Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2024

Reportable Segments

Schedule of segment operating income

	For the year ended December 31, 2024
	Utilities		% of Segment Revenue		Energy		% of Segment Revenue		Corporate and non-allocated costs			Consolidated		% of Consolidated Revenue
Revenue	$	2,439,029		—	$	4,032,035		—	$	(104,226)	(1)	$	6,366,838		—
Cost of revenue		2,181,068		89.4%		3,586,751		89.0%		(104,226)	(1)		5,663,593		89.0%
Gross profit		257,961		10.6%		445,284		11.0%		—			703,245		11.0%
Selling, general, and administrative expenses		118,253		4.8%		150,186		3.7%		114,912			383,351		6.0%
Transaction and related costs		—				—				2,442			2,442
Operating income	$	139,708		5.7%	$	295,098		7.3%	$	(117,354)		$	317,452		5.0%

(1) Represents intersegment revenue and cost of revenue of $104.2 million in the Utilities segment eliminated in our Consolidated Statements of Income.

	For the year ended December 31, 2023
	Utilities		% of Segment Revenue		Energy		% of Segment Revenue		Corporate and non-allocated costs			Consolidated		% of Consolidated Revenue
Revenue	$	2,410,174		—	$	3,346,170		—	$	(41,035)	(1)	$	5,715,309		—
Cost of revenue		2,203,182		91.4%		2,965,671		88.6%		(41,035)	(1)		5,127,818		89.7%
Gross profit		206,992		8.6%		380,499		11.4%		—			587,491		10.3%
Selling, general, and administrative expenses		117,799		4.9%		132,576		4.0%		78,358			328,733		5.8%
Transaction and related costs		—				—				5,685			5,685
Operating income	$	89,193		3.7%	$	247,923		7.4%	$	(84,043)		$	253,073		4.4%

(1) Represents intersegment revenue and cost of revenue of $29.9 million in the Utilities segment and $11.1 million in the Energy segment eliminated in our Consolidated Statements of Income.

	For the year ended December 31, 2022
	Utilities		% of Segment Revenue		Energy		% of Segment Revenue		Corporate and non-allocated costs			Consolidated		% of Consolidated Revenue
Revenue	$	2,033,711		—	$	2,397,351			$	(10,463)	(1)	$	4,420,599		—
Cost of revenue		1,823,039		89.6%		2,151,138		89.7%		(10,463)	(1)		3,963,714		89.7%
Gross profit		210,672		10.4%		246,213		10.3%		—			456,885		10.3%
Selling, general, and administrative expenses		91,726		4.5%		108,563		4.5%		81,288			281,577		6.4%
Transaction and related costs		—				—				20,054			20,054
Gain on sale and leaseback transaction		—				—				(40,084)			(40,084)
Operating income	$	118,946		5.8%	$	137,650		5.7%	$	(61,258)		$	195,338		4.4%

(1) Represents intersegment revenue and cost of revenue of $9.4 million in the Utilities segment and $1.1 million in the Energy segment eliminated in our Consolidated Statements of Income.

Reconciliation of operating income to income before provision for income taxes is as follows (in thousands):

	Year Ended December 31, 2024
	2024		2023		2022
Operating Income	$	317,452	$	253,073	$	195,338
Foreign exchange gain, net		2,674		1,163		1,088
Other income, net		106		1,604		2,072
Interest expense, net		(65,315)		(78,171)		(39,212)
Income before provision for income taxes	$	254,917	$	177,669	$	159,286

Schedule of depreciation and amortization by segment

Depreciation and amortization expense by segment for the years ended December 31, 2024, 2023, and 2022 was as follows (in thousands):

	For the years ended December 31,
	2024		2023		2022
Utilities	$	60,863	$	70,916	$	71,520
Energy		29,073		31,377		24,657
Corporate and non-allocated costs		5,586		4,748		2,980
Total depreciation and amortization	$	95,522	$	107,041	$	99,157