0001558370-24-006577 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Accounts Receivable, after Allowance for Credit Loss, Current
Accounts receivable, allowance for doubtful accounts	$ 690	$ 866
Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	13,817,000	13,682,000
Common stock, shares outstanding (in shares)	13,817,000	13,682,000

COMMITMENTS AND VARIABLE INTEREST ENTITIES	3 Months Ended
Mar. 29, 2024
COMMITMENTS AND VARIABLE INTEREST ENTITIES
COMMITMENTS AND VARIABLE INTEREST ENTITIES	8. COMMITMENTS AND VARIABLE INTEREST ENTITIES Employee Benefit Plans The Company has a qualified profit sharing plan pursuant to Code Section 401(a) and qualified cash or deferred arrangement pursuant to Code Section 401(k) covering all employees. Employees may elect to contribute up to 50% of their compensation limited to the amount allowed by tax laws. Company contributions are made solely at the discretion of the Company’s board of directors. The Company’s defined contribution plan (the “Plan”) covers employees who have completed three months of service and who have attained 21 years of age. The Company elects to make matching contributions equal to 50% of the participants’ contributions to the Plan, up to 6% of the individual participant’s compensation, and subject to a maximum of $3,000 per employee. Under the Plan, the Company may make discretionary contributions to employee accounts. During the three months ended March 29, 2024 and March 31, 2023, the Company made matching contributions of $1.1 million and $1.0 million, respectively. Variable Interest Entities On March 4, 2016, the Company and the Company’s wholly-owned subsidiary, WES, acquired substantially all of the assets of Genesys and assumed certain specified liabilities of Genesys (collectively, the “Purchase”) pursuant to an Asset Purchase and Merger Agreement, dated as of February 26, 2016 (the “Agreement”), by and among Willdan Group, Inc., WES, WESGEN (as defined below), Genesys and Ronald W. Mineo (“Mineo”) and Robert J. Braun (“Braun” and, together with Mineo, the “Genesys Shareholders”). On March 5, 2016, pursuant to the terms of the Agreement, WESGEN, Inc., a non-affiliated corporation (“WESGEN”), merged (the “Merger” and, together with the Purchase, the “Acquisition”) with Genesys, with Genesys remaining as the surviving corporation. Genesys was acquired to strengthen the Company’s power engineering capability in the northeastern U.S., and also to increase client exposure and experience with universities. Genesys continues to be a professional corporation organized under the laws of the State of New York, wholly-owned by one or more licensed engineers. Pursuant to New York law, the Company does not own capital stock of Genesys. The Company has entered into an agreement with the Shareholder of Genesys pursuant to which the Shareholder will be prohibited from selling, transferring or encumbering the Shareholder’s ownership interest in Genesys without the Company’s consent. Notwithstanding the Company’s rights regarding the transfer of Genesys’s stock, the Company does not have control over the professional decision making of Genesys’s engineering services. The Company has entered into an administrative services agreement with Genesys pursuant to which WES will provide Genesys with ongoing administrative, operational and other non-professional support services. Genesys pays WES a service fee, which consists of all of the costs incurred by WES to provide the administrative services to Genesys plus ten percent of such costs, as well as any other costs that relate to professional service supplies and personnel costs. As a result of the administrative services agreement, the Company absorbs the expected losses of Genesys through its deferral of Genesys’s service fees owed to WES. The Company manages Genesys and has the power to direct the activities that most significantly impact Genesys’s performance, in addition to being obligated to absorb expected losses from Genesys. Accordingly, the Company is the primary beneficiary of Genesys and consolidates Genesys as a VIE. In addition, the Company concluded there is no noncontrolling interest related to the consolidation of Genesys because the Company determined that (i) the shareholder of Genesys does not have more than a nominal amount of equity investment at risk, (ii) WES absorbs the expected losses of Genesys through its deferral of Genesys’s service fees owed to WES and the Company has, since entering into the administrative services agreement, had to continuously defer service fees for Genesys, and (iii) the Company believes Genesys will continue to have a shortfall on payment of its service fees for the foreseeable future, leaving no expected residual returns for the shareholder. As of March 29, 2024, the Company had one VIE — Genesys.

COMMITMENTS AND VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 29, 2024

COMMITMENTS AND VARIABLE INTEREST ENTITIES

COMMITMENTS AND VARIABLE INTEREST ENTITIES

8. COMMITMENTS AND VARIABLE INTEREST ENTITIES

Employee Benefit Plans

The Company has a qualified profit sharing plan pursuant to Code Section 401(a) and qualified cash or deferred arrangement pursuant to Code Section 401(k) covering all employees. Employees may elect to contribute up to 50% of their compensation limited to the amount allowed by tax laws. Company contributions are made solely at the discretion of the Company’s board of directors.

The Company’s defined contribution plan (the “Plan”) covers employees who have completed three months of service and who have attained 21 years of age. The Company elects to make matching contributions equal to 50% of the participants’ contributions to the Plan, up to 6% of the individual participant’s compensation, and subject to a maximum of $3,000 per employee. Under the Plan, the Company may make discretionary contributions to employee accounts.

During the three months ended March 29, 2024 and March 31, 2023, the Company made matching contributions of $1.1 million and $1.0 million, respectively.

Variable Interest Entities

On March 4, 2016, the Company and the Company’s wholly-owned subsidiary, WES, acquired substantially all of the assets of Genesys and assumed certain specified liabilities of Genesys (collectively, the “Purchase”) pursuant to an Asset Purchase and Merger Agreement, dated as of February 26, 2016 (the “Agreement”), by and among Willdan Group, Inc., WES, WESGEN (as defined below), Genesys and Ronald W. Mineo (“Mineo”) and Robert J. Braun (“Braun” and, together with Mineo, the “Genesys Shareholders”). On March 5, 2016, pursuant to the terms of the Agreement, WESGEN, Inc., a non-affiliated corporation (“WESGEN”), merged (the “Merger” and, together with the Purchase, the “Acquisition”) with Genesys, with Genesys remaining as the surviving corporation. Genesys was acquired to strengthen the Company’s power engineering capability in the northeastern U.S., and also to increase client exposure and experience with universities.

Genesys continues to be a professional corporation organized under the laws of the State of New York, wholly-owned by one or more licensed engineers. Pursuant to New York law, the Company does not own capital stock of Genesys. The Company has entered into an agreement with the Shareholder of Genesys pursuant to which the Shareholder will be prohibited from selling, transferring or encumbering the Shareholder’s ownership interest in Genesys without the Company’s consent. Notwithstanding the Company’s rights regarding the transfer of Genesys’s stock, the Company does not have control over the professional decision making of Genesys’s engineering services. The Company has entered into an administrative services agreement with Genesys pursuant to which WES will provide Genesys with ongoing administrative, operational and other non-professional support services. Genesys pays WES a service fee, which consists of all of the costs incurred by WES to provide the administrative services to Genesys plus ten percent of such costs, as well as any other costs that relate to professional service supplies and personnel costs. As a result of the administrative services agreement, the Company absorbs the expected losses of Genesys through its deferral of Genesys’s service fees owed to WES.

The Company manages Genesys and has the power to direct the activities that most significantly impact Genesys’s performance, in addition to being obligated to absorb expected losses from Genesys. Accordingly, the Company is the primary beneficiary of Genesys and consolidates Genesys as a VIE. In addition, the Company concluded there is no noncontrolling interest related to the consolidation of Genesys because the Company determined that (i) the shareholder of Genesys does not have more than a nominal amount of equity investment at risk, (ii) WES absorbs the expected losses of Genesys through its deferral of Genesys’s service fees owed to WES and the Company has, since entering into the administrative services agreement, had to continuously defer service fees for Genesys, and (iii) the Company believes Genesys will continue to have a shortfall on payment of its service fees for the foreseeable future, leaving no expected residual returns for the shareholder. As of March 29, 2024, the Company had one VIE — Genesys.

COMMITMENTS AND VARIABLE INTEREST ENTITIES - Variable Interest Entities (Details)	3 Months Ended
	Mar. 29, 2024 entity
COMMITMENTS AND VARIABLE INTEREST ENTITIES
Percentage of costs reimbursed to WES by Genesys	10.00%
Number of VIEs	1

SUBSEQUENT EVENTS	3 Months Ended
Mar. 29, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS In accordance with ASC Topic 855, Subsequent Events, the Company evaluates subsequent events up until the date the Condensed Consolidated Financial Statements are issued. As of May 2, 2024, there were no subsequent events required to be reported.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 29, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

13. SUBSEQUENT EVENTS

In accordance with ASC Topic 855, Subsequent Events, the Company evaluates subsequent events up until the date the Condensed Consolidated Financial Statements are issued. As of May 2, 2024, there were no subsequent events required to be reported.

