v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Components of Segment Revenues, Other Segment Items and Segment Adjusted EBITDA

The following table presents Segment Revenues, Other Segment Items and Segment Adjusted EBITDA, with prior period information recast to reflect the above change in segment reporting:

 

 

Three Months Ended September 30,

 

 

 

2026

 

 

2025

 

(in thousands)

 

Segment Revenues

 

 

Other Segment Items(1)

 

 

Segment Adjusted EBITDA

 

 

Segment Revenues

 

 

Other Segment Items(1)

 

 

Segment Adjusted EBITDA

 

Consulting and Treatment

 

$

141,984

 

 

$

111,147

 

 

$

30,837

 

 

$

161,930

 

 

$

132,082

 

 

$

29,848

 

Measurement and Analysis

 

 

61,060

 

 

 

45,099

 

 

 

15,961

 

 

 

62,958

 

 

 

45,675

 

 

 

17,283

 

Total Reportable Segments

 

$

203,044

 

 

 

 

 

$

46,798

 

 

$

224,888

 

 

 

 

 

$

47,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

(in thousands)

 

Segment Revenues

 

 

Other Segment Items(1)

 

 

Segment Adjusted EBITDA

 

 

Segment Revenues

 

 

Other Segment Items(1)

 

 

Segment Adjusted EBITDA

 

Consulting and Treatment

 

$

382,168

 

 

$

303,313

 

 

$

78,855

 

 

$

452,482

 

 

$

368,550

 

 

$

83,932

 

Measurement and Analysis

 

 

176,055

 

 

 

134,180

 

 

 

41,875

 

 

 

184,783

 

 

 

135,429

 

 

 

49,354

 

Total Reportable Segments

 

$

558,223

 

 

 

 

 

$

120,730

 

 

$

637,265

 

 

 

 

 

$

133,286

 

 

__________________________

(1) Other Segment Items for each reportable segment represents the difference between Segment Revenues and Segment Adjusted EBITDA and primarily includes cost of revenues, selling, general and administrative expense, and other income (expense), net. The CODM uses consolidated expense information as presented in the Consolidated Statement of Operations and Comprehensive Income (Loss) to manage operations and is not regularly provided disaggregated Other Segment Items at the individual segment level.
Reconciliation of Segment Measure to Income Before Expense from Income Taxes

Presented below is a reconciliation of the Company’s segment measure to income before expense from income taxes:

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total Reportable Segments

 

$

46,798

 

 

$

47,131

 

 

$

120,730

 

 

$

133,286

 

Corporate and Other

 

 

(10,895

)

 

 

(13,470

)

 

 

(35,124

)

 

 

(41,010

)

Interest expense, net

 

 

(5,564

)

 

 

(5,039

)

 

 

(16,501

)

 

 

(14,872

)

Depreciation and amortization

 

 

(12,599

)

 

 

(12,958

)

 

 

(37,932

)

 

 

(39,015

)

Stock-based compensation

 

 

(9,733

)

 

 

(9,220

)

 

 

(28,424

)

 

 

(33,777

)

Acquisition costs(1)

 

 

(151

)

 

 

(754

)

 

 

(369

)

 

 

(1,790

)

Fair value changes in financial instruments(2)

 

 

1,031

 

 

 

10,354

 

 

 

2,273

 

 

 

18,394

 

Fair value changes in business acquisition contingencies

 

 

—

 

 

 

(13

)

 

 

697

 

 

 

(844

)

Rebranding expenses

 

 

(587

)

 

 

—

 

 

 

(3,110

)

 

 

—

 

Proceeds from insurance settlement related to business combination(3)

 

 

3,700

 

 

 

—

 

 

 

3,700

 

 

 

—

 

Other losses or expenses(4)

 

 

(741

)

 

 

(372

)

 

 

(3,356

)

 

 

(1,857

)

Income before expense from income taxes

 

$

11,259

 

 

$

15,659

 

 

$

2,584

 

 

$

18,515

 

__________________________

(1) Includes financial and tax diligence, consulting, legal, valuation, accounting, travel and acquisition-related incentives related to the Company's acquisition and integration activity.

(2) The three and nine months ended September 30, 2026 consist of the change in fair value of the interest rate swap instruments. The three and nine months ended September 30, 2025 consist primarily of the change in fair value of the interest rate swap instruments and the embedded derivative attached to the Series A-2 preferred stock.

(3) Proceeds from a representations and warranties insurance settlement related to a previously completed acquisition.

(4) The three months ended September 30, 2026 consist primarily of third-party costs associated with a global IT migration and expenses associated with the Board-led strategic review. The nine months ended September 30, 2026 consist primarily of severance costs related to organizational restructuring of business lines within the Company's former Assessment, Permitting and Response and Remediation and Reuse segments, third-party costs associated with a global IT migration, and expenses associated with the Board-led strategic review. The three months ended September 30, 2025 consist primarily of severance costs. The nine months ended September 30, 2025 consist primarily of the aforementioned severance costs, non-recurring costs incurred to restructure the Company's renewable energy business, third party expenses associated with the independent review and analysis of assertions in a short seller report regarding the Company, and costs to centralize certain back-office functions.
Schedule of Revenues by Geographic Location

The following table presents revenues by geographic location:

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

United States

 

$

159,543

 

 

$

183,578

 

 

$

445,320

 

 

$

528,525

 

Canada

 

 

33,584

 

 

 

33,509

 

 

 

86,499

 

 

 

85,857

 

Other international

 

 

9,917

 

 

 

7,801

 

 

 

26,404

 

 

 

22,883

 

Total revenue

 

$

203,044

 

 

$

224,888

 

 

$

558,223

 

 

$

637,265

 
Schedule of Long-lived Assets by Geographic Location

The following table presents long-lived assets by geographic location:

 

 

September 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

United States

 

$

60,889

 

 

$

58,590

 

Canada

 

 

3,609

 

 

 

4,311

 

Other international

 

 

991

 

 

 

952

 

Total property and equipment—net

 

$

65,489

 

 

$

63,853