v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

Note 5. Segment Information

The Company has two reportable segments, Electronic Components and Mechanical Components. The Company’s segment reporting structure is consistent with how the CODM reviews the business, makes investing and resource decisions, and assesses operating performance.

The Company’s CODM is its Chief Executive Officer. The CODM evaluates the performance of the segments and allocates resources to them based on segment adjusted earnings before interest, taxes, depreciation and amortization adjusted for other non-cash or non-recurring items (“Segment Adjusted EBITDA”) that management believes are not reflective of the Company’s ongoing core operations.

Information on the Company’s two reportable segments, Electronic Components and Mechanical Components, was as follows:

 

 

Three Months Ended March 31, 2026

 

 

Electronic
Components

 

 

Mechanical
Components

 

 

Total

 

Revenue

 

$

 

201,269

 

 

$

 

257,589

 

 

$

 

458,858

 

Segment cost of revenue(1)

 

 

 

91,957

 

 

 

 

119,659

 

 

 

 

211,616

 

Segment selling, general and administrative expenses(2)

 

 

 

25,042

 

 

 

 

42,103

 

 

 

 

67,145

 

Other segment items(3)

 

 

 

(1,873

)

 

 

 

(971

)

 

 

 

(2,844

)

Segment Adjusted EBITDA

 

$

 

86,143

 

 

$

 

96,798

 

 

$

 

182,941

 

 

 

Three Months Ended March 31, 2025

 

 

Electronic
Components

 

 

Mechanical
Components

 

 

Total

 

Revenue

 

$

 

169,829

 

 

$

 

210,250

 

 

$

 

380,079

 

Segment cost of revenue(1)

 

 

 

79,058

 

 

 

 

108,700

 

 

 

 

187,758

 

Segment selling, general and administrative expenses(2)

 

 

 

21,079

 

 

 

 

38,347

 

 

 

 

59,426

 

Other segment items(3)

 

 

 

(90

)

 

 

 

(1,140

)

 

 

 

(1,230

)

Segment Adjusted EBITDA

 

$

 

69,782

 

 

$

 

64,343

 

 

$

 

134,125

 

 

(1)
Represents cost of revenue adjusted to exclude depreciation and amortization.
(2)
Represents selling, general and administrative expenses adjusted to exclude depreciation, transaction and other deal related expenses, acquisition and integration costs, restructuring related costs and non-cash share-based compensation expense.
(3)
Represents other income and expense adjustments that are non-recurring, non-operational, or not reflective of core performance, such as loss on disposal of assets, foreign currency gains and losses and non-operational pension impacts.

The following table provides a reconciliation of Segment Adjusted EBITDA to Net income (loss) before income taxes for the periods presented:

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Segment Adjusted EBITDA

 

$

 

182,941

 

 

$

 

134,125

 

Less:

 

 

 

 

 

 

 

 

Corporate costs

 

 

 

7,746

 

 

 

—

 

Interest expense, net

 

 

 

43,958

 

 

 

 

68,260

 

Depreciation and amortization

 

 

 

51,528

 

 

 

 

48,994

 

Acquisition and integration costs

 

 

 

722

 

 

 

 

18,749

 

Restructuring costs

 

 

 

270

 

 

 

 

1,737

 

Transaction and other deal related expenses

 

 

 

7,225

 

 

 

 

881

 

Share-based compensation expense

 

 

 

2,480

 

 

 

 

2,330

 

Net income (loss) before income taxes

 

$

 

69,012

 

 

$

 

(6,826

)

 

Total assets by reportable segment were as follows:

 

 

March 31, 2026

 

 

December 31, 2025

 

Electronic Components

 

$

 

3,081,821

 

 

$

3,059,230

 

Mechanical Components

 

 

 

3,557,908

 

 

 

3,537,204

 

Total assets

 

$

 

6,639,729

 

 

$

6,596,434

 

 

Capital expenditures by reportable segment were as follows:

 

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Electronic Components

 

$

 

3,950

 

 

$

 

2,094

 

Mechanical Components

 

 

 

7,753

 

 

 

 

6,701

 

Total capital expenditures

 

$

 

11,703

 

 

$

 

8,795