SEGMENT AND GEOGRAPHICAL INFORMATION - Geographical Information (Details)	Mar. 29, 2024 state
SEGMENT AND GEOGRAPHICAL INFORMATION
Number of states in which entity operates	22

LEASES - Finance Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 29, 2024 USD ($)
Finance
Remainder of 2024	$ 1,013
2025	782
2026	448
2027	112
2028	18
Total lease payments	$ 2,373

SEGMENT AND GEOGRAPHICAL INFORMATION - Segment Information (Details) - segment	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Segment Information
Number of reporting segments	2	2

INCOME TAXES - Valuation Allowance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Dec. 29, 2023
INCOME TAXES
Valuation allowance		$ 1,200
Increase (decrease) in valuation allowance	$ 0

ORGANIZATION AND OPERATIONS OF THE COMPANY - Segment Information (Details) - segment	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Segment Information
Number of reporting segments	2	2

SEGMENT AND GEOGRAPHICAL INFORMATION - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Segment reconciliation
Contract revenue	$ 122,489	$ 102,603
Depreciation and amortization	3,592	4,200
Interest expense, net	2,137	2,466
Segment profit (loss) before income tax expense	3,928	1,688
Income tax (benefit) expense	986	756
Net Income (Loss)	2,942	932
Energy
Segment reconciliation
Contract revenue	100,746	83,285
Engineering and Consulting
Segment reconciliation
Contract revenue	21,743	19,318
Operating Segments \| Energy
Segment reconciliation
Contract revenue	100,746	83,285
Depreciation and amortization	3,236	3,924
Interest expense, net	1	2
Segment profit (loss) before income tax expense	4,311	2,771
Income tax (benefit) expense	1,083	1,241
Net Income (Loss)	3,229	1,530
Operating Segments \| Engineering and Consulting
Segment reconciliation
Contract revenue	21,743	19,318
Depreciation and amortization	356	276
Segment profit (loss) before income tax expense	2,344	2,587
Income tax (benefit) expense	588	1,158
Net Income (Loss)	1,756	1,428
Corporate, Non-Segment
Segment reconciliation
Interest expense, net	2,136	2,464
Segment profit (loss) before income tax expense	(2,727)	(3,670)
Income tax (benefit) expense	(685)	(1,643)
Net Income (Loss)	$ (2,043)	$ (2,026)

SUPPLEMENTAL FINANCIAL STATEMENT DATA - Equipment and Leasehold Improvements, Net - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Dec. 29, 2023
Amortization Expense
Amortization expense	$ 355	$ 311	$ 1,300

SUPPLEMENTAL FINANCIAL STATEMENT DATA - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023	Mar. 31, 2023	Dec. 30, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash and cash equivalents	$ 46,925	$ 23,397
Restricted cash	0	0
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows	$ 46,925	$ 23,397	$ 17,853	$ 19,485
Restricted Cash, Statement of Financial Position	Restricted cash	Restricted cash

DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedge Effectiveness (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2024 USD ($)
Derivative Financial Instruments
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification and tax	$ 500
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	0
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification, before tax, total	400
Derivative instruments, gain (loss) reclassification from accumulated OCI to income, estimated net amount to be transferred	$ 100
Derivative instruments, gain (loss) reclassification from accumulated OCI to income, estimate of time to transfer	12 months

CONTINGENCIES

3 Months Ended

Mar. 29, 2024

CONTINGENCIES

CONTINGENCIES

12. CONTINGENCIES

Claims and Lawsuits

The Company is subject to claims and lawsuits from time to time, including those alleging professional errors or omissions that arise in the ordinary course of business against firms that operate in the engineering and consulting professions. The Company carries professional liability insurance, subject to certain deductibles and policy limits, for such claims as they arise and may from time to time establish reserves for litigation that is considered probable of a loss.

In accordance with accounting standards regarding loss contingencies, the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated, and discloses the amount accrued and an estimate of any reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for the Company’s financial statements not to be misleading. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote.

Because litigation outcomes are inherently unpredictable, the Company’s evaluation of legal proceedings often involves a series of complex assessments by management about future events and can rely heavily on estimates and assumptions. If the assessments indicate that loss contingencies that could be material to any one of the Company’s financial statements are not probable, but are reasonably possible, or are probable, but cannot be estimated, then the Company will disclose the nature of the loss contingencies, together with an estimate of the possible loss or a statement that such loss is not reasonably estimable. While the consequences of certain unresolved proceedings are not presently determinable, and a reasonable estimate of the probable and reasonably possible loss or range of loss in excess of amounts accrued for such proceedings cannot be made, an adverse outcome from such proceedings could have a material adverse effect on the Company’s earnings in any given reporting period. However, in the opinion of the Company’s management, after consulting with legal counsel, and taking into account insurance coverage, the ultimate liability related to current outstanding claims and lawsuits is not expected to have a material adverse effect on the Company’s financial statements.

INCOME TAXES - Uncertain Tax Positions (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued
Liability for uncertain tax positions	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Contract revenue	$ 122,489	$ 102,603
Direct costs of contract revenue (inclusive of directly related depreciation and amortization):
Salaries and wages	21,512	20,410
Subcontractor services and other direct costs	53,559	40,912
Total direct costs of contract revenue	75,071	61,322
Gross profit	47,418	41,281
General and administrative expenses:
Salaries and wages, payroll taxes and employee benefits	26,509	22,385
Facilities and facility related	2,445	2,278
Stock-based compensation	1,390	1,533
Depreciation and amortization	3,592	4,200
Other	8,121	6,871
Total general and administrative expenses	42,057	37,267
Income (Loss) from operations	5,361	4,014
Other income (expense):
Interest expense, net	(2,137)	(2,466)
Other, net	704	140
Total other expense, net	(1,433)	(2,326)
Income (Loss) before income taxes	3,928	1,688
Income tax (benefit) expense	986	756
Net income (loss)	2,942	932
Other comprehensive income (loss):
Unrealized gain (loss) on derivative contracts, net of tax	434
Comprehensive income (loss)	$ 3,376	$ 932
Earnings (Loss) per share:
Basic (in dollars per share)	$ 0.22	$ 0.07
Diluted (in dollars per share)	$ 0.21	$ 0.07
Weighted-average shares outstanding:
Basic (in shares)	13,605	13,266
Diluted (in shares)	13,910	13,470

DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Derivative Assets
Derivative asset, current	$ 140	$ 46
Derivative Asset, Current, Statement of Financial Position	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Derivative Liabilities
Derivative liability, noncurrent	$ (431)	$ (887)
Derivative Liability, Noncurrent, Statement of Financial Position	Other noncurrent liabilities	Other noncurrent liabilities

LEASES - Operating Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 29, 2024 USD ($)
Operating
Remainder of 2024	$ 4,254
2025	5,069
2026	4,235
2027	1,935
2028	1,108
2029 and thereafter	94
Total lease payments	$ 16,695

SEGMENT AND GEOGRAPHICAL INFORMATION

3 Months Ended

Mar. 29, 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.

There were no intersegment sales during the three months ended March 29, 2024 and March 31, 2023. The Company’s chief operating decision maker evaluates the performance of each segment based upon income or loss from operations before income taxes. Certain segment asset information including expenditures for long-lived assets has not been presented as it is not reported to or reviewed by the chief operating decision maker. 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.

Financial information with respect to the reportable segments and reconciliation to the amounts reported in the Company’s Condensed Consolidated Financial Statements is as follows:


			Engineering		Unallocated				Consolidated
	Energy		& Consulting		Corporate		Intersegment		Total
	(in thousands)
Fiscal Three Months Ended March 29, 2024
Contract revenue	$	100,746	$	21,743	$	-	$	-	$	122,489
Depreciation and amortization		3,236		356		-		-		3,592
Interest expense, net		1		-		2,136		-		2,137
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 ⁽¹⁾		318,808		26,613		85,609		(23,130)		407,900
Fiscal Three Months Ended March 31, 2023
Contract revenue	$	83,285	$	19,318	$	-	$	-	$	102,603
Depreciation and amortization		3,924		276		-		-		4,200
Interest expense, net		2		-		2,464		-		2,466
Segment profit (loss) before income tax expense		2,771		2,587		(3,670)		-		1,688
Income tax expense (benefit)		1,241		1,158		(1,643)		-		756
Net income (loss)		1,530		1,428		(2,026)		-		932
Segment assets ⁽¹⁾		323,578		23,587		69,332		(23,130)		393,367

(1)	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 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


	Three months ended March 31, 2023
	Energy		Engineering and Consulting		Total
	(in thousands)
Contract Type
Time-and-materials	$	7,709	$	14,554	$	22,263
Unit-based		44,927		3,616		48,543
Fixed price		30,649		1,148		31,797
Total⁽¹⁾	$	83,285	$	19,318	$	102,603

Client Type
Commercial	$	6,719	$	1,164	$	7,883
Government		26,075		18,095		44,170
Utilities⁽²⁾		50,491		59		50,550
Total⁽¹⁾	$	83,285	$	19,318	$	102,603

Geography ⁽³⁾
Domestic	$	83,285	$	19,318	$	102,603

(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 March 29, 2024 and March 31, 2023.

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 March 29, 2024 nor the three months ended March 31, 2023.

Customer Concentration

For the three months ended March 29, 2024 and March 31, 2023, the Company’s top 10 customers accounted for 49.2%, and 52.2%, respectively, of the Company’s consolidated contract revenue.

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. For the three months ended March 31, 2023, the Company had one customer, the Los Angeles Department of Water and Power (“LADWP”), that accounted for 11.1% of its consolidated contract revenues.

On a segment basis, the Company had individual customers that accounted for more than 10% of its segment contract revenues. For the three months ended 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 revenues. For the three months ended March 31, 2023, the Company derived 13.7% of its Energy segment revenues from one customer, LADWP, and no single customer accounted for 10% or more of its Engineering and Consulting segment revenues.

