v3.22.2.2
Note 10 - Segment Reporting
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

10.

SEGMENT REPORTING

 

Operating segments are defined in accordance with ASC 280-10 as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The measurement basis of segment profit or loss is income (loss) from operations. Management has identified five operating segments based on the activities of the Company in accordance with ASC 280-10. These operating segments have been aggregated into three reportable segments. The three reportable segments are Electric Power, Telecommunications, and Renewables and an Other category. 

 

The Electric Power segment consists of Front Line Power Construction, LLC, Orbital Power, Inc. and Eclipse Foundation Group. The segment provides comprehensive solutions to customers in the electric power industries. 

 

The Telecommunications segment is made up of Gibson Technical Services, Inc. (“GTS”) (acquired  April 13, 2021). GTS is an Atlanta-based telecommunications company providing diversified telecommunications services nationally since 1990 and is the parent of the following companies: IMMCO, Inc., Full Moon Telecom, and Coax Fiber Solutions, LLC.

 

The Renewables segment consists of Orbital Solar Services based in Raleigh, North Carolina. Orbital Solar Services provides engineering, procurement and construction (“EPC”) services that support the development of renewable energy generation focused on utility-scale solar construction. The Company serves a wide variety of project types, including commercial, substation, solar farms and public utility projects.

 

The Other category is made up primarily of the Company's corporate activities. This category does not include any operating segments and does not generate revenue. 

 

The following information represents segment activity for the three months ended September 30, 2022:

 

(in thousands)

 

Electric Power

  

Telecommunications

  

Renewables

  

Other

  

Total

 

Revenues from external customers

 $36,732  $24,064  $39,026  $—  $99,822 

Depreciation and amortization (1)

  6,975   1,315   608   16   8,914 

Interest expense

  4,441   19   1   5,253   9,714 

Income (loss) from operations

  (76,606)  (23,213)  (26,535)  (2,356)  (128,710)

Expenditures for long-lived assets

  368   396   10   43   817 

 

(1)  Depreciation and amortization includes $3.5 million of depreciation expense which was included in cost of revenues in the Condensed Consolidated Statements of Operations.

 

The following information represents segment activity for the three months ended September 30, 2021:

 

(in thousands)

 

Electric Power

  

Telecommunications

  

Renewables

  

Other

  

Total

 

Revenues from external customers

 $12,200  $8,742  $3,880  $—  $24,822 

Depreciation and amortization (1)

  1,095   774   614   416   2,899 

Interest expense

  116   9   256   885   1,266 

Loss from operations

  (2,445)  (436)  (3,605)  (4,364)  (10,850)

Expenditures for long-lived assets (2)

  1,391   393   77   41   1,902 

 

(1)   Depreciation and amortization includes $1.2 million of depreciation expense which was included in cost of revenues in the Condensed Consolidated Statements of Operations and $0.4 million of depreciation and amortization which was included in Other that was discontinued operations. 

 

(2)  Includes purchases of property, plant and equipment and other intangible assets. The Other category includes expenditures for discontinued operations of $3 thousand.

 

The following information represents selected balance sheet items by segment as of September 30, 2022:

 

(in thousands)

 

Electric Power

  

Telecommunications

  

Renewables

  

Other

  

Total

 

Segment assets

 $184,801  $68,480  $29,765  $19,063  $302,109 

Goodwill

  —   —   7,006   —   7,006 

Other intangible assets, net

  95,287   26,960   1,606   —   123,853 

 

 

The following information represents segment activity for the nine months ended September 30, 2022:

 

(in thousands)

 

Electric Power

  

Telecommunications

  

Renewables

  

Other

  

Total

 

Revenues from external customers

 $117,695  $60,524  $85,770  $—  $263,989 

Depreciation and amortization (1)

  21,445   3,582   1,825   47   26,899 

Interest expense

  12,743   115   5   14,703   27,566 

Income (loss) from operations

  (77,621)  (21,662)  (32,280)  (6,642)  (138,205)

Expenditures for long-lived assets (2)

  2,719   975   19   83   3,796 

 

(1)   Depreciation and amortization includes $10.7 million of depreciation expense which was included in cost of revenues in the Condensed Consolidated Statements of Operations. 

 

(2)  Includes purchases of property, plant and equipment and other intangible assets. The Other category includes expenditures for discontinued operations of $10 thousand.

 

The following information represents segment activity for the nine months ended September 30, 2021:

 

(in thousands)

 

Electric Power

  

Telecommunications

  

Renewables

  

Other

  

Total

 

Revenues from external customers

 $20,297  $14,816  $6,789  $—  $41,902 

Depreciation and amortization (1)

  1,944   1,389   2,319   1,281   6,933 

Interest expense

  175   10   270   2,641   3,096 

Loss from operations

  (11,461)  (1,185)  (17,178)  (14,243)  (44,067)

Expenditures for long-lived assets (2)

  5,532   838   118   808   7,296 

(1) Depreciation and amortization includes $2.3 million of depreciation expense which was included in cost of revenues in the Condensed Consolidated Statements of Operations and $1.2 million of depreciation and amortization which was included in Other that was discontinued operations. 

(2)  Includes purchases of property, plant and equipment and other intangible assets. The Other category includes expenditures for discontinued operations of $0.7 million.

 

 

The following information represents selected balance sheet items by segment as of December 31, 2021:

 

(in thousands)

 

Electric Power

  

Telecommunications

  

Renewables

  

Other

  

Total

 

Segment assets

 $273,726  $80,800  $28,324  $29,489  $412,339 

Goodwill

  70,151   23,742   7,006   —   100,899 

Other intangible assets, net

  106,377   28,571   7,708   —   142,656