Note 9 - Segment Reporting

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

9. SEGMENT REPORTING

Operating segments are defined in accordance with ASC 280-10 as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The measurement basis of segment profit or loss is income (loss) from operations. Management has identified five operating segments based on the activities of the Company in accordance with ASC 280-10. These operating segments have been aggregated into three reportable segments. The three reportable segments are Electric Power, Telecommunications, and Renewables and an Other category. 

The Electric Power segment consists of Front Line Power Construction, LLC, Orbital Power Services, and Eclipse Foundation Group. The segment provides comprehensive solutions to customers in the electric power industries. 

The Telecommunications segment is made up of Gibson Technical Services, Inc. (“GTS”) (acquired  April 13, 2021). GTS is an Atlanta-based telecommunications company providing diversified telecommunications services nationally since 1990 and is the parent of the following companies: IMMCO, Inc., Full Moon Telecom, and Coax Fiber Solutions, LLC.

The Renewables segment consists of Orbital Solar Services based in Raleigh, North Carolina. Orbital Solar Services provides engineering, procurement and construction (“EPC”) services that support the development of renewable energy generation focused on utility-scale solar construction. The Company serves a wide variety of project types, including commercial, substation, solar farms and public utility projects.

The Other category is made up primarily of the Company's corporate activities. This category does not include any operating segments and does not generate revenue. 

The following information represents segment activity for the three months ended March 31, 2022:

(in thousands)	Electric Power			Telecommunications		Renewables		Other			Total
Revenues from external customers	$	39,695		$	16,095	$	14,464	$	—		$	70,254
Depreciation and amortization (1)		6,975			1,091		608		16			8,690
Interest expense		4,071			37		2		3,929			8,039
Income (loss) from operations		(711	)		477		428		(1,982	)		(1,788	)
Expenditures for long-lived assets (2)		943			423		—		36			1,402

⁽¹⁾For the Electric Power segment and the Telecommunications segment, depreciation and amortization includes $3.2 million and $0.2 million respectively, which was included in cost of revenues in the Condensed Consolidated Statements of Operations.

⁽²⁾  Includes purchases of property, plant and equipment and other intangible assets. The Other category includes expenditures for discontinued operations of $10 thousand.

The following information represents selected balance sheet items by segment as of March 31, 2022:

(in thousands)	Electric Power		Telecommunications		Renewables		Other		Total
Segment assets	$	277,615	$	86,058	$	30,286	$	17,456	$	411,415
Goodwill		70,151		25,192		7,006		—		102,349
Other intangible assets, net		102,680		28,412		7,115		—		138,207

The following information represents segment activity for the three months ended March 31, 2021:

(in thousands)	Electric Power			Telecommunications		Renewables			Other			Total
Revenues from external customers	$	3,189		$	—	$	2,372		$	—		$	5,561
Depreciation and amortization (1)		217			—		1,089			441			1,747
Interest expense		1			—		15			718			734
Loss from operations		(4,264	)		—		(5,326	)		(6,032	)		(15,622	)
Expenditures for long-lived assets (2)		2,920			—		—			718			3,638

⁽¹⁾ For the Electric Power segment, depreciation and amortization includes $0.2 million, which was included in cost of revenues in the Condensed Consolidated Statements of Operations. Other category includes $432 thousand of depreciation and amortization from discontinued operations.

⁽²⁾  Includes purchases of property, plant and equipment and other intangible assets. The Other category includes expenditures for discontinued operations of $705 thousand.

The following information represents selected balance sheet items by segment as of December 31, 2021:

(in thousands)	Electric Power		Telecommunications		Renewables		Other		Total
Segment assets	$	273,726	$	80,800	$	28,324	$	29,489	$	412,339
Goodwill		70,151		23,742		7,006		—		100,899
Other intangible assets, net		106,377		28,571		7,708		—		142,656