On a geographical basis, the Company’s largest clients are based in California and New York. For the three months ended March 29, 2024 and March 31, 2023, services provided to clients in California accounted for 43.5% and 42.4%, respectively, of the Company’s consolidated contract revenue, and services provided to clients in New York accounted for 27.1% and 24.5%, respectively, of the Company’s consolidated contract revenue.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

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+ Details

SUPPLEMENTAL FINANCIAL STATEMENT DATA - Finite-lived Intangible Assets - Gross Amounts and Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Finite-Lived Intangible Assets
Total finite intangible assets	$ 99,814	$ 99,814
Accumulated Amortization	69,729	67,858
Order or Production Backlog
Finite-Lived Intangible Assets
Total finite intangible assets	8,306	8,306
Accumulated Amortization	8,148	8,095
Trade Names
Finite-Lived Intangible Assets
Total finite intangible assets	15,936	15,936
Accumulated Amortization	12,835	12,695
Noncompete Agreements
Finite-Lived Intangible Assets
Total finite intangible assets	1,613	1,613
Accumulated Amortization	1,452	1,440
Developed Technology Rights
Finite-Lived Intangible Assets
Total finite intangible assets	15,810	15,810
Accumulated Amortization	14,791	14,521
Customer Relationships
Finite-Lived Intangible Assets
Total finite intangible assets	58,149	58,149
Accumulated Amortization	$ 32,503	$ 31,107

ORGANIZATION AND OPERATIONS OF THE COMPANY

3 Months Ended

Mar. 29, 2024

ORGANIZATION AND OPERATIONS OF THE COMPANY

ORGANIZATION AND OPERATIONS OF THE COMPANY

1. ORGANIZATION AND OPERATIONS OF THE COMPANY

Willdan Group, Inc. (“Willdan” or the “Company”) is a provider of professional, technical and consulting services to utilities, private industry, and public agencies at all levels of government. As resource and infrastructure needs undergo continuous change, the Company helps organizations and their communities evolve and thrive by providing a wide range of technical services for energy solutions, and government infrastructure. Through engineering, program management, policy advisory, and software and data management, the Company designs and delivers trusted, comprehensive, innovative, and proven solutions to improve efficiency, resiliency, and sustainability in energy and infrastructure.

The Company’s broad portfolio of services operates within two financial reporting segments: (1) Energy and (2) Engineering and Consulting. The interfaces and synergies between these segments are important elements of the Company’s strategy to design and deliver trusted, comprehensive, innovative, and proven solutions for its customers.

The accounting policies followed by the Company are set forth in Part II, Item 8, Note 1, Organization and Operations of the Company, of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023. In the opinion of management, all adjustments necessary to fairly state the Condensed Consolidated Financial Statements have been made. All such adjustments are of a normal, recurring nature. Certain information and footnote disclosures normally included in the Consolidated Financial Statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Condensed Consolidated Financial Statements and related notes thereto should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.

Fiscal Years

The Company operates and reports its annual financial results based on 52 or 53-week periods ending on the Friday closest to December 31. The Company operates and reports its quarterly financial results based on the 13-week period ending on the Friday closest to June 30, September 30, and December 31 and the 13 or 14-week period ending on the Friday closest to March 31, as applicable. Fiscal year 2024, which ends on December 27, 2024, will be comprised of 52 weeks, with all quarters consisting of 13 weeks each. Fiscal year 2023, which ended on December 29, 2023, was comprised of 52 weeks, with all quarters consisting of 13 weeks each. All references to years in the notes to consolidated financial statements represent fiscal years.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates also affect the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

LEASES - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
LEASES - Lease Expense (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023	Dec. 29, 2023
Lease cost
Operating lease cost	$ 1,527	$ 1,493
Sublease Income	(14)
Amortization of assets	355	311	$ 1,300
Interest on lease liabilities	31	22
Total net lease cost	$ 1,899	$ 1,826

SUPPLEMENTAL FINANCIAL STATEMENT DATA (Tables)

3 Months Ended

Mar. 29, 2024

SUPPLEMENTAL FINANCIAL STATEMENT DATA

Schedule of reconciliation of cash and cash equivalents, and restricted cash


	March 29,		December 29,
	2024		2023
	(in thousands)
Cash and cash equivalents	$	46,925	$	23,397
Restricted cash		—		—
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows	$	46,925	$	23,397

Schedule of equipment and leasehold improvements


	March 29,		December 29,
	2024		2023
	(in thousands)
Furniture and fixtures	$	4,403	$	4,379
Computer hardware and software		46,384		44,594
Leasehold improvements		3,466		3,382
Equipment under finance leases		6,245		6,139
Automobiles, trucks, and field equipment		3,388		3,373
Subtotal		63,886		61,867
Accumulated depreciation and amortization		(36,347)		(34,770)
Equipment and leasehold improvements, net	$	27,539	$	27,097

Schedule of accrued liabilities


	March 29,		December 29,
	2024		2023
	(in thousands)
Accrued subcontractor costs	$	22,896	$	30,196
Accrued bonuses		4,542		14,423
Employee withholdings		4,779		3,123
Compensation and payroll taxes		4,163		3,125
Rebate and other		—		139
Accrued accounting costs and taxes		2,031		3,123
Total accrued liabilities	$	38,411	$	54,129

Schedule of changes in the carrying value of goodwill by reporting unit


	December 29,		Additional		Additions /		March 29,
	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

Schedule of gross amounts and accumulated amortization of acquired identifiable intangible assets with finite useful lives


	March 29, 2024				December 29, 2023
	Gross		Accumulated		Gross		Accumulated		Amortization
	Amount		Amortization		Amount		Amortization		Period
	(in thousands)								(in years)
Finite:
Backlog	$	8,306	$	8,148	$	8,306	$	8,095	1.0
Tradename		15,936		12,835		15,936		12,695	2.5	-	6.0
Non-compete agreements		1,613		1,452		1,613		1,440	4.0	-	5.0
Developed technology		15,810		14,791		15,810		14,521	8.0
Customer relationships		58,149		32,503		58,149		31,107	5.0	-	8.0
Total intangible assets	$	99,814	$	69,729	$	99,814	$	67,858

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

REVENUES - Segment Information (Details) - segment	3 Months Ended
REVENUES - Segment Information (Details) - segment	Mar. 29, 2024	Mar. 31, 2023
Segment Information
Number of reporting segments	2	2

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,942	$ 932

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

ORGANIZATION AND OPERATIONS OF THE COMPANY (Policies)	3 Months Ended
ORGANIZATION AND OPERATIONS OF THE COMPANY (Policies)	Mar. 29, 2024
ORGANIZATION AND OPERATIONS OF THE COMPANY
Basis of Presentation	The accounting policies followed by the Company are set forth in Part II, Item 8, Note 1, Organization and Operations of the Company, of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023. In the opinion of management, all adjustments necessary to fairly state the Condensed Consolidated Financial Statements have been made. All such adjustments are of a normal, recurring nature. Certain information and footnote disclosures normally included in the Consolidated Financial Statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Condensed Consolidated Financial Statements and related notes thereto should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.
Fiscal Years	Fiscal Years The Company operates and reports its annual financial results based on 52 or 53-week periods ending on the Friday closest to December 31. The Company operates and reports its quarterly financial results based on the 13-week period ending on the Friday closest to June 30, September 30, and December 31 and the 13 or 14-week period ending on the Friday closest to March 31, as applicable. Fiscal year 2024, which ends on December 27, 2024, will be comprised of 52 weeks, with all quarters consisting of 13 weeks each. Fiscal year 2023, which ended on December 29, 2023, was comprised of 52 weeks, with all quarters consisting of 13 weeks each. All references to years in the notes to consolidated financial statements represent fiscal years.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates also affect the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Accounting Pronouncements Recently Issued	Accounting Pronouncements Recently Issued In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU’) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 amends the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state, and foreign). In addition, ASU 2023-09 requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes. The amendments can be applied on a prospective basis although retrospective application is permitted. The amendments are effective for the fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact this update will have on its Consolidated Financial Statements. In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 expands segment disclosure requirements through enhanced disclosures related to significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), 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. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The amendments are effective for the fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact this update will have on its Consolidated Financial Statements. In October 2023, the FASB issued ASU No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”). ASU 2023-06 amends U.S. GAAP to reflect updates and simplifications to certain disclosure and presentation requirements referred to FASB by the Securities and Exchange Commission (“SEC”). The targeted amendments incorporate 14 of the 27 disclosures referred by the SEC into codification. Each amendment in ASU 2023-06 is effective on either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. The Company is currently evaluating the impact this update will have on its Consolidated Financial Statements.

REVENUES

3 Months Ended

Mar. 29, 2024

REVENUES

REVENUES

3. REVENUES

The Company enters into contracts with its clients that contain various types of pricing provisions, including fixed price, time-and-materials, and unit-based provisions. The Company recognizes revenues in accordance with ASU 2014-09, Revenue from Contracts with Customer, codified as ASC Topic 606 and the related amendments (collectively “ASC 606”). As such, the Company identifies a contract with a customer, identifies the performance obligations in the contract, determines the transaction price, allocates the transaction price to each performance obligation in the contract and recognizes revenues when (or as) the Company satisfies a performance obligation.

The following table reflects the Company’s two reportable segments and the types of contracts that each most commonly enters into for revenue generating activities.


Segment	Contract Type	Revenue Recognition Method
	Time-and-materials	Time-and-materials
Energy	Unit-based	Unit-based
	Software license	Unit-based
	Fixed price	Percentage-of-completion
	Time-and-materials	Time-and-materials
Engineering and Consulting	Unit-based	Unit-based
	Fixed price	Percentage-of-completion

Revenue on the vast majority of the Company’s contracts is recognized over time because of the continuous transfer of control to the customer. Revenue on fixed price contracts is recognized on the percentage-of-completion method based generally on the ratio of direct costs incurred-to-date to estimated total direct costs at completion. The Company uses the percentage-of-completion method to better match the level of work performed at a certain point in time in relation to the effort that will be required to complete a project. In addition, the percentage-of-completion method is a common method of revenue recognition in the Company’s industry.

