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SEGMENT AND GEOGRAPHICAL INFORMATION

3 Months Ended

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.

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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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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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