What changed in this filing

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Item 1. Financial Statements

2022-11-03 compared with 2022-08-03 · 154 added, 68 removed, 456 unchanged (33% of the section changed)

4 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2022 2021 2022 2021

11 unchanged sentences

(Loss) income before taxes — ( 201 ) — 1,867

(Benefit from) provision for income taxes — ( 78 ) — 226

Provision for income taxes — 97 — 323

(Loss) income from discontinued operations — ( 298 ) — 1,544

15 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2022 2021 2022 2021

9 unchanged sentences

(in thousands, except per share data)

September 30,

2022 December 31,

40 unchanged sentences

(in thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash Flows from Operating Activities

2 unchanged sentences

Income from continuing operations 79,058 64,723

Adjustments to reconcile net income to net cash provided by operating activities:

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization 19,192 23,958

9 unchanged sentences

Accrued expenses and other non-current liabilities ( 1,065 ) ( 12,261 )

Net cash provided by operating activities of continuing operations 544 12,777

Net cash provided by (used in) operating activities of continuing operations 38,561 ( 14,523 )

Net cash used in operating activities of discontinued operations — ( 2,002 )

Net cash provided by operating activities 544 10,775

Net cash provided by (used in) operating activities 38,561 ( 16,525 )

Cash Flows from Investing Activities

Purchases of property, plant, and equipment ( 11,287 ) ( 9,474 )

Acquisitions, net of cash acquired ( 51,621 ) 4,143

Purchases of property, plant, and equipment ( 15,704 ) ( 13,251 )

Net proceeds from sale of business — 38,062

Net proceeds from sale of property and equipment 85 —

Net cash (used in) provided by investing activities of continuing operations ( 67,325 ) 28,954

37 unchanged sentences

Balance at June 30, 2022 33,989 $ 340 $ 318,664 $ 590,335 $ ( 3,213 ) 2,374 $ ( 88,848 ) $ 817,278

Net income — — — 34,295 — — — 34,295

Foreign currency translation adjustment — — — — ( 3,568 ) — — ( 3,568 )

Minimum post retirement benefit plan adjustments, net of taxes of $ 5

— — — — 12 — — 12

Stock compensation expense — — 1,764 — — — — 1,764

Awards of common shares

— — — — — — — —

Net settlement of restricted stock units

45 — — — — 18 ( 749 ) ( 749 )

Common stock repurchased under stock repurchase program — — — — — 138 ( 5,541 ) ( 5,541 )

Balance at September 30, 2022 34,034 $ 340 $ 320,428 $ 624,630 $ ( 6,769 ) 2,530 $ ( 95,138 ) $ 843,491

See accompanying notes to consolidated financial statements.

27 unchanged sentences

Balance at June 30, 2021 33,718 $ 337 $ 310,728 $ 508,654 $ 1,552 1,083 $ ( 33,663 ) $ 787,608

Net income — — — 27,556 — — — 27,556

Foreign currency translation adjustment — — — — ( 1,057 ) — — ( 1,057 )

Minimum post retirement benefit plan adjustments, net of taxes of $ 9

— — — — 27 — — 27

Stock compensation expense — — 1,834 — — — — 1,834

Stock options exercised 10 — 97 — — — — 97

Net settlement of restricted stock units

54 1 ( 1 ) — — 19 ( 1,381 ) ( 1,381 )

Total other comprehensive loss

— — — — — — — —

Balance at September 30, 2021 33,782 $ 338 $ 312,658 $ 536,210 $ 522 1,102 $ ( 35,044 ) $ 814,684

See accompanying notes to consolidated financial statements.

7 unchanged sentences

The Company's operations are seasonal;

for this and other reasons, such as the impact of the COVID-19 pandemic, financial results for any interim period are not necessarily indicative of the results expected for any subsequent interim period or for the full year.

for this and other reasons financial results for any interim period are not necessarily indicative of the results expected for any subsequent interim period or for the full year.

The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2021.

13 unchanged sentences

Accounts receivable consists of the following (in thousands):

June 30, 2022 December 31, 2021

September 30, 2022 December 31, 2021

Trade accounts receivable $ 222,368 $ 185,745

4 unchanged sentences

Refer to Note 4 "Revenue" concerning the Company's costs in excess of billings.

