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Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Information

Summary of segment reporting information

Summarized financial information for our reporting segments is shown below:


		Contract			Aftermarket
(in thousands)		Operations			Services			Total
Three months ended June 30, 2025
Revenue⁽¹⁾		$	318,327		$	64,825		$	383,152
Cost of sales, exclusive of depreciation and amortization			96,152			49,886			146,038
Adjusted gross margin			222,175			14,939			237,114

Three months ended June 30, 2024
Revenue⁽¹⁾		$	225,468		$	45,058		$	270,526
Cost of sales, exclusive of depreciation and amortization			79,278			35,158			114,436
Adjusted gross margin			146,190			9,900			156,090

Six months ended June 30, 2025
Revenue⁽¹⁾		$	618,724		$	111,591		$	730,315
Cost of sales, exclusive of depreciation and amortization			185,951			85,143			271,094
Adjusted gross margin			432,773			26,448			459,221

Six months ended June 30, 2024
Revenue⁽¹⁾		$	448,519		$	90,495		$	539,014
Cost of sales, exclusive of depreciation and amortization			157,021			70,158			227,179
Adjusted gross margin			291,498			20,337			311,835

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

The following table reconciles gross margin to adjusted gross margin:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in thousands)		2025			2024			2025			2024
Total revenues		$	383,152		$	270,526		$	730,315		$	539,014
Cost of sales, exclusive of depreciation and amortization			(146,038)			(114,436)			(271,094)			(227,179)
Depreciation and amortization			(63,139)			(43,853)			(120,759)			(86,688)
Gross margin			173,975			112,237			338,462			225,147
Depreciation and amortization			63,139			43,853			120,759			86,688
Adjusted gross margin		$	237,114		$	156,090		$	459,221		$	311,835

Reconciliation of adjusted gross margin to income before taxes


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in thousands)		2025			2024			2025			2024
Adjusted gross margin		$	237,114		$	156,090		$	459,221		$	311,835
Less:
Selling, general and administrative			36,244			31,163			73,451			62,828
Depreciation and amortization			63,139			43,853			120,759			86,688
Long-lived and other asset impairment			10,847			4,401			11,819			6,969
Restructuring charges			144			—			809			—
Interest expense			41,711			27,859			79,452			55,193
Transaction-related costs			6,127			1,782			10,062			1,782
Gain on sale of assets, net			(4,297)			(576)			(11,632)			(2,957)
Other (income) expense, net			(2,841)			128			(3,525)			267
Income before income taxes		$	86,040		$	47,480		$	178,026		$	101,065