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Operating Segments
9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Operating Segments Operating Segments
As discussed in Note 1, the Company operates in two segments (i) ODR, in which the Company performs owner direct projects and/or provides maintenance or service primarily on mechanical, plumbing or electrical systems, building controls and specialty contracting projects to existing buildings direct to, or assigned by, building owners or property managers, and (ii) GCR, in which the Company generally manages new construction or renovation projects that involve primarily mechanical, plumbing, or electrical services awarded to the Company by general contractors or construction managers. Segment information is prepared on the same basis 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 President and Chief Executive Officer and Executive Vice President and Chief Financial Officer.
In accordance with ASC Topic 280 – Segment Reporting, the Company has elected to aggregate all of the ODR work performed at its branches into one ODR reportable segment and all of the GCR work performed at its branches into one GCR reportable segment. All transactions between segments are eliminated in consolidation.
All of the Company’s identifiable assets are located in the United States, which is where the Company is domiciled.
Condensed consolidated segment information for the three and nine months ended September 30, 2025 and 2024 were as follows:
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2025202420252024
Statement of Operations Data:  
Revenue:  
ODR$141,382 $93,007 $340,723 $250,017 
GCR43,201 40,913 119,209 125,114 
Total revenue184,583 133,920 459,932 375,131 
Gross profit:
ODR35,679 29,647 93,429 77,170 
GCR9,006 6,467 27,801 23,540 
Total gross profit44,685 36,114 121,230 100,710 
Selling, general and administrative(1)
28,330 23,748 81,480 69,800 
Acquisition-related retention expense and contingent consideration610 610 1,832 2,344 
Amortization of intangibles2,400 868 6,020 2,956 
Operating income$13,345 $10,888 $31,898 $25,610 
Other (expenses) income:
Interest expense(1,223)(468)(2,312)(1,375)
Interest income88 626 792 1,734 
Gain on disposition of property and equipment367 99 1,107 656 
Loss on change in fair value of interest rate swap(22)(267)(175)(130)
Total other (expenses) income(790)(10)(588)885 
Income before income taxes$12,555 $10,878 $31,310 $26,495 
(1)    Included within selling, general and administrative expenses was $1.9 million and $1.6 million of non-cash stock-based compensation expense for the three months ended September 30, 2025 and 2024, respectively, and $5.2 million and $4.3 million for the nine months ended September 30, 2025 and 2024, respectively.
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.