v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information of Reportable Segments
Financial information for the Company’s segments and reconciliations of that information to the unaudited condensed consolidated financial statements is presented below.
Three Months Ended March 31,
(in thousands)20252024
Revenue
Lawson$120,462 $118,186 
TestEquity188,773 187,149 
Gexpro Services118,905 98,651 
Canada Branch Division50,543 12,495 
Intersegment revenue elimination(654)(395)
Total revenue$478,029 $416,086 
Cost of goods sold
Lawson$52,228 $53,124 
TestEquity147,016 144,948 
Gexpro Services81,799 67,895 
Canada Branch Division33,646 7,105 
Intersegment cost of goods sold elimination(640)(395)
Total cost of goods sold$314,049 $272,677 
Selling, general and administrative expenses
Lawson$61,918 $60,955 
TestEquity37,627 48,295 
Gexpro Services25,865 25,294 
Canada Branch Division16,246 4,530 
All Other2,227 1,552 
Total operating expenses$143,883 $140,626 
Operating income (loss)
Lawson$6,316 $4,107 
TestEquity4,130 (6,094)
Gexpro Services11,241 5,462 
Canada Branch Division651 860 
All Other(2,241)(1,552)
Total operating income (loss)$20,097 $2,783 
Reconciliation to income (loss) before income taxes
Interest expense$(14,215)$(11,827)
Loss on extinguishment of debt— — 
Change in fair value of earnout liabilities(1,000)5 
Other income (expense), net632 (262)
Income (loss) before income taxes$5,514 $(9,301)
Segment revenue and the elimination of intersegment revenue was as follows:
(in thousands)LawsonTestEquityGexpro ServicesCanada Branch DivisionEliminationTotal
Three Months Ended March 31, 2025
Revenue from external customers$120,440 $188,456 $118,593 $50,540 $— $478,029 
Intersegment revenue22 317 312 3 (654)— 
Revenue$120,462 $188,773 $118,905 $50,543 $(654)$478,029 
Three Months Ended March 31, 2024
Revenue from external customers$118,162 $187,065 $98,364 $12,495 $— $416,086 
Intersegment revenue24 84 287 — (395)— 
Revenue$118,186 $187,149 $98,651 $12,495 $(395)$416,086 

Total assets by segment and long-lived assets by geographic area were as follows:
(in thousands)March 31, 2025December 31, 2024
Total assets by segment
Lawson$570,444 $524,077 
TestEquity629,338 654,315 
Gexpro Services348,066 331,811 
Canada Branch Division202,508 199,362 
All Other12,556 17,690 
Total$1,762,912 $1,727,255 
Long-lived assets by geographic area(1)
United States$822,048 $818,100 
Canada136,622 138,218 
Europe30,702 30,345 
Pacific Rim5,382 4,751 
Latin America3,502 3,615 
Other— — 
Total$998,256 $995,029 
(1)    Long-lived assets include property, plant and equipment, rental equipment, goodwill, intangibles, right of use operating lease assets, and other assets.
Capital expenditures and depreciation and amortization by segment were as follows:
Three Months Ended March 31,
(in thousands)20252024
Capital expenditures
Lawson$3,976 $796 
TestEquity3,188 1,956 
Gexpro Services987 412 
Canada Branch Division356 511 
All Other— — 
Total$8,507 $3,675 
Depreciation and amortization
Lawson$6,552 $5,208 
TestEquity8,128 7,496 
Gexpro Services3,453 3,840 
Canada Branch Division1,846 508 
All Other— — 
Total$19,979 $17,052