Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.24.3
Segment Information
 6 Months Ended
Sep. 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 September 30, 2024 Three Months Ended September 30, 2023 Six Months Ended September 30, 2024 Six Months Ended September 30, 2023
Sales to external customers:    
United States and Latin America $ 58,864  $ 63,797  $ 118,848  $ 117,294 
Canada 36,871  36,149  75,216  71,472 
Europe, Middle East and Africa 9,028  13,407  16,870  23,088 
Asia-Pacific 9,885  10,306  18,840  18,694 
  $ 114,648  $ 123,659  $ 229,774  $ 230,548 
Inter-Segment sales:
United States and Latin America $ 12,302  $ 11,269  $ 23,410  $ 19,650 
Canada 3,520  3,851  7,068  8,583 
Europe, Middle East and Africa 480  286  897  675 
Asia-Pacific 384  422  815  1,533 
$ 16,686  $ 15,828  $ 32,190  $ 30,441 
Depreciation expense:
United States and Latin America $ 1,232  $ 1,108  $ 2,467  $ 2,164 
Canada 834  937  1,668  1,848 
Europe, Middle East and Africa 49  51  98  98 
Asia-Pacific 56  40  105  78 
$ 2,171  $ 2,136  $ 4,338  $ 4,188 
Amortization expense:
United States and Latin America $ 1,653  $ 449  $ 3,306  $ 1,060 
Canada 1,716  1,745  3,427  3,488 
Europe, Middle East and Africa 22  22  44  44 
Asia-Pacific 11  11  22  22 
$ 3,402  $ 2,227  $ 6,799  $ 4,614 
Income from operations:    
United States and Latin America $ 6,578  $ 12,009  $ 13,042  $ 24,290 
Canada 8,670  7,520  15,938  11,058 
Europe, Middle East and Africa 1,367  2,333  1,709  2,667 
Asia-Pacific 622  1,769  1,836  2,676 
Unallocated:
Stock compensation (1,511) (1,450) (2,576) (2,688)
Public company costs (523) (497) (1,011) (905)
  $ 15,203  $ 21,684  $ 28,938  $ 37,098 
The following table presents a reconciliation of Income from operations to Income before provision for income taxes:
Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Six Months Ended September 30, 2024 Six Months Ended September 30, 2023
Income from operations $ 15,203  $ 21,684  $ 28,938  $ 37,098 
Other income/(expenses):
Interest expense, net (2,790) (1,925) (5,637) (3,509)
Other income/(expense) 563  (267) 706  74 
Income before provision for income taxes $ 12,976  $ 19,492  $ 24,007  $ 33,663