Consolidated Ventures

9 Months Ended

Sep. 26, 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):


	September 26,		December 31,
	2021		2020
Assets
Total assets	$	149,866	$	145,664

Liabilities and equity
Total liabilities	$	99,559	$	96,318
Total equity	50,307		49,346
Total liabilities and equity	$	149,866	$	145,664

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


	Three Months Ended				Nine Months Ended
	September 26,		September 27,		September 26,		September 27,
	2021		2020		2021		2020
Income statements
Revenues	$	97,986	$	87,324	$	300,999	$	268,969
Cost of revenues	82,913		70,707		249,013		215,866
Selling, general and administrative expenses	18,998		16,595		55,289		50,477
Total operating expenses	101,911		87,302		304,302		266,343
Program (loss) income	(3,925)		22		(3,303)		2,626
Other loss, net	(96)		(32)		(715)		(241)
Net (loss) income	$	(4,021)	$	(10)	$	(4,018)	$	2,385

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.