Segment Information

3 Months Ended

Mar. 31, 2025

Segment Information

Segment Information

11. Segment Information

Our activities are within the mechanical services industry and the electrical services industry, which represent our two reportable segments. We aggregate our operating segments into two reportable segments, as the operating segments meet all of the aggregation criteria. Segment information is prepared on the same basis that our Chief Operating Decision Maker (“CODM”) reviews financial information for operational decision-making purposes. Our CODM is the President and Chief Executive Officer. Our CODM allocates resources such as employees and capital resources primarily based on historical and potential future revenue, gross profit and operating income. Our CODM also uses segment gross profit and operating income when assessing pricing and performance by management teams in our operating segments. The following tables present information about our reportable segments (in thousands):

	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Total assets at March 31, 2025	$	3,326,612	$	1,031,571	$	211,035	$	4,569,218
Total assets at December 31, 2024	$	3,162,677	$	985,006	$	563,405	$	4,711,088
	Three Months Ended March 31, 2025
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	1,402,215	$	429,071	$	—	$	1,831,286
Cost of services		1,097,696		330,174		—		1,427,870
Gross profit		304,519		98,897		—		403,416
Selling, general and administrative expenses		132,270		44,046		18,558		194,874
Gain on sale of assets		(352)		(204)		—		(556)
Operating income	$	172,601	$	55,055	$	(18,558)	$	209,098
Amortization of identifiable intangible assets	$	14,590	$	5,525	$	—	$	20,115
Depreciation expense	$	11,404	$	2,303	$	303	$	14,010
Capital expenditures	$	18,419	$	3,539	$	250	$	22,208

	Three Months Ended March 31, 2024
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	1,185,009	$	352,007	$	—	$	1,537,016
Cost of services		967,297		272,356		—		1,239,653
Gross profit		217,712		79,651		—		297,363
Selling, general and administrative expenses		110,982		33,880		17,861		162,723
Gain on sale of assets		(574)		(246)		—		(820)
Operating income	$	107,304	$	46,017	$	(17,861)	$	135,460
Amortization of identifiable intangible assets	$	18,094	$	5,819	$	—	$	23,913
Depreciation expense	$	9,228	$	1,720	$	306	$	11,254
Capital expenditures	$	19,942	$	4,379	$	631	$	24,952