| 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 June 30, | | Six Months Ended June 30, | | (in thousands) | 2025 | | 2024 | | 2025 | | 2024 | | Revenue | | | | | | | | | Lawson | $ | 124,313 | | | $ | 121,118 | | | $ | 244,775 | | | $ | 239,304 | | | TestEquity | 195,046 | | | 197,481 | | | 383,819 | | | 384,630 | | | Gexpro Services | 127,807 | | | 107,134 | | | 246,712 | | | 205,785 | | | Canada Branch Division | 55,852 | | | 14,471 | | | 106,395 | | | 26,966 | | | Intersegment revenue elimination | (581) | | | (668) | | | (1,235) | | | (1,063) | | | Total revenue | $ | 502,437 | | | $ | 439,536 | | | $ | 980,466 | | | $ | 855,622 | | | | | | | | | | | Cost of goods sold | | | | | | | | | Lawson | $ | 55,739 | | | $ | 54,717 | | | $ | 107,967 | | | $ | 107,841 | | | TestEquity | 152,473 | | | 151,702 | | | 299,489 | | | 296,650 | | | Gexpro Services | 87,847 | | | 73,952 | | | 169,646 | | | 141,847 | | | Canada Branch Division | 36,895 | | | 8,306 | | | 70,541 | | | 15,411 | | | Intersegment cost of goods sold elimination | (601) | | | (668) | | | (1,241) | | | (1,063) | | | Total cost of goods sold | $ | 332,353 | | | $ | 288,009 | | | $ | 646,402 | | | $ | 560,686 | | | | | | | | | | | Selling, general and administrative expenses | | | | | | | | | Lawson | $ | 60,599 | | | $ | 60,272 | | | $ | 122,517 | | | $ | 121,227 | | | TestEquity | 37,760 | | | 45,076 | | | 75,387 | | | 93,371 | | | Gexpro Services | 26,058 | | | 25,091 | | | 51,923 | | | 50,385 | | | Canada Branch Division | 17,206 | | | 4,702 | | | 33,452 | | | 9,232 | | | All Other | 1,635 | | | 2,228 | | | 3,862 | | | 3,780 | | | Total operating expenses | $ | 143,258 | | | $ | 137,369 | | | $ | 287,141 | | | $ | 277,995 | | | | | | | | | | | Operating income (loss) | | | | | | | | | Lawson | $ | 7,975 | | | $ | 6,129 | | | $ | 14,291 | | | $ | 10,236 | | | TestEquity | 4,813 | | | 703 | | | 8,943 | | | (5,391) | | | Gexpro Services | 13,902 | | | 8,091 | | | 25,143 | | | 13,553 | | | Canada Branch Division | 1,751 | | | 1,463 | | | 2,402 | | | 2,323 | | | All Other | (1,615) | | | (2,228) | | | (3,856) | | | (3,780) | | | Total operating income (loss) | $ | 26,826 | | | $ | 14,158 | | | $ | 46,923 | | | $ | 16,941 | | | | | | | | | | | Reconciliation to income (loss) before income taxes | | | | | | | | | Interest expense | $ | (14,238) | | | $ | (12,793) | | | $ | (28,453) | | | $ | (24,620) | | | | | | | | | | | Change in fair value of earnout liabilities | — | | | (8) | | | (1,000) | | | (3) | | | Other income (expense), net | (726) | | | 359 | | | (94) | | | 97 | | | Income (loss) before income taxes | $ | 11,862 | | | $ | 1,716 | | | $ | 17,376 | | | $ | (7,585) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Lawson | | TestEquity | | Gexpro Services | | Canada Branch Division | | Elimination | | Total | | Three Months Ended June 30, 2025 | | | | | | | | | | | | | | Revenue from external customers | | $ | 124,287 | | | $ | 194,830 | | | $ | 127,474 | | | $ | 55,846 | | | $ | — | | | $ | 502,437 | | | Intersegment revenue | | 26 | | | 216 | | | 333 | | | 6 | | | (581) | | | — | | | Revenue | | $ | 124,313 | | | $ | 195,046 | | | $ | 127,807 | | | $ | 55,852 | | | $ | (581) | | | $ | 502,437 | | | Three Months Ended June 30, 2024 | | | | | | | | | | | | | | Revenue from external customers | | $ | 121,089 | | | $ | 197,446 | | | $ | 106,530 | | | $ | 14,471 | | | $ | — | | | $ | 439,536 | | | Intersegment revenue | | 29 | | | 35 | | | 604 | | | — | | | (668) | | | — | | | Revenue | | $ | 121,118 | | | $ | 197,481 | | | $ | 107,134 | | | $ | 14,471 | | | $ | (668) | | | $ | 439,536 | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | | | | | | | | | | | | Revenue from external customers | | $ | 244,727 | | | $ | 383,286 | | | $ | 246,067 | | | $ | 106,386 | | | $ | — | | | $ | 980,466 | | | Intersegment revenue | | 48 | | | 533 | | | 645 | | | 9 | | | (1,235) | | | — | | | Revenue | | $ | 244,775 | | | $ | 383,819 | | | $ | 246,712 | | | $ | 106,395 | | | $ | (1,235) | | | $ | 980,466 | | | Six Months Ended June 30, 2024 | | | | | | | | | | | | | | Revenue from external customers | | $ | 239,251 | | | $ | 384,511 | | | $ | 204,894 | | | $ | 26,966 | | | | | $ | 855,622 | | | Intersegment revenue | | 53 | | | 119 | | | 891 | | | — | | | (1,063) | | | — | | | Revenue | | $ | 239,304 | | | $ | 384,630 | | | $ | 205,785 | | | $ | 26,966 | | | $ | (1,063) | | | $ | 855,622 | | | | | | | | | | | | | | |
Total assets by segment and long-lived assets by geographic area were as follows: | | | | | | | | | | | | | (in thousands) | June 30, 2025 | | December 31, 2024 | | Total assets by segment | | | | | Lawson | $ | 547,214 | | | $ | 524,077 | | | TestEquity | 631,678 | | | 654,315 | | | Gexpro Services | 350,498 | | | 331,811 | | | Canada Branch Division | 213,193 | | | 199,362 | | | All Other | 9,400 | | | 17,690 | | | Total | $ | 1,751,983 | | | $ | 1,727,255 | | | | | | Long-lived assets by geographic area(1) | | | | | United States | $ | 806,353 | | | $ | 818,100 | | | Canada | 142,281 | | | 138,218 | | | Europe | 31,597 | | | 30,345 | | | Pacific Rim | 6,609 | | | 4,751 | | | Latin America | 3,486 | | | 3,615 | | | Other | — | | | — | | | Total | $ | 990,326 | | | $ | 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 June 30, | | Six Months Ended June 30, | | (in thousands) | 2025 | | 2024 | | 2025 | | 2024 | | Capital expenditures | | | | | | | | | Lawson | $ | 852 | | | $ | 1,090 | | | $ | 4,828 | | | $ | 2,204 | | | TestEquity | 6,101 | | | 2,785 | | | 9,289 | | | 4,741 | | | Gexpro Services | 1,399 | | | 1,136 | | | 2,386 | | | 1,548 | | | Canada Branch Division | 607 | | | 108 | | | 963 | | | 550 | | | All Other | — | | | — | | | — | | | — | | | Total | $ | 8,959 | | | $ | 5,119 | | | $ | 17,466 | | | $ | 9,043 | | | | | | | | | | | Depreciation and amortization | | | | | | | | | Lawson | $ | 6,808 | | | $ | 6,390 | | | $ | 13,360 | | | $ | 11,598 | | | TestEquity | 8,280 | | | 7,795 | | | 16,408 | | | 15,291 | | | Gexpro Services | 3,532 | | | 3,825 | | | 6,985 | | | 7,665 | | | Canada Branch Division | 1,718 | | | 525 | | | 3,564 | | | 1,033 | | | All Other | — | | | — | | | — | | | — | | | Total | $ | 20,338 | | | $ | 18,535 | | | $ | 40,317 | | | $ | 35,587 | |
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