v3.25.1
Operating Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Operating Segments Operating Segments
As discussed in Note 1, the Company operates in two segments (i) ODR, in which the Company provides maintenance or service primarily on mechanical, plumbing or electrical systems, building controls and specialty contracting projects direct to, or assigned by, building owners or property managers, and (ii) GCR, in which the Company generally manages new construction or renovation projects that involve primarily mechanical, plumbing, or electrical services awarded to the Company by general contractors or construction managers. Segment information is prepared on the same basis the Company’s Chief Operating Decision Maker (“CODM”) reviews operating results for the purposes of allocating resources and assessing performance. The Company's CODM is comprised of its President and Chief Executive Officer and Executive Vice President and Chief Financial Officer.
In accordance with ASC Topic 280 – Segment Reporting, the Company has elected to aggregate all of the ODR work performed at its branches into one ODR reportable segment and all of the GCR work performed at its branches into one GCR reportable segment. All transactions between segments are eliminated in consolidation.
All of the Company’s identifiable assets are located in the United States, which is where the Company is domiciled.
Condensed consolidated segment information for the three months ended March 31, 2025 and 2024 were as follows:
 Three Months Ended
March 31,
(in thousands)20252024
Statement of Operations Data:
Revenue:
ODR$90,393 $74,256 
GCR42,715 44,720 
Total revenue133,108 118,976 
Gross profit:
ODR26,161 22,161 
GCR10,558 8,927 
Total gross profit36,719 31,088 
Selling, general and administrative(1)
26,518 22,876 
Change in fair value of contingent consideration427 623 
Amortization of intangibles1,863 1,057 
Operating income$7,911 $6,532 
Other income (expenses):
Interest expense(526)(475)
Interest income370 562 
Gain on disposition of property and equipment333 491 
(Loss) gain on change in fair value of interest rate swap(97)149 
Total other income (expenses)80 727 
Income before income taxes$7,991 $7,259 
(1)    Included within selling, general and administrative expenses was $1.6 million and $1.2 million of non-cash stock-based compensation expense for the three months ended March 31, 2025 and 2024, respectively.
The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment.