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SEGMENT AND GEOGRAPHICAL INFORMATION | 3 Months Ended
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Apr. 04, 2025
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. In accordance with ASU 2023-07, the Company’s chief operating decision maker (“CODM”) evaluates the performance of each segment based upon the information provided below. There were no intersegment sales during the three months ended April 4, 2025 and March 29, 2024. 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 (1)
​ | ​ | (in thousands)
Fiscal Three Months Ended April 4, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contract revenue | ​ | $ | 126,248 | ​ | $ | 26,138 | ​ | $ | - | ​ | $ | - | ​ | $ | 152,386
Direct subcontractor services and other direct costs | ​ | ​ | 66,080 | ​ | ​ | 968 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 67,048
Direct salaries and wages | ​ | ​ | 16,541 | ​ | ​ | 11,136 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 27,677
Gross profit | ​ | ​ | 43,627 | ​ | ​ | 14,034 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 57,661
Other indirect costs | ​ | ​ | 34,548 | ​ | ​ | 10,276 | ​ | ​ | 1,361 | ​ | ​ | - | ​ | ​ | 46,185
EBITDA (2) | ​ | ​ | 9,082 | ​ | ​ | 3,755 | ​ | ​ | (1,402) | ​ | ​ | - | ​ | ​ | 11,435
Interest expense, net | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 1,802 | ​ | ​ | - | ​ | ​ | 1,802
Depreciation and amortization | ​ | ​ | 3,955 | ​ | ​ | 485 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 4,440
Segment profit (loss) before income tax expense | ​ | ​ | 5,127 | ​ | ​ | 3,270 | ​ | ​ | (3,204) | ​ | ​ | - | ​ | ​ | 5,193
Income tax expense (benefit) | ​ | ​ | 500 | ​ | ​ | 319 | ​ | ​ | (313) | ​ | ​ | - | ​ | ​ | 506
Net income (loss) | ​ | ​ | 4,627 | ​ | ​ | 2,951 | ​ | ​ | (2,891) | ​ | ​ | - | ​ | ​ | 4,687
Segment assets (3) | ​ | ​ | 372,792 | ​ | ​ | 41,633 | ​ | ​ | 79,863 | ​ | ​ | (23,130) | ​ | ​ | 471,158
Fiscal Three Months Ended March 29, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contract revenue | ​ | $ | 100,746 | ​ | $ | 21,743 | ​ | $ | - | ​ | $ | - | ​ | $ | 122,489
Direct subcontractor services and other direct costs | ​ | ​ | 52,654 | ​ | ​ | 905 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 53,559
Direct salaries and wages | ​ | ​ | 12,333 | ​ | ​ | 9,179 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 21,512
Gross profit | ​ | ​ | 35,759 | ​ | ​ | 11,659 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 47,418
Other indirect costs | ​ | ​ | 28,339 | ​ | ​ | 8,957 | ​ | ​ | 1,169 | ​ | ​ | - | ​ | ​ | 38,465
EBITDA (2) | ​ | ​ | 7,549 | ​ | ​ | 2,700 | ​ | ​ | (592) | ​ | ​ | - | ​ | ​ | 9,657
Interest expense, net | ​ | ​ | 1 | ​ | ​ | - | ​ | ​ | 2,136 | ​ | ​ | - | ​ | ​ | 2,137
Depreciation and amortization | ​ | ​ | 3,236 | ​ | ​ | 356 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 3,592
Segment profit (loss) before income tax expense | ​ | ​ | 4,311 | ​ | ​ | 2,344 | ​ | ​ | (2,727) | ​ | ​ | - | ​ | ​ | 3,928
Income tax expense (benefit) | ​ | ​ | 1,083 | ​ | ​ | 588 | ​ | ​ | (685) | ​ | ​ | - | ​ | ​ | 986
Net income (loss) | ​ | ​ | 3,229 | ​ | ​ | 1,756 | ​ | ​ | (2,043) | ​ | ​ | - | ​ | ​ | 2,942
Segment assets (3) | ​ | ​ | 318,808 | ​ | ​ | 26,613 | ​ | ​ | 85,609 | ​ | ​ | (23,130) | ​ | ​ | 407,900
| (1) | Amounts may not add to the totals due to rounding.
