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Operating Segments
6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Operating Segments Operating Segments
As discussed in Note 1, the Company operates in two segments (i) ODR, in which the Company performs owner direct projects and/or provides maintenance or service primarily on MEPC systems, and specialty contracting projects to existing buildings direct to, or assigned by, building owners or operators, and (ii) GCR, in which the Company generally manages new construction or renovation projects that involve primarily MEPC systems awarded to the Company by general contractors or construction managers.
Segment information is prepared on the same basis the Company’s Chief Operating Decision Maker (“CODM”) reviews operating results for the purposes of allocating resources and assessing performance. The Company’s CODM is comprised of its President and Chief Executive Officer and Executive Vice President and Chief Financial Officer. The Company’s CODM evaluates segment performance and makes resource allocation decisions primarily based on gross profit. Gross profit is a key measure used by the CODM in the annual budgeting and forecasting process, as well as in periodic reviews of actual operating results compared to planned performance. The CODM uses the Company's gross profit measure to assess the operating performance of its reportable segments, establish business priorities, and make decisions regarding the allocation of capital and other resources among those segments.
In accordance with ASC Topic 280 – Segment Reporting, the Company has aggregated all of the ODR work performed at its branches into one ODR reportable segment and all of the GCR work performed at its branches into one GCR reportable segment. All transactions between segments are eliminated in consolidation.
All of the Company’s identifiable assets are located in the United States, which is where the Company is domiciled.
Condensed consolidated segment information for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2026202520262025
Statement of Operations Data:
Revenue:
ODR$128,414 $108,948 $228,225 $199,341 
GCR45,043 33,293 84,091 76,008 
Total revenue173,457 142,241 312,316 275,349 
Cost of revenue:
ODR97,654 77,359 174,481 141,591 
GCR38,510 25,056 69,372 57,213 
Total cost of revenue136,164 102,415 243,853 198,804 
Gross profit:
ODR30,760 31,589 53,744 57,750 
GCR6,533 8,237 14,719 18,795 
Total gross profit37,293 39,826 68,463 76,545 
Selling, general and administrative(1)
28,116 26,632 56,230 53,150 
Acquisition-related retention expense and contingent consideration230 795 379 1,222 
Amortization of intangibles1,695 1,757 3,469 3,620 
Operating income$7,252 $10,642 $8,385 $18,553 
Other (expenses) income:
Interest expense(773)(563)(1,474)(1,089)
Interest income334 16 704 
Gain on disposition of property and equipment81 407 319 740 
Gain (loss) on change in fair value of interest rate swap22 (56)60 (153)
Total other (expenses) income(669)122 (1,079)202 
Income before income taxes$6,583 $10,764 $7,306 $18,755 
(1)    Included within selling, general and administrative expenses was $2.1 million and $1.6 million of non-cash stock-based compensation expense for the three months ended June 30, 2026 and 2025, respectively, and $3.9 million and $3.2 million for the six months ended June 30, 2026 and 2025, respectively.
The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment.