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Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segments

Summary of segment reporting information

Summarized financial information for our reporting segments is shown below:

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	Contract		​ ​ ​	Aftermarket		​ ​ ​	​	​
(in thousands)	​ ​ ​	Operations		​ ​ ​	Services		​ ​ ​	Total
2025		​	​		​	​		​	​
Revenue(1)	​	$	1,272,081	​	$	217,737	​	$	1,489,818
Cost of sales, exclusive of depreciation and amortization	​	​	343,136	​	​	166,289	​	​	509,425
Adjusted gross margin	​		928,945	​		51,448	​		980,393
​	​	​	​	​	​	​	​	​	​
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

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

​

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

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2025		​ ​ ​	2024		​ ​ ​	2023
Total revenues	​	$	1,489,818	​	$	1,157,591	​	$	990,337
Cost of sales, exclusive of depreciation and amortization	​		(509,425)	​		(458,501)	​		(449,019)
Depreciation and amortization	​		(256,761)	​		(193,194)	​		(166,241)
Gross margin	​		723,632	​		505,896	​		375,077
Depreciation and amortization	​	​	256,761	​	​	193,194	​	​	166,241
Adjusted gross margin	​	$	980,393	​	$	699,090	​	$	541,318

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

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2025		​ ​ ​	2024		​ ​ ​	2023
Adjusted gross margin	​	$	980,393	​	$	699,090	​	$	541,318
Less:	​		​	​		​	​		​
Selling, general and administrative	​		147,806	​		139,121	​		116,639
Depreciation and amortization	​		256,761	​		193,194	​		166,241
Long-lived and other asset impairment	​		18,290	​		10,681	​		12,041
Restructuring charges	​	​	1,605	​	​	—	​	​	1,775
Debt extinguishment loss	​	​	890	​	​	3,181	​	​	—
Interest expense	​		165,340	​		123,610	​		111,488
Transaction-related costs	​	​	12,705	​	​	13,249	​	​	—
Gain on sale of assets, net	​	​	(47,081)	​	​	(17,887)	​	​	(10,199)
Other expense, net	​		439	​		1,561	​		1,086
Income before income taxes	​	$	423,638	​	$	232,380	​	$	142,247

​

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2025		​ ​ ​	2024		​ ​ ​	2023
Contract operations	​	$	489,960	​	$	353,785	​	$	294,315
Aftermarket services	​		6,726	​		3,277	​		3,300
Segment capital expenditures	​		496,686	​		357,062	​		297,615
Other (1)	​		5,779	​		1,970	​		1,017
Total capital expenditures	​	$	502,465	​	$	359,032	​	$	298,632

(1) Corporate–related items.

​

Schedule of assets by segment

​

​	​	​	​	​	​	​
​	​ ​ ​	December 31,
(in thousands)	​ ​ ​	2025		​	2024
Contract operations assets	​	$	4,141,714	​	$	3,677,056
Aftermarket services assets	​		71,811	​		57,642
Segment assets	​	​	4,213,525	​	​	3,734,698
Other assets (1)	​	​	127,911	​	​	81,639
Assets of discontinued operations	​	​	7,868	​	​	7,868
Total assets	​	$	4,349,304	​	$	3,824,205

(1) Corporate–related items and our investments in unconsolidated affiliates.

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

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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.

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