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SEGMENT AND GEOGRAPHICAL INFORMATION

9 Months Ended

Sep. 29, 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 nine months ended September 29, 2023 and September 30, 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:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineering

​

Unallocated

​

​

​

​

Consolidated

​

Energy

& Consulting

Corporate

Intersegment

Total

​

​

(in thousands)

Fiscal Three Months Ended September 29, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

111,030

​

$

21,708

​

$

-

​

$

-

​

$

132,738

Depreciation and amortization

​

​

3,854

​

​

336

​

​

-

​

​

-

​

​

4,190

Interest expense, net

​

​

2

​

​

-

​

​

2,435

​

​

-

​

​

2,437

Segment profit (loss) before income tax expense

​

​

2,814

​

​

2,853

​

​

(3,388)

​

​

-

​

​

2,279

Income tax expense (benefit)

​

​

852

​

​

728

​

​

(867)

​

​

-

​

​

713

Net income (loss)

​

​

1,961

​

​

2,127

​

​

(2,522)

​

​

-

​

​

1,566

Segment assets (1)

​

​

340,422

​

​

26,901

​

​

57,427

​

​

(23,130)

​

​

401,620

Fiscal Three Months Ended September 30, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

102,625

​

$

18,774

​

$

-

​

$

-

​

$

121,399

Depreciation and amortization

​

​

4,166

​

​

239

​

​

-

​

​

-

​

​

4,405

Interest expense, net

​

​

3

​

​

-

​

​

1,432

​

​

-

​

​

1,435

Segment profit (loss) before income tax expense

​

​

(1,815)

​

​

3,473

​

​

(3,108)

​

​

-

​

​

(1,450)

Income tax expense (benefit)

​

​

(1,565)

​

​

1,781

​

​

(1,742)

​

​

-

​

​

(1,526)

Net income (loss)

​

​

(250)

​

​

1,692

​

​

(1,366)

​

​

-

​

​

76

Segment assets (1)

​

​

336,036

​

​

22,630

​

​

59,575

​

​

(23,130)

​

​

395,111

Fiscal Nine Months Ended September 29, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

292,330

​

$

62,088

​

$

-

​

$

-

​

$

354,418

Depreciation and amortization

​

​

11,655

​

​

863

​

​

-

​

​

-

​

​

12,518

Interest expense, net

​

​

5

​

​

-

​

​

7,105

​

​

-

​

​

7,110

Segment profit (loss) before income tax expense

​

​

6,188

​

​

8,658

​

​

(10,239)

​

​

-

​

​

4,607

Income tax expense (benefit)

​

​

2,300

​

​

3,218

​

​

(3,806)

​

​

-

​

​

1,712

Net income (loss)

​

​

3,888

​

​

5,440

​

​

(6,433)

​

​

-

​

​

2,895

Segment assets (1)

​

​

340,422

​

​

26,901

​

​

57,427

​

​

(23,130)

​

​

401,620

Fiscal Nine Months Ended September 30, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

262,186

​

$

53,696

​

$

-

​

$

-

​

$

315,882

Depreciation and amortization

​

​

12,506

​

​

734

​

​

-

​

​

-

​

​

13,240

Interest expense, net

​

​

8

​

​

-

​

​

3,208

​

​

-

​

​

3,216

Segment profit (loss) before income tax expense

​

​

(12,525)

​

​

8,111

​

​

(9,197)

​

​

-

​

​

(13,611)

Income tax expense (benefit)

​

​

(5,143)

​

​

3,330

​

​

(3,775)

​

​

-

​

​

(5,588)

Net income (loss)

​

​

(7,382)

​

​

4,780

​

​

(5,421)

​

​

-

​

​

(8,023)

Segment assets (1)

​

​

336,036

​

​

22,630

​

​

59,575

​

​

(23,130)

