v3.26.1
Reportable Segments
 6 Months Ended
Jun. 30, 2026
Reportable Segments  
Reportable Segments

Note 14—Reportable Segments

​

Our Chief Operating Decision Maker (“CODM”), who is our President and Chief Executive Officer, regularly reviews operating and financial performance based on our operating segments. We have aggregated our operating segments into two reportable segments in consideration of the aggregation criteria set forth in ASC 280, Segment Reporting. Our current reportable segments include the Utilities segment and the Energy segment.

​

Each of our reportable segments is composed of similar business units that specialize in services unique to the segment. Driving the end-user focused segments are differences in the economic characteristics of each segment, the nature of the services provided by each segment, the production processes of each segment, the type or class of customer using the segment’s services, the methods used by the segment to provide the services, and the regulatory environment of each segment’s customers.

​

The classification of certain operating expenses and SG&A expenses for segment reporting purposes can at times require judgment on the part of management. Our segments may perform services across industries or perform joint services for customers in multiple industries. To determine reportable segment profitability, certain allocations, including allocations of shared and indirect costs, as well as general and administrative costs are made. Certain of our fixed assets are used on an interchangeable basis across both reportable segments.

​

The following is a brief description of the reportable segments:

​

The Utilities segment operates throughout the United States and specializes in a range of services, including the installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems, and communications systems.

​

The Energy segment operates throughout the United States and Canada and specializes in a range of services that include engineering, procurement, construction, and maintenance services for entities in the energy, renewable energy and energy storage, renewable fuels, data center services and petroleum and petrochemical industries, as well as state departments of transportation.

​

Corporate and non-allocated costs include corporate facility and property costs; corporate salaries, benefits, incentive compensation and non-cash stock-based compensation; and acquisition and integration costs.

​

Segment Operating Income

​

Operating income is calculated as revenue less cost of revenue and SG&A costs. Cost of revenue includes certain direct and indirect costs such as labor and materials, equipment, depreciation, and subcontractor costs. SG&A includes compensation and benefits for executive, management level and administrative employees, marketing and communications, professional fees, rent for facilities and utilities, amortization, and other general costs required to run our business.

​

Operating performance by segment for the three months ended June 30, 2026, and 2025 was as follows (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended June 30, 2026

​

​

Utilities

​

% of Segment Revenue

​

Energy

​

​

% of Segment Revenue

​

Corporate and non-allocated costs

​

Consolidated

​

​

% of Consolidated Revenue

Revenue

​

$

712.6

​

​

—

​

$

999.9

​

​

—

​

$

(24.3)

(1)

$

1,688.2

​

​

—

​

Cost of revenue

​

​

627.5

​

​

88.1%

​

​

1,002.6

​

​

100.3%

​

​

(24.3)

(1)

​

1,605.8

​

​

95.1%

​

Gross profit (loss)

​

​

85.1

​

​

11.9%

​

​

(2.7)

​

​

(0.3)%

​

​

—

​

​

82.4

​

​

4.9%

​

Selling, general, and administrative expenses

​

​

30.6

​

​

4.3%

​

​

53.7

​

​

5.4%

​

​

22.0

​

​

106.3

​

​

6.3%

​

Transaction and related costs

​

​

—

​

​

​

​

​

—

​

​

​

​

​

2.9

​

​

2.9

​

​

​

​

Operating income (loss)

​

$

54.5

​

​

7.6%

​

$

(56.4)

​

​

(5.6)%

​

$

(24.9)

​

$

(26.8)

​

​

(1.6)%

​

​

(1)Represents intersegment revenue and cost of revenue of $24.2 million in the Utilities segment and $0.1 million in the Energy Segment eliminated in our Condensed Consolidated Statements of Operations.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended June 30, 2025

​

  ​ ​ ​

Utilities

  ​ ​ ​

% of Segment Revenue

​

Energy

​

% of Segment Revenue

​

Corporate and non-allocated costs

​

Consolidated

​

​

% of Consolidated Revenue

Revenue

​

$

693.0

 

​

—

​

$

1,236.8

​

​

—

​

$

(39.1)

(1)

$

1,890.7

​

​

—

Cost of revenue

​

​

595.5

​

​

85.9%

​

​

1,102.6

​

​

89.2%

​

​

(39.1)

(1)

​

1,659.0

​

​

87.7%

Gross profit

​

​

97.5

​

​

14.1%

​

​

134.2

​

​

10.8%

​

​

—

​

​

231.7

​

​

12.3%

Selling, general, and administrative expenses

​

​

32.0

​

​

4.6%

​

​

41.6

​

​

3.4%

​

​

31.0

​

​

104.6

​

​

5.5%

Transaction and related costs

​

​

—

​

​

​

​

​

—

​

​

​

​

​

0.5

​

​

0.5

​

​

​

Operating income

​

$

65.5

 

​

9.5%

​

$

92.6

​

​

7.5%

​

$

(31.5)

​

$

126.6

​

​

6.7%

​

(1)Represents intersegment revenue and cost of revenue of $39.1 million in the Utilities segment eliminated in our Condensed Consolidated Statements of Operations.

