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SUPPLEMENTAL FINANCIAL STATEMENT DATA

12 Months Ended

Dec. 29, 2023

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