Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

v3.22.4
Property and Equipment, Net
12 Months Ended
Dec. 31, 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 2022, 2021 and 2020 was $13,607, $9,895 and $7,657, 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 December 31, 2022 and January 1, 2022:

    

December 31, 2022

    

January 1, 2022

Machinery and equipment

 

10,660

 

10,525

Computer software (purchased and developed) and equipment

 

24,143

 

14,785

Vehicles

 

305

 

251

Leasehold improvements

 

2,457

 

1,772

Furniture and fixtures

 

513

 

395

Construction in process

 

10,341

 

11,170

 

48,419

 

38,898

Less accumulated depreciation and amortization

 

(24,129)

 

(18,162)

Property and equipment, net

$

24,290

$

20,736

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

-

 5

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.