v3.26.3
Operating Segments
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Operating Segments Operating Segments
As discussed in Note 1, the Company operates in two segments (i) ODR, in which the Company performs owner direct projects and/or provides maintenance or service primarily on MEPC systems, and specialty contracting projects to existing buildings direct to, or assigned by, building owners or operators, and (ii) GCR, in which the Company generally manages new construction or renovation projects that involve primarily MEPC systems awarded to the Company by general contractors or construction managers.
Segment information is prepared on the same basis the Company’s Chief Operating Decision Maker (“CODM”) reviews operating results for the purposes of allocating resources and assessing performance. The Company’s CODM is comprised of its President and Chief Executive Officer and Executive Vice President and Chief Financial Officer. The Company’s CODM evaluates segment performance and makes resource allocation decisions primarily based on gross profit. Gross profit is a key measure used by the CODM in the annual budgeting and forecasting process, as well as in periodic reviews of actual operating results compared to planned performance. The CODM uses the Company's gross profit measure to assess the operating performance of its reportable segments, establish business priorities, and make decisions regarding the allocation of capital and other resources among those segments.
In accordance with ASC Topic 280 – Segment Reporting, the Company has aggregated all of the ODR work performed at its branches into one ODR reportable segment and all of the GCR work performed at its branches into one GCR reportable segment. All transactions between segments are eliminated in consolidation.
All of the Company’s identifiable assets are located in the United States, which is where the Company is domiciled.
Condensed consolidated segment information for the three and nine months ended September 30, 2026 and 2025 were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2026202520262025
Statement of Operations Data:
Revenue:
ODR$150,650 $141,382 $378,875 $340,723 
GCR79,810 43,201 163,901 119,209 
Total revenue230,460 184,583 542,776 459,932 
Cost of revenue:
ODR112,441 105,703 286,922 247,294 
GCR64,179 34,195 133,551 91,408 
Total cost of revenue176,620 139,898 420,473 338,702 
Gross profit:
ODR38,209 35,679 91,953 93,429 
GCR15,631 9,006 30,350 27,801 
Total gross profit53,840 44,685 122,303 121,230 
Selling, general and administrative(1)
34,591 28,330 90,821 81,480 
Acquisition-related retention expense and contingent consideration571 610 950 1,832 
Amortization of intangibles3,615 2,400 7,084 6,020 
Operating income$15,063 $13,345 $23,448 $31,898 
Other (expenses) income:
Interest expense(1,243)(1,223)(2,717)(2,312)
Interest income96 88 112 792 
Gain on disposition of property and equipment129 367 448 1,107 
Loss on early debt extinguishment(250)— (250)— 
(Loss) gain on change in fair value of interest rate swap(6)(22)54 (175)
Total other expenses(1,274)(790)(2,353)(588)
Income before income taxes$13,789 $12,555 $21,095 $31,310 
(1)    Included within selling, general and administrative expenses was $1.6 million and $1.9 million of non-cash stock-based compensation expense for the three months ended September 30, 2026 and 2025, respectively, and $5.5 million and $5.2 million for the nine months ended September 30, 2026 and 2025, respectively.
The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment.