Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting Information, Revenue for Reportable Segment [Abstract]

Segment Information

SEGMENT INFORMATION

The Company has four reportable segments: Residential, Renewables, Agtech and Infrastructure. The Company's reportable segments are each managed separately because they design, engineer, manufacture, and where applicable install, distinct products with different production processes.

•Residential consists of operating segments that sell the following products and services to major retail home centers, building material wholesalers, building product distributors, roofing distributors, residential contractors, property management companies, manufactured housing dealers, postal services distributors and providers, and online direct to end consumers: roof and foundation ventilation products, single point and centralized mail systems and electronic package solutions, outdoor living space products (sun-shading), rain dispersion systems, metal roofing job site services, and other construction accessories.

•Renewables consists of an operating segment that sells the following products and services to developers, EPCs and owners / operators of solar fields: design, manufacture and install solar energy mounting systems including foundation, racking, and electrical balance of system.

•Agtech consists of an operating segment that sells the following products and services to large-scale indoor commercial growers and agricultural research and development facilities: design, manufacture and build advanced-technology turnkey greenhouse growing facilities.

•Infrastructure consists of an operating segment that sells the following products to commercial and transportation contractors and fabricators: expansion joints, structural bearings, rubber pre-formed seals and other sealants, elastomeric concrete, and bridge cable protection systems.

When determining the Company's Residential reportable segment, the Company aggregated operating segments to be one reportable segment as the aggregation is consistent with the objectives and principles of Topic 280, Segment Reporting, and on the basis that the operating segments have similar economic and operating characteristics.

The accounting policies of the Company's segments are the same as those described in Note 1 "Summary of Significant Accounting Policies." The Company evaluates performance of all its reportable segments on income or loss from operations before interest and income taxes. The following tables illustrate certain measurements used by management to assess the performance of the segments described above for the years ended December 31 (in thousands):

	2024
	Residential		Renewables		Agtech		Infrastructure		Total
Net sales	$	782,519	$	285,405	$	152,811	$	88,029	$	1,308,764
Less (1):
Operating expenses (2)	633,735		282,056		141,771		66,734		1,124,296
Segment profit	148,784		3,349		11,040		21,295		184,468
Reconciliation of segment profit
Unallocated corporate expenses									(41,445)
Interest income, net									6,171
Other income, net									24,731
Income before taxes									$	173,925

	2023
	Residential		Renewables		Agtech		Infrastructure		Total
Net sales	$	814,803	$	330,738	$	144,967	$	87,228	$	1,377,736
Less (1):
Operating expenses (2)	671,735		300,578		145,895		68,699		1,186,907
Segment profit (loss)	143,068		30,160		(928)		18,529		190,829
Reconciliation of segment profit
Unallocated corporate expenses									(40,100)
Interest expense, net									(3,002)
Other income, net									1,265
Income before taxes									$	148,992

	2022
	Residential		Renewables		Agtech		Infrastructure		Total
Net sales	$	767,248	$	377,567	$	168,868	$	76,283	$	1,389,966
Less (1):
Operating expenses (2)	640,790		352,324		165,954		67,280		1,226,348
Segment profit	126,458		25,243		2,914		9,003		163,618
Reconciliation of segment profit
Unallocated corporate expenses									(33,516)
Interest expense, net									(4,047)
Other expense, net									(14,565)
Income before taxes									$	111,490

Footnotes:

(1)The significant expense category and amounts align with the segment-level information that is regularly provided to the CODM.

(2)Operating expenses for each reportable segment includes inventory and manufacturing expenses, employee compensation, depreciation and amortization, freight services, other costs of sales expenses, and other selling, general and administrative expenses. Additionally, operating expenses includes intangible asset impairment recognized in the Renewables and Agtech reportable segments during the year ended December 31, 2024 and intangible asset impairment in Agtech reportable segment during year ended December 31, 2023. There was no intangible asset impairment recognized during the year ended December 31, 2022.

The Company’s CODM consisted of the Company’s chief executive officer during the years ended December 31, 2024, 2023 and 2022. For the Company’s reportable segments, the CODM uses segment income (loss) from operations before interest and income taxes to assess segment performance and allocate resources (including employees, property, and capital resources) for each segment mainly in the annual budget and forecasting process. The CODM considers forecast-to-actual variances on a monthly basis using the income (loss) from operation before

interest and taxes for each segment when making decisions about allocating capital and personnel to the segments. The CODM also uses income (loss) from operations before interest and income taxes, along with net sales, to assess the performance for each segment by comparing the results of each segment with one another and in the compensation of certain employees.

The following tables are the reported segment’s and unallocated corporate reported depreciation and amortization, and capital expenditures for the years ended December 31 (in thousands):

	2024		2023		2022
Depreciation and Amortization
Residential	$	10,416	$	10,080	$	8,983
Renewables	8,192		8,671		8,467
Agtech	3,165		3,789		4,377
Infrastructure	2,972		3,137		3,150
Unallocated corporate expenses	2,567		1,701		1,190
Total depreciation and amortization	$	27,312	$	27,378	$	26,167
Capital expenditures
Residential	$	10,508	$	6,913	$	10,050
Renewables	3,101		1,113		3,589
Agtech	684		1,419		3,177
Infrastructure	1,152		1,313		1,898
Unallocated corporate expenditures	5,030		4,239		1,424
Total capital expenditures	$	20,475	$	14,997	$	20,138

The following table is the reported segment’s and unallocated corporate assets at December 31 (in thousands):

	2024		2023		2022
Residential	$	497,317	$	515,739	$	519,567
Renewables	390,881		377,694		392,368
Agtech	156,929		168,213		193,966
Infrastructure	78,366		77,518		80,264
Unallocated corporate assets	295,917		117,287		24,448
Total assets	$	1,419,410	$	1,256,451	$	1,210,613

The following presents disaggregated revenue by timing of transfer of control to customers by reported segment for the years ended December 31 (in thousands):

	2024
	Residential		Renewables		Agtech		Infrastructure		Total
Point in Time	$	775,541	$	30,985	$	2,862	$	34,393	$	843,781
Over Time	6,978		254,420		149,949		53,636		464,983
Total net sales	$	782,519	$	285,405	$	152,811	$	88,029	$	1,308,764
	2023
	Residential		Renewables		Agtech		Infrastructure		Total
Point in Time	$	808,225	$	49,123	$	4,920	$	31,547	$	893,815
Over Time	6,578		281,615		140,047		55,681		483,921
Total net sales	$	814,803	$	330,738	$	144,967	$	87,228	$	1,377,736
	2022
	Residential		Renewables		Agtech		Infrastructure		Total
Point in Time	$	761,576	$	27,317	$	13,011	$	32,983	$	834,887
Over Time	5,672		350,250		155,857		43,300		555,079
Total net sales	$	767,248	$	377,567	$	168,868	$	76,283	$	1,389,966

Net sales by region or origin and long-lived assets by region of domicile for the years ended and as of December 31 were as follows (in thousands):

	2024		2023		2022
Net sales
North America	$	1,308,764	$	1,366,012	$	1,373,907
Asia	—		11,724		16,059
Total net sales	$	1,308,764	$	1,377,736	$	1,389,966
Long-lived assets
North America	$	156,707	$	154,778	$	136,553
Asia	70		59		234
Total long-lived assets	$	156,777	$	154,837	$	136,787