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Acquisitions | 12 Months Ended
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Dec. 28, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions On November 18, 2025, the Company completed the acquisition of the equity interests in Connect, an Atlantic Canada electric utility services provider, for an estimated $58.0 million in total cash consideration, subject to post-closing conditions and net working capital adjustments. Total cash consideration included payment for cash held by Connect as of the closing date. The Company also assumed certain long-term debt and finance lease obligations as part of the acquisition. The total cash consideration of $58.0 million also included approximately $1.4 million of cash deposited into escrow, which is payable over time to members of Connect management who held equity interests in Connect prior to the acquisition by the Company. The cash held in escrow is considered to be owned by the Company but legally restricted. Refer to “Note 16 — Supplemental Cash Flow Disclosures” for details on the financial statement classification of this balance. Continued employment is not a condition of payment of escrow and therefore the Company considers the deferred payment to be consideration rather than compensation. These members of Connect management are also eligible to earn additional incentive awards based on the performance of Connect over the next three years, subject to continued employment. These payments are not expected to be material and will be recorded as compensation expense over the service period to the extent amounts are probable of being paid. The acquisition of Connect expanded the Company’s electric service offerings into Canada. Funding for the acquisition was provided by proceeds of a public offering and concurrent private placement discussed in “Note 1 — Description of Business”. Assets acquired and liabilities assumed in the transaction were recorded at their acquisition date fair values except as otherwise required by applicable guidance. Transaction costs associated with the acquisition were expensed as incurred. The Company’s allocation of the purchase price was based on an evaluation of the appropriate fair values and represented management’s best estimate based on available data (including market data, data regarding customers of the acquired businesses, terms of acquisition-related agreements, analysis of historical and projected results, and other types of data). The analysis included consideration of types of intangibles that were acquired, including customer relationships, trade name, and backlog. These intangibles were valued utilizing a discounted cash flow method. Determining the fair values of these intangible assets is judgmental in nature and requires the use of significant estimates and assumptions, including the attrition rate, revenue growth rate, gross profit percentage, and discount rate for the customer relationships intangible asset and the royalty rate and discount rate for the trade name intangible asset. The estimated value of assets acquired and liabilities assumed as of November 18, 2025 were as follows (in thousands, translated at the acquisition date Canadian Dollar to U.S. Dollar spot rate):
| November 18, 2025
Assets: |
Cash and cash equivalents | $ | 8,919 |
Accounts receivable, net | 14,120 |
Contract assets | 5,033 |
Prepaid expenses and other current assets | 1,937 |
Property and equipment, net | 10,774 |
Intangible assets, net | 28,073 |
Right-of-use assets under finance leases | 1,820 |
Right-of-use assets under operating leases | 574 |
Other assets | 297 |
Total assets acquired | 71,547 |
Liabilities: |
Accounts payable | 10,020 |
Accrued expenses and other current liabilities | 4,138 |
Contract liabilities | 5,196 |
Long-term debt | 4,666 |
Finance lease liabilities | 1,626 |
Operating lease liabilities | 586 |
Deferred income taxes | 9,813 |
Total liabilities assumed | 36,045 |
Total identifiable net assets | 35,502 |
Goodwill | 22,527 |
Fair value of net assets acquired | $ | 58,029 |
The amounts allocated to major classes of intangible assets were as follows (gross carrying amount in thousands):
| Gross Carrying Amount |  | Weighted Average Amortization Period in Years
Customer relationships | $ | 22,871 |  |  | 19.3
Trade name | 2,779 |  |  | 15
Backlog | 2,423 |  |  | 0.8
Total intangible assets | $ | 28,073 |  |  | 17.3
The Company recorded $22.5 million of goodwill as a result of the acquisition, which has been assigned to the Canadian Operations reporting unit. Goodwill consists of the value associated with the assembled workforce and the estimated economic value attributable to future opportunities related to the transaction. Goodwill acquired in the Connect acquisition is not expected to be tax-deductible. Connect recognized approximately $8.7 million in revenue in fiscal 2025 subsequent to the acquisition, and the impact to earnings was not material. The Company incurred approximately $2.2 million in acquisition costs in fiscal year 2025, which were recorded within selling, general and administrative costs within the consolidated statement of operations. Unaudited pro forma information Unaudited pro forma consolidated revenue, net was $3.06 billion for fiscal year 2025 and $2.69 billion for fiscal year 2024. The pro forma impact on earnings of the acquisition was not material. The unaudited pro forma financial information is provided for information purposes only and is not necessarily indicative of the results of operations that would have occurred had the Acquisitions been completed on January 1, 2024, nor is the unaudited pro forma financial information indicative of future results of operations.

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