Consolidated Ventures

6 Months Ended

Jun. 27, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company consolidates an investment when it has determined that the investment is a variable interest entity (“VIE”) and that the Company is the primary beneficiary. As the primary beneficiary, the Company has a risk and obligation to absorb any losses significant to the VIE and the power, through voting rights or similar rights, to direct the activities that could impact economic performance of the VIE. The use of the assets of the VIEs to settle the Company’s liabilities is subject to the approval of the managing body of each VIE.

The cash flows generated by these VIEs are included within the Company’s condensed consolidated statements of cash flows. The condensed consolidated balance sheets include the following amounts from these consolidated VIEs as of the dates presented (in thousands):


	June 27,		December 31,
	2021		2020
Assets
Total assets	$	148,480	$	145,664

Liabilities and equity
Total liabilities	$	100,732	$	96,318
Total equity	47,748		49,346
Total liabilities and equity	$	148,480	$	145,664

The condensed consolidated statements of operations include the following amounts from consolidated VIEs for the periods presented (in thousands):


	Three Months Ended				Six Months Ended
	June 27,		June 28,		June 27,		June 28,
	2021		2020		2021		2020
Income statements
Revenues	$	111,486	$	94,454	$	203,013	$	181,644
Cost of revenues	90,989		76,634		166,100		145,159
Selling, general and administrative expenses	18,793		15,864		36,291		33,881
Total operating expenses	109,783		92,498		202,391		179,040
Program (loss) income	1,703		1,956		622		2,604
Other (loss) income, net	(395)		840		(619)		(209)
Net income	$	1,308	$	2,796	$	3	$	2,395

DZSP 21 LLC

On January 31, 2021, the Company, acquired the 49.0% minority interest in the DZSP 21 LLC (“DZSP”) joint venture from Parsons Government Services, Inc. for total consideration of $15.8 million. Following the completion of this transaction, the Company owns 100% of DZSP.