| Segment Information |
Segment InformationWe maintain four reportable segments based on four geographic countries or regions in which we operate: (i) United States and Latin America ("US-LAM"), (ii) Canada, (iii) Europe, Middle East and Africa ("EMEA") and (iv) Asia-Pacific ("APAC"). Within our four reportable segments, our core products and services are focused on the following markets: chemical and petrochemical, oil, gas, power generation, commercial, food and beverage, rail and transit, and other, which we refer to as our "key end markets." We offer a full suite of products (heating units, heating cables, industrial heating blankets and related products, temporary power solutions and tubing bundles), services (engineering, installation and maintenance services) and software (design optimization and wireless and network control systems) required to deliver comprehensive solutions to some of the world's largest and most complex projects. Profitability within our segments is measured by operating income. Profitability can vary in each of our reportable segments based on the competitive environment within the region, the level of corporate overhead, such as the salaries of our senior executives and the level of research and development and marketing activities in the region, as well as the mix of products and services. For purposes of this note, revenue is attributed to individual countries or regions on the basis of the physical location and jurisdiction of organization of the subsidiary that invoices the material and services.
Total sales to external customers, inter-segment sales, depreciation expense, amortization expense, income from operations, property, plant and equipment, net and total assets for each of our four reportable segments are as follows:
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Three Months Ended December 31, 2022 |
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Three Months Ended December 31, 2021 |
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Nine Months Ended December 31, 2022 |
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Nine Months Ended December 31, 2021 |
| Sales to External Customers: |
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| United States and Latin America |
$ |
59,750 |
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$ |
49,827 |
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$ |
152,777 |
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$ |
102,925 |
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| Canada |
43,171 |
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31,054 |
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110,150 |
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81,428 |
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| Europe, Middle East and Africa |
11,225 |
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12,937 |
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30,804 |
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44,366 |
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| Asia-Pacific |
7,964 |
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6,795 |
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24,378 |
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24,371 |
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$ |
122,110 |
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$ |
100,613 |
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$ |
318,109 |
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$ |
253,090 |
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| Inter-Segment Sales: |
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| United States and Latin America |
$ |
10,041 |
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$ |
8,588 |
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$ |
32,783 |
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$ |
29,424 |
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| Canada |
5,386 |
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2,616 |
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12,042 |
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7,555 |
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| Europe, Middle East and Africa |
279 |
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295 |
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935 |
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1,137 |
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| Asia-Pacific |
749 |
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313 |
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1,561 |
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930 |
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$ |
16,455 |
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$ |
11,812 |
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$ |
47,321 |
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$ |
39,046 |
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| Depreciation Expense: |
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| United States and Latin America |
$ |
1,113 |
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$ |
1,396 |
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$ |
3,700 |
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$ |
4,331 |
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| Canada |
1,096 |
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1,245 |
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3,396 |
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3,967 |
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| Europe, Middle East and Africa |
94 |
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101 |
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283 |
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305 |
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| Asia-Pacific |
35 |
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43 |
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106 |
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133 |
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$ |
2,338 |
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$ |
2,785 |
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$ |
7,485 |
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$ |
8,736 |
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| Amortization Expense: |
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| United States and Latin America |
$ |
588 |
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$ |
295 |
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$ |
1,587 |
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$ |
885 |
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| Canada |
1,724 |
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1,858 |
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5,354 |
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5,624 |
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| Europe, Middle East and Africa |
21 |
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23 |
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62 |
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71 |
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| Asia-Pacific |
34 |
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11 |
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69 |
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33 |
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$ |
2,367 |
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$ |
2,187 |
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$ |
7,072 |
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$ |
6,613 |
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| Income/(Loss) from Operations: |
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| United States and Latin America |
$ |
8,338 |
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$ |
6,728 |
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$ |
26,055 |
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$ |
4,832 |
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| Canada |
13,005 |
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7,312 |
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25,781 |
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15,136 |
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| Europe, Middle East and Africa |
(5,963) |
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2,026 |
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(7,526) |
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6,464 |
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| Asia-Pacific |
1,142 |
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683 |
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2,888 |
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3,107 |
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| Unallocated: |
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| Stock compensation |
(1,994) |
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(275) |
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(4,438) |
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(2,698) |
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| Public company costs |
(466) |
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(305) |
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(1,446) |
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(1,464) |
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$ |
14,062 |
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$ |
16,169 |
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$ |
41,314 |
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$ |
25,377 |
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December 31, 2022 |
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March 31, 2022 |
| Property, Plant and Equipment, Net: |
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| United States and Latin America |
$ |
30,325 |
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$ |
31,919 |
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| Canada |
27,830 |
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30,686 |
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| Europe, Middle East and Africa |
2,312 |
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2,796 |
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| Asia-Pacific |
572 |
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638 |
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$ |
61,039 |
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$ |
66,039 |
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| Total Assets: |
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| United States and Latin America |
$ |
270,565 |
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$ |
241,421 |
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| Canada |
286,847 |
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296,459 |
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| Europe, Middle East and Africa |
58,394 |
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67,608 |
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| Asia-Pacific |
34,289 |
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31,181 |
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$ |
650,095 |
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$ |
636,669 |
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Capital expenditures for our reportable segments were as follows:
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Three Months Ended December 31, 2022 |
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Three Months Ended December 31, 2021 |
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Nine Months Ended
December 31, 2022 |
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Nine Months Ended
December 31, 2021 |
| Capital Expenditures: |
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| United States and Latin America |
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$ |
350 |
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$ |
171 |
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$ |
1,773 |
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$ |
811 |
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| Canada |
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1,042 |
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566 |
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3,042 |
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1,833 |
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| Europe, Middle East and Africa |
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65 |
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92 |
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197 |
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223 |
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| Asia-Pacific |
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102 |
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36 |
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161 |
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53 |
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$ |
1,559 |
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$ |
865 |
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$ |
5,173 |
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$ |
2,920 |
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