The following table provides a roll-forward of the allowance for credit losses, for the six month period ended June 30, 2022, that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.

The following table provides a roll-forward of the allowance for credit losses, for the nine month period ended September 30, 2022, that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.

Beginning balance as of January 1, 2022 $ 3,738

1 unchanged sentence

Accounts written off against allowance and other adjustments ( 851 )

Ending balance as of June 30, 2022 $ 3,901

Ending balance as of September 30, 2022 $ 3,847

Sales includes revenue from contracts with customers for designing, engineering, manufacturing and installation of solar racking systems;

7 unchanged sentences

designing, engineering, manufacturing and installation of greenhouses;

botanical extraction systems;

structural bearings;

4 unchanged sentences

Refer to Note 15 "Segment Information" for additional information related to revenue recognized by timing of transfer of control by reportable segment.

As of June 30, 2022, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less.

As of September 30, 2022, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less.

Contract assets consist of costs in excess of billings presented within accounts receivable in the Company's consolidated balance sheets.

Contract liabilities consist of billings in excess of cost, classified as current liabilities, and unearned revenue, presented within accrued expenses, in the Company's consolidated balance sheets.

Unearned revenue as of June 30, 2022 and December 31, 2021 was $ 3.4 million and $ 3.7 million, respectively.

Revenue recognized during the six months ended June 30, 2022 and 2021 that was in contract liabilities at the beginning of the respective periods was $ 38.6 million and $ 49.2 million, respectively.

Unearned revenue as of September 30, 2022 and December 31, 2021 was $ 3.4 million and $ 3.7 million, respectively.

Revenue recognized during the nine months ended September 30, 2022 and 2021 that was in contract liabilities at the beginning of the respective periods was $ 41.2 million and $ 52.6 million, respectively.

(5) INVENTORIES

Inventories consist of the following (in thousands):

June 30, 2022 December 31, 2021

September 30, 2022 December 31, 2021

Raw material $ 132,084 $ 135,558

4 unchanged sentences

Total inventories, net $ 204,000 $ 176,207

(6) ACQUISITION

On August 22, 2022, the Company purchased all the issued and outstanding membership interests of Quality Aluminum Products ("QAP"), a manufacturer of aluminum and steel products including soffit, fascia, trim coil, rain carrying products and aluminum siding.

The results of QAP have been included in the Company's consolidated financial results since the date of acquisition within the Company's Residential segment.

The preliminary purchase consideration for the acquisition of QAP was $ 52.6 million, which includes a preliminary working capital adjustment and certain other adjustments provided for in the membership interest purchase agreement.

The purchase price for the acquisition was preliminarily allocated to the assets acquired and liabilities assumed based upon their respective fair values estimated as of the date of acquisition.

The Company has commenced the process to confirm the existence, condition, and completeness of the assets acquired and liabilities assumed to establish fair value of such assets and liabilities and to determine the amount of goodwill to be recognized as of the date of acquisition.

Due to the timing of the acquisition, we continue to gather information supporting the acquired assets and assumed liabilities.

Accordingly, all amounts recorded are provisional.

These provisional amounts are subject to change if new information is obtained concerning facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date.

The final determination of the fair value of certain assets and liabilities will be completed within a measurement period of up to one year from the date of acquisition.

The final values may also result in changes to depreciation and amortization expense related to certain assets such as property, plant and equipment and acquired intangible assets.

The preliminary excess consideration was recorded as goodwill and approximated $ 3.5 million, all of which is deductible for tax purposes.

Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the domestic building products markets.

The final purchase price allocation will be completed no later than the third quarter of fiscal year 2023.

The preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands):

Working capital 24,279

Property, plant and equipment 3,462

Acquired intangible assets 20,000

Other assets 404

Goodwill 3,476

Fair value of purchase consideration $ 52,639

The intangible assets acquired in this acquisition consisted of the following (in thousands):

Fair Value Weighted-Average Amortization Period

Trademarks $ 5,000 Indefinite

Customer relationships 15,000 15 years

Total $ 20,000

In determining the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, the Company uses all available information to make fair value determinations using Level 3 unobservable inputs in which little or no market data exists, and therefore, engages independent valuation specialists to assist in the fair value determination of the acquired long-lived assets.

The acquisition of QAP was financed primarily through borrowings under the Company's revolving credit facility.

