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SUPPLEMENTAL FINANCIAL STATEMENT DATA

12 Months Ended

Dec. 27, 2024

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 2024, 2023 and 2022, to the total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows for fiscal years 2024, 2023, and 2022:


	December 27,		December 29,		December 30,
	2024		2023		2022
	(in thousands)
Cash and cash equivalents	$	74,158	$	23,397	$	8,806
Restricted cash		—		—		10,679
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows	$	74,158	$	23,397	$	19,485

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 27,		December 29,
	2024		2023
	(in thousands)
Billed	$	66,870	$	70,543
Allowance for doubtful accounts		(1,313)		(866)
Accounts receivable, net	$	65,557	$	69,677

The movements in the allowance for doubtful accounts consisted of the following:


	Fiscal Year
	2024		2023		2022
	(in thousands)
Balance as of the beginning of the year	$	866	$	640	$	1,115
(Recovery of) provision for doubtful accounts		740		826		243
Write-offs of uncollectible accounts		(303)		(600)		(718)
Fair value adjustment		10		—		—
Balance as of the end of the year	$	1,313	$	866	$	640

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 27, 2024, the Company had no individual customers that accounted for more than 10% of the Company’s billed outstanding receivables. As of December 29, 2023, two of the Company’s customers, Consolidated Edison of New York and Los Angeles Department of Water and Power (“LADWP”), accounted for 24.6% of the Company’s billed outstanding receivables.

Contract Assets

Contract assets consisted of the following:


	December 27,		December 29,
	2024		2023
	(in thousands)
Unbilled short-term	$	66,518	$	79,585
Contract retentions		22,010		14,300
Contract assets		88,528		93,885
Unbilled long-term⁽¹⁾		—		2,849
Total contract assets	$	88,528	$	96,734

(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 27,		December 29,
	2024		2023
	(in thousands)
Furniture and fixtures	$	4,594	$	4,379
Computer hardware and software		51,904		44,594
Leasehold improvements		3,804		3,382
Equipment under finance leases		7,052		6,139
Automobiles, trucks, and field equipment		3,608		3,373
Subtotal		70,962		61,867
Accumulated depreciation and amortization		(41,428)		(34,770)
Equipment and leasehold improvements, net	$	29,534	$	27,097

Depreciation expense of equipment and leasehold improvements totaled $7.5 million, $6.3 million, and $6.3 million in fiscal years 2024, 2023, and 2022, respectively.

Included in accumulated depreciation and amortization is $1.5 million, $1.3 million, and $1.1 million of amortization expense related to equipment held under finance leases in fiscal years 2024, 2023, and 2022, respectively.

Accrued Liabilities

Accrued liabilities were as follows:


	December 27,		December 29,
	2024		2023
	(in thousands)
Accrued subcontractor costs	$	33,061	$	30,196
Accrued bonuses		18,277		14,423
Employee withholdings		3,664		3,123
Compensation and payroll taxes		3,564		3,125
Rebate and other		360		139
Accrued accounting costs and taxes		3,850		3,123
Total accrued liabilities	$	62,776	$	54,129