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SEGMENT AND GEOGRAPHICAL INFORMATION

12 Months Ended

Dec. 27, 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.

As described in Note 2, “Recent Accounting Pronouncements”, in November 2023, the FASB issued ASU 2023-07. The Company retroactively adopted ASU 2023-07, which requires, for fiscal years beginning after December 15, 2023, the disclosure of significant segment expenses that are regularly provided to the CODM, along with a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The Company’s CODM evaluates the performance of each segment based upon the information provided below.

There were no intersegment sales during the fiscal years 2024, 2023, or 2022. 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.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineering

​

Unallocated

​

​

​

​

Consolidated

​

​

Energy

& Consulting

Corporate

Intersegment

Total

​

​

(in thousands)

Fiscal Year 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

473,309

​

$

92,489

​

$

—

​

$

—

​

$

565,798

Direct subcontractor services and other direct costs

​

​

266,092

​

​

3,381

​

​

—

​

​

—

​

​

269,473

Direct salaries and wages

​

​

55,041

​

​

38,502

​

​

—

​

​

—

​

​

93,543

Gross profit

​

​

152,176

​

​

50,606

​

​

—

​

​

—

​

​

202,782

Other indirect costs

​

​

113,998

​

​

36,263

​

​

6,423

​

​

—

​

​

156,684

EBITDA (1)

​

​

38,554

​

​

14,344

​

​

(3,673)

​

​

—

​

​

49,225

Interest expense

​

—

​

​

—

​

​

7,801

​

​

—

​

​

7,801

Depreciation and amortization

​

13,260

​

​

1,485

​

​

—

​

​

—

​

​

14,745

Segment profit (loss) before income tax expense

​

25,294

​

​

12,859

​

​

(11,474)

​

​

—

​

​

26,679

Income tax (benefit) expense

​

3,896

​

​

1,980

​

​

(1,767)

​

​

—

​

​

4,109

Net income (loss)

​

21,398

​

​

10,879

​

​

(9,707)

​

​

—

​

​

22,570

Segment assets (2)

​

348,883

​

​

29,202

​

​

109,908

​

​

(23,130)

​

​

464,863

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineering

​

Unallocated

​

​

​

​

Consolidated

​

​

Energy

& Consulting

Corporate

Intersegment

Total

​

​

(in thousands)

Fiscal Year 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

426,976

​

$

83,119

​

$

—

​

$

—

​

$

510,095

Direct subcontractor services and other direct costs

​

​

236,603

​

​

3,810

​

​

—

​

​

—

​

​

240,413

Direct salaries and wages

​

​

54,377

​

​

35,538

​

​

—

​

​

—

​

​

89,915

Gross profit

​

​

135,996

​

​

43,771

​

​

—

​

​

—

​

​

179,767

Other indirect costs

​

​

104,644

​

​

32,259

​

​

4,359

​

​

—

​

​

141,262

EBITDA (1)

​

​

32,103

​

​

11,525

​

​

(3,193)

​

​

—

​

​

40,435

Interest expense

​

6

​

​

—

​

​

9,407

​

​

—

​

​

9,413

Depreciation and amortization

​

15,176

​

​

1,255

​

​

—

​

​

—

​

​

16,431

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 (2)

​

345,745

​

​

25,842

​

​

67,131

​

​

(23,130)

​

​

415,588

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineering

​

Unallocated

​

​

​

​

Consolidated

​

​

Energy

& Consulting

Corporate

Intersegment

Total

​

​

(in thousands)

Fiscal Year 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract revenue

​

$

357,460

​

$

71,678

​

$

—

​

$

—

​

$

429,138

Direct subcontractor services and other direct costs

​

​

199,465

​

​

3,122

​

​

—

​

​

—

​

​

202,587

Direct salaries and wages

​

​

52,179

​

​

30,793

​

​

—

​

​

—

​

​

82,972

Gross profit

​

​

105,816

​

​

37,763

​

​

—

​

​

—

​

​

143,579

Other indirect costs

​

​

99,559

​

​

26,015

​

​

7,579

​

​

—

​

​

133,153

EBITDA (1)