Many of the Company’s fixed price contracts involve a high degree of subcontracted fixed price effort and, usually, are relatively short in duration, thereby lowering the risks of not properly estimating the percent complete. Revenue on time-and-materials and unit-based contracts is recognized as the work is performed in accordance with the specific rates and terms of the contract. The Company recognizes revenues for time-and-materials contracts based upon the actual hours incurred during a reporting period at contractually agreed upon rates per hour and also includes in revenue all reimbursable costs incurred during a reporting period. Certain of the Company’s time-and-materials contracts are subject to maximum contract values and, accordingly, when revenue is expected to exceed the maximum contract value, these contracts are generally recognized under the percentage-of-completion method, consistent with fixed price contracts. For unit-based contracts, the Company recognizes the contract price of units of a basic production product as revenue when the production product is delivered during a period. Revenue for amounts that have been billed but not earned is deferred, and such deferred revenue is referred to as contract liabilities in the accompanying condensed consolidated balance sheets. The Company also derives revenue from software licenses and professional services and maintenance fees. In accordance with ASC 606, the Company performs an assessment of each contract to identify the performance obligations, determine the overall transaction price for the contract, allocate the transaction price to the performance obligations, and recognize the revenue when the performance obligations are satisfied. The Company utilizes the residual approach by which it estimates the standalone selling price by reference to the total transaction price less the sum of the observable standalone selling prices of other goods or services promised in the contract. The software license revenue is typically recognized at a point in time when control is transferred to the client, which is defined as the point in time when the client can use and benefit from the license. The software license is delivered before related services are provided and is functional without services, updates, or technical support. Related professional services include training and support services in which the standalone selling price is determined based on an input measure of hours incurred to total estimated hours and is recognized over time, which usually is the life of the contract.

To determine the proper revenue recognition method for contracts, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined contract should be accounted for as one performance obligation. With respect to the Company’s contracts, it is rare that multiple contracts should be combined into a single performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate a single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. Contracts are considered to have a single performance obligation if the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts, which is mainly because the Company provides a significant service of integrating a complex set of tasks and components into a single project or capability.

The Company may enter into contracts that include separate phases or elements. If each phase or element is negotiated separately based on the technical resources required and/or the supply and demand for the services being provided, the Company evaluates if the contracts should be segmented. If certain criteria are met, the contracts would be segmented which could result in revenues being assigned to the different elements or phases with different rates of profitability based on the relative value of each element or phase to the estimated total contract revenue. Segmented contracts may comprise up to approximately 2.0% to 3.0% of the Company’s consolidated contract revenue.

Contracts that cover multiple phases or elements of the project or service lifecycle (development, construction and maintenance and support) may be considered to have multiple performance obligations even when they are part of a single contract. For contracts with multiple performance obligations, the Company allocates the transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct good or service in the contract. For the periods presented, the value of the separate performance obligations under contracts with multiple performance obligations (generally measurement and verification tasks under certain energy performance contracts) were not material. In cases where the Company does not provide the distinct good or service on a standalone basis, the primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which the Company forecasts the Company’s expected costs of satisfying a performance obligation and then adds an appropriate margin for the distinct good or service.

The Company provides quality of workmanship warranties to customers that are included in the sale and are not priced or sold separately or do not provide customers with a service in addition to assurance of compliance with agreed-upon specifications and industry standards. The Company does not consider these types of warranties to be separate performance obligations.

In some cases, the Company has a master service or blanket agreement with a customer under which each task order releases the Company to perform specific portions of the overall scope in the service contract. Each task order is typically accounted for as a separate contract because the task order establishes the enforceable rights and obligations, and payment terms.

Under ASC 606, variable consideration should be considered when determining the transaction price and estimates should be made for the variable consideration component of the transaction price, as well as assessing whether an estimate of variable consideration is constrained. For certain of the Company’s contracts, variable consideration can arise from modifications to the scope of services resulting from unapproved change orders or customer claims. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on assessments of legal enforceability, the Company’s performance, and all information (historical, current and forecasted) that is reasonably available to the Company.

Due to the nature of the work required to be performed on many of the Company’s performance obligations, the estimation of total revenue and cost at completion is complex, subject to many variables and requires significant judgment. As a significant change in one or more of these estimates could affect the profitability of the Company’s contracts, the Company reviews and updates the Company’s contract-related estimates regularly through a company-wide disciplined project review process in which management reviews the progress and execution of the Company’s performance obligations and the estimate at completion (“EAC”). As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule and the related changes in estimates of revenues and costs. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the cost and availability of materials, the performance of subcontractors, and the availability and timing of funding from the customer, among other variables.

The Company recognizes adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the full amount of estimated loss in the period it is identified.

Contracts are often modified to account for changes in contract specifications and requirements. The Company considers contract modifications to exist when the modification either creates new rights or obligations or changes the existing enforceable rights or obligations. Most of the Company’s contract modifications are for goods or services that are not distinct from existing contracts due to the significant integration provided in the context of the contract and are accounted for as if they were part of the original contract. The effect of a contract modification that is not distinct from the existing contract on the transaction price and the Company’s measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.

For contract modifications that result in the promise to deliver goods or services that are distinct from the existing contract and the increase in price of the contract is for the same amount as the standalone selling price of the additional goods or services included in the modification, the Company accounts for such contract modifications as a separate contract.

The Company includes claims to vendors, subcontractors and others as a receivable and a reduction in recognized costs when enforceability of the claim is established by the contract and the amounts are reasonably estimable and probable of being recovered. The amounts are recorded up to the extent of the lesser of the amounts management expects to recover or to costs incurred.

Billing practices are governed by the contract terms of each project based upon costs incurred, achievement of milestones or pre-agreed schedules. Billings do not necessarily correlate with revenue recognized using the percentage-of-completion method of revenue recognition.

Direct costs of contract revenue consist primarily of that portion of technical and nontechnical salaries and wages that has been incurred in connection with revenue producing projects. Direct costs of contract revenue also include production expenses, subcontractor services and other expenses that are incurred in connection with revenue producing projects.

Direct costs of contract revenue exclude that portion of technical and nontechnical salaries and wages related to marketing efforts, vacations, holidays and other time not spent directly generating revenue under existing contracts. Such costs are included in general and administrative expenses. Additionally, payroll taxes, bonuses and employee benefit costs for all Company personnel are included in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income since no allocation of these costs is made to direct costs of contract revenue. No allocation of facilities costs is made to direct costs of contract revenue. Other companies may classify as direct costs of contract revenue some of the costs that the Company classifies as general and administrative costs. The Company expenses direct costs of contract revenue when incurred.

Included in revenue and costs are all reimbursable costs for which the Company has the risk or on which the fee was based at the time of bid or negotiation. No revenue or cost is recorded for costs in which the Company acts solely in the capacity of an agent and has no risks associated with such costs.

Accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts based upon a review of all outstanding amounts on a quarterly basis. Management determines allowances for doubtful accounts 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. The Company’s historical credit losses have been minimal with governmental entities and large public utilities, but disputes may arise related to these receivable amounts. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received.

Retainage, included in contract assets, represents amounts withheld from billings to the Company’s clients pursuant to provisions in the contracts and may not be paid to the Company until specific tasks are completed or the project is completed and, in some instances, for even longer periods. As of March 29, 2024 and December 29, 2023, contract assets included retainage of approximately $16.1 million and $14.3 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES

3 Months Ended

Mar. 29, 2024

INCOME TAXES

INCOME TAXES

10. INCOME TAXES

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial reporting basis and tax basis of the Company’s assets and liabilities, subject to a judgmental assessment of the recoverability of deferred tax assets. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets may not be realized. Significant judgment is applied when assessing the need for valuation allowances and includes the evaluation of historical income (loss) adjusted for the effects of non-recurring items and the impact of recent business combinations. Areas of estimation include the Company’s consideration of future taxable income which is driven by verifiable signed contracts and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the utilization of deferred tax assets in future years, the Company would adjust the related valuation allowances in the period that the change in circumstances occurs, along with a corresponding increase or charge to income.

At the end of fiscal year 2023, the Company’s total valuation allowance was $1.2 million, remaining unchanged from the end of fiscal year 2022. As of March 29, 2024, the Company assessed all available positive and negative evidence available to determine whether, based on the weight of that evidence, there was a change in judgment related to the utilization of deferred tax assets in future years. The Company concluded that as of March 29, 2024, the valuation allowance for the Company’s deferred tax assets was appropriate in accordance with ASC 740. Consequently, there was no change to the valuation allowance during the three months ended March 29, 2024.

For acquired business entities, if the Company identifies changes to acquired deferred tax asset valuation allowances or liabilities related to uncertain tax positions during the measurement period and they relate to new information obtained about facts and circumstances that existed as of the acquisition date, those changes are considered a measurement period adjustment, and the Company records the offset to goodwill. The Company records all other changes to deferred tax asset valuation allowances and liabilities related to uncertain tax positions in current period income tax expense.

The Company recognizes the tax benefit from uncertain tax positions if it is more likely than not that the tax positions will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. During the three months ended March 29, 2024, and the three months ended March 31, 2023, the Company did not record a liability for uncertain tax positions.

