Annual report pursuant to Section 13 and 15(d)

Segment Information

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Segment Information
 12 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
    We maintain four reportable segments based on four geographic countries or regions in which we operate: (i) US-LAM, (ii) Canada, (iii) EMEA and (iv) 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, electrode and gas-fired boilers, 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 of accumulated depreciation, and total assets classified by major geographic area in which the Company operates are as follows:
Year Ended March 31, 2024 Year Ended March 31, 2023 Year Ended March 31, 2022
Sales to External Customers:
United States and Latin America $ 256,293  $ 209,154  $ 154,187 
Canada 155,319  153,968  115,442 
Europe, Middle East and Africa 45,301  43,157  54,737 
Asia-Pacific 37,716  34,311  31,308 
  $ 494,629  $ 440,590  $ 355,674 
Inter-segment Sales:
United States and Latin America $ 39,784  $ 42,657  $ 40,169 
Canada 18,162  17,715  11,629 
Europe, Middle East and Africa 1,371  1,409  1,683 
Asia-Pacific 3,363  2,033  1,325 
$ 62,680  $ 63,814  $ 54,806 
Depreciation Expense:
United States and Latin America $ 4,616  $ 4,845  $ 5,729 
Canada 3,706  4,423  5,117 
Europe, Middle East and Africa 189  366  390 
Asia-Pacific 168  150  179 
$ 8,679  $ 9,784  $ 11,415 
Amortization of Intangibles:
United States and Latin America $ 3,080  $ 2,175  $ 1,145 
Canada 6,945  7,085  7,472 
Europe, Middle East and Africa 87  84  94 
Asia-Pacific 46  103  79 
$ 10,158  $ 9,447  $ 8,790 
Income/(Loss) from Operations:
United States and Latin America $ 33,987  $ 30,715  $ 9,699 
Canada 36,366  36,173  22,913 
Europe, Middle East and Africa 5,637  (9,395) 6,974 
Asia-Pacific 7,023  5,431  4,559 
Unallocated:
Public company costs (1,888) (1,780) (1,937)
Stock compensation (5,754) (5,954) (3,803)
  $ 75,371  $ 55,190  $ 38,405 
March 31, 2024 March 31, 2023
Property, Plant and Equipment, net:
United States and Latin America $ 35,250  $ 31,918 
Canada 29,923  28,369 
Europe, Middle East and Africa 2,497  2,366 
Asia-Pacific 665  635 
$ 68,335  $ 63,288 
Total Assets:
United States and Latin America $ 406,547  $ 284,734 
Canada 265,318  277,096 
Europe, Middle East and Africa 60,569  57,680 
Asia-Pacific 35,306  30,119 
$ 767,740  $ 649,629 
    At March 31, 2024 and 2023, non-current deferred tax assets of $13,016 and $10,363 respectively, were applicable to the U.S.
    Capital expenditures by geographic area were as follows:
Year-Ended March 31, 2024 Year-Ended March 31, 2023 Year-Ended March 31, 2022
Capital Expenditures:
United States and Latin America $ 5,683  $ 4,268  $ 1,267 
Canada 5,398  4,636  3,593 
Europe, Middle East and Africa 329  278  288 
Asia-Pacific 260  271  72 
  $ 11,670  $ 9,453  $ 5,220