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Segment Information
3 Months Ended
Mar. 31, 2025
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company has four reportable segments: Residential, Agtech, Renewables 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 package solutions, outdoor living space products (sun-shading), rain dispersion systems, metal roofing job site services, and other construction accessories.
Agtech consists of an operating segment that sells the following products and services to large-scale indoor commercial growers, agricultural research, development facilities, as well as convenience store, travel centers, food retailers, and quick-serve restaurants: design, manufacture and build controlled environmental agriculture, custom greenhouses and structural canopies.
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.
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.
The accounting policies of the Company's segments are the same as those described in Note 1 "Summary of Significant Accounting Policies" included in the Company's annual report on Form 10-K for the year ended December 31, 2024. The following tables illustrate certain measurements used by management to assess the performance of the segments described above (in thousands):
Three Months Ended March 31, 2025
ResidentialAgtechRenewablesInfrastructureTotal
Net sales$179,994 $45,040 $43,658 $21,323 $290,015 
Less (1):
Operating expenses (2)148,734 41,655 46,803 16,065 253,257 
Segment profit (loss)31,260 3,385 (3,145)5,258 36,758 
Reconciliation of segment profit
Unallocated corporate expenses(11,248)
Interest income, net1,637 
Other expense, net(94)
Income before taxes$27,053 
Three Months Ended March 31, 2024
ResidentialAgtechRenewablesInfrastructureTotal
Net sales$185,111 $34,027 $51,496 $21,872 $292,506 
Less (1):
Operating expenses (2)150,765 31,419 49,852 16,976 249,012 
Segment profit34,346 2,608 1,644 4,896 43,494 
Reconciliation of segment profit
Unallocated corporate expenses(11,758)
Interest income, net750 
Other income, net1,021 
Income before taxes$33,507 
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.
The following tables are the reported segment’s and unallocated corporate reported depreciation and amortization (in thousands):
Three Months Ended
March 31,
20252024
Residential$2,527 $2,591 
Agtech2,760 830 
Renewables2,280 1,900 
Infrastructure701 745 
Unallocated corporate expenses818 597 
Total depreciation and amortization$9,086 $6,663 
The following table is the reported segment's and unallocated corporate assets as of (in thousands):
March 31,
2025
December 31,
2024
Residential$638,433 $497,317 
Agtech305,855 156,929 
Renewables368,587 390,881 
Infrastructure78,924 78,366 
Unallocated corporate assets47,619 295,917 
Total assets$1,439,418 $1,419,410 
The following presents disaggregated revenue by timing of transfer of control to customers by reported segment (in thousands):
Three Months Ended March 31, 2025
ResidentialAgtechRenewablesInfrastructureTotal
Point in Time$179,994 $276 $6,982 $7,880 $195,132 
Over Time— 44,764 36,676 13,443 94,883 
Total net sales$179,994 $45,040 $43,658 $21,323 $290,015 
Three Months Ended March 31, 2024
ResidentialAgtechRenewablesInfrastructureTotal
Point in Time$183,332 $2,339 $6,789 $6,310 $198,770 
Over Time1,779 31,688 44,707 15,562 93,736 
Total net sales$185,111 $34,027 $51,496 $21,872 $292,506