Quarterly report pursuant to Section 13 or 15(d)

Operating Segments (Tables)

v3.20.2
Operating Segments (Tables)
6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Condensed Consolidated Segment Information
Condensed consolidated segment information for the periods presented is as follows:
 
Three months ended June 30,
 
2020
 
2019
(in thousands)
 
 
(As Recast)

Statement of Operations Data:
 

 
 

Revenue:
 

 
 

Construction
$
105,937

 
$
104,759

Service
29,248

 
27,844

Total revenue
135,185

 
132,603

 
 
 
 
Gross profit:
 
 
 
Construction
12,213

 
10,683

Service
8,122

 
7,012

Total gross profit
20,335

 
17,695

 
 
 
 
Selling, general and administrative expenses:(1)
 
 
 
Construction
8,024

 
11,229

Service
5,588

 
5,335

Corporate
140

 
515

Total selling, general and administrative expenses
13,752

 
17,079

Amortization of intangibles
274

 
175

Operating income
$
6,309

 
$
441

 
 
 
 
Operating income for reportable segments
$
6,309

 
$
441

Less unallocated amounts:
 
 
 
Interest expense, net
(2,137
)
 
(1,597
)
Gain (loss) on sale of property and equipment
(13
)
 
9

Loss on debt extinguishment

 
(513
)
Gain on change in fair value of warrant liability
(102
)
 
(103
)
Total unallocated amounts
(2,252
)
 
(2,204
)
Total consolidated income (loss) before income taxes
$
4,057

 
$
(1,763
)
 
 
 
 
Other Data:
 
 
 
Depreciation and amortization:
 
 
 
Construction
$
1,032

 
$
1,003

Service
330

 
282

Corporate
274

 
175

Total other data
$
1,636

 
$
1,460


 
Six months ended June 30,

 
 
2020
 
2019
(in thousands)
 
 
(As Recast)

Statement of Operations Data:
 

 
 

Revenue:
 

 
 

Construction
$
215,423

 
$
209,219

Service
58,534

 
57,131

Total revenue
273,957

 
266,350

 
 
 
 
Gross profit:
 
 
 
Construction
23,195

 
23,599

Service
15,364

 
13,720

Total gross profit
38,559

 
37,319

 
 
 
 
Selling, general and administrative expenses:(1)
 
 
 
Construction
18,200

 
21,681

Service
11,917

 
10,561

Corporate
435

 
882

Total selling, general and administrative expenses
30,552

 
33,124

Amortization of intangibles
417

 
350

Operating income
$
7,590

 
$
3,845

 
 
 
 
Operating income for reportable segments
$
7,590

 
$
3,845

Less unallocated amounts:
 
 
 
Interest expense, net
(4,295
)
 
(2,430
)
Gain on sale of property and equipment
17

 
21

Loss on debt extinguishment

 
(513
)
Gain on change in fair value of warrant liability
59

 
(103
)
Total unallocated amounts
(4,219
)
 
(3,025
)
Total consolidated income (loss) before income taxes
$
3,371

 
$
820

 
 
 
 
Other Data:
 
 
 
Depreciation and amortization:
 
 
 
Construction
$
2,062

 
$
1,976

Service
661

 
547

Corporate
417

 
350

Total other data
$
3,140

 
$
2,873


(1)
Starting January 1, 2020, we changed the methodology in which we present our corporate selling, general and administrative expenses to our CODM to better reflect the way the business is managed. Under this new methodology, all corporate expenses except for stock-based compensation are allocated to our Construction and Service segments. For comparability purposes, we reclassified our selling, general and administrative expense segment amounts for the three and six months ended June 30, 2019 to align with this updated allocation methodology.