| (2) | “EBITDA”, defined as earnings before interest, taxes, depreciation and amortization, is a non-GAAP financial measure.
| (3) | 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 April 4, 2025
​ |  | Energy |  | Engineering and Consulting |  | Total
​ |  | (in thousands)
Contract Type | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time-and-materials | ​ | $ | 11,602 | ​ | $ | 18,060 | ​ | $ | 29,662
Unit-based | ​ | ​ | 47,707 | ​ | ​ | 6,255 | ​ | ​ | 53,962
Fixed price | ​ | ​ | 66,939 | ​ | ​ | 1,823 | ​ | ​ | 68,762
Total (1) | ​ | $ | 126,248 | ​ | $ | 26,138 | ​ | $ | 152,386
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Client Type | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ | $ | 13,515 | ​ | $ | 1,811 | ​ | $ | 15,326
Government | ​ | ​ | 48,324 | ​ | ​ | 24,272 | ​ | ​ | 72,596
Utilities (2) | ​ | ​ | 64,409 | ​ | ​ | 55 | ​ | ​ | 64,464
Total (1) | ​ | $ | 126,248 | ​ | $ | 26,138 | ​ | $ | 152,386
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Geography (3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic | ​ | $ | 126,248 | ​ | $ | 26,138 | ​ | $ | 152,386
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended March 29, 2024
​ |  | Energy |  | Engineering and Consulting |  | Total
​ |  | (in thousands)
Contract Type | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time-and-materials | ​ | $ | 8,537 | ​ | $ | 16,399 | ​ | $ | 24,936
Unit-based | ​ | ​ | 46,957 | ​ | ​ | 4,511 | ​ | ​ | 51,468
Fixed price | ​ | ​ | 45,252 | ​ | ​ | 833 | ​ | ​ | 46,085
Total (1) | ​ | $ | 100,746 | ​ | $ | 21,743 | ​ | $ | 122,489
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Client Type | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ | $ | 7,203 | ​ | $ | 1,580 | ​ | $ | 8,783
Government | ​ | ​ | 35,820 | ​ | ​ | 20,098 | ​ | ​ | 55,918
Utilities (2) | ​ | ​ | 57,723 | ​ | ​ | 65 | ​ | ​ | 57,788
Total (1) | ​ | $ | 100,746 | ​ | $ | 21,743 | ​ | $ | 122,489
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Geography (3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic | ​ | $ | 100,746 | ​ | $ | 21,743 | ​ | $ | 122,489
| (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 months ended April 4, 2025 and March 29, 2024.
​ 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 months ended April 4, 2025, nor for the three months ended March 29, 2024. Customer Concentration For the three months ended April 4, 2025 and March 29, 2024, the Company’s top 10 customers accounted for 53.8%, and 49.2%, respectively, of the Company’s consolidated contract revenue. For the three months ended April 4, 2025, the Company had individual customers that accounted for more than 10% of its consolidated contract revenue. For the three months ended April 4, 2025, the Company derived 24.1% of its consolidated contract revenue from two customers, Clark County School District and Southern California Edison. For the three months ended March 29, 2024, the Company had no individual customers that accounted for more than 10% of its consolidated contract revenue. On a segment basis, the Company reports customers that accounted for more than 10% of its segment contract revenues. For the three months ended April 4, 2025, the Company derived 29.1% of its Energy segment revenues from two customers, Clark County School District and Southern California Edison, and no single customer accounted for 10% or more of the Company’s Engineering and Consulting segment revenues. For the three months March 29, 2024, the Company derived 10.7% of its Energy segment revenues from one customer, LADWP, and no single customer accounted for 10% or more of the Company’s Engineering and Consulting segment revenue. On a geographical basis, the Company’s largest clients are based in California and New York. For the three months ended April 4, 2025 and March 29, 2024, services provided to clients in California accounted for 39.8% and 43.5%, respectively, of the Company’s consolidated contract revenue, and services provided to clients in New York accounted for 21.7% and 27.1%, respectively, of the Company’s consolidated contract revenue.

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