Based on the Company’s estimates and determination of an effective tax rate for the year, the Company recorded an income tax expense of $1.0 million for the three months ended March 29, 2024, compared to an income tax expense of $0.8 million for the three months ended March 31, 2023. During the three months ended March 29, 2024, the difference between the effective tax rate and the federal statutory rate was primarily attributable to state taxes, non-deductible stock compensation, nondeductible executive compensation, research and development tax credits, and the commercial building energy efficiency deduction. During the three months ended March 31, 2023, the difference between the effective tax rate and the federal statutory rate was primarily attributable to state taxes, non-deductible stock compensation, nondeductible executive compensation, research and development tax credits, and the commercial building energy efficiency deduction.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 29, 2024

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of the fair values of outstanding derivatives designated as hedging instruments


		Fair Value of Derivative
		Instruments as of
	Balance Sheet Location	March 29, 2024		December 29, 2023
		(in thousands)
Interest rate swap agreement	Current assets	$	140	$	46
Interest rate swap agreement	Other noncurrent liabilities		(431)		(887)

Schedule of accumulated other comprehensive income (loss)


	Gain (Loss) on		Accumulated Other
	Derivative Instruments		Comprehensive Income (Loss)
	(in thousands)
Balances at December 29, 2023	$	(664)	$	(664)
Other comprehensive income (loss) before reclassifications		549		549
Amounts reclassified from accumulated other comprehensive income (loss):		—		—
Income tax benefit (expense) related to derivative instruments		(115)		(115)
Net current-period other comprehensive income (loss)		434		434
Balances at March 29, 2024	$	(230)	$	(230)

LEASES - Finance Leases - Gross Difference (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Finance
Total lease payments	$ 2,373
Less: Imputed interest	(150)
Total finance lease obligations	2,223	$ 2,370
Less: Current obligations	1,111	1,186
Noncurrent lease obligations	$ 1,112	$ 1,184

INCOME TAXES - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
INCOME TAXES
Income tax expense (benefit)	$ 986	$ 756

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

DEBT OBLIGATIONS

3 Months Ended

Mar. 29, 2024

DEBT OBLIGATIONS

DEBT OBLIGATIONS

6. DEBT OBLIGATIONS

Debt obligations, excluding obligations under finance leases (see Note 7, Leases, below), consisted of the following:


	March 29,		December 29,
	2024		2023
	(in thousands)
Outstanding borrowings on Term Loan	$	96,250	$	98,125
Outstanding borrowings on Revolving Credit Facility		—		—
Other debt agreements		174		327
Total debt		96,424		98,452
Issuance costs and debt discounts		(929)		(1,021)
Subtotal		95,495		97,431
Less current portion of long-term debt		8,924		8,452
Long-term debt portion	$	86,571	$	88,979

The credit agreement governing the Company’s Term Loan and Revolving Credit Facility require the Company to comply with certain financial obligations, including a maximum Net Leverage Ratio and a minimum Fixed Charge Coverage Ratio (as defined in the credit agreement governing the Term Loan and Revolving Credit Facility). The credit agreement also contains customary restrictive covenants. As of March 29, 2024, the Company was in compliance with all these covenants.

In addition, as of March 29, 2024, the Company’s composite interest rate, exclusive of the effects of upfront fees, undrawn fees and issuance cost amortization, was 7.7%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

DEBT OBLIGATIONS - Classification (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Debt Obligations
Subtotal	$ 95,495	$ 97,431
Less current portion of long-term debt	8,924	8,452
Long-term debt portion	$ 86,571	$ 88,979

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

COMMITMENTS AND VARIABLE INTEREST ENTITIES - Employee Benefit Plans (Details)	3 Months Ended
	Mar. 29, 2024 USD ($) Y	Mar. 31, 2023 USD ($)
Qualified Cash or Deferred Arrangement
Employee Benefit Plans
Defined Contribution Plan, Tax Status	us-gaap:QualifiedPlanMember
Maximum employee contribution as a percentage of compensation under 401(k) Plan (as a percent)	50.00%
Defined Contribution Plan
Employee Benefit Plans
Service period	3 months
Attained age \| Y	21
Defined contribution plan, employer matching contribution, percent of match (as a percent)	50.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay (as a percent)	6.00%
Maximum employer contribution per employee	$ 3,000
Employer matching contributions	$ 1,100,000	$ 1,000,000.0

EARNINGS PER SHARE (EPS) - Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Net income (loss)
Net Income (Loss)	$ 2,942	$ 932
Net income (loss) - basic	2,942	932
Net income (loss) - diluted	$ 2,942	$ 932
Weighted-average shares outstanding:
Weighted-average common shares outstanding (in shares)	13,605	13,266
Effect of dilutive stock options and restricted stock awards (in shares)	305	204
Weighted-average common shares outstanding-diluted (in shares)	13,910	13,470
Earnings (Loss) per share:
Basic (in dollars per share)	$ 0.22	$ 0.07
Diluted (in dollars per share)	$ 0.21	$ 0.07

SUPPLEMENTAL FINANCIAL STATEMENT DATA - Finite-lived Intangible Assets - Amortization Period (Details)	Mar. 29, 2024
Order or Production Backlog
Finite-Lived Intangible Assets
Amortization Period	1 year
Trade Names \| Minimum
Finite-Lived Intangible Assets
Amortization Period	2 years 6 months
Trade Names \| Maximum
Finite-Lived Intangible Assets
Amortization Period	6 years
Noncompete Agreements \| Minimum
Finite-Lived Intangible Assets
Amortization Period	4 years
Noncompete Agreements \| Maximum
Finite-Lived Intangible Assets
Amortization Period	5 years
Developed Technology Rights
Finite-Lived Intangible Assets
Amortization Period	8 years
Customer Relationships \| Minimum
Finite-Lived Intangible Assets
Amortization Period	5 years
Customer Relationships \| Maximum
Finite-Lived Intangible Assets
Amortization Period	8 years

LEASES - General Information (Details) $ in Thousands	3 Months Ended
LEASES - General Information (Details) $ in Thousands	Mar. 29, 2024 USD ($)
Leases
Operating lease, option to extend	true
Operating lease, option to terminate	true
Residual value guarantee	$ 0
Minimum
Leases
Operating lease, remaining lease term	1 year
Maximum
Leases
Operating lease, remaining lease term	8 years
Operating lease, extension term	5 years
Operating lease, terminate term	1 year

ORGANIZATION AND OPERATIONS OF THE COMPANY - Fiscal Years (Details)	3 Months Ended								12 Months Ended
	Dec. 27, 2024	Sep. 27, 2024	Jun. 28, 2024	Mar. 29, 2024	Dec. 29, 2023	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 27, 2024	Dec. 29, 2023
Entity Information
Length of fiscal period	91 days	91 days	91 days	91 days	91 days	91 days	91 days	91 days	364 days	364 days
Minimum
Entity Information
Length of fiscal period				91 days				91 days	364 days	364 days
Maximum
Entity Information
Length of fiscal period				98 days				98 days	371 days	371 days

DEBT OBLIGATIONS (Tables)

3 Months Ended

Mar. 29, 2024

DEBT OBLIGATIONS

Schedule of debt obligations, excluding obligations under capital leases


	March 29,		December 29,
	2024		2023
	(in thousands)
Outstanding borrowings on Term Loan	$	96,250	$	98,125
Outstanding borrowings on Revolving Credit Facility		—		—
Other debt agreements		174		327
Total debt		96,424		98,452
Issuance costs and debt discounts		(929)		(1,021)
Subtotal		95,495		97,431
Less current portion of long-term debt		8,924		8,452
Long-term debt portion	$	86,571	$	88,979

REVENUES (Tables)

3 Months Ended

Mar. 29, 2024

REVENUES

Schedule of Contracts by Reportable Segments and Type of Contracts


Segment	Contract Type	Revenue Recognition Method
	Time-and-materials	Time-and-materials
Energy	Unit-based	Unit-based
	Software license	Unit-based
	Fixed price	Percentage-of-completion
	Time-and-materials	Time-and-materials
Engineering and Consulting	Unit-based	Unit-based
	Fixed price	Percentage-of-completion

SEGMENT AND GEOGRAPHICAL INFORMATION - Concentration Risk (Details)	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Top Ten Customers
Concentration Risk
Concentration risk (as a percent)	49.20%	52.20%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Los Angeles Department of Water and Power
Concentration Risk
Concentration risk (as a percent)		11.10%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| California
Concentration Risk
Concentration risk (as a percent)	43.50%	42.40%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| New York
Concentration Risk
Concentration risk (as a percent)	27.10%	24.50%
Revenue from Contract with Customer, Segment Benchmark \| Customer Concentration Risk \| Los Angeles Department of Water and Power \| Energy
Concentration Risk
Concentration risk (as a percent)	10.70%	13.70%

LEASES

3 Months Ended

Mar. 29, 2024

LEASES

LEASES

7. LEASES

The Company leases certain office facilities under long-term, non-cancellable operating leases that expire at various dates through 2029. In addition, the Company is obligated under finance leases for certain furniture and office equipment that expire at various dates through 2028.

From time to time, the Company enters into non-cancelable leases for some of its facility and equipment needs. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities and equipment rather than purchasing them. The Company’s leases typically have remaining terms ranging from one to eight years, some of which may include options to extend the leases for up to five years, and some of which may include options to terminate the leases within one year. Currently, all of the Company’s leases contain fixed payment terms. The Company may decide to cancel or terminate a lease before the end of its term, in which case the Company is typically liable to the lessor for the remaining lease payments under the term of the lease. Additionally, all of the Company’s month-to-month leases are cancelable by the Company or the lessor, at any time, and are not included in the Company’s right-of-use asset or lease liability. As of March 29, 2024, the Company had no leases with residual value guarantees. Typically, the Company has purchase options on the equipment underlying its long-term leases. The Company may exercise some of these purchase options when the need for equipment is on-going and the purchase option price is attractive. Nonperformance-related default covenants, cross-default provisions, subjective default provisions and material adverse change clauses contained in material lease agreements, if any, are also evaluated to determine whether those clauses affect lease classification in accordance with ASC Topic 842-10-25. Leases are accounted for as operating or financing leases, depending on the terms of the lease.

Financing Leases

The Company leases certain equipment under financing leases. The economic substance of the leases is a financing transaction for acquisition of equipment and leasehold improvements. Accordingly, the right-of-use assets for these leases are included in the balance sheets in equipment and leasehold improvements, net of accumulated depreciation, with a corresponding amount recorded in current portion of financing lease obligations or noncurrent portion of financing lease obligations, as appropriate. The financing lease assets are amortized over the life of the lease or, if shorter, the life of the leased asset, on a straight-line basis and included in depreciation expense. The interest associated with financing lease obligations is included in interest expense.

