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SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 28, 2024

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 three and six months ended June 28, 2024 and June 30, 2023. 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 June 28, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

117,852

​

$

23,144

​

$

-

​

$

-

​

$

140,996

Depreciation and amortization

​

​

3,227

​

​

402

​

​

-

​

​

-

​

​

3,629

Interest expense, net

​

​

-

​

​

-

​

​

1,960

​

​

-

​

​

1,960

Segment profit (loss) before income tax expense

​

​

5,399

​

​

2,984

​

​

(3,069)

​

​

-

​

​

5,314

Income tax expense (benefit)

​

​

709

​

​

396

​

​

(385)

​

​

-

​

​

720

Net income (loss)

​

​

4,688

​

​

2,589

​

​

(2,683)

​

​

-

​

​

4,594

Segment assets (1)

​

​

328,031

​

​

30,989

​

​

85,399

​

​

(23,130)

​

​

421,289

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 Six Months Ended June 28, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

218,598

​

$

44,887

​

$

-

​

$

-

​

$

263,485

Depreciation and amortization

​

​

6,463

​

​

758

​

​

-

​

​

-

​

​

7,221

Interest expense, net

​

​

1

​

​

-

​

​

4,096

​

​

-

​

​

4,097

Segment profit (loss) before income tax expense

​

​

9,710

​

​

5,328

​

​

(5,796)

​

​

-

​

​

9,242

Income tax expense (benefit)

​

​

1,792

​

​

984

​

​

(1,070)

​

​

-

​

​

1,706

Net income (loss)

​

​

7,917

​

​

4,345

​

​

(4,726)

​

​

-

​

​

7,536

Segment assets (1)

​

​

328,031

​

​

30,989

​

​

85,399

​

​

(23,130)

​

​

421,289

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

(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 28, 2024
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	8,700	​	$	17,027	​	$	25,727
Unit-based	​	​	47,578	​	​	4,871	​	​	52,449
Fixed price	​	​	61,574	​	​	1,246	​	​	62,820
Total (1)	​	$	117,852	​	$	23,144	​	$	140,996
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	8,691	​	$	1,733	​	$	10,424
Government	​	​	51,468	​	​	21,361	​	​	72,829
Utilities (2)	​	​	57,693	​	​	50	​	​	57,743
Total (1)	​	$	117,852	​	$	23,144	​	$	140,996
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	117,852	​	$	23,144	​	$	140,996
​	​	​	​	​	​	​	​	​	​
​		Six months ended June 28, 2024
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	17,237	​	$	33,426	​	$	50,663
Unit-based	​	​	94,535	​	​	9,382	​	​	103,917
Fixed price	​	​	106,826	​	​	2,079	​	​	108,905
Total (1)	​	$	218,598	​	$	44,887	​	$	263,485
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	15,894	​	$	3,313	​	$	19,207
Government	​	​	87,288	​	​	41,459	​	​	128,747
Utilities (2)	​	​	115,416	​	​	115	​	​	115,531
Total (1)	​	$	218,598	​	$	44,887	​	$	263,485
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	218,598	​	$	44,887	​	$	263,485

​

​	​	​	​	​	​	​	​	​	​
​		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

(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 28, 2024 and June 30, 2023.

​

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 28, 2024 nor for the three and six months ended June 30, 2023.

Customer Concentration

For the three and six months ended June 28, 2024, the Company’s top 10 customers accounted for 52.4%, and 49.8%, respectively, of the Company’s consolidated contract revenue. 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 June 28, 2024, the Company had no individual customers that accounted for more than 10% of its 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. 

On a segment basis, the Company reports if it had customers that accounted for more than 10% of its segment contract revenues. For the three and six months ended June 28, 2024, no single customer accounted for 10% or more of its Energy segment revenues. For the three and six months ended June 28, 2024, no single customer accounted for 10% or more of its Engineering and Consulting segment 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.

On a geographical basis, the Company’s largest clients are based in California and New York. For the three and six months ended June 28, 2024, services provided to clients in California accounted for 44.3% and 43.9%, respectively, of the Company’s consolidated contract revenue, and services provided to clients in New York accounted for 23.7% and 25.3%, respectively, of the Company’s consolidated contract revenue. 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.  

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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.

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