​

​

395,111

(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 September 29, 2023
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	9,382	​	$	16,629	​	$	26,011
Unit-based	​	​	42,119	​	​	4,182	​	​	46,301
Fixed price	​	​	59,529	​	​	897	​	​	60,426
Total (1)	​	$	111,030	​	$	21,708	​	$	132,738
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	7,448	​	$	1,588	​	$	9,036
Government	​	​	52,410	​	​	20,054	​	​	72,464
Utilities (2)	​	​	51,172	​	​	66	​	​	51,238
Total (1)	​	$	111,030	​	$	21,708	​	$	132,738
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	111,030	​	$	21,708	​	$	132,738
​	​	​	​	​	​	​	​	​	​
​		Nine months ended September 29, 2023
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	26,038	​	$	47,626	​	$	73,664
Unit-based	​	​	126,946	​	​	11,616	​	​	138,562
Fixed price	​	​	139,346	​	​	2,846	​	​	142,192
Total (1)	​	$	292,330	​	$	62,088	​	$	354,418
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	21,607	​	$	4,128	​	$	25,735
Government	​	​	119,028	​	​	57,759	​	​	176,787
Utilities (2)	​	​	151,695	​	​	201	​	​	151,896
Total (1)	​	$	292,330	​	$	62,088	​	$	354,418
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	292,330	​	$	62,088	​	$	354,418

​

​	​	​	​	​	​	​	​	​	​
​		Three months ended September 30, 2022
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	7,468	​	$	13,880	​	$	21,348
Unit-based	​	​	43,039	​	​	3,791	​	​	46,830
Fixed price	​	​	52,118	​	​	1,103	​	​	53,221
Total (1)	​	$	102,625	​	$	18,774	​	$	121,399
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	6,848	​	$	1,376	​	$	8,224
Government	​	​	48,073	​	​	17,348	​	​	65,421
Utilities (2)	​	​	47,704	​	​	50	​	​	47,754
Total (1)	​	$	102,625	​	$	18,774	​	$	121,399
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	102,625	​	$	18,774	​	$	121,399
​	​	​	​	​	​	​	​	​	​
​		Nine months ended September 30, 2022
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	23,873	​	$	40,221	​	$	64,094
Unit-based	​	​	128,540	​	​	10,530	​	​	139,070
Fixed price	​	​	109,773	​	​	2,945	​	​	112,718
Total (1)	​	$	262,186	​	$	53,696	​	$	315,882
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	21,638	​	$	4,330	​	$	25,968
Government	​	​	96,293	​	​	49,139	​	​	145,432
Utilities (2)	​	​	144,255	​	​	227	​	​	144,482
Total (1)	​	$	262,186	​	$	53,696	​	$	315,882
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	262,186	​	$	53,696	​	$	315,882

​

(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 nine months ended September 29, 2023 and September 30, 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 nine months ended September 29, 2023 nor the three and nine months ended September 30, 2022.

Customer Concentration

For the three and nine months ended September 29, 2023, the Company’s top 10 customers accounted for 52.9%, and 50.6%, respectively, of the Company’s consolidated contract revenue. For the three and nine months ended September 30, 2022, the Company’s top 10 customers accounted for 57.2%, and 54.5%, respectively, of the Company’s consolidated contract revenue.

For the three and nine months ended September 29, 2023, the Company had no individual customer that accounted for more than 10% of its consolidated contract revenue. For the three months ended September 30, 2022, the Company had one customer, Pueblo County School District, that accounted for 13.3% of its consolidated contract revenues. For the nine months ended September 30, 2022, the Company had one customer, the Los Angeles Department of Water and Power (“LADWP”), that accounted for 13.2% 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 September 29, 2023, the Company derived 21.7% of its Energy segment revenues from two customers, Pueblo County School District and Dormitory Authority State of New York (“DASNY”). For the nine months ended September 29, 2023, the Company derived 22.7% of its Energy Segment revenues from two customers, LADWP and DASNY. For the three months ended September 30, 2022, the Company derived 38.3% of its Energy segment revenues from three customers, Pueblo County School District, DASNY and LADWP. For the nine months ended September 30, 2022, the Company derived 26.5% of its Energy segment revenues from two customers, LADWP and Pueblo County School District.

For the three and nine months ended September 29, 2023, no single customer accounted for 10% or more of the Company’s Engineering and Consulting segment revenues. For the three and nine months ended September 30, 2022, no single customer accounted for 10% or more of the Company’s 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 nine months ended September 29, 2023, services provided to clients in California accounted for 42.8% and 42.2%, respectively, of the Company’s contract revenue and services provided to clients in New York accounted for 23.6% and 24.7%, respectively, of the Company’s contract revenue. For the three and nine months ended September 30, 2022, services provided to clients in California accounted for 37.2% and 40.3%, respectively, of the Company’s contract revenue and services provided to clients in New York accounted for 23.4% and 21.4%, 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
-SubTopic 10
-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
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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