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SEGMENT AND GEOGRAPHICAL INFORMATION

12 Months Ended

Dec. 29, 2023

SEGMENT AND GEOGRAPHICAL INFORMATION

SEGMENT AND GEOGRAPHICAL INFORMATION

9. 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 fiscal years 2023, 2022, or 2021. 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 consolidated financial statements follows:

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​

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​

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​

​

​

Engineering

​

Unallocated

​

​

​

​

Consolidated

​

​

Energy

& Consulting

Corporate

Intersegment

Total

​

​

(in thousands)

Fiscal Year 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

426,976

​

$

83,119

​

$

—

​

$

—

​

$

510,095

Depreciation and amortization

​

15,176

​

​

1,255

​

​

—

​

​

—

​

​

16,431

Interest expense

​

6

​

​

—

​

​

9,407

​

​

—

​

​

9,413

Segment profit (loss) before income tax expense

​

16,921

​

​

10,270

​

​

(12,600)

​

​

—

​

​

14,591

Income tax (benefit) expense

​

4,250

​

​

2,580

​

​

(3,165)

​

​

—

​

​

3,665

Net income (loss)

​

12,671

​

​

7,690

​

​

(9,435)

​

​

—

​

​

10,926

Segment assets (1)

​

345,745

​

​

25,842

​

​

67,131

​

​

(23,130)

​

​

415,588

Fiscal Year 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

357,460

​

$

71,678

​

$

—

​

$

—

​

$

429,138

Depreciation and amortization

​

16,507

​

982

​

​

—

​

​

—

​

​

17,489

Interest expense

​

11

​

—

​

​

5,317

​

​

—

​

​

5,328

Segment profit (loss) before income tax expense

​

(9,544)

​

10,896

​

​

(12,804)

​

—

​

(11,452)

Income tax (benefit) expense

​

(2,504)

​

2,858

​

​

(3,358)

​

—

​

​

(3,004)

Net income (loss)

​

(7,041)

​

8,037

​

​

(9,444)

​

—

​

(8,448)

Segment assets (1)

​

342,067

​

22,034

​

​

68,703

​

(23,130)

​

409,674

Fiscal Year 2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

286,385

​

$

67,370

​

$

—

​

$

—

​

$

353,755

Depreciation and amortization

​

16,156

​

990

​

​

—

​

​

—

​

​

17,146

Interest expense

​

8

​

—

​

​

3,861

​

​

—

​

​

3,869

Segment profit (loss) before income tax expense

​

(4,808)

​

9,135

​

​

(16,731)

​

—

​

(12,404)

Income tax (benefit) expense

​

(1,546)

​

2,936

​

​

(5,377)

​

—

​

​

(3,987)

Net income (loss)

​

(3,263)

​

6,198

​

​

(11,352)

​

—

​

(8,417)

Segment assets (1)

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363,232

​

21,423

​

​

32,897

​

(23,130)

​

394,422

(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:

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​	​	​	​	​	​	​	​	​	​
​		2023
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	35,582	​	$	63,530	​	$	99,112
Unit-based	​	​	199,040	​	​	15,753	​	​	214,793
Fixed price	​	​	192,354	​	​	3,836	​	​	196,190
Total (1)	​	$	426,976	​	$	83,119	​	$	510,095
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	31,162	​	$	5,866	​	$	37,028
Government	​	​	159,935	​	​	76,972	​	​	236,907
Utilities (2)	​	​	235,879	​	​	281	​	​	236,160
Total (1)	​	$	426,976	​	$	83,119	​	$	510,095
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	426,976	​	$	83,119	​	$	510,095

