_5
Notes Payable and Other Obligations - Narrative (Details) | 12 Months Ended | ||||
Aug. 13, 2021 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Jan. 02, 2021 USD ($) | Dec. 07, 2016 USD ($) | |
Debt Instrument [Line Items] | |||||
Debt covenant, liquidity availability | $ 30,000,000 | ||||
Amortization of debt issuance costs | 724,000 | $ 1,210,000 | $ 896,000 | ||
Other obligations | $ 20,306,000 | 34,226,000 | |||
Weighted average interest rate | 2.30% | ||||
Senior credit facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 150,000,000 | ||||
Senior credit facility | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 215,000,000 | ||||
Second A&R Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Minimum fixed charge coverage ratio | 3.25 | ||||
Second A&R Credit Agreement | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 400,000,000 | ||||
Aggregate credit agreement | 138,750,000 | ||||
Available increase in borrowing capacity | $ 200,000,000 | ||||
Outstanding balance | $ 33,750,000 | 98,750,000 | |||
Interest rate during period | 5.30% | ||||
Covenant, net leverage ratio | 4 | ||||
Minimum fixed charge coverage ratio | 1.10 | ||||
AR Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Total debt issuance costs incurred and capitalized | $ 3,702,000 | ||||
Amortization of debt issuance costs | $ 724,000 | $ 1,210,000 | $ 896,000 |
Contingent Consideration - Summ
Contingent Consideration - Summary of Contingent Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Commitments and Contingencies Disclosure [Roll Forward] | |||
Contingent consideration, beginning of the year | $ 8,328 | $ 2,400 | |
Additions for acquisitions | 6,299 | 5,133 | |
Reduction of liability for payments made | (2,264) | (1,538) | |
Increase of liability related to re-measurement of fair value | 2,972 | 2,333 | |
Total contingent consideration, end of the period | 15,335 | 8,328 | $ 2,400 |
Current portion of contingent consideration | 10,854 | 5,807 | |
Contingent consideration, less current portion | 4,481 | 2,521 | |
Change in fair value of contingent consideration | $ 2,972 | $ 2,333 | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 renewal_option lease | |
Leases [Abstract] | |
Number of equipment operating leases | lease | 6 |
Office leases initial term | 12 months |
Number of options to renew | renewal_option | 1 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Assets | ||
Operating lease assets | $ 39,314 | $ 44,260 |
Finance lease assets | 3,446 | 2,197 |
Total leased assets | 42,760 | 46,457 |
Current | ||
Operating | (13,081) | (12,897) |
Finance | (1,333) | (1,225) |
Noncurrent | ||
Operating | (28,452) | (33,169) |
Finance | (2,132) | (990) |
Total lease liabilities | $ (44,998) | $ (48,281) |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property and equipment, net | Property and equipment, net |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities | Accrued liabilities |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of notes payable and other obligations | Current portion of notes payable and other obligations |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Notes payable and other obligations, less current portion | Notes payable and other obligations, less current portion |
Operating right of-use lease assets | $ 35,646 | $ 29,257 |
Financing right of-use lease assets | $ 4,864 | $ 3,643 |
Leases - Schedule of Lease Term
Leases - Schedule of Lease Term and Discount Rate (Details) | Dec. 31, 2022 | Jan. 01, 2022 |
Weighted - Average Remaining Lease Term (Years) | ||
Operating leases | 4 years | 4 years 6 months |
Finance leases | 2 years 2 months 12 days | 1 year 7 months 6 days |
Weighted - Average Discount Rate | ||
Operating leases | 4% | 4% |
Finance leases | 7% | 7% |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Supplemental Cash Flow Information | |||
Operating cash flows from operating leases | $ 13,739 | $ 14,081 | $ 13,854 |
Financing cash flows from finance leases | 1,241 | 1,274 | 267 |
Right-of-use assets obtained in exchange for lease obligations | |||
