Willdan Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Willdan Group, Inc. has filed its 2023 Form 10-K, detailing its annual financial performance and business operations.</b>

AI Summary

Willdan Group, Inc. (WLDN) filed a Annual Report (10-K) with the SEC on March 8, 2024. Willdan Group, Inc. reported its fiscal year 2023 results on March 8, 2024. The company's fiscal year ended on December 29, 2023. The filing is a 10-K annual report. The company's principal business address is 2401 East Katella Avenue, Suite 300, Anaheim, CA 92806. The filing references various accounting standards and financial instruments, including employee stock options and credit agreements.

Why It Matters

For investors and stakeholders tracking Willdan Group, Inc., this filing contains several important signals. The 10-K filing provides a comprehensive overview of Willdan Group's financial health, operational performance, and strategic initiatives for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. This filing includes detailed financial statements, risk factors, and executive compensation, offering stakeholders insights into the company's management, governance, and potential challenges.

Risk Assessment

Risk Level: medium — Willdan Group, Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to various market and operational risks detailed within the 10-K, including potential impacts from economic conditions and regulatory changes.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Willdan Group's performance and potential future challenges.

Key Numbers

• 2023-12-29 — Fiscal Year End (Conformed Period of Report)
• 2024-03-08 — Filing Date (Filed As Of Date)
• 147 — Public Document Count (Document Count)

Key Players & Entities

• Willdan Group, Inc. (company) — Filer
• 2401 East Katella Avenue, Suite 300 (location) — Business Address
• Anaheim (location) — City
• CA (location) — State
• 92806 (location) — ZIP
• 1934 Act (regulation) — SEC Act
• 001-33076 (identifier) — SEC File Number
• 24731892 (identifier) — Film Number

FAQ

Industry Context

Willdan Group operates within the engineering services sector, providing services to utilities and government agencies.

Regulatory Implications

The filing adheres to the requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the consolidated financial statements for FY2023.
2. Analyze the risk factors section for potential business challenges.
3. Examine executive compensation details.

Key Dates

• 2023-12-29: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 2023 Form 10-K filing for Willdan Group, Inc.

Filing Documents

• wldn-20231229x10k.htm (10-K) — 4391KB
• wldn-20231229xex4d2.htm (EX-4.2) — 29KB
• wldn-20231229xex10d18.htm (EX-10.18) — 104KB
• wldn-20231229xex10d19.htm (EX-10.19) — 94KB
• wldn-20231229xex21d1.htm (EX-21.1) — 21KB
• wldn-20231229xex23d1.htm (EX-23.1) — 2KB
• wldn-20231229xex31d1.htm (EX-31.1) — 11KB
• wldn-20231229xex31d2.htm (EX-31.2) — 12KB
• wldn-20231229xex32d1.htm (EX-32.1) — 13KB
• wldn-20231229xex97.htm (EX-97) — 32KB
• wldn-20231229x10k001.jpg (GRAPHIC) — 60KB
• wldn-20231229x10k004.jpg (GRAPHIC) — 8KB
• wldn-20231229x10k005.jpg (GRAPHIC) — 9KB
• wldn-20231229x10k006.jpg (GRAPHIC) — 8KB
• wldn-20231229x10k007.jpg (GRAPHIC) — 8KB
• wldn-20231229x10k008.jpg (GRAPHIC) — 7KB
• wldn-20231229x10k009.jpg (GRAPHIC) — 9KB
• wldn-20231229x10k010.jpg (GRAPHIC) — 3KB
• wldn-20231229x10k011.jpg (GRAPHIC) — 98KB
• wldn-20231229x10k012.jpg (GRAPHIC) — 52KB
• wldn-20231229x10k013.jpg (GRAPHIC) — 1KB
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• wldn-20231229x10k022.jpg (GRAPHIC) — 1KB
• wldn-20231229x10k023.jpg (GRAPHIC) — 1KB
• wldn-20231229x10k030.jpg (GRAPHIC) — 59KB
• wldn-20231229xex10d18002.jpg (GRAPHIC) — 1KB
• wldn-20231229xex10d19002.jpg (GRAPHIC) — 1KB
• 0001558370-24-002758.txt (&nbsp;) — 17518KB
• wldn-20231229.xsd (EX-101.SCH) — 76KB
• wldn-20231229_cal.xml (EX-101.CAL) — 116KB
• wldn-20231229_def.xml (EX-101.DEF) — 264KB
• wldn-20231229_lab.xml (EX-101.LAB) — 755KB
• wldn-20231229_pre.xml (EX-101.PRE) — 614KB
• wldn-20231229x10k_htm.xml (XML) — 3428KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 18 ITEM 1B. UNRESOLVED STAFF COMMENTS 32 ITEM 1C. CYBERSECURITY 32 ITEM 2.

PROPERTIES

PROPERTIES 33 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 33 ITEM 4. MINE SAFETY DISCLOSURES 34 PART II ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 35 ITEM 6. RESERVED 37 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 38 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 54 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 55 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 103 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 103 ITEM 9B. OTHER INFORMATION 104 ITEM 9C . DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 104 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 105 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 113 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS 135 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 138 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 140 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 142 ITEM 16. FORM 10-K SUMMARY 145 i Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Annual Report on Form 10-K (this "10-K") contains statements that constitute forward-looking statements as that term is defined by the Private Securities Litigation Reform Act of 1995, as amended. These statements concern our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition, which are subject to risks and uncertainties. All statements other than statements of historical fact included in this 10-K are forward-looking statements. These statements may include words such as "aim," "anticipate," "assume," "believe," "can have," "could," "due," "estimate," "expect," "goal," "intend," "likely," "may," "objective," "plan," "potential," "positioned," "predict," "should," "target," "will," "would" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events or trends. For example, all statements we make relating to our plans and objectives for future operations, growth or initiatives and strategies are forward-looking statements. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management's beliefs and assumptions. We derive many of our forward-looking statements from our own operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions

BUSINESS

ITEM 1. BUSINESS Overview Willdan Group, Inc. ("Willdan") 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, we help organizations and their communities evolve and thrive by providing a wide range of technical services for energy solutions, greenhouse gas reduction, and government infrastructure. Through engineering, program management, policy advisory, and software and data management, we plan, design and deliver trusted, comprehensive, innovative, and proven solutions to improve efficiency, resiliency, and sustainability in energy and infrastructure to our clients. The company was founded in 1964 to serve public agencies in communities with populations ranging from 10,000 to 300,000 people. Willdan, a Delaware corporation, was formed in 2006 to serve as our holding company for the expanding subsidiary operations. We commenced providing energy efficiency services in 2008 and since then, through organic growth and acquisitions, our client base has grown to include investor-owned and other public utilities, as well as substantial energy users in government and business. Our overall growth strategy revolves around a combination of strong organic expansion and strategic acquisitions which provides us the ability to expand the breadth and depth of the services we provide to new and existing clients. We believe that we are well positioned to capitalize on the ongoing expansion and transformation of the energy and infrastructure environments as they adapt to climate change, electrification, and technology advancements. We operate our business through a nationwide network of offices spread across 22 states, the District of Columbia, the Canadian province of Alberta, and the Commonwealth of Puerto Rico. We serve a majority of the largest investor-owned electric utilities and over half of the largest municipa

View Full Filing

View this 10-K filing on SEC EDGAR