The Company incurred costs related to the acquisition of QAP that have been recognized in the consolidated statements of income.

Within cost of sales, the Company recognizes the amortization of the purchase price allocated to the step up of inventory to fair value.

Legal and consulting fees incurred as a result of the acquisition were recognized as a component of selling, general, and administrative expenses.

The acquisition-related costs consisted of the following for the three and nine months ended September 30 (in thousands):

Three Months Ended

September 30, Nine Months Ended

September 30,

2022 2021 2022 2021

Cost of sales $ 476 $ — $ 476 $ —

Selling, general and administrative costs 522 53 529 946

Total acquisition related costs $ 998 $ 53 $ 1,005 $ 946

(7) GOODWILL AND RELATED INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the six months ended June 30, 2022 are as follows (in thousands):

The changes in the carrying amount of goodwill for the nine months ended September 30, 2022 are as follows (in thousands):

Renewables Residential Agtech Infrastructure Total

Balance at December 31, 2021 $ 188,680 $ 205,452 $ 85,132 $ 31,678 $ 510,942

Acquired goodwill — 3,476 — — 3,476

Adjustments to prior year acquisitions 904 — — — 904

Foreign currency translation ( 2,545 ) — ( 1,911 ) — ( 4,456 )

Balance at June 30, 2022 $ 187,604 $ 205,452 $ 84,623 $ 31,678 $ 509,357

Balance at September 30, 2022 $ 187,039 $ 208,928 $ 83,221 $ 31,678 $ 510,866

The Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing.

The Company determined that no triggering event had occurred as of June 30, 2022 which would require an interim impairment test to be performed.

The Company determined that no triggering event had occurred as of September 30, 2022 which would require an interim impairment test to be performed.

Acquired Intangible Assets

Acquired intangible assets consist of the following (in thousands):

June 30, 2022 December 31, 2021

September 30, 2022 December 31, 2021

Amount Accumulated

11 unchanged sentences

Total acquired intangible assets $ 223,898 $ 78,524 $ 215,172 $ 73,668

The following table summarizes the acquired intangible asset amortization expense for the three and six months ended June 30 (in thousands):

The following table summarizes the acquired intangible asset amortization expense for the three and nine months ended September 30 (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2022 2021 2022 2021

5 unchanged sentences

Long-term debt consists of the following (in thousands):

June 30, 2022 December 31, 2021

September 30, 2022 December 31, 2021

Revolving credit facility $ 122,300 $ 24,500

5 unchanged sentences

The Senior Credit Agreement contains three financial covenants.

As of June 30, 2022, the Company was in compliance with all three covenants.

As of September 30, 2022, the Company was in compliance with all three covenants.

Interest rates on the revolving credit facility are based on LIBOR plus an additional margin that ranges from 1.125 % to 2.00 %.

3 unchanged sentences

Capital distributions under the Senior Credit Agreement are capped at an annual aggregate limit of $ 75 million if the Company's leverage ratio is over 3.0 times.

Standby letters of credit of $ 4.5 million have been issued under the Senior Credit Agreement on behalf of the Company as of June 30, 2022.

Standby letters of credit of $ 4.5 million have been issued under the Senior Credit Agreement on behalf of the Company as of September 30, 2022.

These letters of credit reduce the amount otherwise available under the revolving credit facility.

The Company had $ 301.5 million and $ 369.3 million of availability under the revolving credit facility at June 30, 2022 and December 31, 2021, respectively.

The Company had $ 273.2 million and $ 369.3 million of availability under the revolving credit facility at September 30, 2022 and December 31, 2021, respectively.

(9) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables summarize the cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, (in thousands):

The following tables summarize the cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, (in thousands):

Foreign Currency Translation Adjustment Minimum Post Retirement Benefit Plan

9 unchanged sentences

Balance at June 30, 2022 ( 1,785 ) ( 2,212 ) ( 3,997 ) 784 ( 3,213 )

Minimum post retirement health care plan adjustments — 17 17 ( 5 ) 12

Foreign currency translation adjustment ( 3,568 ) — ( 3,568 ) — ( 3,568 )

Balance at September 30, 2022 $ ( 5,353 ) $ ( 2,195 ) $ ( 7,548 ) $ 779 $ ( 6,769 )

Foreign Currency Translation Adjustment Minimum Post Retirement Benefit Plan

9 unchanged sentences

Balance at June 30, 2021 3,087 ( 2,352 ) 735 817 1,552

Minimum post retirement health care plan adjustments — 36 36 ( 9 ) 27

Foreign currency translation adjustment ( 1,057 ) — ( 1,057 ) — ( 1,057 )

Balance at September 30, 2021 $ 2,030 $ ( 2,316 ) $ ( 286 ) $ 808 $ 522

The realized adjustments relating to the Company’s minimum post retirement health care costs were reclassified from accumulated other comprehensive loss and included in other expense in the consolidated statements of income.

