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SUPPLEMENTAL FINANCIAL STATEMENT DATA | 12 Months Ended
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Dec. 29, 2023
SUPPLEMENTAL FINANCIAL STATEMENT DATA |
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 2023, 2022 and 2021, to the total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows for fiscal years 2023, 2022, and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 29, | ​ | December 30, | ​ | January 1,
​ |  | 2023 |  | 2022 |  | 2022
​ | ​ | (in thousands)
Cash and cash equivalents | ​ | $ | 23,397 | ​ | $ | 8,806 | ​ | $ | 11,221
Restricted cash | ​ |  | — | ​ |  | 10,679 | ​ |  | —
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | ​ | $ | 23,397 | ​ | $ | 19,485 | ​ | $ | 11,221
​ 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 29, | ​ | December 30,
​ |  | 2023 |  | 2022
​ | ​ | (in thousands)
Billed | ​ | $ | 70,543 | ​ | $ | 60,842
Allowance for doubtful accounts | ​ | ​ | (866) | ​ | ​ | (640)
Accounts receivable, net | ​ | $ | 69,677 | ​ | $ | 60,202
​ The movements in the allowance for doubtful accounts consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (in thousands)
Balance as of the beginning of the year | ​ | $ | 640 | ​ | $ | 1,115 | ​ | $ | 2,127
(Recovery of) provision for doubtful accounts | ​ |  | 826 | ​ |  | 243 | ​ |  | 102
Write-offs of uncollectible accounts | ​ |  | (600) | ​ |  | (718) | ​ |  | (1,224)
Fair value adjustment | ​ |  | — | ​ |  | — | ​ |  | 110
Balance as of the end of the year | ​ | $ | 866 | ​ | $ | 640 | ​ | $ | 1,115
​ 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. As of December 29, 2023, two of the Company’s customers, Consolidated Edison of New York and LADWP, accounted for 24.6% of the Company’s billed outstanding receivables. As of December 30, 2022, one customer, Consolidated Edison of New York, accounted for 10.3% of the Company’s billed outstanding receivables. Contract Assets Contract assets consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 29, | ​ | December 30,
​ |  | 2023 |  | 2022
​ | ​ | (in thousands)
Unbilled short-term | ​ | $ | 79,585 | ​ | $ | 74,545
Contract retentions | ​ | ​ | 14,300 | ​ | ​ | 8,515
Contract assets | ​ | ​ | 93,885 | ​ | ​ | 83,060
Unbilled long-term (1) | ​ | ​ | 2,849 | ​ | ​ | 2,330
Total contract assets | ​ | $ | 96,734 | ​ | $ | 85,390
| (1) | Included in Other assets in the consolidated financial statements.
Unbilled accounts receivable represent revenue recognized, but not yet billed, pursuant to contract terms or accounts billed after the period end. 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. Equipment and Leasehold Improvements Equipment and leasehold improvements were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 29, | ​ | December 30,
​ | ​ | 2023 |  | 2022
​ | ​ | (in thousands)
Furniture and fixtures | ​ | $ | 4,379 | ​ | $ | 4,062
Computer hardware and software | ​ |  | 44,594 | ​ |  | 35,635
Leasehold improvements | ​ |  | 3,382 | ​ |  | 3,097
Equipment under finance leases | ​ |  | 6,139 | ​ |  | 5,503
Automobiles, trucks, and field equipment | ​ |  | 3,373 | ​ |  | 3,134
Subtotal | ​ |  | 61,867 | ​ |  | 51,431
Accumulated depreciation and amortization | ​ |  | (34,770) | ​ |  | (28,894)
Equipment and leasehold improvements, net | ​ | $ | 27,097 | ​ | $ | 22,537
Depreciation expense of equipment and leasehold improvements totaled $6.3 million, $6.3 million, and $5.6 million in fiscal years 2023, 2022, and 2021, respectively. Included in accumulated depreciation and amortization is $1.3 million, $1.1 million, and $0.6 million of amortization expense related to equipment held under finance leases in fiscal years 2023, 2022, and 2021, respectively. Accrued Liabilities Accrued liabilities were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 29, | ​ | December 30,
​ |  | 2023 |  | 2022
​ | ​ | (in thousands)
Accrued subcontractor costs | ​ | $ | 30,196 | ​ | $ | 28,374
Accrued bonuses | ​ | ​ | 14,423 | ​ | ​ | 8,470
Employee withholdings | ​ |  | 3,123 | ​ |  | 2,571
Compensation and payroll taxes | ​ |  | 3,125 | ​ |  | 2,340
Rebate and other | ​ | ​ | 139 | ​ | ​ | 14,643
Accrued accounting costs and taxes | ​ |  | 3,123 | ​ |  | 2,712
Total accrued liabilities | ​ | $ | 54,129 | ​ | $ | 59,110
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