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Segments (Tables)
6 Months Ended
Jun. 30, 2024
Segment Information  
Summary of revenue and other financial information by reportable segment

    

Contract

    

Aftermarket

    

(in thousands)

    

Operations

    

Services

    

Total

Three months ended June 30, 2024

 

  

 

  

 

  

Revenue

$

225,468

$

45,058

$

270,526

Adjusted gross margin

 

146,190

 

9,900

 

156,090

Three months ended June 30, 2023

 

  

 

  

 

  

Revenue

$

201,120

$

46,423

$

247,543

Adjusted gross margin

 

125,087

 

11,080

 

136,167

Six months ended June 30, 2024

 

  

 

  

 

  

Revenue

$

448,519

$

90,495

$

539,014

Adjusted gross margin

 

291,498

 

20,337

 

311,835

Six months ended June 30, 2023

 

  

 

  

 

  

Revenue

$

388,865

$

88,512

$

477,377

Adjusted gross margin

 

233,350

 

19,261

 

252,611

Reconciliation of total gross margin to income before taxes

Three Months Ended

    

Six Months Ended

June 30, 

June 30, 

(in thousands)

    

2024

    

2023

    

2024

    

2023

Total adjusted gross margin

$

156,090

$

136,167

$

311,835

$

252,611

Less:

 

  

 

  

 

  

 

  

Selling, general and administrative

 

31,163

 

28,649

 

62,828

 

55,074

Depreciation and amortization

 

43,853

 

41,210

 

86,688

 

81,391

Long-lived and other asset impairment

 

4,401

 

2,892

 

6,969

 

5,461

Restructuring charges

(85)

962

Interest expense

 

27,859

 

28,630

 

55,193

 

55,211

Transaction-related costs

1,782

1,782

Gain on sale of assets, net

(576)

(1,176)

(2,957)

(4,781)

Other expense, net

 

128

 

1,463

 

267

 

2,066

Income before income taxes

$

47,480

$

34,584

$

101,065

$

57,227