8 unchanged sentences

Equity Based Awards - Settled in Stock

The following table sets forth the number of equity-based awards granted during the six months ended June 30, which will convert to shares upon vesting, along with the weighted average grant date fair values:

The following table sets forth the number of equity-based awards granted during the nine months ended September 30, which will convert to shares upon vesting, along with the weighted average grant date fair values:

Awards Number of

12 unchanged sentences

The Company's equity-based awards that are settled in cash are the awards under the Management Stock Purchase Plan (the “MSPP”) which is authorized under the Company's equity incentive plans.

The total of these share-based liabilities recorded on the consolidated balance sheet as of June 30, 2022 was $ 17.6 million, of which $ 3.0 million was included in current accrued expenses and $ 14.6 million was included in non-current liabilities.

Total share-based liabilities as of December 31, 2021 were $ 22.6 million, of which $ 2.9 million was included in current accrued expenses and $ 19.7 million was included in non-current liabilities.

The Company's MSPP provides participants the ability to defer a portion of their compensation, convertible to unrestricted investments, restricted stock units, or a combination of both, or defer a portion of their directors’ fees, convertible to restricted stock units.

The MSPP provides participants the ability to defer a portion of their compensation, convertible to unrestricted investments, restricted stock units, or a combination of both, or defer a portion of their directors’ fees, convertible to restricted stock units.

Employees eligible to defer a portion of their compensation also receive a company-matching award in restricted stock units equal to a percentage of their compensation.

2 unchanged sentences

The account will be converted to and settled in cash payable to participants upon retirement or a termination of their service to the Company.

The following table provides the number of restricted stock units credited to active participant accounts and the payments made with respect to restricted stock units issued under the MSPP during the six months ended June 30,:

Total MSPP liabilities recorded on the consolidated balance sheet as of September 30, 2022 was $ 16.2 million, of which $ 2.8 million was included in current accrued expenses and $ 13.4 million was included in non-current liabilities.

Total MSPP liabilities recorded on the consolidated balance sheet as of December 31, 2021 was $ 22.6 million, of which $ 2.9 million was included in current accrued expenses and $ 19.7 million was included in non-current liabilities.

The value of the restricted stock units within the MSPP liabillity were $ 14.2 million and $ 20.7 million at September 30, 2022 and December 31, 2021, respectively.

Restricted stock units credited 9,564 28,230

8 unchanged sentences

Assets and liabilities held for sale are presented separately on our consolidated balance sheets with a valuation allowance, if necessary, to recognize the net carrying amount at the lower of cost or fair value, less costs to sell.

As of June 30, 2022, the assets and liabilities of the disposal group have been classified as held for sale.

As of September 30, 2022, the assets and liabilities of the disposal group have been classified as held for sale.

The following table summarizes these assets and liabilities which have been measured at the lower of (i) the carrying value when classified as held for sale and (ii) the fair value of the business less costs to sell.

(in thousands) June 30, 2022

(in thousands) September 30, 2022

Assets held for sale

12 unchanged sentences

(1) The assignment of goodwill was based on the relative fair value of the disposal group compared to the fair value of the total reporting unit it was included in prior to being reclassified as held for sale.

Net sales and operating loss for held for sale operations for the three and six months ended June 30 are as follows (in thousands):

Net sales and operating loss for held for sale operations for the three and nine months ended September 30 are as follows (in thousands):

Three months ended

June 30, Six months ended

September 30, Nine months ended

September 30,

2022 2021 2022 2021

2 unchanged sentences

Effective with the classification of the disposal group as held for sale, depreciation of property, plant, and equipment and amortization of finite-lived intangible assets and right-of-use assets are not recorded while these assets are classified as held for sale.

