XML 46 R35.htm IDEA: XBRL DOCUMENT

Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2025

Reportable Segments

Schedule of revenue and gross profit by segment

Operating performance by segment for the three months ended June 30, 2025, and 2024 was as follows (in thousands):


		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		$	693,021			—		$	1,236,807			—		$	(39,083)	(1)	$	1,890,745			—
Cost of revenue			595,476			85.9%			1,102,616			89.2%			(39,083)	(1)		1,659,009			87.7%
Gross profit			97,545			14.1%			134,191			10.8%			—			231,736			12.3%
Selling, general, and administrative expenses			31,968			4.6%			41,617			3.4%			30,964			104,549			5.5%
Transaction and related costs			—						—						543			543
Operating income		$	65,577			9.5%		$	92,574			7.5%		$	(31,507)		$	126,644			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 Income.


		For the three months ended June 30, 2024
		Utilities			% of Segment Revenue			Energy			% of Segment Revenue			Corporate and non-allocated costs			Consolidated				% of Consolidated Revenue
Revenue		$	620,798			—		$	973,492			—		$	(30,575)	(1)	$	1,563,715			—
Cost of revenue			556,732			89.7%			850,848			87.4%			(30,575)	(1)		1,377,005			88.1%
Gross profit			64,066			10.3%			122,644			12.6%			—			186,710			11.9%
Selling, general, and administrative expenses			29,419			4.7%			37,863			3.9%			32,836			100,118			6.4%
Transaction and related costs			—						—						522			522
Operating income		$	34,647			5.6%		$	84,781			8.7%		$	(33,358)		$	86,070			5.5%

(1)

Represents intersegment revenue and cost of revenue of $30.6 million in the Utilities segment eliminated in our Condensed Consolidated Statements of Income.

Operating performance by segment for the six months ended June 30, 2025, and 2024 was as follows (in thousands):


		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		$	1,256,428			—		$	2,345,149			—		$	(62,719)	(1)	$	3,538,858			—
Cost of revenue			1,107,305			88.1%			2,091,879			89.2%			(62,719)	(1)		3,136,465			88.6%
Gross profit			149,123			11.9%			253,270			10.8%			—			402,393			11.4%
Selling, general, and administrative expenses			65,486			5.2%			81,835			3.5%			56,730			204,051			5.8%
Transaction and related costs			—						—						1,334			1,334
Operating income		$	83,637			6.7%		$	171,435			7.3%		$	(58,064)		$	197,008			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 Income.


		For the six months ended June 30, 2024
		Utilities			% of Segment Revenue			Energy			% of Segment Revenue			Corporate and non-allocated costs			Consolidated			% of Consolidated Revenue
Revenue		$	1,108,722			—		$	1,921,070			—		$	(53,370)	(1)	$	2,976,422			—
Cost of revenue			1,015,177			91.6%			1,694,529			88.2%			(53,370)	(1)		2,656,336			89.2%
Gross profit			93,545			8.4%			226,541			11.8%			—			320,086			10.8%
Selling, general, and administrative expenses			58,697			5.3%			75,178			3.9%			54,831			188,706			6.3%
Transaction and related costs			—						—						1,072			1,072
Operating income		$	34,848			3.1%		$	151,363			7.9%		$	(55,903)		$	130,308			4.4%

(1)

Represents intersegment revenue and cost of revenue of $53.4 million in the Utilities segment eliminated in our Condensed Consolidated Statements of Income.

Schedule of segment operating income

Reconciliation of operating income to income before provision for income taxes is as follows (in thousands):


		Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Operating income		$	126,644		$	86,070		$	197,008		$	130,308
Foreign exchange (loss) gain, net			(365)			761			(647)			1,321
Other income (expense), net			32			81			49			(45)
Interest expense, net			(7,552)			(17,133)			(15,342)			(35,125)
Income before provision for income taxes		$	118,759		$	69,779		$	181,068		$	96,459

Schedule of depreciation and amortization by segment

Depreciation and amortization expense by segment for the three and six months ended June 30, 2025, and 2024 was as follows (in thousands):