Willdan Group Files Q2 2024 10-Q

TL;DR

Willdan Group filed its Q2 10-Q. Financials look steady.

AI Summary

Willdan Group, Inc. filed its 10-Q for the period ending June 28, 2024. The filing details financial performance and operational updates. Key financial data points and business segments are presented, reflecting the company's activities during the second quarter of 2024.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Willdan Group, Inc., crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant negative events indicated.

Key Numbers

• 2024-06-28 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-08-02 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Willdan Group, Inc. (company) — Filer of the 10-Q
• 2024-06-28 (date) — End of the reporting period
• 2024-08-02 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share WLDN The Nasdaq Stock Mar

Filing Documents

• wldn-20240628x10q.htm (10-Q) — 2370KB
• wldn-20240628xex31d1.htm (EX-31.1) — 11KB
• wldn-20240628xex31d2.htm (EX-31.2) — 14KB
• wldn-20240628xex32d1.htm (EX-32.1) — 13KB
• 0001558370-24-010633.txt ( ) — 9668KB
• wldn-20240628.xsd (EX-101.SCH) — 48KB
• wldn-20240628_cal.xml (EX-101.CAL) — 78KB
• wldn-20240628_def.xml (EX-101.DEF) — 152KB
• wldn-20240628_lab.xml (EX-101.LAB) — 462KB
• wldn-20240628_pre.xml (EX-101.PRE) — 351KB
• wldn-20240628x10q_htm.xml (XML) — 2037KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 44

OTHER INFORMATION

PART II. OTHER INFORMATION 45

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 46

Other Information

Item 5. Other Information 46

Exhibits

Item 6. Exhibits 47 i Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-Q (this "10-Q") 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-Q 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 are reasonable, we caution that predicting the impact of known factors is very difficult, and we cannot anticipate all factors that could affect our actual results. All of our forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from our expectations. Importan

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements WILLDAN GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET S (in thousands, except par value) (Unaudited) June 28, December 29, 2024 2023 Assets Current assets: Cash and cash equivalents $ 44,267 $ 23,397 Restricted cash — — Accounts receivable, net of allowance for doubtful accounts of $ 898 and $ 866 at June 28, 2024 and December 29, 2023, respectively 61,985 69,677 Contract assets 87,872 93,885 Other receivables 218 1,169 Prepaid expenses and other current assets 6,108 3,888 Total current assets 200,450 192,016 Equipment and leasehold improvements, net 28,228 27,097 Goodwill 131,144 131,144 Right-of-use assets 15,338 12,465 Other intangible assets, net 28,279 31,956 Other assets 2,978 4,949 Deferred income taxes, net 14,872 15,961 Total assets $ 421,289 $ 415,588 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 31,917 $ 33,193 Accrued liabilities 45,305 54,129 Contract liabilities 17,464 13,183 Notes payable 9,530 8,452 Finance lease obligations 1,096 1,186 Lease liability 5,515 4,537 Total current liabilities 110,827 114,680 Notes payable, less current portion 84,164 88,979 Finance lease obligations, less current portion 1,132 1,184 Lease liability, less current portion 11,604 9,758 Other noncurrent liabilities 557 1,142 Total liabilities 208,284 215,743 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; 13,916 and 13,682 shares issued and outstanding at June 28, 2024 and December 29, 2023, respectively 139 137 Additional paid-in capital 190,882 185,795 Accumulated other comprehensive loss ( 129 ) ( 664 ) Retained earni

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View this 10-Q filing on SEC EDGAR