​

​

6,973

​

​

11,877

​

​

(7,485)

​

​

—

​

​

11,365

Interest expense

​

11

​

—

​

​

5,317

​

​

—

​

​

5,328

Depreciation and amortization

​

16,507

​

982

​

​

—

​

​

—

​

​

17,489

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 (2)

​

342,067

​

22,034

​

​

68,703

​

(23,130)

​

409,674

(1) “EBITDA”, defined as earnings before interest, taxes, depreciation and amortization, is a non-GAAP financial measure.

(2) Segment assets are presented net of intercompany receivables.

The following tables provide information about disaggregated revenue by contract type, client type and geographical region:

​

​	​	​	​	​	​	​	​	​	​
​		2024
​		Energy			Engineering and Consulting			Total
​		(in thousands)
Contract Type	​	​	​	​	​	​	​	​	​
Time-and-materials	​	$	34,381	​	$	67,931	​	$	102,312
Unit-based	​	​	205,117	​	​	19,676	​	​	224,793
Fixed price	​	​	233,811	​	​	4,882	​	​	238,693
Total (1)	​	$	473,309	​	$	92,489	​	$	565,798
​	​	​	​	​	​	​	​	​	​
Client Type	​	​	​	​	​	​	​	​	​
Commercial	​	$	34,072	​	$	7,548	​	$	41,620
Government	​	​	182,079	​	​	84,695	​	​	266,774
Utilities (2)	​	​	257,158	​	​	246	​	​	257,404
Total (1)	​	$	473,309	​	$	92,489	​	$	565,798
​	​	​	​	​	​	​	​	​	​
Geography (3)	​	​	​	​	​	​	​	​	​
Domestic	​	$	473,309	​	$	92,489	​	$	565,798

​

​	​	​	​	​	​	​	​	​	​
​		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

​

(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 2024, 2023, and 2022.

​

The following sets forth the assets that are included in Unallocated Corporate as of December 27, 2024 and December 29, 2023.

​

​	​	​	​	​	​	​
​		2024			2023
​	​	(in thousands)
Assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	74,158	​	$	23,397
Restricted cash	​	​	—	​	​	—
Accounts receivable, net	​	​	(6,881)	​	​	(915)
Prepaid expenses	​		2,765	​		1,399
Intercompany receivables	​		3,119,695	​		2,345,753
Goodwill	​	​	2	​	​	2
Other receivables	​		40	​		880
Equipment and leasehold improvements, net	​		1,051	​		1,299
Investments in subsidiaries	​		23,130	​		23,130
ROU Assets	​	​	1,149	​	​	1,389
Other	​		1,147	​		590
Deferred income taxes	​	​	13,346	​	​	15,961
​	​	$	3,229,602	​	$	2,412,885

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 2024, 2023, and 2022.

Customer Concentration

For fiscal years 2024, 2023, and 2022, the Company’s top 10 customers accounted for 51.3%, 52.7%, and 54.6%, respectively, of the Company’s consolidated contract revenue. For fiscal year 2024, the Company had no individual customers that accounted for more than 10% of its consolidated contract revenue. For fiscal year 2023, the Company had no individual customers that accounted for more than 10% of its consolidated contract revenue. 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”).

On a segment basis, the Company also had individual customers that accounted for more than 10% of its segment contract revenues. For fiscal year 2024, the Company derived 10.7% of its Energy segment revenues from one customer, Southern California Edison, and had no individual customers accounted for more than 10% of its Engineering and Consulting segment 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.

The Company’s largest clients are based in California and New York. In fiscal years 2024, 2023, and 2022, services provided to clients in California accounted for 43.9%, 45.1%, and 41.7%, respectively, of the Company’s consolidated contract revenue, and services provided to clients in New York accounted for 23.6%, 24.7%, and 22.8%, respectively, of the Company’s consolidated contract revenue.

​

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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.

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