Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.24.0.1
Segment Information
 9 Months Ended
Dec. 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, 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:
Three Months Ended December 31, 2023 Three Months Ended December 31, 2022 Nine Months Ended December 31, 2023 Nine Months Ended December 31, 2022
Sales to External Customers:    
United States and Latin America $ 72,704  $ 59,750  $ 189,997  $ 152,777 
Canada 41,114  43,171  112,586  110,150 
Europe, Middle East and Africa 12,485  11,225  35,573  30,804 
Asia-Pacific 10,124  7,964  28,819  24,378 
  $ 136,427  $ 122,110  $ 366,975  $ 318,109 
Inter-Segment Sales:
United States and Latin America $ 10,439  $ 10,041  $ 30,089  $ 32,783 
Canada 4,254  5,386  12,837  12,042 
Europe, Middle East and Africa 392  279  1,067  935 
Asia-Pacific 1,102  749  2,635  1,561 
$ 16,187  $ 16,455  $ 46,628  $ 47,321 
Depreciation Expense:
United States and Latin America $ 1,159  $ 1,113  $ 3,323  $ 3,700 
Canada 912  1,096  2,760  3,396 
Europe, Middle East and Africa 41  94  139  283 
Asia-Pacific 40  35  118  106 
$ 2,152  $ 2,338  $ 6,340  $ 7,485 
Amortization Expense:
United States and Latin America $ 367  $ 588  $ 1,427  $ 1,587 
Canada 1,720  1,724  5,208  5,354 
Europe, Middle East and Africa 22  21  66  62 
Asia-Pacific 12  34  34  69 
$ 2,121  $ 2,367  $ 6,735  $ 7,072 
Income/(Loss) from Operations:    
United States and Latin America $ 12,190  $ 8,338  $ 36,480  $ 26,055 
Canada 8,743  13,005  19,799  25,781 
Europe, Middle East and Africa 492  (5,963) 3,159  (7,526)
Asia-Pacific 1,917  1,142  4,593  2,888 
Unallocated:
Stock compensation (1,444) (1,994) (4,132) (4,438)
Public company costs (449) (466) (1,352) (1,446)
  $ 21,449  $ 14,062  $ 58,547  $ 41,314 
December 31, 2023 March 31, 2023
Property, Plant and Equipment, Net:
United States and Latin America $ 35,511  $ 31,918 
Canada 29,422  28,369 
Europe, Middle East and Africa 2,365  2,366 
Asia-Pacific 634  635 
$ 67,932  $ 63,288 
Total Assets:
United States and Latin America $ 413,290  $ 270,404 
Canada 288,806  287,221 
Europe, Middle East and Africa 61,681  57,680 
Asia-Pacific 41,311  34,324 
$ 805,088  $ 649,629 
Capital expenditures for our reportable segments were as follows:
Three Months Ended December 31, 2023 Three Months Ended December 31, 2022 Nine Months Ended
December 31, 2023		 Nine Months Ended
December 31, 2022
Capital Expenditures:
United States and Latin America $ 844  $ 350  $ 4,390  $ 1,773 
Canada 1,303  1,042  3,209  3,042 
Europe, Middle East and Africa 107  65  144  197 
Asia-Pacific 20  102  139  161 
  $ 2,274  $ 1,559  $ 7,882  $ 5,173