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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | 19. SEGMENT INFORMATION The Company has six operating units that aggregate into three reportable segments: Assessment, Permitting and Response, Measurement and Analysis, and Remediation and Reuse. These segments are monitored separately by management for performance against budget and prior year and are consistent with internal financial reporting. The Company’s operating segments are organized based upon primary services provided, the nature of the production process, types of customers, methods used to distribute the products, and the nature of the regulatory environment. Refer to Note 1 for description of each reportable segment. Our Chief Executive Officer, who serves as the Chief Operating Decision Maker (CODM), reviews Segment Adjusted EBITDA in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of Company resources depending on the needs of each segment and the availability of resources. Segment Adjusted EBITDA is the calculated Company’s Earnings before Interest, Tax, Depreciation and Amortization (EBITDA), adjusted to exclude certain transactions such as stock-based compensation, acquisition costs, and fair value changes in financial instruments, amongst others. The CODM does not review segment assets as a measure of segment performance. Corporate and Other includes costs associated with general corporate overhead (including executive, legal, finance, safety, human resources, marketing and IT related costs) that are not directly related to supporting operations. Overhead costs that are directly related to supporting operations (such as insurance, software, licenses, shared services and payroll processing costs) are allocated to the operating segments on a basis that reasonably approximates an estimate of the use of these services, and are included in Segment Expenses in the table below. Segment Revenues, Segment Expenses and Segment Adjusted EBITDA were as follows:
|  | Three Months Ended September 30, |
|  | 2025 |  |  | 2024 |
(in thousands) |  | Segment Revenues |  |  | Segment Expenses |  |  | Segment Adjusted EBITDA |  |  | Segment Revenues |  |  | Segment Expenses |  |  | Segment Adjusted EBITDA |
Assessment, Permitting and Response |  | $ | 91,081 |  |  | $ | 70,645 |  |  | $ | 20,436 |  |  | $ | 52,019 |  |  | $ | 40,831 |  |  | $ | 11,188 |
Measurement and Analysis |  |  | 62,958 |  |  |  | 45,675 |  |  |  | 17,283 |  |  |  | 58,583 |  |  |  | 45,213 |  |  |  | 13,370 |
Remediation and Reuse |  |  | 70,849 |  |  |  | 61,437 |  |  |  | 9,412 |  |  |  | 68,085 |  |  |  | 56,430 |  |  |  | 11,655 |
Total Reportable Segments |  | $ | 224,888 |  |  |  |  |  | $ | 47,131 |  |  | $ | 178,687 |  |  |  |  |  | $ | 36,213 |
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
(in thousands) |  | Segment Revenues |  |  | Segment Expenses |  |  | Segment Adjusted EBITDA |  |  | Segment Revenues |  |  | Segment Expenses |  |  | Segment Adjusted EBITDA |
Assessment, Permitting and Response |  | $ | 248,144 |  |  | $ | 189,581 |  |  | $ | 58,563 |  |  | $ | 164,043 |  |  | $ | 123,955 |  |  | $ | 40,088 |
Measurement and Analysis |  |  | 184,783 |  |  |  | 135,429 |  |  |  | 49,354 |  |  |  | 158,889 |  |  |  | 126,656 |  |  |  | 32,233 |
Remediation and Reuse |  |  | 204,338 |  |  |  | 178,969 |  |  |  | 25,369 |  |  |  | 184,405 |  |  |  | 158,811 |  |  |  | 25,594 |
Total Reportable Segments |  | $ | 637,265 |  |  |  |  |  | $ | 133,286 |  |  | $ | 507,337 |  |  |  |  |  | $ | 97,915 |
Presented below is a reconciliation of the Company’s segment measure to income (loss) before expense from income taxes:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total Reportable Segments |  | $ | 47,131 |  |  | $ | 36,213 |  |  | $ | 133,286 |  |  | $ | 97,915 |
Corporate and Other |  |  | (13,470 | ) |  |  | (7,901 | ) |  |  | (41,010 | ) |  |  | (29,367 | )
Interest expense, net |  |  | (5,039 | ) |  |  | (4,137 | ) |  |  | (14,872 | ) |  |  | (11,420 | )
Depreciation and amortization |  |  | (12,958 | ) |  |  | (13,240 | ) |  |  | (39,015 | ) |  |  | (37,408 | )
Stock-based compensation |  |  | (9,220 | ) |  |  | (11,763 | ) |  |  | (33,777 | ) |  |  | (34,866 | )
Acquisition costs (1) |  |  | (754 | ) |  |  | (2,764 | ) |  |  | (1,790 | ) |  |  | (6,371 | )
Fair value changes in financial instruments |  |  | 10,354 |  |  |  | (3,946 | ) |  |  | 18,394 |  |  |  | (4,851 | )
Fair value changes in business acquisition contingencies |  |  | (13 | ) |  |  | (143 | ) |  |  | (844 | ) |  |  | (385 | )
Expenses related to financing transactions |  |  | (29 | ) |  |  | (41 | ) |  |  | (303 | ) |  |  | (280 | )
Discontinued Specialty Lab |  |  | — |  |  |  | (96 | ) |  |  | — |  |  |  | (692 | )
Other losses or expenses(2) |  |  | (343 | ) |  |  | (1,378 | ) |  |  | (1,554 | ) |  |  | (1,886 | )
Income (loss) before expense from income taxes |  | $ | 15,659 |  |  | $ | (9,196 | ) |  | $ | 18,515 |  |  | $ | (29,611 | )
__________________________ (1) Includes financial and tax diligence, consulting, legal, valuation, accounting, travel and acquisition-related incentives related to our acquisition and integration activity. (2) The three months ended September 30, 2025 consist primarily of severance costs. The nine months ended September 30, 2025 consist primarily of the aforementioned severance costs, non-recurring costs incurred to restructure the Company's renewable energy business, third party expenses associated with the independent review and analysis of assertions in a short seller report regarding the Company, and costs to centralize certain back-office functions. The three and nine months ended September 30, 2024 consist primarily of non-recurring costs to centralize certain back-office functions. The nine months ended September 30, 2024 also include costs associated with a lease abandonment. The following table presents revenues by geographic location:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
United States |  | $ | 183,578 |  |  | $ | 139,574 |  |  | $ | 528,525 |  |  | $ | 405,428 |
Canada |  |  | 33,509 |  |  |  | 31,639 |  |  |  | 85,857 |  |  |  | 81,517 |
Other international |  |  | 7,801 |  |  |  | 7,473 |  |  |  | 22,883 |  |  |  | 20,391 |
Total revenue |  | $ | 224,888 |  |  | $ | 178,687 |  |  | $ | 637,265 |  |  | $ | 507,337 |
The following table presents long-lived assets by geographic location:
|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
United States |  | $ | 57,087 |  |  | $ | 57,730 |
Canada |  |  | 4,517 |  |  |  | 5,070 |
Other international |  |  | 1,348 |  |  |  | 976 |
Total property and equipment—net |  | $ | 62,952 |  |  | $ | 63,776 |

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- Definition The entire disclosure for reporting segments including data and tables. 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