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v3.26.1

Reportable Segments (Tables) | 6 Months Ended
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Jun. 30, 2026
Reportable Segments |
Schedule of revenue and gross profit by segment | Operating performance by segment for the three months ended June 30, 2026, and 2025 was as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, 2026
​ | ​ | Utilities | ​ | % of Segment Revenue | ​ | Energy | ​ | ​ | % of Segment Revenue | ​ | Corporate and non-allocated costs | ​ | Consolidated | ​ | ​ | % of Consolidated Revenue
Revenue | ​ | $ | 712.6 | ​ | ​ | — | ​ | $ | 999.9 | ​ | ​ | — | ​ | $ | (24.3) | (1) | $ | 1,688.2 | ​ | ​ | — | ​
Cost of revenue | ​ | ​ | 627.5 | ​ | ​ | 88.1% | ​ | ​ | 1,002.6 | ​ | ​ | 100.3% | ​ | ​ | (24.3) | (1) | ​ | 1,605.8 | ​ | ​ | 95.1% | ​
Gross profit (loss) | ​ | ​ | 85.1 | ​ | ​ | 11.9% | ​ | ​ | (2.7) | ​ | ​ | (0.3)% | ​ | ​ | — | ​ | ​ | 82.4 | ​ | ​ | 4.9% | ​
Selling, general, and administrative expenses | ​ | ​ | 30.6 | ​ | ​ | 4.3% | ​ | ​ | 53.7 | ​ | ​ | 5.4% | ​ | ​ | 22.0 | ​ | ​ | 106.3 | ​ | ​ | 6.3% | ​
Transaction and related costs | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2.9 | ​ | ​ | 2.9 | ​ | ​ | ​ | ​
Operating income (loss) | ​ | $ | 54.5 | ​ | ​ | 7.6% | ​ | $ | (56.4) | ​ | ​ | (5.6)% | ​ | $ | (24.9) | ​ | $ | (26.8) | ​ | ​ | (1.6)% | ​
​
| (1) | Represents intersegment revenue and cost of revenue of $24.2 million in the Utilities segment and $0.1 million in the Energy Segment eliminated in our Condensed Consolidated Statements of Operations.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | $ | 693.0 |  | ​ | — | ​ | $ | 1,236.8 | ​ | ​ | — | ​ | $ | (39.1) | (1) | $ | 1,890.7 | ​ | ​ | —
Cost of revenue | ​ | ​ | 595.5 | ​ | ​ | 85.9% | ​ | ​ | 1,102.6 | ​ | ​ | 89.2% | ​ | ​ | (39.1) | (1) | ​ | 1,659.0 | ​ | ​ | 87.7%
Gross profit | ​ | ​ | 97.5 | ​ | ​ | 14.1% | ​ | ​ | 134.2 | ​ | ​ | 10.8% | ​ | ​ | — | ​ | ​ | 231.7 | ​ | ​ | 12.3%
Selling, general, and administrative expenses | ​ | ​ | 32.0 | ​ | ​ | 4.6% | ​ | ​ | 41.6 | ​ | ​ | 3.4% | ​ | ​ | 31.0 | ​ | ​ | 104.6 | ​ | ​ | 5.5%
Transaction and related costs | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 0.5 | ​ | ​ | 0.5 | ​ | ​ | ​
Operating income | ​ | $ | 65.5 |  | ​ | 9.5% | ​ | $ | 92.6 | ​ | ​ | 7.5% | ​ | $ | (31.5) | ​ | $ | 126.6 | ​ | ​ | 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 Operations.
