XML 30 R19.htm IDEA: XBRL DOCUMENT v3.25.0.1
Segment Information
 9 Months Ended
Dec. 31, 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, food and beverage, 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 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 December 31, 2024Three Months Ended December 31, 2023Nine Months Ended December 31, 2024Nine Months Ended December 31, 2023
Sales to external customers:  
United States and Latin America$67,171 $72,704 $186,019 $189,997 
Canada43,537 41,114 118,753 112,586 
Europe, Middle East and Africa13,814 12,485 30,684 35,573 
Asia-Pacific9,831 10,124 28,671 28,819 
 $134,353 $136,427 $364,127 $366,975 
Inter-Segment sales:
United States and Latin America$14,044 $10,439 $37,455 $30,089 
Canada4,311 4,254 11,379 12,837 
Europe, Middle East and Africa183 392 1,080 1,067 
Asia-Pacific640 1,102 1,455 2,635 
$19,178 $16,187 $51,369 $46,628 
Depreciation expense:
United States and Latin America$1,204 $1,159 $3,672 $3,323 
Canada795 912 2,462 2,760 
Europe, Middle East and Africa109 41 207 139 
Asia-Pacific53 40 158 118 
$2,161 $2,152 $6,499 $6,340 
Amortization expense:
United States and Latin America$1,654 $367 $4,958 $1,427 
Canada1,673 1,720 5,101 5,208 
Europe, Middle East and Africa125 22 169 66 
Asia-Pacific11 12 34 34 
$3,463 $2,121 $10,262 $6,735 
Income from operations:  
United States and Latin America$14,272 $12,190 $27,314 $36,480 
Canada12,952 8,743 28,889 19,799 
Europe, Middle East and Africa1,085 492 2,795 3,159 
Asia-Pacific1,424 1,917 3,260 4,593 
Unallocated:
Stock compensation(1,470)(1,444)(4,046)(4,132)
Public company costs(576)(449)(1,587)(1,352)
 $27,686 $21,449 $56,624 $58,547 
The following table presents a reconciliation of Income from operations to Income before provision for income taxes:
Three Months Ended December 31, 2024Three Months Ended December 31, 2023Nine Months Ended December 31, 2024Nine Months Ended December 31, 2023
Income from operations$27,686 $21,449 $56,624 $58,547 
Other income/(expenses):
Interest expense, net(2,535)(1,754)(8,172)(5,263)
Other income/(expense)(126)653 580 727 
Income before provision for income taxes$25,025 $20,348 $49,032 $54,011