​

Operating performance by segment for the six months ended June 30, 2026, and 2025 was as follows (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the six months ended June 30, 2026

​

  ​ ​ ​

Utilities

  ​ ​ ​

% of Segment Revenue

​

Energy

​

% of Segment Revenue

​

Corporate and non-allocated costs

​

Consolidated

​

% of Consolidated Revenue

Revenue

​

$

1,345.5

​

​

—

​

$

1,955.3

​

​

—

​

$

(52.7)

(1)

$

3,248.1

​

​

—

Cost of revenue

​

​

1,198.4

​

​

89.1%

​

​

1,885.3

​

​

96.4%

​

​

(52.7)

(1)

​

3,031.0

​

​

93.3%

Gross profit

​

​

147.1

​

​

10.9%

​

​

70.0

​

​

3.6%

​

​

—

​

​

217.1

​

​

6.7%

Selling, general, and administrative expenses

​

​

62.1

​

​

4.6%

​

​

96.6

​

​

4.9%

​

​

53.3

​

​

212.0

​

​

6.5%

Transaction and related costs

​

​

—

​

​

​

​

​

—

​

​

​

​

​

7.4

​

​

7.4

​

​

​

Operating income (loss)

​

$

85.0

​

​

6.3%

​

$

(26.6)

​

​

(1.4)%

​

$

(60.7)

​

$

(2.3)

​

​

(0.1)%

​

(1)Represents intersegment revenue and cost of revenue of $52.6 million in the Utilities segment and $0.1 million in the Energy Segment eliminated in our Condensed Consolidated Statements of Operations.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the six months ended June 30, 2025

​

  ​ ​ ​

Utilities

  ​ ​ ​

% of Segment Revenue

​

Energy

​

% of Segment Revenue

​

Corporate and non-allocated costs

​

Consolidated

​

% of Consolidated Revenue

Revenue

​

$

1,256.4

 

​

—

​

$

2,345.1

​

​

—

​

$

(62.7)

(1)

$

3,538.8

​

​

—

Cost of revenue

​

​

1,107.3

​

​

88.1%

​

​

2,091.8

​

​

89.2%

​

​

(62.7)

(1)

​

3,136.4

​

​

88.6%

Gross profit

​

​

149.1

​

​

11.9%

​

​

253.3

​

​

10.8%

​

​

—

​

​

402.4

​

​

11.4%

Selling, general, and administrative expenses

​

​

65.5

​

​

5.2%

​

​

81.8

​

​

3.5%

​

​

56.8

​

​

204.1

​

​

5.8%

Transaction and related costs

​

​

—

​

​

​

​

​

—

​

​

​

​

​

1.3

​

​

1.3

​

​

​

Operating income

​

$

83.6

 

​

6.7%

​

$

171.5

​

​

7.3%

​

$

(58.1)

​

$

197.0

​

​

5.6%

​

(1)Represents intersegment revenue and cost of revenue of $62.7 million in the Utilities segment eliminated in our Condensed Consolidated Statements of Operations.

​

Reconciliation of operating income to income before provision for income taxes is as follows (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 

​

Six Months Ended June 30, 

​

  ​ ​ ​

2026

​

2025

a

2026

​

2025

Operating (loss) income

 

$

(26.8)

​

$

126.6

​

$

(2.3)

​

$

197.0

Foreign exchange gain (loss), net

​

​

0.6

​

​

(0.4)

​

​

0.6

​

​

(0.6)

Other income, net

​

​

0.2

​

​

—

​

​

0.3

​

​

—

Interest expense, net

​

​

(10.6)

​

​

(7.5)

​

​

(15.2)

​

​

(15.3)

(Loss) income before benefit (provision) for income taxes

​

$

(36.6)

​

$

118.7

​

$

(16.6)

​

$

181.1

​

Depreciation and Amortization

​

Depreciation of various fixed assets and finance leases and amortization of intangible assets are reported by the segment/corporate group that utilizes the underlying assets. Depreciation and amortization are included within Cost of revenue and SG&A in the Condensed Consolidated Statements of Operations. A substantial majority of depreciation is reported in Cost of revenue and all amortization is included within SG&A. Depreciation and amortization expense by segment for the three and six months ended June 30, 2026, and 2025 was as follows (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

For the three months ended June 30,

​

For the six months ended June 30,

​

​

2026

​

2025

​

2026

​

2025

Utilities

 

$

14.2

​

$

14.6

​

$

28.3

​

$

28.8

Energy

​

​

14.4

​

​

6.4

​

​

22.3

​

​

12.3

Corporate and non-allocated costs

​

​

2.1

​

​

1.5

​

​

3.8

​

​

2.8

Total depreciation and amortization

 

$

30.7

​

$

22.5

​

$

54.4

​

$

43.9

​

Separate measures of our business assets and cash flows by reportable segment, including capital expenditures, are not produced or utilized by management and our CODM, as defined by ASC 280, to evaluate segment performance and are therefore not presented by segment.

​

Geographic Region — Revenue and Total Assets

​

The majority of our revenue is derived from customers in the United States with approximately 3.0% and 2.3% generated from sources outside of the United States during the six months ended June 30, 2026 and 2025, respectively, principally in Canada. As of June 30, 2026 and December 31, 2025, approximately 2.9% and 3.4%, respectively, of total assets were located outside of the United States, principally in Canada.