$WLDN

Willdan Group, Inc.

CIK:0001370450|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2026	Jul. 04, 2025	Jul. 03, 2026	Jul. 04, 2025
Contract revenue
Contract revenue	$ 231,028	$ 173,473	$ 386,142	$ 325,859
Direct costs of contract revenue (inclusive of directly related depreciation and amortization):
Salaries and wages	29,788	26,643	59,064	54,320
Subcontractor services and other direct costs	113,786	78,505	176,468	145,553
Total direct costs of contract revenue	143,574	105,148	235,532	199,873
Gross profit	87,454	68,325	150,610	125,986
General and administrative expenses:
Salaries and wages, payroll taxes and employee benefits	40,467	32,576	73,468	63,684
Facilities and facility related	2,535	2,369	4,893	4,993
Stock-based compensation	4,811	3,182	8,503	5,608
Depreciation and amortization	6,971	5,504	12,417	9,944
Other	12,936	12,878	24,303	22,905
Total general and administrative expenses	67,720	56,509	123,584	107,134
Income (Loss) from operations	19,734	11,816	27,026	18,852
Other income (expense):
Interest expense, net	(1,086)	(2,186)	(1,921)	(3,988)
Other, net	439	551	1,234	510
Total other expense, net	(647)	(1,635)	(687)	(3,478)
Income (Loss) before income taxes	19,087	10,181	26,339	15,374
Income tax (benefit) expense	(5,258)	(5,255)	(6,536)	(4,749)
Net income (loss)	24,345	15,436	32,875	20,123
Other comprehensive income (loss):
Unrealized gain (loss) on derivative contracts, net of tax	80	188	199	3
Comprehensive income (loss)	$ 24,425	$ 15,624	$ 33,074	$ 20,126
Earnings (Loss) per share:
Basic (in dollars per share)	$ 1.62	$ 1.07	$ 2.21	$ 1.41
Diluted (in dollars per share)	$ 1.58	$ 1.03	$ 2.13	$ 1.36
Weighted-average shares outstanding:
Basic (in shares)	15,043	14,444	14,891	14,298
Diluted (in shares)	15,423	14,917	15,404	14,778

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2026	Jul. 04, 2025
Cash flows from operating activities:
Net income (loss)	$ 32,875	$ 20,123
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	12,417	9,944
Other non-cash items	(218)	657
Deferred income taxes, net	(7,618)	(4,332)
(Gain) loss on sale/disposal of equipment	(43)	(23)
Provision for doubtful accounts	25	279
Stock-based compensation	8,503	5,608
Accretion and fair value adjustments of contingent consideration	1,828	1,254
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts receivable	(12,143)	16,898
Contract assets	(27,117)	(18,062)
Other receivables	4,651	(2,346)
Prepaid expenses and other current assets	3,265	(1,376)
Other assets	895	(888)
Accounts payable	7,150	4,569
Accrued liabilities	(6,628)	(1,662)
Contract liabilities	1,862	(2,364)
Right-of-use assets	(189)	445
Net cash (used in) provided by operating activities	19,515	28,724
Cash flows from investing activities:
Purchase of equipment, software, and leasehold improvements	(3,671)	(4,517)
Proceeds from sale of equipment	51	28
Cash paid for acquisitions, net of cash acquired	(50,467)	(35,140)
Net cash (used in) provided by investing activities	(54,087)	(39,629)
Cash flows from financing activities:
Payments on contingent consideration	(8,807)
Receipt of restricted cash	7,242
Payment on restricted cash	(2,893)
Payments on notes payable		(137)
Payments on debt issuance costs		(332)
Payments made to retire prior credit agreement		(90,000)
Borrowing to fund new credit agreement		88,414
Borrowing under revolving credit facility	30,000
Payments under revolving credit facility	(10,000)
Principal payments on outstanding debt	(1,250)	(28,414)
Principal payments on finance leases	(885)	(737)
Proceeds from stock option exercise	1,593	1,909
Proceeds from sales of common stock under employee stock purchase plan	1,921	1,485
Cash used to pay taxes on stock grants	(9,049)	(3,093)
Net cash (used in) provided by financing activities	7,872	(30,905)
Net increase (decrease) in cash, cash equivalents and restricted cash	(26,700)	(41,810)
Cash, cash equivalents and restricted cash at beginning of period	65,919	74,158
Cash, cash equivalents and restricted cash at end of period	39,219	32,348
Cash paid (received) during the period for:
Interest	2,032	3,915
Income taxes	1,265	2,471
Supplemental disclosures of noncash investing and financing activities:
Issuance of common stock related to business acquisitions	9,572	5,557
Contingent consideration related to business acquisitions	9,394	12,040
Other working capital adjustment	1,336
Equipment acquired under finance leases	$ 535	$ 855

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 03, 2026	Jan. 02, 2026
Current assets:
Cash and cash equivalents	$ 34,870	$ 65,919
Restricted cash	4,349	0
Accounts receivable, net of allowance for doubtful accounts of $266 and $340 at July 3, 2026 and January 2, 2026, respectively	84,250	64,604
Contract assets	134,433	107,296
Other receivables	1,668	6,330
Prepaid expenses and other current assets	10,296	7,528
Total current assets	269,866	251,677
Equipment and leasehold improvements, net	29,595	31,491
Goodwill	212,169	179,530
Right-of-use assets	18,173	16,600
Other intangible assets, net	68,933	35,521
Other assets	1,891	2,762
Deferred income taxes, net	34,248	26,630
Total assets	634,875	544,211
Current liabilities:
Accounts payable	62,916	45,628
Accrued liabilities	79,156	82,434
Contingent consideration payable	15,792	3,732
Contract liabilities	30,271	21,565
Notes payable	2,500	2,500
Finance lease obligations	1,102	1,225
Lease liability	4,927	4,670
Total current liabilities	196,664	161,754
Contingent consideration payable, less current portion	7,015	16,651
Notes payable, less current portion	64,745	45,962
Finance lease obligations, less current portion	935	1,162
Lease liability, less current portion	14,982	13,762
Other noncurrent liabilities	69	69
Total liabilities	284,410	239,360
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; 15,197 and 14,762 shares issued and outstanding at July 3, 2026 and January 2, 2026, respectively	152	148
Additional paid-in capital	227,805	215,269
Accumulated other comprehensive income (loss)	(71)	(270)
Retained earnings	122,579	89,704
Total stockholders' equity	350,465	304,851
Total liabilities and stockholders' equity	$ 634,875	$ 544,211