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ACQUISITIONS (Tables)

3 Months Ended

Apr. 02, 2023

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

Accounts receivable						$	3,734
Prepaid expenses and other assets						118
Property and equipment, net						83
Right-of-use asset - operating leases						1,528
Intangible assets						13,484
Goodwill						26,493
Current liabilities assumed						(1,787)
Lease liability - operating leases						(1,528)
Total net assets acquired						$	42,125
Cash						$	33,940
Hold back (included in Other current liabilities)						1,000
Convertible Note						4,368
Common stock						3,351
Working capital adjustment (included in Other current assets)						(534)
Total fair value of consideration transferred for acquired business						$	42,125

 

The allocation of the intangible assets is as follows (in thousands):

						Estimated Fair Value						Estimated  Useful Lives
Covenants not to compete						$	50					5 years
Client partner list						13,434						10 years
Total						$	13,484

Business Acquisition, Pro Forma Information

The Company estimates what would have been reported if the revenues and net income from continuing operations of the Horn Solutions acquisition had taken place on the first day of Fiscal 2022 (in thousands, except income per share):

															Thirteen Weeks Ended
															March 27, 2022
Revenues															$	76,494
Gross profit															$	27,186
Net Income															$	2,558
Income per share from continuing operations:
Basic															$	0.25
Diluted															$	0.24

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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