Operating Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Operating Segments

Operating Segments

As discussed in Note 1, on January 1, 2021, the Company renamed its two operating segments to reflect the Company's two distinct approaches to its customer base and to better align with its owner direct strategy. The previously named Construction segment is now known as GCR and the previously named Service segment is now known as ODR. These segments are reflective of how the Company’s Chief Operating Decision Maker (“CODM”) reviews operating results for the purposes of allocating resources and assessing performance. The Company's CODM is comprised of its Chief Executive Officer, Chief Financial Officer and Chief Operating Officer.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The CODM evaluates performance based on income from operations of the respective branches after the allocation of Corporate office operating expenses. In accordance with ASC Topic 280 – Segment Reporting, the Company has elected to aggregate all of the construction branches into one GCR reportable segment and all of the service branches into one ODR reportable segment. All transactions between segments are eliminated in consolidation. The Company’s corporate department provides general and administrative support services to its two operating segments. The CODM allocates costs between segments for selling, general and administrative expenses and depreciation expense.

All of the Company’s identifiable assets are located in the United States, which is where the Company is domiciled. The Company does not have sales outside of the United States. For the year ended December 31, 2021, two GCR segment customers accounted for approximately 17% and 12% of consolidated total revenue. For the year ended December 31, 2020, the Company had one GCR segment customer that accounted for approximately 14% of consolidated total revenue.

Segment information for the periods presented is as follows: 

	For the Years Ended December 31,
(in thousands)	2021		2020
Statement of Operations Data:
Revenue:
GCR	$	350,015	$	440,979
ODR	140,336		127,230
Total revenue	490,351		568,209
Gross profit:
GCR	45,409		45,115
ODR	40,501		36,271
Total gross profit	85,910		81,386
Selling, general and administrative:
GCR	37,558		37,708
ODR	31,277		24,825
Corporate	2,601		1,068
Total selling, general and administrative	71,436		63,601
Amortization of intangibles	484		630
Operating income	$	13,990	$	17,155
Less Unallocated amounts:
Interest expense, net	(2,568)		(8,627)
Loss on debt extinguishment	(1,961)		—
Gain (loss) on change in fair value of warrant liability	14		(1,634)
Gain on sale of property and equipment	2		95
Total unallocated amounts	(4,513)		(10,166)
Total consolidated income before income taxes	$	9,477	$	6,989
Other Data:
Depreciation and amortization:
GCR	$	4,085	$	4,187
ODR	1,379		1,354
Corporate	484		630
Total other data	$	5,948	$	6,171

The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment. Interest expense is also not allocated to segments because of the Company’s corporate management of debt service, including interest.