Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.3
Segment Information
 6 Months Ended
Sep. 30, 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 September 30, 2023 Three Months Ended September 30, 2022 Six Months Ended September 30, 2023 Six Months Ended September 30, 2022
Sales to External Customers:    
United States and Latin America $ 63,797  $ 47,434  $ 117,294  $ 93,027 
Canada 36,149  34,783  71,472  66,978 
Europe, Middle East and Africa 13,407  9,543  23,088  19,579 
Asia-Pacific 10,306  8,797  18,694  16,415 
  $ 123,659  $ 100,557  $ 230,548  $ 195,999 
Inter-Segment Sales:
United States and Latin America $ 11,269  $ 11,841  $ 19,650  $ 22,742 
Canada 3,851  3,304  8,583  6,656 
Europe, Middle East and Africa 286  234  675  656 
Asia-Pacific 422  433  1,533  812 
$ 15,828  $ 15,812  $ 30,441  $ 30,866 
Depreciation Expense:
United States and Latin America $ 1,108  $ 1,240  $ 2,164  $ 2,587 
Canada 937  1,148  1,848  2,300 
Europe, Middle East and Africa 51  96  98  189 
Asia-Pacific 40  35  78  71 
$ 2,136  $ 2,519  $ 4,188  $ 5,147 
Amortization Expense:
United States and Latin America $ 449  $ 599  $ 1,060  $ 999 
Canada 1,745  1,795  3,488  3,630 
Europe, Middle East and Africa 22  20  44  42 
Asia-Pacific 11  23  22  34 
$ 2,227  $ 2,437  $ 4,614  $ 4,705 
Income from Operations:    
United States and Latin America $ 12,009  $ 6,163  $ 24,290  $ 17,716 
Canada 7,520  8,700  11,058  12,776 
Europe, Middle East and Africa 2,333  1,079  2,667  (1,562)
Asia-Pacific 1,769  1,809  2,676  1,746 
Unallocated:
Stock compensation (1,450) (1,251) (2,688) (2,444)
Public company costs (497) (462) (905) (980)
  $ 21,684  $ 16,038  $ 37,098  $ 27,252 
September 30, 2023 March 31, 2023
Property, Plant and Equipment, Net:
United States and Latin America $ 33,499  $ 31,918 
Canada 28,398  28,369 
Europe, Middle East and Africa 2,248  2,366 
Asia-Pacific 649  635 
$ 64,794  $ 63,288 
Total Assets:
United States and Latin America $ 279,738  $ 270,404 
Canada 280,653  287,221 
Europe, Middle East and Africa 61,074  57,680 
Asia-Pacific 42,258  34,324 
$ 663,723  $ 649,629 
Capital expenditures for our reportable segments were as follows:
Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Six Months Ended
September 30, 2023		 Six Months Ended
September 30, 2022
Capital Expenditures:
United States and Latin America $ 1,719  $ 1,180  $ 3,546  $ 1,423 
Canada 996  715  1,906  2,000 
Europe, Middle East and Africa 4  51  37  132 
Asia-Pacific 88  51  119  59 
  $ 2,807  $ 1,997  $ 5,608  $ 3,614