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v3.26.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Schedule of Financial Information of Reportable Segments and Segment Revenue and the Elimination of Intersegment Revenue and Total Assets By Segment | Financial information for the Company’s segments and reconciliations of that information to the unaudited condensed consolidated financial statements is presented below.
| Three Months Ended March 31, |  |
(in thousands) | 2026 |  | 2025 |  |  |  |
Revenue |  |  |  |  |  |  |
Lawson | $ | 123,736 |  |  | $ | 120,462 |  |  |  |  |
TestEquity | 204,176 |  |  | 188,773 |  |  |  |  |
Gexpro Services | 117,648 |  |  | 118,905 |  |  |  |  |
Canada Branch Division | 51,022 |  |  | 50,543 |  |  |  |  |
Intersegment revenue elimination | (587) |  |  | (654) |  |  |  |  |
Total revenue | $ | 495,995 |  |  | $ | 478,029 |  |  |  |  |
Cost of goods sold |  |  |  |  |  |  |
Lawson | $ | 58,749 |  |  | $ | 52,228 |  |  |  |  |
TestEquity | 158,582 |  |  | 147,016 |  |  |  |  |
Gexpro Services | 81,891 |  |  | 81,799 |  |  |  |  |
Canada Branch Division | 33,812 |  |  | 33,646 |  |  |  |  |
Intersegment cost of goods sold elimination | (378) |  |  | (640) |  |  |  |  |
Total cost of goods sold | $ | 332,656 |  |  | $ | 314,049 |  |  |  |  |
Selling, general and administrative expenses |  |  |  |  |  |  |
Lawson | $ | 61,931 |  |  | $ | 61,918 |  |  |  |  |
TestEquity | 41,547 |  |  | 37,627 |  |  |  |  |
Gexpro Services | 27,356 |  |  | 25,865 |  |  |  |  |
Canada Branch Division | 16,824 |  |  | 16,246 |  |  |  |  |
All Other | 2,051 |  |  | 2,227 |  |  |  |  |
Total operating expenses | $ | 149,709 |  |  | $ | 143,883 |  |  |  |  |
Operating income (loss) |  |  |  |  |  |  |
Lawson | $ | 3,056 |  |  | $ | 6,316 |  |  |  |  |
TestEquity | 4,047 |  |  | 4,130 |  |  |  |  |
Gexpro Services | 8,401 |  |  | 11,241 |  |  |  |  |
Canada Branch Division | 386 |  |  | 651 |  |  |  |  |
All Other | (2,260) |  |  | (2,241) |  |  |  |  |
Total operating income (loss) | $ | 13,630 |  |  | $ | 20,097 |  |  |  |  |
Reconciliation to income (loss) before income taxes |  |  |  |  |  |  |
Interest expense | $ | (12,171) |  |  | $ | (14,215) |  |  |  |  |
Change in fair value of earnout liabilities | — |  |  | (1,000) |  |  |  |  |
Other income (expense), net | (702) |  |  | 632 |  |  |  |  |
Income (loss) before income taxes | $ | 757 |  |  | $ | 5,514 |  |  |  |  |
Segment revenue and the elimination of intersegment revenue was as follows:
(in thousands) |  | Lawson |  | TestEquity |  | Gexpro Services |  | Canada Branch Division |  | Elimination |  | Total
Three Months Ended March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 123,689 |  |  | $ | 203,764 |  |  | $ | 117,543 |  |  | $ | 50,999 |  |  | $ | — |  |  | $ | 495,995 |
Intersegment revenue |  | 47 |  |  | 412 |  |  | 105 |  |  | 23 |  |  | (587) |  |  | — |
Revenue |  | $ | 123,736 |  |  | $ | 204,176 |  |  | $ | 117,648 |  |  | $ | 51,022 |  |  | $ | (587) |  |  | $ | 495,995 |
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 120,440 |  |  | $ | 188,456 |  |  | $ | 118,593 |  |  | $ | 50,540 |  |  | $ | — |  |  | $ | 478,029 |
Intersegment revenue |  | 22 |  |  | 317 |  |  | 312 |  |  | 3 |  |  | (654) |  |  | — |
Revenue |  | $ | 120,462 |  |  | $ | 188,773 |  |  | $ | 118,905 |  |  | $ | 50,543 |  |  | $ | (654) |  |  | $ | 478,029 |
Total assets by segment and long-lived assets by geographic area were as follows:
(in thousands) | March 31, 2026 |  | December 31, 2025
Total assets by segment |  |  |
Lawson | $ | 539,809 |  |  | $ | 548,169 |
TestEquity | 638,485 |  |  | 624,829 |
Gexpro Services | 371,250 |  |  | 351,552 |
Canada Branch Division | 224,182 |  |  | 210,625 |
All Other | 16,278 |  |  | 13,446 |
Total | $ | 1,790,004 |  |  | $ | 1,748,621 |
Long-lived assets by geographic area(1) |  |  |
United States | $ | 783,709 |  |  | $ | 796,554 |
Canada | 152,159 |  |  | 142,183 |
Europe | 30,808 |  |  | 31,006 |
Pacific Rim | 5,733 |  |  | 5,967 |
Latin America | 3,058 |  |  | 3,224 |
Other | — |  |  | — |
Total | $ | 975,467 |  |  | $ | 978,934 |
(1) Long-lived assets include property, plant and equipment, rental equipment, goodwill, intangibles, right of use operating lease assets, and other assets. Capital expenditures and depreciation and amortization by segment were as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2026 |  | 2025 |  |  |  |
Capital expenditures |  |  |  |  |  |  |
Lawson | $ | 1,367 |  |  | $ | 3,976 |  |  |  |  |
TestEquity | 6,461 |  |  | 3,188 |  |  |  |  |
Gexpro Services | 716 |  |  | 987 |  |  |  |  |
Canada Branch Division | 368 |  |  | 356 |  |  |  |  |
All Other | — |  |  | — |  |  |  |  |
Total | $ | 8,912 |  |  | $ | 8,507 |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |
Lawson | $ | 6,714 |  |  | $ | 6,552 |  |  |  |  |
TestEquity | 8,280 |  |  | 8,128 |  |  |  |  |
Gexpro Services | 3,129 |  |  | 3,453 |  |  |  |  |
Canada Branch Division | 1,601 |  |  | 1,846 |  |  |  |  |
All Other | — |  |  | — |  |  |  |  |
Total | $ | 19,724 |  |  | $ | 19,979 |  |  |  |  |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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