CONSOLIDATED STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands, except share data)
| Three Months Ended | Nine Months Ended | ||||||||||||||
| October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||
| Gross revenues | $ | 204,075 | $ | 185,553 | $ | 596,960 | $ | 518,151 | |||||||
| Direct costs: | |||||||||||||||
| Salaries and wages | 48,295 | 45,145 | 141,976 | 131,630 | |||||||||||
| Sub-consultant services | 41,253 | 35,779 | 116,557 | 89,003 | |||||||||||
| Other direct costs | 14,592 | 12,802 | 45,426 | 35,714 | |||||||||||
| Total direct costs | 104,140 | 93,726 | 303,959 | 256,347 | |||||||||||
| Gross profit | 99,935 | 91,827 | 293,001 | 261,804 | |||||||||||
| Operating expenses: | |||||||||||||||
| Salaries and wages, payroll taxes and benefits | 49,670 | 44,597 | 146,719 | 131,761 | |||||||||||
| General and administrative | 16,730 | 12,978 | 47,611 | 37,891 | |||||||||||
| Facilities and facilities related | 5,441 | 5,194 | 15,822 | 15,330 | |||||||||||
| Depreciation and amortization | 9,771 | 10,108 | 29,373 | 29,764 | |||||||||||
| Total operating expenses | 81,612 | 72,877 | 239,525 | 214,746 | |||||||||||
| Income from operations | 18,323 | 18,950 | 53,476 | 47,058 | |||||||||||
| Interest expense | (1,003 | ) | (1,475 | ) | (2,804 | ) | (5,362 | ) | |||||||
| Income before income tax expense | 17,320 | 17,475 | 50,672 | 41,696 | |||||||||||
| Income tax expense | (1,257 | ) | (4,902 | ) | (8,699 | ) | (10,005 | ) | |||||||
| Net income and comprehensive income | $ | 16,063 | $ | 12,573 | $ | 41,973 | $ | 31,691 | |||||||
| Earnings per share: | |||||||||||||||
| Basic | $ | 1.09 | $ | 0.86 | $ | 2.85 | $ | 2.27 | |||||||
| Diluted | $ | 1.05 | $ | 0.83 | $ | 2.75 | $ | 2.19 | |||||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 14,768,689 | 14,593,623 | 14,732,726 | 13,963,372 | |||||||||||
| Diluted | 15,301,545 | 15,069,660 | 15,242,453 | 14,486,683 | |||||||||||
