| Schedule of revenue and gross profit by segment |
Operating performance by segment for the three months ended September 30, 2026, and 2025 was as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended September 30, 2026 | | | Utilities | | % of Segment Revenue | | Energy | | | % of Segment Revenue | | Corporate and non-allocated costs | | Consolidated | | | % of Consolidated Revenue | Revenue | | $ | 770.9 | | | — | | $ | 1,223.8 | | | — | | $ | (42.3) | (1) | $ | 1,952.4 | | | — | | Cost of revenue | | | 670.7 | | | 87.0% | | | 1,119.3 | | | 91.5% | | | (42.3) | (1) | | 1,747.7 | | | 89.5% | | Gross profit | | | 100.2 | | | 13.0% | | | 104.5 | | | 8.5% | | | — | | | 204.7 | | | 10.5% | | Selling, general, and administrative expenses | | | 30.1 | | | 3.9% | | | 53.5 | | | 4.4% | | | 25.4 | | | 109.0 | | | 5.6% | | Transaction and related costs | | | — | | | | | | — | | | | | | 0.8 | | | 0.8 | | | | | Operating income | | $ | 70.1 | | | 9.1% | | $ | 51.0 | | | 4.2% | | $ | (26.2) | | $ | 94.9 | | | 4.9% | |
| (1) | Represents intersegment revenue and cost of revenue of $24.0 million in the Utilities segment and $18.3 million in the Energy segment eliminated in our Condensed Consolidated Statements of Operations. |
| | | | | | | | | | | | | | | | | | | | | | | | For the three months ended September 30, 2025 | | | Utilities | | % of Segment Revenue | | Energy | | % of Segment Revenue | | Corporate and non-allocated costs | | Consolidated | | | % of Consolidated Revenue | Revenue | | $ | 737.5 | | | — | | $ | 1,485.7 | | | — | | $ | (44.8) | (1) | $ | 2,178.4 | | | — | Cost of revenue | | | 651.5 | | | 88.3% | | | 1,336.0 | | | 89.9% | | | (44.8) | (1) | | 1,942.7 | | | 89.2% | Gross profit | | | 86.0 | | | 11.7% | | | 149.7 | | | 10.1% | | | — | | | 235.7 | | | 10.8% | Selling, general, and administrative expenses | | | 30.9 | | | 4.2% | | | 41.1 | | | 2.8% | | | 25.7 | | | 97.7 | | | 4.5% | Transaction and related costs | | | — | | | | | | — | | | | | | 1.0 | | | 1.0 | | | | Operating income | | $ | 55.1 | | | 7.5% | | $ | 108.6 | | | 7.3% | | $ | (26.7) | | $ | 137.0 | | | 6.3% |
| (1) | Represents intersegment revenue and cost of revenue of $44.6 million in the Utilities segment and $0.2 million in the Energy segment eliminated in our Condensed Consolidated Statements of Operations. |
Operating performance by segment for the nine months ended September 30, 2026, and 2025 was as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | For the nine months ended September 30, 2026 | | | Utilities | | % of Segment Revenue | | Energy | | % of Segment Revenue | | Corporate and non-allocated costs | | Consolidated | | % of Consolidated Revenue | Revenue | | $ | 2,116.4 | | | — | | $ | 3,179.1 | | | — | | $ | (95.0) | (1) | $ | 5,200.5 | | | — | Cost of revenue | | | 1,869.1 | | | 88.3% | | | 3,004.6 | | | 94.5% | | | (95.0) | (1) | | 4,778.7 | | | 91.9% | Gross profit | | | 247.3 | | | 11.7% | | | 174.5 | | | 5.5% | | | — | | | 421.8 | | | 8.1% | Selling, general, and administrative expenses | | | 92.3 | | | 4.4% | | | 150.1 | | | 4.7% | | | 78.7 | | | 321.1 | | | 6.2% | Transaction and related costs | | | — | | | | | | — | | | | | | 8.2 | | | 8.2 | | | | Operating income | | $ | 155.0 | | | 7.3% | | $ | 24.4 | | | 0.8% | | $ | (86.9) | | $ | 92.5 | | | 1.8% |
| (1) | Represents intersegment revenue and cost of revenue of $76.6 million in the Utilities segment and $18.4 million in the Energy segment eliminated in our Condensed Consolidated Statements of Operations. |
| | | | | | | | | | | | | | | | | | | | | | | | For the nine months ended September 30, 2025 | | | Utilities | | % of Segment Revenue | | Energy | | % of Segment Revenue | | Corporate and non-allocated costs | | Consolidated | | % of Consolidated Revenue | Revenue | | $ | 1,993.9 | | | — | | $ | 3,830.9 | | | — | | $ | (107.5) | (1) | $ | 5,717.3 | | | — | Cost of revenue | | | 1,758.7 | | | 88.2% | | | 3,428.0 | | | 89.5% | | | (107.5) | (1) | | 5,079.2 | | | 88.8% | Gross profit | | | 235.2 | | | 11.8% | | | 402.9 | | | 10.5% | | | — | | | 638.1 | | | 11.2% | Selling, general, and administrative expenses | | | 96.4 | | | 4.8% | | | 122.9 | | | 3.2% | | | 82.4 | | | 301.7 | | | 5.3% | Transaction and related costs | | | — | | | | | | — | | | | | | 2.4 | | | 2.4 | | | | Operating income | | $ | 138.8 | | | 7.0% | | $ | 280.0 | | | 7.3% | | $ | (84.8) | | $ | 334.0 | | | 5.8% |
| (1) | Represents intersegment revenue and cost of revenue of $107.3 million in the Utilities segment and $0.2 million in the Energy 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 September 30, | | Nine Months Ended September 30, | | | 2026 | | 2025 | a | 2026 | | 2025 | Operating income | | $ | 94.9 | | $ | 137.0 | | $ | 92.5 | | $ | 334.0 | Foreign exchange gain, net | | | 0.1 | | | 0.9 | | | 0.4 | | | 0.2 | Other (expense) income, net | | | (0.1) | | | 0.1 | | | 0.4 | | | 0.2 | Interest expense, net | | | (14.3) | | | (7.0) | | | (29.4) | | | (22.3) | Income before provision for income taxes | | $ | 80.6 | | $ | 131.0 | | $ | 63.9 | | $ | 312.1 |
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| Schedule of depreciation and amortization by segment |
Depreciation and amortization expense by segment for the three and nine months ended September 30, 2026, and 2025 was as follows (in millions): | | | | | | | | | | | | | | | For the three months ended September 30, | | For the nine months ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Utilities | | $ | 14.0 | | $ | 14.0 | | $ | 42.4 | | $ | 42.8 | Energy | | | 17.6 | | | 8.0 | | | 39.9 | | | 20.3 | Corporate and non-allocated costs | | | 2.4 | | | 1.8 | | | 6.2 | | | 4.6 | Total depreciation and amortization | | $ | 34.0 | | $ | 23.8 | | $ | 88.5 | | $ | 67.7 |
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