| Schedule of revenue and gross profit by segment |
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. |
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| Schedule of segment operating income |
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 |
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| Schedule of depreciation and amortization by segment |
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 |
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