Joint Ventures and Variable Interest Entities

3 Months Ended

Mar. 29, 2024

Joint Ventures and Variable Interest Entities Disclosure [Abstract]

Joint Ventures and Variable Interest Entities

Note 4. Joint Ventures and Variable Interest Entities

A summary of financial information of the consolidated joint ventures is as follows:

	March 29,		December 29,
	2024		2023
(In thousands)
Current assets	$	45,774	$	34,071
Non-current assets		-		8,971
Total assets		45,774		43,042
Current liabilities		61,543		59,602
Non-current liabilities		2,029		2,013
Total liabilities	$	63,572	$	61,615

	Three Months Ended
	March 29,		March 31,
	2024		2023
(In thousands)
Revenue	$	4,004	$	4,614

The assets of the Company’s consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the general operations of the Company.

A summary of financial information of the unconsolidated joint ventures, as derived from their financial statements, is as follows:

	March 29,		December 29,
	2024		2023
(In thousands)
Current assets	$	81,404	$	74,498
Non-current assets		12,862		14,333
Total assets		94,266		88,831
Current liabilities		40,928		42,817
Total liabilities	$	40,928	$	42,817

	Three Months Ended
	March 29,			March 31,
	2024			2023
(In thousands)
Revenue	$	20,456		$	28,888
Cost of revenue		20,931			33,972
Gross margin		(475	)		(5,084	)
Net loss	$	(475	)	$	(5,084	)

As of March 29, 2024 and December 29, 2023, the Company’s investment in unconsolidated joint ventures was $24 million and $21 million, respectively.

The Company recognized equity in earnings of unconsolidated joint ventures of $263 thousand for the three months ended March 29, 2024 and equity in loss of unconsolidated joint ventures of $541 thousand for the three months ended March 31, 2023.

Contractually required support provided to the Company’s joint ventures is discussed in Note 11 - Commitments and Contingencies.

Related Party Transactions

We often provide construction management and other subcontractor services to the Company’s joint ventures and revenue includes amounts related to these services which is eliminated to the extent of our ownership. Revenue included related to services provided to unconsolidated joint venture related parties is as follows:

	Three Months Ended
	March 29,		March 31,
	2024		2023
(In thousands)
Revenue	$	478	$	1,045

Amounts included in the condensed consolidated balance sheets related to services provided to unconsolidated joint ventures as of March 29, 2024 and December 29, 2023 are as follows:

	March 29,		December 29,
	2024		2023
(In thousands)
Accounts receivable, net	$	2,471	$	2,092