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SUPPLEMENTAL FINANCIAL STATEMENT DATA

9 Months Ended

Sep. 27, 2024

SUPPLEMENTAL FINANCIAL STATEMENT DATA

4. SUPPLEMENTAL FINANCIAL STATEMENT DATA

Restricted Cash

The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows:


	September 27,		December 29,
	2024		2023
	(in thousands)
Cash and cash equivalents	$	53,106	$	23,397
Restricted cash		—		—
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows	$	53,106	$	23,397

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 condensed 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.”

Equipment and Leasehold Improvements


	September 27,		December 29,
	2024		2023
	(in thousands)
Furniture and fixtures	$	4,501	$	4,379
Computer hardware and software		50,070		44,594
Leasehold improvements		3,551		3,382
Equipment under finance leases		6,969		6,139
Automobiles, trucks, and field equipment		3,551		3,373
Subtotal		68,642		61,867
Accumulated depreciation and amortization		(39,687)		(34,770)
Equipment and leasehold improvements, net	$	28,955	$	27,097

Included in accumulated depreciation and amortization is $1.1 million and $1.3 million of amortization expense related to equipment held under finance leases for the nine months ended September 27, 2024 and for fiscal year 2023, respectively.

Accrued Liabilities


	September 27,		December 29,
	2024		2023
	(in thousands)
Accrued subcontractor costs	$	32,122	$	30,196
Accrued bonuses		13,331		14,423
Employee withholdings		4,079		3,123
Compensation and payroll taxes		4,705		3,125
Rebate and other		—		139
Accrued accounting costs and taxes		4,284		3,123
Total accrued liabilities	$	58,521	$	54,129

Goodwill


	December 29,		Additional		Additions /		September 27,
	2023		Purchase Cost		Adjustments		2024
	(in thousands)
Reporting Unit:
Energy	$	129,375	$	—	$	—	$	129,375
Engineering and Consulting		1,769		—		—		1,769
	$	131,144	$	—	$	—	$	131,144

The Company tests its goodwill at least annually for possible impairment. The Company completes its annual testing of goodwill as of the last day of the first month of its fourth fiscal quarter each year to determine whether there is a potential impairment. In addition to the Company’s annual test, it regularly evaluates whether events and circumstances have occurred that may indicate a potential impairment of goodwill. The Company evaluated the current economic environment and noted that it does not believe it is more likely than not that goodwill was impaired as of September 27, 2024.

Intangible Assets


	September 27, 2024				December 29, 2023
	Gross		Accumulated		Gross		Accumulated		Amortization
	Amount		Amortization		Amount		Amortization		Period
	(in thousands)								(in years)
Finite:
Backlog	$	8,306	$	8,306	$	8,306	$	8,095	1.0
Tradename		15,936		13,074		15,936		12,695	2.5	-	6.0
Non-compete agreements		1,613		1,476		1,613		1,440	4.0	-	5.0
Developed technology		15,810		15,121		15,810		14,521	8.0
Customer relationships		58,149		35,296		58,149		31,107	5.0	-	8.0
Total intangible assets	$	99,814	$	73,273	$	99,814	$	67,858