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Reportable Segments

9 Months Ended

Sep. 30, 2024

Reportable Segments

Reportable Segments

Note 14—Reportable Segments

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Our current reportable segments are the Utilities segment and the Energy segment.

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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.

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The classification of revenue and gross profit 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 gross profit, certain allocations, including allocations of shared and indirect costs, such as facility costs, equipment costs and indirect operating expenses, were made.

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The following is a brief description of our reportable segments:

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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.

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The Energy segment operates throughout the United States and Canada and specializes in a range of services that include engineering, procurement, construction, refining, site development services for data centers, liquified natural gas plant construction, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, pipeline construction and maintenance, pipeline integrity services, and maintenance services for entities in the renewable energy and energy storage, renewable fuels, and petroleum and petrochemical industries, as well as state departments of transportation.

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Total assets by segment is not presented as our Chief Operating Decision Maker as defined by ASC 280, Segment Reporting, does not review or allocate resources based on segment assets.

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Segment Revenue

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Revenue by segment was as follows (in thousands):

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​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	For the three months ended September 30,
​	​	2024		​	2023
Segment		Revenue			Revenue
Utilities	​	$	666,240		$	650,664
Energy	​	​	1,010,858	​	​	887,743
Intersegment eliminations	​	​	(28,012)	​	​	(8,921)
Total	​	$	1,649,086		$	1,529,486

​

​	​	​	​	​	​	​
​	​	For the nine months ended September 30,
​	​	2024		​	2023
Segment		Revenue			Revenue
Utilities	​	$	1,774,962		$	1,833,665
Energy	​	​	2,931,928	​	​	2,394,114
Intersegment eliminations	​	​	(81,382)	​	​	(28,019)
Total	​	$	4,625,508		$	4,199,760

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Segment Gross Profit

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Gross profit by segment was as follows (in thousands):

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​	​	​	​	​	​	​	​	​	​	​
​	​	For the three months ended September 30,
​	​	2024				​	2023
​		​	​		% of		​	​		% of
​	​	​	​	​	Segment	​	​	​	​	Segment
Segment	​	Gross Profit		​	Revenue	​	Gross Profit		​	Revenue
Utilities	​	$	87,026		13.1%	​	$	64,654		9.9%
Energy	​	​	111,535	​	11.0%	​	​	109,241	​	12.3%
Total	​	$	198,561		12.0%	​	$	173,895		11.4%

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the nine months ended September 30,
​	​	2024				​	2023
​	​	​	​	​	% of	​	​	​	​	% of
​	​	​	​	​	Segment	​	​	​	​	Segment
Segment		Gross Profit			Revenue		Gross Profit			Revenue
Utilities	​	$	177,666		10.0%	​	$	164,244		9.0%
Energy	​	​	340,981	​	11.6%	​	​	266,647	​	11.1%
Total	​	$	518,647		11.2%	​	$	430,891		10.3%

​

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Segment Goodwill

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The amount of goodwill recorded by each segment as of September 30, 2024 and December 31, 2023 is presented in Note 5 – “Goodwill and Intangible Assets”.

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Geographic Region — Revenue and Total Assets

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The majority of our revenue is derived from customers in the United States with approximately 4.9% and 5.6% generated from sources outside of the United States during the nine months ended September 30, 2024 and 2023, respectively, principally in Canada. As of September 30, 2024 and December 31, 2023, approximately 3.4% and 3.9%, respectively, of total assets were located outside of the United States, principally in Canada.

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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