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SUPPLEMENTAL FINANCIAL STATEMENT DATA

12 Months Ended

Dec. 30, 2022

SUPPLEMENTAL FINANCIAL STATEMENT DATA

3. SUPPLEMENTAL FINANCIAL STATEMENT DATA

Restricted Cash

The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the consolidated balance sheets for fiscal years 2022, 2021 and 2020 to the total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows for fiscal years 2022, 2021 and 2020:


	December 30,		December 31,		January 1,
	2022		2021		2021
	(in thousands)
Cash and cash equivalents	$	8,806	$	11,221	$	28,405
Restricted cash		10,679		—		—
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows	$	19,485	$	11,221	$	28,405

Under certain utility contracts, the Company periodically receives cash deposits to be held in trust for the payment of energy incentive rebates to be sent directly to the utility’s end-customer on behalf of the utility. The Company acts solely as the utility’s agent to distribute these funds to the end-customer and, accordingly, the Company classifies these contractually restricted funds as restricted cash. Because these funds are held in trust for pass through to the utility’s customers and have no impact on the Company’s working capital or operating cash flows, these cash receipts are presented in the consolidated statement of cash flows as financing cash inflows, “Receipt of restricted cash”, with the subsequent payments classified as financing cash outflows, “Payment of restricted cash.”

Accounts Receivable

Accounts receivable consisted of the following:


	December 30,		December 31,
	2022		2021
	(in thousands)
Billed	$	60,842	$	68,325
Unbilled ⁽¹⁾		74,546		54,817
Contract retentions		8,515		4,472
Other assets ⁽²⁾		9,583		12,630
		153,486		140,244
Allowance for doubtful accounts		(640)		(1,115)
	$	152,846	$	139,129

(1)	Unbilled portion represents contract assets which is presented separately from accounts receivable on the consolidated balance sheets.

(2)	Other assets represents a portion of receivables greater than one year from the normal course of business presented separately from current assets on the consolidated balance sheets.

The movements in the allowance for doubtful accounts consisted of the following:


	Fiscal Year
	2022		2021		2020
	(in thousands)
Balance as of the beginning of the year	$	1,115	$	2,127	$	1,147
(Recovery of) provision for doubtful accounts		243		102		1,329
Write-offs of uncollectible accounts		(718)		(1,224)		(388)
Fair value adjustment		—		110		39
Balance as of the end of the year	$	640	$	1,115	$	2,127

Billed accounts receivable represent amounts billed to clients that have yet to be collected. Unbilled accounts receivable represent revenue recognized, but not yet billed, pursuant to contract terms or accounts billed after the period end. Substantially all unbilled receivables as of December 30, 2022 are, or were expected to be, billed and collected within twelve months of such date. Contract retentions represent amounts invoiced to clients where payments have been withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. These retention agreements vary from project to project and could be outstanding for several months.

Allowances for doubtful accounts have been determined through specific identification of amounts considered to be uncollectible and potential write-offs, plus a non-specific allowance for other amounts for which some potential loss has been determined to be probable based on current and past experience.

Consolidated Edison of New York accounted for 10.3% and 19.8% of the Company’s billed outstanding receivables as of December 30, 2022 and December 31, 2021, respectively.

From time to time, in connection with factoring agreements, the Company sells trade accounts receivable without recourse to third party purchasers in exchange for cash. During 2022, the Company did not sell any trade accounts receivable. During 2021, the Company sold trade accounts receivable and received cash proceeds of $8.0 million. The discounts on the trade accounts receivable sold during 2021 were $0.8 million and were recorded within “Other, net” in other income (expense) in the consolidated financial statements.

Equipment and Leasehold Improvements

Equipment and leasehold improvements were as follows:


	December 30,		December 31,
	2022		2021
	(in thousands)
Furniture and fixtures	$	4,062	$	4,070
Computer hardware and software		35,635		26,425
Leasehold improvements		3,097		3,011
Equipment under finance leases		5,503		3,286
Automobiles, trucks, and field equipment		3,134		3,099
Subtotal		51,431		39,891
Accumulated depreciation and amortization		(28,894)		(23,134)
Equipment and leasehold improvements, net	$	22,537	$	16,757

Depreciation expense of equipment and leasehold improvements totaled $6.3 million, $5.6 million, and $5.0 million in fiscal years 2022, 2021, and 2020, respectively.

Included in accumulated depreciation and amortization is $1.1 million, $0.6 million, and $0.6 million of amortization expense related to equipment held under finance leases in fiscal years 2022, 2021, and 2020, respectively.

Accrued Liabilities

Accrued liabilities were as follows:


	December 30,		December 31,
	2022		2021
	(in thousands)
Accrued subcontractor costs	$	28,374	$	19,727
Rebate and other		14,643		1,083
Accrued bonuses		8,470		7,767
Accrued accounting and taxes		2,712		2,194
Employee withholdings		2,571		2,665
Compensation and payroll taxes		2,340		2,244
Total accrued liabilities	$	59,110	$	35,680