Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

v3.22.0.1
Property and Equipment, Net
12 Months Ended
Jan. 01, 2022
Property and Equipment, Net  
Property and Equipment, Net

Note 3 – Property and Equipment, Net

The Company’s property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense for fiscal years 2021, 2020 and 2019 was $9,895, $7,657 and $6,252, respectively. The cost and related accumulated depreciation of assets retired or otherwise disposed of are removed from the accounts and the resultant gain or loss is reflected in earnings. Repairs and maintenance are expensed as incurred.

Property and equipment consisted of the following as of January 1, 2022 and January 2, 2021:

​

​

​

​

​

​

​

​

    

January 1, 2022

    

January 2, 2021

Machinery and equipment

​

 

10,525

​

 

11,547

Computer software (purchased and developed) and equipment

​

 

14,785

​

 

23,225

Vehicles

​

 

251

​

 

190

Leasehold improvements

​

 

1,772

​

 

1,515

Furniture and fixtures

​

 

395

​

 

297

Construction in process

​

 

11,170

​

 

5,780

​

​

 

38,898

​

 

42,554

Less accumulated depreciation and amortization

​

 

(18,162)

​

 

(27,812)

Property and equipment, net

​

$

20,736

​

$

14,742

​

Construction in process primarily relates to the Company’s internally developed software.

Depreciation and amortization of property and equipment is calculated by using the straight-line method for financial reporting purposes, at rates based on the following estimated useful lives:

​

​

​

​

​

​

​

    

Years

Machinery and equipment

 

2

-

 5

Computer software (purchased and developed)

 

2

-

 3

Computer equipment

 

2

-

 5

Vehicles

 

3

-

 5

Leasehold improvements*

 

3

-

 5

Furniture and fixtures

 

3

-

 7

​

*

The estimated useful life is the lesser of 3-5 years or the lease term, whichever is shorter.

Refer to “Note 8 - Commitments and Contingencies” for additional lease information.