Right-of-use assets

Operating leases are included in right-of-use assets, and current portion of lease liability and noncurrent portion of lease liability, as appropriate. Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate to calculate present value, the Company determines this rate by estimating the Company’s incremental borrowing rate at the lease commencement date. The right-of-use asset also includes any lease payments made and initial direct costs incurred at lease commencement and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

The following is a summary of the Company’s lease expense:


	Three Months Ended
	March 29,		March 31,
	2024		2023
	(in thousands)
Operating lease cost	$	1,527	$	1,493
Sublease Income		(14)		—
Finance lease cost:
Amortization of assets		355		311
Interest on lease liabilities		31		22
Total net lease cost	$	1,899	$	1,826

The following is a summary of lease information presented on the Company’s consolidated balance sheet:


	March 29,			December 29,
	2024			2023
	(in thousands)
Operating leases:
Right-of-use assets	$	12,803		$	12,465

Lease liability	$	4,677		$	4,537
Lease liability, less current portion		9,948			9,758
Total lease liabilities	$	14,625		$	14,295

Finance leases (included in equipment and leasehold improvements, net):
Equipment and leasehold improvements, net	$	6,245		$	6,139
Accumulated depreciation		(4,099)			(3,837)
Total equipment and leasehold improvements, net	$	2,146		$	2,302

Finance lease obligations	$	1,111		$	1,186
Finance lease obligations, less current portion		1,112			1,184
Total finance lease obligations	$	2,223		$	2,370

Weighted average remaining lease term (in years):
Operating Leases		3.32			3.43
Finance Leases		2.25			2.31

Weighted average discount rate:
Operating Leases		6.67	%		6.09	%
Finance Leases		5.59	%		5.19	%

Rent expense was $1.7 million and $1.6 million for the three months ended March 29, 2024 and March 31, 2023, respectively.

The following is a summary of other information and supplemental cash flow information related to finance and operating leases:


	Three Months Ended
	March 29,		March 31,
	2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	1,569	$	1,570
Operating cash flow from finance leases		31		22
Financing cash flow from finance leases		345		303

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	1,627	$	2,120

The following is a summary of the maturities of lease liabilities as of March 29, 2024:


	Operating		Finance
	(in thousands)
Fiscal year:
Remainder of 2024	$	4,254	$	1,013
2025		5,069		782
2026		4,235		448
2027		1,935		112
2028		1,108		18
2029 and thereafter		94		—
Total lease payments		16,695		2,373
Less: Imputed interest		(2,070)		(150)
Total lease obligations		14,625		2,223
Less: Current obligations		4,677		1,111
Noncurrent lease obligations	$	9,948	$	1,112

The imputed interest for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the operating lease payments to their present value.

EARNINGS PER SHARE (EPS) - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Share-Based Payment Arrangement
Antidilutive securities
Antidilutive securities excluded from computation of earnings per share (in shares)	335	397

DERIVATIVE FINANCIAL INSTRUMENTS - Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2024 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	$ 199,845
Other comprehensive income (loss)	434
Balance	205,515
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(664)
Other comprehensive income (loss) before reclassifications	549
Amounts reclassified from accumulated other comprehensive income: income tax benefit (expense) related to derivative instruments	(115)
Other comprehensive income (loss)	434
Balance	(230)
Gain (Loss) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(664)
Other comprehensive income (loss) before reclassifications	549
Amounts reclassified from accumulated other comprehensive income: income tax benefit (expense) related to derivative instruments	(115)
Other comprehensive income (loss)	434
Balance	$ (230)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

SUPPLEMENTAL FINANCIAL STATEMENT DATA - Equipment and Leasehold Improvements, Net - Tabular Disclosure (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Equipment and Leasehold Improvements
Equipment under finance leases	$ 6,245	$ 6,139
Equipment and leasehold improvements, gross	63,886	61,867
Accumulated depreciation and amortization	(36,347)	(34,770)
Total equipment and leasehold improvements, net	27,539	27,097
Furniture and Fixtures
Equipment and Leasehold Improvements
Equipment and leasehold improvements	4,403	4,379
Computer Hardware and Software
Equipment and Leasehold Improvements
Equipment and leasehold improvements	46,384	44,594
Leasehold Improvements
Equipment and Leasehold Improvements
Equipment and leasehold improvements	3,466	3,382
Automobiles Trucks and Field Equipment
Equipment and Leasehold Improvements
Equipment and leasehold improvements	$ 3,388	$ 3,373

RECENT ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 29, 2024

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

2. RECENT ACCOUNTING PRONOUNCEMENTS

Accounting Pronouncements Recently Issued

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU’) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 amends the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state, and foreign). In addition, ASU 2023-09 requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes. The amendments can be applied on a prospective basis although retrospective application is permitted. The amendments are effective for the fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact this update will have on its Consolidated Financial Statements.

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 expands segment disclosure requirements through enhanced disclosures related to significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), 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. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The amendments are effective for the fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact this update will have on its Consolidated Financial Statements.

In October 2023, the FASB issued ASU No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”). ASU 2023-06 amends U.S. GAAP to reflect updates and simplifications to certain disclosure and presentation requirements referred to FASB by the Securities and Exchange Commission (“SEC”). The targeted amendments incorporate 14 of the 27 disclosures referred by the SEC into codification. Each amendment in ASU 2023-06 is effective on either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. The Company is currently evaluating the impact this update will have on its Consolidated Financial Statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 29, 2024

DERIVATIVE FINANCIAL INSTRUMENTS

DERIVATIVE FINANCIAL INSTRUMENTS

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Company uses certain interest rate derivative contracts to hedge interest rate exposures on its variable rate debt. The Company’s hedging program is not designated for trading or speculative purposes.

The Company recognizes derivative instruments as either assets or liabilities on the accompanying condensed consolidated balance sheets at fair value. The Company records changes in the fair value (i.e., gains or losses) of the derivatives that have been designated as cash flow hedges in its consolidated balance sheets as accumulated other comprehensive income (loss) and in its consolidated statements of comprehensive income (loss) as a loss or gain on cash flow hedge valuation.

On November 30, 2023, the Company entered into an interest rate swap agreement that the Company designated as cash flow hedge to fix the variable interest rate on a portion of the Company’s term loan (see Note 6, “Debt Obligations” for information regarding our indebtedness). The interest rate swap agreement has a total notional amount of $50.0 million, has a fixed annual interest rate of 4.77%, and expires on September 29, 2026. As of March 29, 2024, the effective portion of the Company’s interest rate swap agreement designated as a cash flow hedge before tax effects was $0.5 million, of which no amounts were reclassified from accumulated other comprehensive income (loss) to interest expense in the three months ended March 29, 2024. The Company expects to reclassify $0.1 million from accumulated other comprehensive income (loss) to interest expense within the next twelve months.

The fair values of the Company’s outstanding derivatives designated as hedging instruments were as follows:


		Fair Value of Derivative
		Instruments as of
	Balance Sheet Location	March 29, 2024		December 29, 2023
		(in thousands)
Interest rate swap agreement	Current assets	$	140	$	46
Interest rate swap agreement	Other noncurrent liabilities		(431)		(887)

The impact of the effective portions of derivative instruments in cash flow hedging relationships and fair value relationships on other comprehensive income (loss) was $0.4 million for the three months ended March 29, 2024.

The accumulated balances and reporting period activities for the periods below related to reclassifications out of accumulated other comprehensive income (loss) are summarized as follows:


	Gain (Loss) on		Accumulated Other
	Derivative Instruments		Comprehensive Income (Loss)
	(in thousands)
Balances at December 29, 2023	$	(664)	$	(664)
Other comprehensive income (loss) before reclassifications		549		549
Amounts reclassified from accumulated other comprehensive income (loss):		—		—
Income tax benefit (expense) related to derivative instruments		(115)		(115)
Net current-period other comprehensive income (loss)		434		434
Balances at March 29, 2024	$	(230)	$	(230)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 2,942	$ 932
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	3,592	4,200
Other non-cash items	92	85
Deferred income taxes, net	1,005	782
(Gain) loss on sale/disposal of equipment	(13)	(10)
Provision for doubtful accounts	(100)	81
Stock-based compensation	1,390	1,533
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts receivable	18,985	8,204
Contract assets	11,476	7,819
Other receivables	617	(9)
Prepaid expenses and other current assets	(1,975)	1,023
Other assets	117	(3,532)
Accounts payable	1,325	479
Accrued liabilities	(15,740)	(7,883)
Contract liabilities	3,244	2,941
Right-of-use assets	(8)	647
Net cash (used in) provided by operating activities	26,949	17,292
Cash flows from investing activities:
Purchase of equipment, software, and leasehold improvements	(1,971)	(3,488)
Proceeds from sale of equipment	19	13
Net cash used in investing activities	(1,952)	(3,475)
Cash flows from financing activities:
Payment on restricted cash		(10,679)
Payments on notes payable	(153)	(485)
Repayments under term loan facility and line of credit	(1,875)	(5,250)
Principal payments on finance leases	(345)	(303)
Proceeds from stock option exercise	281
Proceeds from sales of common stock under employee stock purchase plan	1,402	1,392
Cash used to pay taxes on stock grants	(779)	(124)
Net cash (used in) provided by financing activities	(1,469)	(15,449)
Net increase (decrease) in cash, cash equivalents and restricted cash	23,528	(1,632)
Cash, cash equivalents and restricted cash at beginning of period	23,397	19,485
Cash, cash equivalents and restricted cash at end of period	46,925	17,853
Cash paid (received) during the period for:
Interest	2,081	2,424
Income taxes	2	(77)
Supplemental disclosures of noncash investing and financing activities:
Equipment acquired under finance leases	$ 198	$ 48