As a result of our evaluation of the recoverability of the carrying value of the assets and liabilities held for sale relative to an estimated sales price, adjusted for costs to sell, no losses were recorded during

the six months ended June 30, 2022.

The recoverability of the disposal group will be evaluated each reporting period until the sale of the business is completed.

5 unchanged sentences

The Company allocates interest to its discontinued operations in accordance with ASC Subtopic 205-20, “Presentation of Financial Statements – Discontinued Operations.” Interest was allocated based on the amount of net assets held by the discontinued operation in comparison to consolidated net assets.

Components of income from discontinued operations before taxes, including the interest allocated to discontinued operations, for the three and six months ended June 30 are as follows (in thousands):

Components of income from discontinued operations before taxes, including the interest allocated to discontinued operations, for the three and nine months ended September 30 are as follows (in thousands):

Three months ended

June 30, Six months ended

September 30, Nine months ended

September 30,

2022 2021 2022 2021

6 unchanged sentences

These initiatives have resulted in the identification of low-volume, low margin, internally-produced products which have been or will be outsourced or discontinued, the simplification of processes, the sale and exiting of less profitable businesses or product lines, and a reduction in our manufacturing footprint.

Exit activity costs (recoveries) were incurred during the six months ended June 30, 2022 and 2021 which related to moving and closing costs, severance, and contract terminations, along with asset impairment charges related to the write-down of inventory and impairment of machinery and equipment associated with discontinued product lines, as a result of process simplification initiatives.

In conjunction with these initiatives, the Company exited a facility, relocating to a new one, and separately, closed one other facility during the six months ended June 30, 2022.

During the six months ended June 30, 2021, the Company closed two facilities as a result of these initiatives.

The following tables set forth the exit activity costs (recoveries) and asset impairment charges incurred by segment during the three and six months ended June 30, related to the restructuring activities described above (in thousands):

Three months ended June 30,

Exit activity costs Asset impairment charges Total Exit activity costs Asset impairment charges Total

Exit activity costs (recoveries) were incurred during the nine months ended September 30, 2022 and 2021 which related to moving and closing costs, severance, and contract terminations, along with asset impairment charges related to the write-down of inventory and impairment of machinery and equipment associated with discontinued product lines, as a result of process simplification initiatives.

In conjunction with these initiatives, the Company exited a facility, relocating to a new one, and separately, closed one other facility during the nine months ended September 30, 2022.

During the nine months ended September 30, 2021, the Company closed two facilities as a result of these initiatives.

The following tables set forth the exit activity costs (recoveries) and asset impairment charges incurred by segment during the three and nine months ended September 30, related to the restructuring activities described above (in thousands):

Three months ended September 30,

Exit activity (recoveries) costs, net Asset impairment charges Total Exit activity costs Asset impairment charges Total

Renewables $ ( 44 ) $ — $ ( 44 ) $ 131 $ — $ 131

3 unchanged sentences

Corporate 11 — 11 37 — 37

Total exit activity costs & asset impairments $ 1,529 $ — $ 1,529 $ 2,161 $ — $ 2,161

Six months ended June 30,

Total exit activity (recoveries) costs

& asset impairments $ ( 18 ) $ 229 $ 211 $ 544 $ — $ 544

Nine months ended September 30,

Exit activity costs (recoveries), net Asset impairment charges Total Exit activity costs Asset impairment charges Total

5 unchanged sentences

Total exit activity costs & asset impairments $ 2,790 $ 1,427 $ 4,217 $ 6,752 $ 1,193 $ 7,945

The following table provides a summary of where the exit activity costs and asset impairment charges were recorded in the consolidated statements of income for the three and six months ended June 30, (in thousands):

The following table provides a summary of where the exit activity costs and asset impairment charges were recorded in the consolidated statements of income for the three and nine months ended September 30, (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2022 2021 2022 2021

6 unchanged sentences

Cash payments ( 2,782 ) ( 5,970 )

Balance at June 30 $ 1,129 $ 2,592

Balance at September 30 $ 280 $ 1,812

(13) INCOME TAXES

The following table summarizes the provision for income taxes for continuing operations (in thousands) for the three and six months ended June 30, and the applicable effective tax rates:

The following table summarizes the provision for income taxes for continuing operations (in thousands) for the three and nine months ended September 30, and the applicable effective tax rates:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2022 2021 2022 2021

1 unchanged sentence

Effective tax rate 25.4 % 25.6 % 25.2 % 24.1 %

The effective tax rate for the three and six months ended June 30, 2022 and 2021, respectively, was greater than the U.S.

