Segment Information

12 Months Ended

Dec. 31, 2023

Segment Information

Segment Information

16. Segment Information

We have two reportable segments: (a) our mechanical segment, which includes HVAC, plumbing, piping, and controls, as well as off-site construction, monitoring and fire protection; and (b) our electrical segment, which includes installation and servicing of electrical systems. We consider these two lines of business to be separate segments because they require different skill sets, and the business models for providing services have some differences, as a mechanical system requires ongoing maintenance and monitoring and an electrical system generally does not. However, the business model for installation of new systems or retrofitting existing systems is very similar between the two segments. Segment information is prepared on the same basis that our management reviews financial information for operational decision-making purposes.

Our activities are within the mechanical services industry and the electrical services industry, which represent our two reportable segments. We aggregate our operating segments into two reportable segments, as the operating segments meet all of the aggregation criteria. Substantially all of our revenue is generated, and all of our assets are located, in the United States, our country of domicile. The following tables present information about our reportable segments (in thousands):

	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Total Assets at December 31, 2023	$	2,180,021	$	901,025	$	224,533	$	3,305,579
Total Assets at December 31, 2022	$	1,741,135	$	790,040	$	66,303	$	2,597,478
	Year Ended December 31, 2023
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	3,946,022	$	1,260,738	$	—	$	5,206,760
Gross Profit	$	750,106	$	240,403	$	—	$	990,509
Capital Expenditures	$	82,449	$	9,600	$	2,789	$	94,838

	Year Ended December 31, 2022
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	3,178,475	$	961,889	$	—	$	4,140,364
Gross Profit	$	580,619	$	160,989	$	—	$	741,608
Capital Expenditures	$	43,532	$	4,101	$	726	$	48,359
	Year Ended December 31, 2021
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	2,542,623	$	531,013	$	—	$	3,073,636
Gross Profit	$	486,346	$	76,861	$	—	$	563,207
Capital Expenditures	$	19,408	$	2,413	$	509	$	22,330

For the year ended December 31, 2023, one customer represented 14% of consolidated revenue and was included in our mechanical segment revenues. No individual customer represented 10% or more of our consolidated revenue in either the year ended December 31, 2022 or 2021.