Operating leases | $ 7,058 | $ 9,249 | $ 13,427 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 15,724 | $ 15,439 | $ 15,071 |
Variable operating lease cost | 3,806 | 1,655 | 2,934 |
Amortization of financing lease assets | 1,239 | 1,250 | 1,035 |
Interest on lease liabilities | 121 | 154 | 121 |
Total lease cost | $ 20,890 | $ 18,498 | $ 19,161 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Operating Leases | ||
2023 | $ 14,221 | |
2024 | 11,259 | |
2025 | 8,389 | |
2026 | 5,727 | |
2027 | 2,519 | |
Thereafter | 2,445 | |
Total lease payments | 44,560 | |
Less: Interest | (3,027) | |
Present value of lease liabilities | 41,533 | |
Finance Leases | ||
2023 | 1,410 | |
2024 | 911 | |
2025 | 748 | |
2026 | 698 | |
2027 | 237 | |
Thereafter | 9 | |
Total lease payments | 4,013 | |
Less: Interest | (548) | |
Present value of lease liabilities | $ 3,465 | $ 2,215 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) | Nov. 30, 2021 firm |
Commitments and Contingencies Disclosure [Abstract] | |
Number of consulting engineering firms | 4 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation | $ 19,326 | $ 16,301 | $ 14,955 |
Stock-based compensation expense | 1,131 | ||
Share-based liabilities paid | 4,901 | ||
Weighted average vesting period | $ 29,243 | ||
Cost not yet recognized, term | 1 year 2 months 12 days | ||
Fair value of restricted shares vested | $ 17,137 | $ 24,823 | $ 12,472 |
Equity plan 2011 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 1,995,274 | ||
Rate of increase decrease in shares authorized for issuance | 3.50% | ||
Equity plan 2011 | Minimum | Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 2 years | ||
Equity plan 2011 | Maximum | Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Share Units | |||
Beginning (in shares) | 744,490 | 770,183 | 652,677 |
Granted (in shares) | 203,149 | 265,644 | 390,833 |
Vested (in shares) | (131,973) | (257,435) | (251,178) |
Forfeited (in shares) | (101,873) | (33,902) | (22,149) |
Ending (in shares) | 713,793 | 744,490 | 770,183 |
Weighted Average Grant Date Fair Value | |||
Beginning (in dollars per share) | $ 66.34 | $ 57.20 | $ 58.20 |
Granted (in dollars per share) | 118.33 | 91.31 | 47 |
Vested (in dollars per share) | 63.72 | 65.14 | 44.95 |
Forfeited (in dollars per share) | 67.08 | 58.25 | 64 |
Ending (in dollars per share) | $ 81.25 | $ 66.34 | $ 57.20 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan | $ 1,648 | $ 334 | $ 1,673 |
NV5 Incentive Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution, percent of match | 50% | ||
Maximum annual contributions per employee | 6% | ||
Percent for cash to retirement plan | 25% | ||
Percent for restricted stock awards | 75% | ||
NV5 Incentive Plan | Liability Based Awards | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Award vesting period | 3 years |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Current: | |||
Federal | $ 20,977 | $ 14,251 | $ 13,192 |
State | 9,040 | 7,353 | 7,690 |
Foreign | 943 | 400 | 137 |
Total current income tax expense | 30,960 | 22,004 | 21,019 |
Deferred: | |||
Federal | (15,401) | (3,740) | (10,708) |
State | (3,161) | (3,238) | (2,317) |
Foreign | 3 | (68) | (44) |
Total deferred income tax benefit | (18,559) | (7,046) | (13,069) |
Total income tax expense | $ 12,401 | $ 14,958 | $ 7,950 |
Income Taxes - Net Deferred Inc
Income Taxes - Net Deferred Income Tax Asset (Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Deferred tax asset: | ||
Lease liabilities | $ 10,732 | $ 11,811 |
Tax carryforwards | 3,863 | 5,734 |
Accrued compensation | 11,945 | 9,133 |
Accrued payroll tax | 0 | 1,414 |
Allowance for doubtful accounts | 1,559 | 2,306 |
Capitalized Research and Development Costs | 14,795 | 0 |
Other | 1,025 | 369 |
Total deferred tax asset | 43,919 | 30,767 |
Deferred tax liability: | ||
Acquired intangibles | (30,226) | (35,620) |
Right-of-use assets | (10,361) | (11,338) |
Depreciation and amortization | (9,467) | (8,088) |
Cash to accrual adjustment | 0 | (609) |
Other | (758) | (497) |
Total deferred tax liability | (50,812) | (56,152) |