The effective tax rate for the three months ended September 30, 2022 and 2021, respectively, was greater than the U.S.

federal statutory rate of 21 % due to state taxes and nondeductible permanent differences.

Furthermore, the three months ended September 30, 2021 period was partially offset by favorable discrete items due to an excess tax benefit on stock-based compensation.

The effective tax rate for the nine months ended September 30, 2022 and 2021, respectively, was greater than the U.S.

federal statutory rate of 21% due to state taxes and nondeductible permanent differences partially offset by favorable discrete items due to an excess tax benefit on stock-based compensation.

(14) EARNINGS PER SHARE

Earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share are as follows for the three and six months ended June 30, (in thousands):

Earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share are as follows for the three and nine months ended September 30, (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2022 2021 2022 2021

9 unchanged sentences

The weighted average number of diluted shares does not include potential anti-dilutive common shares issuable pursuant to equity based incentive compensation awards.

There were 225,000 and 52,000 shares issuable pursuant to equity based incentive compensation awards excluded from the diluted earnings per share calculation because the effect of their inclusion would be anti-dilutive for the three months ended June 30, 2022 and 2021, respectively.

There were 65,000 anti-dilutive shares outstanding for the six months ended June 30, 2022 and no shares issuable pursuant to equity based incentive compensation awards excluded from the diluted earnings calculation for the six months ended June 30, 2021.

The following table provides the potential anti-dilutive common stock options and stock units for the three and nine months ended September 30, (in thousands):

Three Months Ended

September 30, Nine Months Ended

September 30,

2022 2021 2022 2021

Common stock options and stock units 51 30 48 —

(15) SEGMENT INFORMATION

2 unchanged sentences

(ii) Residential, which primarily includes roof and foundation ventilation products, centralized mail systems and electronic package solutions, retractable awnings and gutter guards, and rain dispersion products, trims and flashings and other accessories;

(iii) Agtech, which provides growing and processing solutions including the designing, engineering, manufacturing and installation of greenhouses, and botanical extraction systems;

(iii) Agtech, which provides growing and processing solutions including the designing, engineering, manufacturing and installation of greenhouses;

(iv) Infrastructure, which primarily includes structural bearings, expansion joints and pavement sealant for bridges, airport runways and roadways, elastomeric concrete, and bridge cable protection systems.

When determining the reportable segments, the Company aggregated operating segments based on their similar economic and operating characteristics.

The following table illustrates certain measurements used by management to assess performance of the segments described above for the three and six months ended June 30, (in thousands):

The following table illustrates certain measurements used by management to assess performance of the segments described above for the three and nine months ended September 30, (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2022 2021 2022 2021

11 unchanged sentences

Total income from operations $ 47,396 $ 37,978 $ 108,730 $ 82,202

September 30,

2022 December 31,

6 unchanged sentences

$ 1,326,263 $ 1,214,901

The following tables illustrate segment revenue disaggregated by timing of transfer of control to the customer for the three and six months ended June 30 (in thousands):

Three Months Ended June 30, 2022

The following tables illustrate segment revenue disaggregated by timing of transfer of control to the customer for the three and nine months ended September 30 (in thousands):

Three Months Ended September 30, 2022

Renewables Residential Agtech Infrastructure Total

2 unchanged sentences

Total net sales $ 111,119 $ 215,592 $ 44,217 $ 20,363 $ 391,291

Three Months Ended June 30, 2021

Three Months Ended September 30, 2021

Renewables Residential Agtech Infrastructure Total

2 unchanged sentences

Total net sales $ 130,162 $ 171,545 $ 48,975 $ 18,671 $ 369,353

Six Months Ended June 30, 2022

Nine Months Ended September 30, 2022

Renewables Residential Agtech Infrastructure Total

2 unchanged sentences

Total net sales $ 291,451 $ 595,322 $ 130,325 $ 59,007 $ 1,076,105

Six Months Ended June 30, 2021

Nine Months Ended September 30, 2021

Renewables Residential Agtech Infrastructure Total

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements