v3.26.1
Segment Information
 3 Months Ended
Mar. 29, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s reportable segments are: (i) U.S. Gas Utility Services (“U.S. Gas”); (ii) Canadian Utility Services (“Canadian Operations”); (iii) Union Electric Utility Services (“Union Electric”); and (iv) Non-Union Electric Utility Services (“Non-Union Electric”). Canadian Operations includes the results of Connect, which was acquired in November 2025.

The Company’s president and chief executive officer serves as the Company's chief operating decision maker (the "CODM"). The Company’s reportable segments are established in consideration of differences in services, geographic areas and workforce composition (union vs. non-union). The Company has not aggregated any operating segments into reportable segments. The CODM reviews short-term and long-term trends and budget-to-actual variances in gross profit to assess performance across the different segments in determining where to allocate resources.

U.S. Gas

U.S. Gas provides comprehensive services, including maintenance, replacement, repair, and installation for local natural gas distribution utilities (“LDCs”) focused on the modernization of customers’ infrastructure throughout the United
States. The work performed within this segment includes solutions for all stages of utility work and is performed primarily within the distribution, utility-scale transmission and end-user infrastructure, rather than large-scale, project-based, cross-country transmission. In addition, U.S. Gas performs other underground services, including water and fiber, and has an in-house fabrication shop providing pipe and component assembly. The Company is able to cater to the needs of its gas utility services and energy customers by serving union and non-union markets.

Canadian Operations

Canadian Operations provides comprehensive services, including maintenance, replacement, repair, and installation for local gas and electric utilities and energy providers. A majority of the work performed in this segment is focused on distribution, urban transmission and end-user interface under master service agreements (“MSAs”) for gas and electric utilities. This segment also provides storm response services and performs construction of electrical systems used in renewable energy projects.

Union Electric

Union Electric provides a comprehensive set of electric utility services encompassing maintenance, replacement, repair, storm response, upgrade and expansion services for urban transmission and local distribution infrastructure within union markets. The work performed within this segment is focused primarily on recurring local distribution and urban transmission services under MSAs, as opposed to large-scale, project-based, cross-country transmission, and services are primarily focused on infrastructure between the substation and end-user meter. In addition to core electric utility infrastructure, this segment provides heavy industrial work, including civil, mechanical, electrical, and fabrication (component assembly) services.

Non-Union Electric

Non-Union Electric provides a comprehensive set of electric utility services encompassing maintenance, replacement, repair, storm response, upgrade and expansion services for urban transmission and local distribution infrastructure within non-union markets. The work performed within this segment is focused almost exclusively on recurring local distribution and urban transmission services under MSAs as opposed to large-scale, project-based, cross-country transmission, and services are primarily focused on infrastructure between the substation and end-user meter.

Other

Other consists of any corporate and non-allocated transactions.

Revenue and gross profit (loss) by segment are presented below (in thousands). Revenue amounts presented are revenues with external customers, and intersegment revenues were not material.
Fiscal Three Months Ended
March 29, 2026March 30, 2025
Revenue:  
U.S. Gas$284,499 $197,694 
Canadian Operations60,028 39,784 
Union Electric204,069 175,468 
Non-Union Electric174,578 137,135 
Consolidated revenue$723,174 $550,081 
  
Gross profit (loss):  
U.S. Gas$(6,335)$(14,856)
Canadian Operations9,100 7,079 
Union Electric18,234 11,813 
Non-Union Electric14,759 16,292 
Consolidated gross profit$35,758 $20,328 
Gross profit represents the difference between revenue and cost of revenue. Cost of revenue is a significant expense that is regularly reported to the CODM by segment. Cost of revenue by segment was as follows (in thousands):
Fiscal Three Months Ended
March 29, 2026March 30, 2025
U.S. Gas$290,834 $212,550 
Canadian Operations50,928 32,705 
Union Electric185,835 163,655 
Non-Union Electric159,819 120,843 
Consolidated cost of revenue$687,416 $529,753 

Depreciation expense, included in cost of revenue, by segment was as follows (in thousands):
Fiscal Three Months Ended
March 29, 2026March 30, 2025
U.S. Gas$9,979 $11,157 
Canadian Operations1,692 1,432 
Union Electric7,380 7,278 
Non-Union Electric7,919 7,318 
Consolidated depreciation expense (1)
$26,970 $27,185 

(1)Depreciation expense within selling, general and administrative expense was excluded from the table above as it is not produced or utilized by management to evaluate segment performance.

Separate measures of the Company’s assets and cash flows, with the exception of capital expenditures, are not produced or utilized by the CODM to evaluate segment performance, as defined by Accounting Standards Codification Topic 280, “Segment Reporting.” The CODM does not use total assets by segment as a basis for decision making.

Capital expenditures by segment were as follows (in thousands):
Fiscal Three Months Ended
March 29, 2026March 30, 2025
U.S. Gas$5,744 $10,188 
Canadian Operations2,315 622 
Union Electric9,801 3,705 
Non-Union Electric2,119 9,845 
Other255 2 
Consolidated capital expenditures$20,234 $24,362 

Foreign Operations

The Company recorded revenue in Canada of approximately $60.0 million (8% of consolidated revenue) and $39.8 million (7% of consolidated revenue) during the fiscal three months ended March 29, 2026 and March 30, 2025, respectively.