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v3.25.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of segment's internal financial reports | The information in the following table is derived from the segment’s internal financial reports used for corporate management purposes:
|  | For the Three Months Ended September 30, 2025
(in thousands) |  | T&D |  | C&I |  | General Corporate |  | Consolidated
Contract revenues |  | $ | 503,436 |  |  | $ | 446,964 |  |  | $ | — |  |  | $ | 950,400 |
Operating costs (1) |  | 461,975 |  |  | 418,381 |  |  | 23,773 |  |  | 904,129 |
Income from operations |  | 41,461 |  |  | 28,583 |  |  | (23,773) |  |  | 46,271 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  | 197 |
Interest expense |  |  |  |  |  |  |  | (1,440) |
Other expense, net |  |  |  |  |  |  |  | (297) |
Income before provision for income taxes |  |  |  |  |  |  |  | 44,731 |
Income tax expense |  |  |  |  |  |  |  | 12,637 |
Net income |  |  |  |  |  |  |  | $ | 32,094 |
|  | For the Three Months Ended September 30, 2024
(in thousands) |  | T&D |  | C&I |  | General Corporate |  | Consolidated
Contract revenues |  | $ | 481,876 |  |  | $ | 406,167 |  |  | $ | — |  |  | $ | 888,043 |
Operating costs (1) |  | 464,308 |  |  | 385,858 |  |  | 17,516 |  |  | 867,682 |
Income (loss) from operations |  | 17,568 |  |  | 20,309 |  |  | (17,516) |  |  | 20,361 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  | 73 |
Interest expense |  |  |  |  |  |  |  | (2,016) |
Other income, net |  |  |  |  |  |  |  | 112 |
Income before provision for income taxes |  |  |  |  |  |  |  | 18,530 |
Income tax expense |  |  |  |  |  |  |  | 7,881 |
Net income |  |  |  |  |  |  |  | $ | 10,649 |
|  | For the Nine Months Ended September 30, 2025
(in thousands) |  | T&D |  | C&I |  | General Corporate |  | Consolidated
Contract revenues |  | $ | 1,471,479 |  |  | $ | 1,212,866 |  |  | $ | — |  |  | $ | 2,684,345 |
Operating costs (1) |  | 1,353,332 |  |  | 1,144,913 |  |  | 65,752 |  |  | 2,563,997 |
Income from operations |  | 118,147 |  |  | 67,953 |  |  | (65,752) |  |  | 120,348 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  | 433 |
Interest expense |  |  |  |  |  |  |  | (4,759) |
Other expense, net |  |  |  |  |  |  |  | (1,130) |
Income before provision for income taxes |  |  |  |  |  |  |  | 114,892 |
Income tax expense |  |  |  |  |  |  |  | 33,024 |
Net income |  |  |  |  |  |  |  | $ | 81,868 |
|  | For the Nine Months Ended September 30, 2024
(in thousands) |  | T&D |  | C&I |  | General Corporate |  | Consolidated
Contract revenues |  | $ | 1,430,480 |  |  | $ | 1,102,015 |  |  | $ | — |  |  | $ | 2,532,495 |
Operating costs (1) |  | 1,391,376 |  |  | 1,068,675 |  |  | 48,519 |  |  | 2,508,570 |
Income from operations |  | 39,104 |  |  | 33,340 |  |  | (48,519) |  |  | 23,925 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  | 296 |
Interest expense |  |  |  |  |  |  |  | (4,311) |
Other expense, net |  |  |  |  |  |  |  | (421) |
Income before provision for income taxes |  |  |  |  |  |  |  | 19,489 |
Income tax expense |  |  |  |  |  |  |  | 5,178 |
Net income |  |  |  |  |  |  |  | $ | 14,311 |
(1) Operating costs include T&D, C&I and general corporate portion of contract costs, selling, general and administrative expenses, amortization of intangible assets and gain on sale of property and equipment. The expenses found in these other segment items are generally viewed as operating costs by the CODM and are not considered individually significant segment reporting items.
Schedule of assets allocation by segment | The table below reflects the identifiable assets for each segment.
(in thousands) |  | September 30, 2025 |  | December 31, 2024
T&D |  | $ | 604,688 |  |  | $ | 601,546 |
C&I |  | 533,143 |  |  | 539,687 |
General Corporate |  | 507,501 |  |  | 432,826 |
|  | $ | 1,645,332 |  |  | $ | 1,574,059 |
Schedule of depreciation and amortization by segment | An allocation of total depreciation, including depreciation of shared construction equipment, and amortization to each segment is as follows:
|  | For the Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  |
Depreciation and amortization |  |  |  |  |  |
T&D |  | $ | 42,737 |  |  | $ | 42,386 |  |  |
C&I |  | 6,540 |  |  | 6,411 |  |  |
|  | $ | 49,277 |  |  | $ | 48,797 |  |  |

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