Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.22.1
Segment Information
 12 Months Ended
Mar. 31, 2022
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, and other, which we refer to as our "key end markets." We offer a full suite of products (heating units, heating cables, 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. We report the results of our THS product line in all four reportable segments, and the results of our TPS product line in the US-LAM and Canada reportable segments. Each of our reportable segments serves a similar class of customers, including engineering, procurement and construction companies, international and regional oil companies, gas companies, commercial sub-contractors, electrical component distributors and direct sales to existing plant or industrial applications. 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 and total assets classified by major geographic area in which the Company operates are as follows:
Year Ended March 31, 2022 Year Ended March 31, 2021 Year Ended March 31, 2020
Sales to External Customers:
United States and Latin America $ 154,187  $ 95,441  $ 155,465 
Canada 115,442  90,853  128,364 
Europe, Middle East and Africa 54,737  54,219  53,762 
Asia-Pacific 31,308  35,668  45,895 
  $ 355,674  $ 276,181  $ 383,486 
Inter-segment Sales:
United States and Latin America $ 40,169  $ 40,793  $ 48,891 
Canada 11,629  7,272  4,764 
Europe, Middle East and Africa 1,683  2,003  2,890 
Asia-Pacific 1,325  1,221  991 
$ 54,806  $ 51,289  $ 57,536 
Depreciation Expense:
United States and Latin America $ 5,729  $ 6,290  $ 6,304 
Canada 5,117  4,454  3,462 
Europe, Middle East and Africa 390  341  551 
Asia-Pacific 179  192  185 
$ 11,415  $ 11,277  $ 10,502 
Amortization of Intangibles:
United States and Latin America $ 1,145  $ 1,464  $ 5,752 
Canada 7,472  7,301  9,665 
Europe, Middle East and Africa 94  453  1,292 
Asia-Pacific 79  227  1,064 
$ 8,790  $ 9,445  $ 17,773 
Income/(Loss) from Operations:
United States and Latin America $ 9,699  $ (9,490) $ 6,346 
Canada 22,913  15,242  24,946 
Europe, Middle East and Africa 6,974  3,181  1,196 
Asia-Pacific 4,559  3,917  6,628 
Unallocated:
Public company costs (1,937) (1,716) (1,493)
Stock compensation (3,803) (3,728) (4,960)
  $ 38,405  $ 7,406  $ 32,663 
March 31, 2022 March 31, 2021
Fixed Assets:
United States and Latin America $ 31,919  $ 36,155 
Canada 30,686  32,583 
Europe, Middle East and Africa 2,796  3,141 
Asia-Pacific 638  751 
$ 66,039  $ 72,630 
Total Assets:
United States and Latin America $ 241,421  $ 218,699 
Canada 296,459  287,907 
Europe, Middle East and Africa 67,608  77,798 
Asia-Pacific 31,181  33,474 
$ 636,669  $ 617,878 
    At March 31, 2022 and 2021, non-current deferred tax assets of $7,061 and $7,493 respectively, were applicable to the United States.
    Capital expenditures by geographic area were as follows:
Year Ended March 31, 2022 Year Ended March 31, 2021 Year Ended March 31, 2020
Capital Expenditures:
United States and Latin America $ 1,267  $ 3,075  $ 5,607 
Canada 3,593  4,866  4,221 
Europe, Middle East and Africa 288  68  654 
Asia-Pacific 72  123  373 
  $ 5,220  $ 8,132  $ 10,855