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Segment Information

3 Months Ended

Mar. 31, 2024

Segment Information

Segments

16. Segment Information

We manage our business segments primarily based on the type of product or service provided. We have two segments that we operate within the U.S.: contract operations and aftermarket services. Our contract operations segment primarily provides natural gas compression services to meet specific customer requirements. Our aftermarket services segment provides a full range of services to support the compression needs of customers, from parts sales and normal maintenance services to full operation of a customer’s owned assets.

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We evaluate the performance of our segments based on gross margin, defined as revenue less cost of sales (excluding depreciation and amortization) for each segment. Segment revenue includes only sales to external customers.

Summarized financial information for our reporting segments is shown below:

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​	​	​	​	​	​	​	​	​	​
​		Contract			Aftermarket			​	​
(in thousands)		Operations			Services			Total
Three months ended March 31, 2024		​			​			​
Revenue	​	$	223,051	​	$	45,437	​	$	268,488
Gross margin	​		145,308	​		10,437	​		155,745
​	​	​	​	​	​	​	​	​	​
Three months ended March 31, 2023	​			​			​
Revenue	​	$	187,745	​	$	42,089	​	$	229,834
Gross margin	​		108,263	​		8,181	​		116,444

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The following table reconciles total gross margin to income before income taxes:

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​	​	​	​	​	​	​
​		Three Months Ended
​	​	March 31,
(in thousands)		2024			2023
Total gross margin	​	$	155,745	​	$	116,444
Less:	​			​
Selling, general and administrative	​		31,665	​		26,425
Depreciation and amortization	​		42,835	​		40,181
Long-lived and other asset impairment	​		2,568	​		2,569
Restructuring charges	​	​	—	​	​	1,047
Interest expense	​		27,334	​		26,581
Gain on sale of assets, net	​	​	(2,381)	​	​	(3,605)
Other (income) expense, net	​		139	​		603
Income before income taxes	​	$	53,585	​	$	22,643

​

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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