Net deferred tax liability | $ (6,893) | $ (25,385) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Deferred tax liabilities, net | $ 6,893 | $ 25,385 | ||
Effective income tax rate percent | 19.90% | 24.10% | 27.40% | |
Unrecognized tax benefits | $ 966 | $ 1,071 | $ 1,022 | $ 887 |
Unrecognized tax benefits that would impact effective tax rate | 847 | 952 | ||
Income tax penalties and interest accrued | $ 340 | $ 296 |
Income Taxes - Income Tax Exp_2
Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax at federal statutory rate | $ 13,099 | $ 13,042 | $ 6,083 |
State taxes, net of Federal benefit | 3,853 | 3,908 | 2,653 |
Stock-based compensation | (1,495) | (1,432) | (157) |
Federal and state tax credits | (3,983) | (1,242) | (1,544) |
Changes in unrecognized tax position | (73) | 96 | 179 |
Other | 1,000 | 586 | 736 |
Total income tax expense | $ 12,401 | $ 14,958 | $ 7,950 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of period | $ 1,071 | $ 1,022 | $ 887 |
Additions based on tax positions related to the current year | 131 | 124 | 155 |
Additions for tax positions of prior years | 6 | 0 | 30 |
Lapse of statute of limitations | (103) | (45) | (50) |
Reductions for positions of prior years | (139) | (30) | 0 |
Balance, end of period | $ 966 | $ 1,071 | $ 1,022 |
Reportable Segments - Narrative
Reportable Segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Number of reportable segments | 3 |
Reportable Segments - Summarize
Reportable Segments - Summarized Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | $ 786,778 | $ 706,706 | $ 659,296 |
Segment income before taxes | 62,374 | 62,105 | 28,968 |
Amortization expense | 32,341 | 33,498 | 34,596 |
Assets | 935,723 | 961,943 | |
INF | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 395,878 | 383,725 | 352,965 |
BTS | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 232,577 | 185,995 | 157,432 |
GEO | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 158,323 | 136,986 | 148,899 |
Operating segments | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Segment income before taxes | 154,709 | 140,086 | 113,678 |
Operating segments | INF | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 395,878 | 383,725 | 352,965 |
Segment income before taxes | 68,259 | 71,838 | 62,574 |
Assets | 226,301 | 246,377 | |
Operating segments | BTS | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 232,577 | 185,995 | 157,432 |
Segment income before taxes | 43,810 | 35,221 | 21,091 |
Assets | 231,049 | 246,841 | |
Operating segments | GEO | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 158,323 | 136,986 | 148,899 |
Segment income before taxes | 42,640 | 33,027 | 30,013 |
Assets | 366,385 | 361,793 | |
Corporate | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Segment income before taxes | (92,335) | (77,981) | $ (84,710) |
Assets | $ 111,988 | $ 106,932 |
Reportable Segments - Revenue b
Reportable Segments - Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross revenues | $ 786,778 | $ 706,706 | $ 659,296 |
INF | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross revenues | 395,878 | 383,725 | 352,965 |
BTS | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross revenues | 232,577 | 185,995 | 157,432 |
GEO | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross revenues | 158,323 | 136,986 | 148,899 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross revenues | 754,498 | 684,785 | 647,282 |
United States | INF | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross revenues | 395,878 | 383,725 | 352,965 |
United States | BTS | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross revenues | 204,036 | 167,057 | 147,806 |
United States | GEO | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross revenues | 154,584 | 134,003 | 146,511 |
Foreign | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross revenues | 32,280 | 21,921 | 12,014 |
Foreign | INF | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross revenues | 0 | 0 | 0 |