​

​	​	​	​	​	​	​	​	​	​
​		2022
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	32,491	​	$	53,584	​	$	86,075
Unit-based	​	​	180,509	​	​	14,296	​	​	194,805
Fixed price	​	​	144,460	​	​	3,798	​	​	148,258
Total (1)	​	$	357,460	​	$	71,678	​	$	429,138
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	29,782	​	$	5,566	​	$	35,348
Government	​	​	126,494	​	​	65,969	​	​	192,463
Utilities (2)	​	​	201,184	​	​	143	​	​	201,327
Total (1)	​	$	357,460	​	$	71,678	​	$	429,138
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	357,460	​	$	71,678	​	$	429,138

​

​	​	​	​	​	​	​	​	​	​
​		2021
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	34,004	​	$	52,209	​	$	86,213
Unit-based	​	​	180,311	​	​	10,688	​	​	190,999
Fixed price	​	​	72,069	​	​	4,474	​	​	76,543
Total (1)	​	$	286,384	​	$	67,371	​	$	353,755
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	24,541	​	$	5,323	​	$	29,864
Government	​	​	65,249	​	​	61,899	​	​	127,148
Utilities (2)	​	​	196,594	​	​	149	​	​	196,743
Total (1)	​	$	286,384	​	$	67,371	​	$	353,755
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	286,384	​	$	67,371	​	$	353,755

​

(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 immaterial for fiscal years 2023, 2022, and 2021.

​

The following sets forth the assets that are included in Unallocated Corporate as of December 29, 2023 and December 30, 2022.

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​	​	​	​	​	​	​
​		2023			2022
​	​	(in thousands)
Assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	23,397	​	$	8,806
Restricted cash	​	​	—	​	​	10,679
Accounts Receivable, net	​	​	(915)	​	​	(2,038)
Prepaid expenses	​		1,399	​		3,366
Intercompany receivables	​		2,345,753	​		1,706,878
Goodwill	​	​	2	​	​	2
Other receivables	​		880	​		4,154
Equipment and leasehold improvements, net	​		1,299	​		1,680
Investments in subsidiaries	​		23,130	​		23,130
ROU Assets	​	​	1,389	​	​	126
Other	​		590	​		254
Deferred income taxes	​	​	15,961	​	​	18,543
​	​	$	2,412,885	​	$	1,775,580

​

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 fiscal years 2023, 2022, and 2021.

Customer Concentration

For fiscal years 2023, 2022, and 2021, the Company’s top 10 customers accounted for 52.7%, 54.6%, and 49.2%, respectively, of the Company’s consolidated contract revenue. During fiscal year 2023, the Company had no individual customers that accounted for more than 10% of its consolidated contract revenue. During fiscal years 2022 and 2021, the Company had individual customers that accounted for more than 10% of its consolidated contract revenues. For fiscal year 2022, the Company derived 12.0% of its consolidated contract revenue from one customer, Los Angeles Department of Water and Power (“LADWP”). For fiscal year 2021, the Company derived 10.8% of its consolidated contract revenue from one customer, LADWP.

On a segment basis, the Company also had individual customers that accounted for more than 10% of its segment contract revenues. For fiscal year 2023, the Company derived 22.7% of its Energy segment revenues from two customers, LADWP and the Dormitory Authority State of New York (“DASNY”), and had no individual customers accounted for more than 10% of its Engineering and Consulting segment revenues. For fiscal year 2022, the Company derived 14.4% of its Energy segment revenues from one customer, LADWP, and had no individual customers that accounted for more than 10% of its Engineering and Consulting segment revenues. For fiscal year 2021, the Company derived 34.5% of its Energy segment revenues from three customers, LADWP, Duke Energy and Consolidated Edison of New York, and it derived 10.3% of its Engineering and Consulting segment revenues from one customer, the City of Elk Grove.

The Company’s largest clients are based in California and New York. In fiscal years 2023, 2022, and 2021, services provided to clients in California accounted for 45.1%, 41.7%, and 36.8%, respectively, of the Company’s consolidated contract revenue, and services provided to clients in New York accounted for 24.7%, 22.8%, and 21.0%, respectively, of the Company’s consolidated contract revenue.

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- References

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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
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-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
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

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-Topic 280
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