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

3 Months Ended

Mar. 29, 2024

SEGMENT AND GEOGRAPHICAL INFORMATION

Schedule of financial information with respect to the reportable segments


			Engineering		Unallocated				Consolidated
	Energy		& Consulting		Corporate		Intersegment		Total
	(in thousands)
Fiscal Three Months Ended March 29, 2024
Contract revenue	$	100,746	$	21,743	$	-	$	-	$	122,489
Depreciation and amortization		3,236		356		-		-		3,592
Interest expense, net		1		-		2,136		-		2,137
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 ⁽¹⁾		318,808		26,613		85,609		(23,130)		407,900
Fiscal Three Months Ended March 31, 2023
Contract revenue	$	83,285	$	19,318	$	-	$	-	$	102,603
Depreciation and amortization		3,924		276		-		-		4,200
Interest expense, net		2		-		2,464		-		2,466
Segment profit (loss) before income tax expense		2,771		2,587		(3,670)		-		1,688
Income tax expense (benefit)		1,241		1,158		(1,643)		-		756
Net income (loss)		1,530		1,428		(2,026)		-		932
Segment assets ⁽¹⁾		323,578		23,587		69,332		(23,130)		393,367

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

Schedule of disaggregation of revenue


	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


	Three months ended March 31, 2023
	Energy		Engineering and Consulting		Total
	(in thousands)
Contract Type
Time-and-materials	$	7,709	$	14,554	$	22,263
Unit-based		44,927		3,616		48,543
Fixed price		30,649		1,148		31,797
Total⁽¹⁾	$	83,285	$	19,318	$	102,603

Client Type
Commercial	$	6,719	$	1,164	$	7,883
Government		26,075		18,095		44,170
Utilities⁽²⁾		50,491		59		50,550
Total⁽¹⁾	$	83,285	$	19,318	$	102,603

Geography ⁽³⁾
Domestic	$	83,285	$	19,318	$	102,603

(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 March 29, 2024 and March 31, 2023.

EARNINGS PER SHARE (EPS) (Tables)

3 Months Ended

Mar. 29, 2024

EARNINGS PER SHARE (EPS)

Schedule of number of weighted-average common shares outstanding used to compute basic and diluted EPS


	Three months ended
	March 29,		March 31,
	2024		2023
	(in thousands, except per share amounts)
Net income (loss)	$	2,942	$	932
Weighted-average common shares outstanding		13,605		13,266
Effect of dilutive stock options and restricted stock awards		305		204
Weighted-average common shares outstanding-diluted		13,910		13,470
Earnings (Loss) per share:
Basic	$	0.22	$	0.07
Diluted	$	0.21	$	0.07

SUPPLEMENTAL FINANCIAL STATEMENT DATA - Goodwill (Details) $ in Thousands	Mar. 29, 2024 USD ($)
Changes in carrying value of goodwill
Goodwill at beginning of period	$ 131,144
Goodwill at end of period	131,144
Energy
Changes in carrying value of goodwill
Goodwill at beginning of period	129,375
Goodwill at end of period	129,375
Engineering and Consulting
Changes in carrying value of goodwill
Goodwill at beginning of period	1,769
Goodwill at end of period	$ 1,769

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS - General Information (Details) - Interest Rate Swap - Cash Flow Hedging $ in Millions	Nov. 30, 2023 USD ($)
Derivative Financial Instruments
Derivative, inception date	Nov. 30, 2023
Notional amount	$ 50.0
Fixed rate (as a percent)	4.77%
Derivative, contract end date	Sep. 29, 2026

- Definition

Date derivative contract ends, in YYYY-MM-DD format.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
Balance at Dec. 30, 2022	$ 133	$ 177,718		$ 3,651	$ 181,502
Balance (in shares) at Dec. 30, 2022	13,296
Increase (Decrease) in Stockholders' Equity
Shares of common stock issued in connection with employee stock purchase plan	$ 1	1,391			1,392
Shares of common stock issued in connection with employee stock purchase plan (in shares)	92
Shares used to pay taxes on stock grants		(124)			(124)
Shares used to pay taxes on stock grants (in shares)	(7)
Issuance of restricted stock award and units	$ 1	(1)
Issuance of restricted stock award and units (in shares)	108
Stock-based compensation expense		1,533			1,533
Net Income (Loss)				932	932
Balance at Mar. 31, 2023	$ 135	180,517		4,583	185,235
Balance (in shares) at Mar. 31, 2023	13,489
Balance at Dec. 29, 2023	$ 137	185,795	$ (664)	14,577	$ 199,845
Balance (in shares) at Dec. 29, 2023	13,682				13,682
Increase (Decrease) in Stockholders' Equity
Shares of common stock issued in connection with employee stock purchase plan	$ 1	1,401			$ 1,402
Shares of common stock issued in connection with employee stock purchase plan (in shares)	86
Shares of common stock issued in connection with incentive stock plan		281			281
Shares of common stock issued in connection with incentive stock plan (in shares)	19
Shares used to pay taxes on stock grants	$ (1)	(778)			(779)
Shares used to pay taxes on stock grants (in shares)	(32)
Issuance of restricted stock award and units	$ 1	(1)
Issuance of restricted stock award and units (in shares)	62
Stock-based compensation expense		1,390			1,390
Net Income (Loss)				2,942	2,942
Net unrealized gain on derivative contracts			434		434
Balance at Mar. 29, 2024	$ 138	$ 188,088	$ (230)	$ 17,519	$ 205,515
Balance (in shares) at Mar. 29, 2024	13,817				13,817

REVENUES - General Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Dec. 29, 2023
Revenue
Payroll taxes, bonuses and employee benefit costs for all Company personnel	$ 26,509	$ 22,385
Revenue of the entity recorded in which it acts solely in the capacity of an agent	0
Retained accounts receivable	$ 16,100		$ 14,300
Maximum
Revenue
Percent of revenue (as a percent)	3.00%
Minimum
Revenue
Percent of revenue (as a percent)	2.00%
Cost of Sales
Revenue
Payroll taxes, bonuses and employee benefit costs for all Company personnel	$ 0
Allocation of facilities costs to contract revenue	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

EARNINGS PER SHARE (EPS)

3 Months Ended

Mar. 29, 2024

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)

11. EARNINGS PER SHARE (“EPS”)

Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed by dividing net income by the weighted-average number of common shares outstanding and dilutive potential common shares for the period. Potential common shares include the weighted-average dilutive effects of outstanding stock options and restricted stock awards using the treasury stock method.

The following table sets forth the number of weighted-average common shares outstanding used to compute basic and diluted EPS:


	Three months ended
	March 29,		March 31,
	2024		2023
	(in thousands, except per share amounts)
Net income (loss)	$	2,942	$	932
Weighted-average common shares outstanding		13,605		13,266
Effect of dilutive stock options and restricted stock awards		305		204
Weighted-average common shares outstanding-diluted		13,910		13,470
Earnings (Loss) per share:
Basic	$	0.22	$	0.07
Diluted	$	0.21	$	0.07

For the three months ended March 29, 2024 and March 31, 2023, the Company excluded 335,000 and 397,000 common shares subject to outstanding equity awards, respectively, from the calculation of diluted shares because their impact would have been anti-dilutive.

SEGMENT AND GEOGRAPHICAL INFORMATION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Revenue
Revenue	$ 122,489	$ 102,603
Domestic
Revenue
Revenue	122,489	102,603
Energy
Revenue
Revenue	100,746	83,285
Energy \| Domestic
Revenue
Revenue	100,746	83,285
Engineering and Consulting
Revenue
Revenue	21,743	19,318
Engineering and Consulting \| Domestic
Revenue
Revenue	21,743	19,318
Commercial
Revenue
Revenue	8,783	7,883
Commercial \| Energy
Revenue
Revenue	7,203	6,719
Commercial \| Engineering and Consulting
Revenue
Revenue	1,580	1,164
Government
Revenue
Revenue	55,918	44,170
Government \| Energy
Revenue
Revenue	35,820	26,075
Government \| Engineering and Consulting
Revenue
Revenue	20,098	18,095
Utilities
Revenue
Revenue	57,788	50,550
Utilities \| Energy
Revenue
Revenue	57,723	50,491
Utilities \| Engineering and Consulting
Revenue
Revenue	65	59
Time-and-Materials Contract
Revenue
Revenue	24,936	22,263
Time-and-Materials Contract \| Energy
Revenue
Revenue	8,537	7,709
Time-and-Materials Contract \| Engineering and Consulting
Revenue
Revenue	16,399	14,554
Unit-based Contract
Revenue
Revenue	51,468	48,543
Unit-based Contract \| Energy
Revenue
Revenue	46,957	44,927
Unit-based Contract \| Engineering and Consulting
Revenue
Revenue	4,511	3,616
Fixed-Price Contract
Revenue
Revenue	46,085	31,797
Fixed-Price Contract \| Energy
Revenue
Revenue	45,252	30,649
Fixed-Price Contract \| Engineering and Consulting
Revenue
Revenue	$ 833	$ 1,148

SEGMENT AND GEOGRAPHICAL INFORMATION - Segment Assets (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023	Mar. 31, 2023
Segment Reporting
Segment assets	$ 407,900	$ 415,588	$ 393,367
Operating Segments \| Energy
Segment Reporting
Segment assets	318,808		323,578
Operating Segments \| Engineering and Consulting
Segment Reporting
Segment assets	26,613		23,587
Corporate, Non-Segment
Segment Reporting
Segment assets	85,609		69,332
Intersegment Eliminations
Segment Reporting
Segment assets	$ (23,130)		$ (23,130)

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

DEBT OBLIGATIONS - Composition (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Debt Obligations
Total debt	$ 96,424	$ 98,452
Issuance costs and debt discounts	(929)	(1,021)
Subtotal - long term debt	95,495	97,431
Notes Payable to Banks \| Term Loan
Debt Obligations
Total debt	96,250	98,125
Notes Payable, Other Payables \| Other Debt
Debt Obligations
Total debt	$ 174	$ 327

- Definition

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

SUPPLEMENTAL FINANCIAL STATEMENT DATA

3 Months Ended

Mar. 29, 2024

SUPPLEMENTAL FINANCIAL STATEMENT DATA

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:


	March 29,		December 29,
	2024		2023
	(in thousands)
Cash and cash equivalents	$	46,925	$	23,397
Restricted cash		—		—
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows	$	46,925	$	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 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


	March 29,		December 29,
	2024		2023
	(in thousands)
Furniture and fixtures	$	4,403	$	4,379
Computer hardware and software		46,384		44,594
Leasehold improvements		3,466		3,382
Equipment under finance leases		6,245		6,139
Automobiles, trucks, and field equipment		3,388		3,373
Subtotal		63,886		61,867
Accumulated depreciation and amortization		(36,347)		(34,770)
Equipment and leasehold improvements, net	$	27,539	$	27,097

Included in accumulated depreciation and amortization is $0.4 million and $1.3 million of amortization expense related to equipment held under finance leases for the three months ended March 29, 2024 and for fiscal year 2023, respectively.