​ Operating performance by segment for the six months ended June 30, 2026, and 2025 was as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30, 2026
​ | ​ ​ ​ | Utilities | ​ ​ ​ | % of Segment Revenue | ​ | Energy | ​ | % of Segment Revenue | ​ | Corporate and non-allocated costs | ​ | Consolidated | ​ | % of Consolidated Revenue
Revenue | ​ | $ | 1,345.5 | ​ | ​ | — | ​ | $ | 1,955.3 | ​ | ​ | — | ​ | $ | (52.7) | (1) | $ | 3,248.1 | ​ | ​ | —
Cost of revenue | ​ | ​ | 1,198.4 | ​ | ​ | 89.1% | ​ | ​ | 1,885.3 | ​ | ​ | 96.4% | ​ | ​ | (52.7) | (1) | ​ | 3,031.0 | ​ | ​ | 93.3%
Gross profit | ​ | ​ | 147.1 | ​ | ​ | 10.9% | ​ | ​ | 70.0 | ​ | ​ | 3.6% | ​ | ​ | — | ​ | ​ | 217.1 | ​ | ​ | 6.7%
Selling, general, and administrative expenses | ​ | ​ | 62.1 | ​ | ​ | 4.6% | ​ | ​ | 96.6 | ​ | ​ | 4.9% | ​ | ​ | 53.3 | ​ | ​ | 212.0 | ​ | ​ | 6.5%
Transaction and related costs | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 7.4 | ​ | ​ | 7.4 | ​ | ​ | ​
Operating income (loss) | ​ | $ | 85.0 | ​ | ​ | 6.3% | ​ | $ | (26.6) | ​ | ​ | (1.4)% | ​ | $ | (60.7) | ​ | $ | (2.3) | ​ | ​ | (0.1)%
​
| (1) | Represents intersegment revenue and cost of revenue of $52.6 million in the Utilities segment and $0.1 million in the Energy Segment eliminated in our Condensed Consolidated Statements of Operations.
​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | $ | 1,256.4 |  | ​ | — | ​ | $ | 2,345.1 | ​ | ​ | — | ​ | $ | (62.7) | (1) | $ | 3,538.8 | ​ | ​ | —
Cost of revenue | ​ | ​ | 1,107.3 | ​ | ​ | 88.1% | ​ | ​ | 2,091.8 | ​ | ​ | 89.2% | ​ | ​ | (62.7) | (1) | ​ | 3,136.4 | ​ | ​ | 88.6%
Gross profit | ​ | ​ | 149.1 | ​ | ​ | 11.9% | ​ | ​ | 253.3 | ​ | ​ | 10.8% | ​ | ​ | — | ​ | ​ | 402.4 | ​ | ​ | 11.4%
Selling, general, and administrative expenses | ​ | ​ | 65.5 | ​ | ​ | 5.2% | ​ | ​ | 81.8 | ​ | ​ | 3.5% | ​ | ​ | 56.8 | ​ | ​ | 204.1 | ​ | ​ | 5.8%
Transaction and related costs | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1.3 | ​ | ​ | 1.3 | ​ | ​ | ​
Operating income | ​ | $ | 83.6 |  | ​ | 6.7% | ​ | $ | 171.5 | ​ | ​ | 7.3% | ​ | $ | (58.1) | ​ | $ | 197.0 | ​ | ​ | 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 Operations.
Schedule of segment operating income | Reconciliation of operating income to income before provision for income taxes is as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ ​ ​ | 2026 | ​ | 2025 | a | 2026 | ​ | 2025
Operating (loss) income |  | $ | (26.8) | ​ | $ | 126.6 | ​ | $ | (2.3) | ​ | $ | 197.0
Foreign exchange gain (loss), net | ​ | ​ | 0.6 | ​ | ​ | (0.4) | ​ | ​ | 0.6 | ​ | ​ | (0.6)
Other income, net | ​ | ​ | 0.2 | ​ | ​ | — | ​ | ​ | 0.3 | ​ | ​ | —
Interest expense, net | ​ | ​ | (10.6) | ​ | ​ | (7.5) | ​ | ​ | (15.2) | ​ | ​ | (15.3)
(Loss) income before benefit (provision) for income taxes | ​ | $ | (36.6) | ​ | $ | 118.7 | ​ | $ | (16.6) | ​ | $ | 181.1
Schedule of depreciation and amortization by segment | Depreciation and amortization expense by segment for the three and six months ended June 30, 2026, and 2025 was as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | For the three months ended June 30, | ​ | For the six months ended June 30,
​ | ​ | 2026 | ​ | 2025 | ​ | 2026 | ​ | 2025
Utilities |  | $ | 14.2 | ​ | $ | 14.6 | ​ | $ | 28.3 | ​ | $ | 28.8
Energy | ​ | ​ | 14.4 | ​ | ​ | 6.4 | ​ | ​ | 22.3 | ​ | ​ | 12.3
Corporate and non-allocated costs | ​ | ​ | 2.1 | ​ | ​ | 1.5 | ​ | ​ | 3.8 | ​ | ​ | 2.8
Total depreciation and amortization |  | $ | 30.7 | ​ | $ | 22.5 | ​ | $ | 54.4 | ​ | $ | 43.9

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