Foreign | BTS | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross revenues | 28,541 | 18,938 | 9,626 |
Foreign | GEO | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross revenues | $ 3,739 | $ 2,983 | $ 2,388 |
Reportable Segments - Revenue_2
Reportable Segments - Revenue by Customer Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | $ 786,778 | $ 706,706 | $ 659,296 |
INF | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 395,878 | 383,725 | 352,965 |
BTS | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 232,577 | 185,995 | 157,432 |
GEO | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 158,323 | 136,986 | 148,899 |
Public and quasi-public sector | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 503,329 | 458,345 | 448,855 |
Public and quasi-public sector | INF | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 312,817 | 304,753 | 279,965 |
Public and quasi-public sector | BTS | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 61,726 | 66,964 | 67,434 |
Public and quasi-public sector | GEO | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 128,786 | 86,628 | 101,456 |
Private sector | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 283,449 | 248,361 | 210,441 |
Private sector | INF | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 83,061 | 78,972 | 73,000 |
Private sector | BTS | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 170,851 | 119,031 | 89,998 |
Private sector | GEO | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | $ 29,537 | $ 50,358 | $ 47,443 |
Reportable Segments - Revenue_3
Reportable Segments - Revenue by Contract Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | $ 786,778 | $ 706,706 | $ 659,296 |
INF | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 395,878 | 383,725 | 352,965 |
BTS | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 232,577 | 185,995 | 157,432 |
GEO | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 158,323 | 136,986 | 148,899 |
Cost-reimbursable contracts | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 693,442 | 637,265 | 609,346 |
Cost-reimbursable contracts | INF | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 379,818 | 367,310 | 337,580 |
Cost-reimbursable contracts | BTS | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 155,632 | 133,272 | 123,135 |
Cost-reimbursable contracts | GEO | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 157,992 | 136,683 | 148,631 |
Fixed-unit price contracts | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 93,336 | 69,441 | 49,950 |
Fixed-unit price contracts | INF | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 16,060 | 16,415 | 15,385 |
Fixed-unit price contracts | BTS | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | 76,945 | 52,723 | 34,297 |
Fixed-unit price contracts | GEO | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Gross revenues | $ 331 | $ 303 | $ 268 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 12 Months Ended | ||
Feb. 22, 2023 USD ($) installment | Jan. 01, 2022 USD ($) | Jan. 02, 2021 USD ($) | |
Subsequent Event [Line Items] | |||
Aggregate purchase price | $ 100,449 | $ 1,949 | |
Subsequent Event | Axim Geospatial, LLC | |||
Subsequent Event [Line Items] | |||
Aggregate purchase price | $ 143,156 | ||
Payments to acquire businesses | $ 120,656 | ||
Number of installments | installment | 3 | ||
Consideration of common stock | $ 15,000 | ||
Subsequent Event | Axim Geospatial, LLC | Uncollateralized promissory notes | |||
Subsequent Event [Line Items] | |||
Notes payable | 7,500 | ||
Subsequent Event | Axim Geospatial, LLC | Uncollateralized promissory notes | Debt Instrument, Redemption, Period One | |||
Subsequent Event [Line Items] | |||
Notes payable | 2,500 | ||
Subsequent Event | Axim Geospatial, LLC | Uncollateralized promissory notes | Debt Instrument, Redemption, Period Two | |||
Subsequent Event [Line Items] | |||
Notes payable | 2,500 | ||
Subsequent Event | Axim Geospatial, LLC | Uncollateralized promissory notes | Debt Instrument, Redemption, Period Three | |||
Subsequent Event [Line Items] | |||
Notes payable | $ 2,500 |