11. OPERATING SEGMENTS
We manage and measure performance of our business in four distinct operating segments: Communications, Residential, Infrastructure Solutions and Commercial & Industrial. These segments are reflective of how the Company’s CODM reviews operating results for the purposes of allocating resources and assessing performance. The CODM primarily uses “Income (loss) from operations” for each operating segment to assess performance and decide how to allocate resources. Investment gains and losses and certain other corporate income and expense items are not considered in assessing the financial performance of operating businesses. In evaluating performance of the operating businesses, the CODM may compare actual income from operations for a segment to its forecast or prior year results. The Company’s CODM is its Chief Executive Officer.
Transactions between segments, if any, are eliminated in consolidation. Our corporate office provides general and administrative services, as well as support services, to our four operating segments. Management allocates certain shared costs among segments for selling, general and administrative expenses and depreciation expense.
Segment information for the years ended September 30, 2025, 2024 and 2023 is as follows:
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| | Year Ended September 30, 2025 |
| | Communications | | Residential | | Infrastructure Solutions | | Commercial & Industrial | | Corporate | | Total |
| Revenues | $ | 1,140,640 | | | $ | 1,304,369 | | | $ | 498,724 | | | $ | 427,735 | | | $ | — | | | $ | 3,371,468 | |
| Cost of services | 876,037 | | | 967,920 | | | 327,202 | | | 340,812 | | | — | | | 2,511,971 | |
| Gross profit | 264,603 | | | 336,449 | | | 171,522 | | | 86,923 | | | — | | | 859,497 | |
| Selling, general and administrative | 98,187 | | | 232,789 | | | 51,813 | | | 39,695 | | | 52,494 | | | 474,978 | |
| | | | | | | | | | | |
| Contingent consideration | — | | | — | | | 1,145 | | | — | | | — | | | 1,145 | |
| Loss (gain) on sale of assets | (89) | | | (132) | | | 97 | | | (31) | | | — | | | (155) | |
| Income (loss) from operations | $ | 166,505 | | | $ | 103,792 | | | $ | 118,467 | | | $ | 47,259 | | | $ | (52,494) | | | $ | 383,529 | |
| Other data: | | | | | | | | | | | |
| Depreciation and amortization expense | $ | 5,481 | | | $ | 23,320 | | | $ | 14,420 | | | $ | 2,792 | | | $ | 928 | | | $ | 46,941 | |
| Capital expenditures | $ | 27,899 | | | $ | 11,351 | | | $ | 12,046 | | | $ | 11,300 | | | $ | 4,657 | | | $ | 67,253 | |
| Total assets | $ | 439,919 | | | $ | 356,539 | | | $ | 355,087 | | | $ | 113,123 | | | $ | 330,993 | | | $ | 1,595,661 | |
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| | Year Ended September 30, 2024 |
| | Communications | | Residential | | Infrastructure Solutions | | Commercial & Industrial | | Corporate | | Total |
| Revenues | $ | 776,474 | | | $ | 1,388,840 | | | $ | 351,096 | | | $ | 367,948 | | | $ | — | | | $ | 2,884,358 | |
| Cost of services | 623,844 | | | 1,024,440 | | | 245,743 | | | 293,741 | | | — | | | 2,187,768 | |
| Gross profit | 152,630 | | | 364,400 | | | 105,353 | | | 74,207 | | | — | | | 696,590 | |
| Selling, general and administrative | 65,752 | | | 228,371 | | | 37,394 | | | 32,925 | | | 32,242 | | | 396,684 | |
| | | | | | | | | | | |
| Contingent consideration | — | | | 36 | | | 678 | | | — | | | — | | | 714 | |
| Gain on sale of assets | (18) | | | (1,354) | | | (184) | | | (114) | | | (14) | | | (1,684) | |
| Income (loss) from operations | $ | 86,896 | | | $ | 137,347 | | | $ | 67,465 | | | $ | 41,396 | | | $ | (32,228) | | | $ | 300,876 | |
| Other data: | | | | | | | | | | | |
| Depreciation and amortization expense | $ | 3,627 | | | $ | 20,752 | | | $ | 9,783 | | | $ | 2,028 | | | $ | 913 | | | $ | 37,103 | |
| Capital expenditures | $ | 13,493 | | | $ | 15,620 | | | $ | 8,916 | | | $ | 5,205 | | | $ | 1,925 | | | $ | 45,159 | |
| Total assets | $ | 285,478 | | | $ | 395,682 | | | $ | 288,765 | | | $ | 89,023 | | | $ | 185,078 | | | $ | 1,244,026 | |
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| | Year Ended September 30, 2023 |
| | Communications | | Residential | | Infrastructure Solutions | | Commercial & Industrial | | Corporate | | Total |
| Revenues | $ | 600,776 | | | $ | 1,279,504 | | | $ | 217,353 | | | $ | 279,594 | | | $ | — | | | $ | 2,377,227 | |
| Cost of services | 494,964 | | | 1,026,524 | | | 162,905 | | | 248,295 | | | — | | | 1,932,688 | |
| Gross profit | 105,812 | | | 252,980 | | | 54,448 | | | 31,299 | | | — | | | 444,539 | |
| Selling, general and administrative | 54,344 | | | 169,737 | | | 26,260 | | | 25,225 | | | 23,059 | | | 298,625 | |
| | | | | | | | | | | |
| Contingent consideration | — | | | 277 | | | — | | | — | | | — | | | 277 | |
| Loss (gain) on sale of assets | 12 | | | 69 | | | (1,029) | | | (13,198) | | | 7 | | | (14,139) | |
| Income (loss) from operations | $ | 51,456 | | | $ | 82,897 | | | $ | 29,217 | | | $ | 19,272 | | | $ | (23,066) | | | $ | 159,776 | |
| Other data: | | | | | | | | | | | |
| Depreciation and amortization expense | $ | 2,215 | | | $ | 19,281 | | | $ | 5,198 | | | $ | 1,640 | | | $ | 1,073 | | | $ | 29,407 | |
| Capital expenditures | $ | 2,203 | | | $ | 9,114 | | | $ | 2,767 | | | $ | 2,525 | | | $ | 1,058 | | | $ | 17,667 | |
| Total assets | $ | 205,924 | | | $ | 386,829 | | | $ | 180,871 | | | $ | 87,677 | | | $ | 120,299 | | | $ | 981,600 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.