Accrued Liabilities


	March 29,		December 29,
	2024		2023
	(in thousands)
Accrued subcontractor costs	$	22,896	$	30,196
Accrued bonuses		4,542		14,423
Employee withholdings		4,779		3,123
Compensation and payroll taxes		4,163		3,125
Rebate and other		—		139
Accrued accounting costs and taxes		2,031		3,123
Total accrued liabilities	$	38,411	$	54,129

Goodwill


	December 29,		Additional		Additions /		March 29,
	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 March 29, 2024.

Intangible Assets


	March 29, 2024				December 29, 2023
	Gross		Accumulated		Gross		Accumulated		Amortization
	Amount		Amortization		Amount		Amortization		Period
	(in thousands)								(in years)
Finite:
Backlog	$	8,306	$	8,148	$	8,306	$	8,095	1.0
Tradename		15,936		12,835		15,936		12,695	2.5	-	6.0
Non-compete agreements		1,613		1,452		1,613		1,440	4.0	-	5.0
Developed technology		15,810		14,791		15,810		14,521	8.0
Customer relationships		58,149		32,503		58,149		31,107	5.0	-	8.0
Total intangible assets	$	99,814	$	69,729	$	99,814	$	67,858

LEASES (Tables)

3 Months Ended

Mar. 29, 2024

LEASES

Summary of the Lease Expense


	Three Months Ended
	March 29,		March 31,
	2024		2023
	(in thousands)
Operating lease cost	$	1,527	$	1,493
Sublease Income		(14)		—
Finance lease cost:
Amortization of assets		355		311
Interest on lease liabilities		31		22
Total net lease cost	$	1,899	$	1,826

Summary of Lease Information Presented on the Condensed Consolidated Balance Sheet


	March 29,			December 29,
	2024			2023
	(in thousands)
Operating leases:
Right-of-use assets	$	12,803		$	12,465

Lease liability	$	4,677		$	4,537
Lease liability, less current portion		9,948			9,758
Total lease liabilities	$	14,625		$	14,295

Finance leases (included in equipment and leasehold improvements, net):
Equipment and leasehold improvements, net	$	6,245		$	6,139
Accumulated depreciation		(4,099)			(3,837)
Total equipment and leasehold improvements, net	$	2,146		$	2,302

Finance lease obligations	$	1,111		$	1,186
Finance lease obligations, less current portion		1,112			1,184
Total finance lease obligations	$	2,223		$	2,370

Weighted average remaining lease term (in years):
Operating Leases		3.32			3.43
Finance Leases		2.25			2.31

Weighted average discount rate:
Operating Leases		6.67	%		6.09	%
Finance Leases		5.59	%		5.19	%

Summary of Other Information and Supplemental Cash Flow Information Related to Finance and Operating Leases


	Three Months Ended
	March 29,		March 31,
	2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	1,569	$	1,570
Operating cash flow from finance leases		31		22
Financing cash flow from finance leases		345		303

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	1,627	$	2,120

Summary of the Maturities of Operating Lease Liabilities


	Operating		Finance
	(in thousands)
Fiscal year:
Remainder of 2024	$	4,254	$	1,013
2025		5,069		782
2026		4,235		448
2027		1,935		112
2028		1,108		18
2029 and thereafter		94		—
Total lease payments		16,695		2,373
Less: Imputed interest		(2,070)		(150)
Total lease obligations		14,625		2,223
Less: Current obligations		4,677		1,111
Noncurrent lease obligations	$	9,948	$	1,112

Summary of the Maturities of Finance Lease Liabilities


	Operating		Finance
	(in thousands)
Fiscal year:
Remainder of 2024	$	4,254	$	1,013
2025		5,069		782
2026		4,235		448
2027		1,935		112
2028		1,108		18
2029 and thereafter		94		—
Total lease payments		16,695		2,373
Less: Imputed interest		(2,070)		(150)
Total lease obligations		14,625		2,223
Less: Current obligations		4,677		1,111
Noncurrent lease obligations	$	9,948	$	1,112

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 29, 2024	May 01, 2024
Cover [Abstract]
Entity Central Index Key	0001370450
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 29, 2024
Entity File Number	001-33076
Entity Registrant Name	WILLDAN GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1951112
Entity Address, Address Line One	2401 East Katella Avenue
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Anaheim
Entity Address, Postal Zip Code	92806
Entity Address, State or Province	CA
City Area Code	800
Local Phone Number	424-9144
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	WLDN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,817,074
Current Fiscal Year End Date	--12-27
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Amendment Flag	false

LEASES - Additional Information (Details)	Mar. 29, 2024	Dec. 29, 2023
Leases
Operating leases, weighted average remaining lease term	3 years 3 months 25 days	3 years 5 months 4 days
Finance leases, weighted average remaining lease term	2 years 3 months	2 years 3 months 21 days
Operating leases, weighted average discount rate	6.67%	6.09%
Finance leases, weighted average discount rate	5.59%	5.19%

LEASES - Rent Expense (Details) - USD ($) $ in Millions	3 Months Ended
LEASES - Rent Expense (Details) - USD ($) $ in Millions	Mar. 29, 2024	Mar. 31, 2023
LEASES
Rent expenses	$ 1.7	$ 1.6

LEASES - Operating Leases - Gross Difference (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Operating
Total lease payments	$ 16,695
Less: Imputed interest	(2,070)
Total lease liabilities	14,625	$ 14,295
Less: Current obligations	4,677	4,537
Noncurrent lease obligations	$ 9,948	$ 9,758

LEASES - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Leases
Right-of-use assets	$ 12,803	$ 12,465
Operating leases, lease liabilities
Lease liability	4,677	4,537
Lease liability, less current portion	9,948	9,758
Total lease liabilities	14,625	14,295
Finance leases (included in equipment and leasehold improvements, net):
Equipment and leasehold improvements, net	6,245	6,139
Accumulated depreciation	(4,099)	(3,837)
Total equipment and leasehold improvements, net	$ 2,146	$ 2,302
Finance Lease, Right-of-Use Asset, Statement of Financial Position	Equipment and leasehold improvements, net	Equipment and leasehold improvements, net
Finance lease obligations
Finance lease obligations	$ 1,111	$ 1,186
Finance lease obligations, less current portion	1,112	1,184
Total finance lease obligations	$ 2,223	$ 2,370

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false

DEBT OBLIGATIONS - New Credit Facilities (Details)	Mar. 29, 2024
Notes Payable to Banks \| New Credit Facilities
Debt Obligations
Composite interest rate (as a percent)	7.70%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SUPPLEMENTAL FINANCIAL STATEMENT DATA - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Accrued Liabilities
Accrued subcontractor costs	$ 22,896	$ 30,196
Accrued bonuses	4,542	14,423
Employee withholdings	4,779	3,123
Compensation and payroll taxes	4,163	3,125
Rebate and other		139
Accrued accounting costs and taxes	2,031	3,123
Total accrued liabilities	$ 38,411	$ 54,129

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$ 1,569	$ 1,570
Operating cash flow from finance leases	31	22
Financing cash flow from finance leases	345	303
Right-of-use assets obtained in exchange for lease liabilities for operating leases	$ 1,627	$ 2,120

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Current assets:
Cash and cash equivalents	$ 46,925	$ 23,397
Restricted cash	0	0
Accounts receivable, net of allowance for doubtful accounts of $690 and $866 at March 29, 2024 and December 29, 2023, respectively	50,792	69,677
Contract assets	82,409	93,885
Other receivables	552	1,169
Prepaid expenses and other current assets	5,863	3,888
Total current assets	186,541	192,016
Equipment and leasehold improvements, net	27,539	27,097
Goodwill	131,144	131,144
Right-of-use assets	12,803	12,465
Other intangible assets, net	30,085	31,956
Other assets	4,832	4,949
Deferred income taxes, net	14,956	15,961
Total assets	407,900	415,588
Current liabilities:
Accounts payable	34,518	33,193
Accrued liabilities	38,411	54,129
Contract liabilities	16,427	13,183
Notes payable	8,924	8,452
Finance lease obligations	1,111	1,186
Lease liability	4,677	4,537
Total current liabilities	104,068	114,680
Notes payable, less current portion	86,571	88,979
Finance lease obligations, less current portion	1,112	1,184
Lease liability, less current portion	9,948	9,758
Other noncurrent liabilities	686	1,142
Total liabilities	202,385	215,743
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 10,000 shares authorized, no shares issued and outstanding
Common stock, $0.01 par value, 40,000 shares authorized; 13,817 and 13,682 shares issued and outstanding at March 29, 2024 and December 29, 2023, respectively	138	137
Additional paid-in capital	188,088	185,795
Accumulated other comprehensive loss	(230)	(664)
Retained earnings	17,519	14,577
Total stockholders' equity	205,515	199,845
Total liabilities and stockholders' equity	$ 407,900	$ 415,588