XML 83 R64.htm IDEA: XBRL DOCUMENT v3.25.0.1

Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segment Information

Summary of revenue and other financial information by reportable segment

Summarized financial information for our reporting segments is shown below:

​	​	​	​	​	​	​	​	​	​
​		Contract			Aftermarket			​	​
(in thousands)		Operations			Services			Total
2024		​			​			​
Revenue(1)	​	$	980,405	​	$	177,186	​	$	1,157,591
Cost of sales, exclusive of depreciation and amortization	​	​	323,052	​	​	135,449	​	​	458,501
Adjusted gross margin	​		657,353	​		41,737	​		699,090
​	​	​	​	​	​	​	​	​	​
2023	​			​			​
Revenue(1)	​	$	809,439	​	$	180,898	​	$	990,337
Cost of sales, exclusive of depreciation and amortization	​	​	306,748	​	​	142,271	​	​	449,019
Adjusted gross margin	​		502,691	​		38,627	​		541,318
​	​	​	​	​	​	​	​	​	​
2022	​			​			​
Revenue(1)	​	$	677,801	​	$	167,767	​	$	845,568
Cost of sales, exclusive of depreciation and amortization	​	​	278,898	​	​	140,586	​	​	419,484
Adjusted gross margin	​		398,903	​		27,181	​		426,084

(1) Segment revenue includes only sales to external customers.

​

The following table reconciles adjusted gross margin to gross margin, its most directly comparable to GAAP measure:

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2024			2023			2022
Total revenues	​	$	1,157,591	​	$	990,337	​	$	845,568
Cost of sales, exclusive of depreciation and amortization	​		(458,501)	​		(449,019)	​		(419,484)
Depreciation and amortization	​		(193,194)	​		(166,241)	​		(164,259)
Gross margin	​		505,896	​		375,077	​		261,825
Depreciation and amortization	​	​	193,194	​	​	166,241	​	​	164,259
Adjusted gross margin	​	$	699,090	​	$	541,318	​	$	426,084

​

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

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2024			2023			2022
Total adjusted gross margin	​	$	699,090	​	$	541,318	​	$	426,084
Less:	​			​			​
Selling, general and administrative	​		139,121	​		116,639	​		117,184
Depreciation and amortization	​		193,194	​		166,241	​		164,259
Long-lived and other asset impairment	​		10,681	​		12,041	​		21,442
Restructuring charges	​	​	—	​	​	1,775	​	​	—
Debt extinguishment loss	​	​	3,181	​	​	—	​	​	—
Interest expense	​		123,610	​		111,488	​		101,259
Transaction-related costs	​	​	13,249	​	​	—	​	​	—
Gain on sale of assets, net	​	​	(17,887)	​	​	(10,199)	​	​	(40,494)
Other expenses, net	​		1,561	​		1,086	​		1,845
Income before income taxes	​	$	232,380	​	$	142,247	​	$	60,589

​

The following table reconciles capital expenditures by segment to total capital expenditures:

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2024			2023			2022
Contract Operations	​	$	353,785	​	$	294,315	​	$	237,246
Aftermarket services	​		3,277	​		3,300	​		1,964
Segment capital expenditures	​		357,062	​		297,615	​		239,210
Other (1)	​		1,970	​		1,017	​		657
Total capital expenditures	​	$	359,032	​	$	298,632	​	$	239,867

(1) Corporate–related items.

​

Schedule of assets by segment

​

​	​	​	​	​	​	​
​		December 31,
(in thousands)		2024		​	2023
Contract operations assets	​	$	3,677,056	​	$	2,518,282
Aftermarket services assets	​		57,642	​		57,459
Segment assets	​	​	3,734,698	​	​	2,575,741
Other assets (1)	​	​	81,639	​	​	72,341
Assets of discontinued operations	​	​	7,868	​	​	7,868
Total assets	​	$	3,824,205	​	$	2,655,950

(1) Corporate–related items.

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration