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SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 30, 2023

SEGMENT AND GEOGRAPHICAL INFORMATION

SEGMENT AND GEOGRAPHICAL INFORMATION

8. SEGMENT AND GEOGRAPHICAL INFORMATION

Segment Information

The Company’s two segments are Energy, and Engineering and Consulting, and the Company’s chief operating decision maker, which continues to be its chief executive officer, receives and reviews financial information in this format.

There were no intersegment sales during the three and six months ended June 30, 2023 and July 1, 2022. The Company’s chief operating decision maker evaluates the performance of each segment based upon income or loss from operations before income taxes. Certain segment asset information including expenditures for long-lived assets has not been presented as it is not reported to or reviewed by the chief operating decision maker. In addition, enterprise-wide service line contract revenue is not included as it is impracticable to report this information for each group of similar services.

Financial information with respect to the reportable segments and reconciliation to the amounts reported in the Company’s Condensed Consolidated Financial Statements is as follows:

​

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineering

​

Unallocated

​

​

​

​

Consolidated

​

Energy

& Consulting

Corporate

Intersegment

Total

​

​

(in thousands)

Fiscal Three Months Ended June 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

98,015

​

$

21,062

​

$

-

​

$

-

​

$

119,077

Depreciation and amortization

​

​

3,877

​

​

251

​

​

-

​

​

-

​

​

4,128

Interest expense, net

​

​

1

​

​

-

​

​

2,206

​

​

-

​

​

2,207

Segment profit (loss) before income tax expense

​

​

603

​

​

3,218

​

​

(3,181)

​

​

-

​

​

640

Income tax expense (benefit)

​

​

207

​

​

1,332

​

​

(1,296)

​

​

-

​

​

243

Net income (loss)

​

​

397

​

​

1,885

​

​

(1,885)

​

​

-

​

​

397

Segment assets (1)

​

​

333,136

​

​

23,851

​

​

60,963

​

​

(23,130)

​

​

394,820

Fiscal Three Months Ended July 1, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

84,675

​

$

17,970

​

$

-

​

$

-

​

$

102,645

Depreciation and amortization

​

​

4,183

​

​

243

​

​

-

​

​

-

​

​

4,426

Interest expense, net

​

​

1

​

​

-

​

​

1,029

​

​

-

​

​

1,030

Segment profit (loss) before income tax expense

​

​

(6,357)

​

​

2,531

​

​

(2,173)

​

​

-

​

​

(5,999)

Income tax expense (benefit)

​

​

(1,891)

​

​

732

​

​

(514)

​

​

-

​

​

(1,673)

Net income (loss)

​

​

(4,467)

​

​

1,798

​

​

(1,657)

​

​

-

​

​

(4,326)

Segment assets (1)

​

​

323,070

​

​

23,293

​

​

58,650

​

​

(23,130)

​

​

381,883

Fiscal Six Months Ended June 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

181,300

​

$

40,380

​

$

-

​

$

-

​

$

221,680

Depreciation and amortization

​

​

7,801

​

​

527

​

​

-

​

​

-

​

​

8,328

Interest expense, net

​

​

3

​

​

-

​

​

4,670

​

​

-

​

​

4,673

Segment profit (loss) before income tax expense

​

​

3,374

​

​

5,805

​

​

(6,851)

​

​

-

​

​

2,328

Income tax expense (benefit)

​

​

1,448

​

​

2,490

​

​

(2,939)

​

​

-

​

​

999

Net income (loss)

​

​

1,927

​

​

3,313

​

​

(3,911)

​

​

-

​

​

1,329

Segment assets (1)

​

​

333,136

​

​

23,851

​

​

60,963

​

​

(23,130)

​

​

394,820

Fiscal Six Months Ended July 1, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

159,561

​

$

34,922

​

$

-

​

$

-

​

$

194,483

Depreciation and amortization

​

​

8,340

​

​

495

​

​

-

​

​

-

​

​

8,835

Interest expense, net

​

​

5

​

​

-

​

​

1,776

​

​

-

​

​

1,781

Segment profit (loss) before income tax expense

​

​

(10,710)

​

​

4,638

​

​

(6,089)

​

​

-

​

​

(12,161)

Income tax expense (benefit)

​

​

(3,578)

​

​

1,549

​

​

(2,033)

​

​

-

​

​

(4,062)

Net income (loss)

​

​

(7,132)

​

​

3,088

​

​

(4,055)

​

​

-

​

​

(8,099)

Segment assets (1)

​

​

323,070

​

​

23,293

​

​

58,650

​

​

(23,130)

​

​

381,883

(1) Segment assets are presented net of intercompany receivables.

