Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.23.1
Segment Information
 12 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
    We 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, rail and transit, energy transition/decarbonization and general industries and other, which we refer to as our "key end markets." We offer a full suite of products (heating units, heating cables, heated blankets, 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 of accumulated depreciation, and total assets classified by major geographic area in which the Company operates are as follows:
Year Ended March 31, 2023 Year Ended March 31, 2022 Year Ended March 31, 2021
Sales to External Customers:
United States and Latin America $ 209,154  $ 154,187  $ 95,441 
Canada 153,968  115,442  90,853 
Europe, Middle East and Africa 43,157  54,737  54,219 
Asia-Pacific 34,311  31,308  35,668 
  $ 440,590  $ 355,674  $ 276,181 
Inter-segment Sales:
United States and Latin America $ 42,657  $ 40,169  $ 40,793 
Canada 17,715  11,629  7,272 
Europe, Middle East and Africa 1,409  1,683  2,003 
Asia-Pacific 2,033  1,325  1,221 
$ 63,814  $ 54,806  $ 51,289 
Depreciation Expense:
United States and Latin America $ 4,845  $ 5,729  $ 6,290 
Canada 4,423  5,117  4,454 
Europe, Middle East and Africa 366  390  341 
Asia-Pacific 150  179  192 
$ 9,784  $ 11,415  $ 11,277 
Amortization of Intangibles:
United States and Latin America $ 2,175  $ 1,145  $ 1,464 
Canada 7,085  7,472  7,301 
Europe, Middle East and Africa 84  94  453 
Asia-Pacific 103  79  227 
$ 9,447  $ 8,790  $ 9,445 
Income/(Loss) from Operations:
United States and Latin America $ 38,808  $ 9,699  $ (9,490)
Canada 36,173  22,913  15,242 
Europe, Middle East and Africa (17,488) 6,974  3,181 
Asia-Pacific 5,431  4,559  3,917 
Unallocated:
Public company costs (1,780) (1,937) (1,716)
Stock compensation (5,954) (3,803) (3,728)
  $ 55,190  $ 38,405  $ 7,406 
March 31, 2023 March 31, 2022
Property, Plant and Equipment, net:
United States and Latin America $ 31,918  $ 31,919 
Canada 28,369  30,686 
Europe, Middle East and Africa 2,366  2,796 
Asia-Pacific 635  638 
$ 63,288  $ 66,039 
Total Assets:
United States and Latin America $ 270,404  $ 241,421 
Canada 287,221  296,459 
Europe, Middle East and Africa 57,680  67,608 
Asia-Pacific 34,324  31,181 
$ 649,629  $ 636,669 
    At March 31, 2023 and 2022, non-current deferred tax assets of $10,363 and $7,061 respectively, were applicable to the United States.
    Capital expenditures by geographic area were as follows:
Year-Ended March 31, 2023 Year-Ended March 31, 2022 Year-Ended March 31, 2021
Capital Expenditures:
United States and Latin America $ 4,268  $ 1,267  $ 3,075 
Canada 4,636  3,593  4,866 
Europe, Middle East and Africa 278  288  68 
Asia-Pacific 271  72  123 
  $ 9,453  $ 5,220  $ 8,132