Reportable Segments

6 Months Ended

Jun. 30, 2024

Reportable Segments

Reportable Segments

Note 14—Reportable Segments

The current reportable segments include the Utilities segment and the Energy segment.

Each of our reportable segments is composed of similar business units that specialize in services unique to the segment. Driving the end-user focused segments are differences in the economic characteristics of each segment, the nature of the services provided by each segment; the production processes of each segment, the type or class of customer using the segment’s services, the methods used by the segment to provide the services, and the regulatory environment of each segment’s customers.

The classification of revenue and gross profit for segment reporting purposes can at times require judgment on the part of management. Our segments may perform services across industries or perform joint services for customers in multiple industries. To determine reportable segment gross profit, certain allocations, including allocations of shared and indirect costs, such as facility costs, equipment costs and indirect operating expenses, were made.

The following is a brief description of the reportable segments:

The Utilities segment operates throughout the United States and specializes in a range of services, including the installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems, and communications systems.

The Energy segment operates throughout the United States and Canada and specializes in a range of services that include engineering, procurement, construction, refining, site development services for data centers, liquified natural gas plant construction, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, pipeline construction and maintenance, pipeline integrity services, and maintenance services for entities in the renewable energy and energy storage, renewable fuels, and petroleum and petrochemical industries, as well as state departments of transportation.

Total assets by segment is not presented as our Chief Operating Decision Maker as defined by ASC 280, Segment Reporting, does not review or allocate resources based on segment assets.

Segment Revenue

Revenue by segment was as follows (in thousands):

	For the three months ended June 30,
	2024		2023
Segment	Revenue		Revenue
Utilities	$	620,798	$	649,238
Energy		973,492		778,715
Intersegment Eliminations		(30,575)		(14,576)
Total	$	1,563,715	$	1,413,377

	For the six months ended June 30,
	2024		2023
Segment	Revenue		Revenue
Utilities	$	1,108,722	$	1,183,001
Energy		1,921,070		1,506,371
Intersegment Eliminations		(53,370)		(19,099)
Total	$	2,976,422	$	2,670,273

Segment Gross Profit

Gross profit by segment was as follows (in thousands):

	For the three months ended June 30,
	2024			2023
			% of			% of
			Segment			Segment
Segment	Gross Profit		Revenue	Gross Profit		Revenue
Utilities	$	64,066	10.3%	$	66,510	10.2%
Energy		122,644	12.6%		90,754	11.7%
Total	$	186,710	11.9%	$	157,264	11.1%

	For the six months ended June 30,
	2024			2023
			% of			% of
			Segment			Segment
Segment	Gross Profit		Revenue	Gross Profit		Revenue
Utilities	$	93,545	8.4%	$	100,081	8.5%
Energy		226,541	11.8%		156,916	10.4%
Total	$	320,086	10.8%	$	256,997	9.6%

Segment Goodwill

The amount of goodwill recorded by each segment as of June 30, 2024 and December 31, 2023 is presented in Note 5 – “Goodwill and Intangible Assets”.

Geographic Region — Revenue and Total Assets

The majority of our revenue is derived from customers in the United States with approximately 5.4% and 5.6% generated from sources outside of the United States during the six months ended June 30, 2024 and 2023, respectively, principally in Canada. As of June 30, 2024 and December 31, 2023, approximately 3.4% and 3.9%, respectively, of total assets were located outside of the United States, principally in Canada.