Quarterly report pursuant to Section 13 or 15(d)

Segment Information

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Segment Information
 3 Months Ended
Jun. 30, 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) 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, 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 including interest and penalties maybe released in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations 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, and income from operations for each of our four reportable segments are as follows:
Three Months Ended June 30, 2024 Three Months Ended June 30, 2023
Sales to external customers:
United States and Latin America $ 59,984  $ 53,497 
Canada 38,345  35,323 
Europe, Middle East and Africa 7,842  9,681 
Asia-Pacific 8,955  8,388 
  $ 115,126  $ 106,889 
Inter-Segment sales:
United States and Latin America $ 11,108  $ 8,381 
Canada 3,548  4,732 
Europe, Middle East and Africa 417  389 
Asia-Pacific 431  1,111 
$ 15,504  $ 14,613 
Depreciation expense:
United States and Latin America $ 1,236  $ 1,056 
Canada 833  911 
Europe, Middle East and Africa 49  47 
Asia-Pacific 48  38 
$ 2,166  $ 2,052 
Amortization expense:
United States and Latin America $ 1,653  $ 611 
Canada 1,711  1,743 
Europe, Middle East and Africa 22  22 
Asia-Pacific 11  11 
$ 3,397  $ 2,387 
Income from operations:
United States and Latin America $ 6,463  $ 5,599 
Canada 7,268  9,119 
Europe, Middle East and Africa 343  605 
Asia-Pacific 1,214  1,737 
Unallocated:
Stock compensation (1,065) (1,238)
Public company costs (488) (408)
  $ 13,735  $ 15,414 
The following table presents a reconciliation of Income from operations to Income before provision for income taxes:
Three Months Ended June 30, 2024 Three Months Ended June 30, 2023
Income from operations $ 13,735  $ 15,414 
Other income/(expenses):
Interest expense, net (2,847) (1,584)
Other income/(expense) 143  341 
Income before provision for income taxes $ 11,031  $ 14,171