​

The following tables provide information about disaggregated revenue by contract type, client type and geographical region:

​

​	​	​	​	​	​	​	​	​	​
​		Three months ended June 30, 2023
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	8,947	​	$	16,443	​	$	25,390
Unit-based	​	​	39,900	​	​	3,818	​	​	43,718
Fixed price	​	​	49,168	​	​	801	​	​	49,969
Total (1)	​	$	98,015	​	$	21,062	​	$	119,077
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	7,440	​	$	1,376	​	$	8,816
Government	​	​	40,543	​	​	19,610	​	​	60,153
Utilities (2)	​	​	50,032	​	​	76	​	​	50,108
Total (1)	​	$	98,015	​	$	21,062	​	$	119,077
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	98,015	​	$	21,062	​	$	119,077
​	​	​	​	​	​	​	​	​	​
​		Six months ended June 30, 2023
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	16,656	​	$	30,997	​	$	47,653
Unit-based	​	​	84,827	​	​	7,434	​	​	92,261
Fixed price	​	​	79,817	​	​	1,949	​	​	81,766
Total (1)	​	$	181,300	​	$	40,380	​	$	221,680
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	14,159	​	$	2,540	​	$	16,699
Government	​	​	66,618	​	​	37,705	​	​	104,323
Utilities (2)	​	​	100,523	​	​	135	​	​	100,658
Total (1)	​	$	181,300	​	$	40,380	​	$	221,680
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	181,300	​	$	40,380	​	$	221,680

​

​	​	​	​	​	​	​	​	​	​
​		Three months ended July 1, 2022
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	7,587	​	$	13,340	​	$	20,927
Unit-based	​	​	42,544	​	​	3,755	​	​	46,299
Fixed price	​	​	34,545	​	​	874	​	​	35,419
Total (1)	​	$	84,675	​	$	17,970	​	$	102,645
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	6,701	​	$	1,476	​	$	8,177
Government	​	​	29,861	​	​	16,338	​	​	46,199
Utilities (2)	​	​	48,114	​	​	156	​	​	48,270
Total (1)	​	$	84,675	​	$	17,970	​	$	102,645
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	84,675	​	$	17,970	​	$	102,645
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​		Six months ended July 1, 2022
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	16,405	​	$	26,341	​	$	42,746
Unit-based	​	​	85,501	​	​	6,739	​	​	92,240
Fixed price	​	​	57,655	​	​	1,842	​	​	59,497
Total (1)	​	$	159,561	​	$	34,922	​	$	194,483
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	14,790	​	$	2,954	​	$	17,744
Government	​	​	48,220	​	​	31,791	​	​	80,011
Utilities (2)	​	​	96,551	​	​	177	​	​	96,728
Total (1)	​	$	159,561	​	$	34,922	​	$	194,483
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	159,561	​	$	34,922	​	$	194,483

​

(1) Amounts may not add to the totals due to rounding.

(2) Includes the portion of revenue related to small business programs paid by the end user/customer.

(3) Revenue from the Company’s foreign operations were not material for the three and six months ended June 30, 2023 and July 1, 2022.

​

Geographical Information

​

Substantially all of the Company’s consolidated revenue was derived from its operations in the U.S. The Company operates through a network of offices spread across 22 U.S. states, the District of Columbia, the Commonwealth of Puerto Rico, and Canada. Revenues from the Company’s Puerto Rican and Canadian operations were not material for the three and six months ended June 30, 2023 nor the three and six months ended July 1, 2022.

Customer Concentration

For the three and six months ended June 30, 2023, the Company’s top 10 customers accounted for 51.7%, and 51.4%, respectively, of the Company’s consolidated contract revenue. For the three and six months ended July 1, 2022, the Company’s top 10 customers accounted for 55.4%, and 54.4%, respectively, of the Company’s consolidated contract revenue.

For the three months ended June 30, 2023, the Company had two customers, Dormitory Authority-State New York (“DASNY”) and the Los Angeles Department of Water and Power (“LADWP”), that accounted for 10.7% and 10.3% of its consolidated contract revenues, respectively. For the six months ended June 30, 2023, the Company had one customer, LADWP, that accounted for 10.6% of its consolidated contract revenues. For the three and six months ended July 1, 2022, the Company had one customer, LADWP, that accounted for 14.6% and 15.8%, respectively, of its consolidated contract revenues.

On a segment basis, the Company had individual customers that accounted for more than 10% of its segment contract revenues. For the three months ended June 30, 2023, the Company had two customers, DASNY and LADWP, that accounted for 13.0% and 12.5% of its Energy segment revenues, respectively. For the six months ended June 30, 2023, the Company had two customers, LADWP and DASNY, that accounted for 13.0% and 11.6% of its Energy segment revenues, respectively. For the three and six months ended June 30, 2023, no single customer accounted for 10% or more of its Engineering and Consulting segment revenues. For the three and six months ended July 1, 2022, the Company derived 17.6% and 19.2%, respectively, of its Energy segment revenues from one customer, LADWP. For the three and six months ended July 1, 2022, no single customer accounted for 10% or more of its Engineering and Consulting segment revenues. 

On a geographical basis, the Company’s largest clients are based in California and New York. For the three and six months ended June 30, 2023, services provided to clients in California accounted for 41.4% and 41.9%, respectively, of the Company’s contract revenue and services provided to clients in New York accounted for 26.1% and 25.3%, respectively, of the Company’s contract revenue. For the three and six months ended July 1, 2022, services provided to clients in California accounted for 40.9% and 42.2%, respectively, of the Company’s contract revenue and services provided to clients in New York accounted for 19.6% and 20.2%, respectively, of the Company’s contract revenue.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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