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v3.22.2.2

Business Segments | 9 Months Ended
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Sep. 30, 2022
Business Segments |
Business Segments | 18. Business Segments The Company is organized primarily on the basis of geographic region and customer industry group and operates in four reportable segments. Our remaining operating segments have been consolidated and included in an “All Other” category. The following is a brief description of our reportable segments and a description of business activities conducted by All Other. HFS – South — Segment operations consist primarily of specialty rental and vertically integrated hospitality services revenue from customers located primarily in Texas and New Mexico. HFS – Midwest — Segment operations consist primarily of specialty rental and vertically integrated hospitality services revenue from customers located primarily in North Dakota. Government — Segment operations consist primarily of specialty rental and vertically integrated hospitality services revenue from customers with Government contracts located in Texas. TCPL Keystone – Segment operations consist primarily of revenue from the construction phase of the contract with TCPL. As a result of the Termination and Settlement Agreement discussed in Note 2, no further activity is expected in this segment. All Other — Segment operations consist primarily of revenue from specialty rental and vertically integrated hospitality services revenue from customers located outside of the HFS – South and HFS – Midwest segments. The table below presents information about reported segments for the three and nine months ended September 30 (except for asset information for 2021 that is presented as of December 31): 2022 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | HFS - South | ​ | HFS - Midwest | ​ | Government | ​ | TCPL Keystone | ​ | All Other |  | Total
For the Nine Months Ended September 30, 2022 |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | $ | 97,828 | ​ | $ | 4,270 | ​ | $ | 245,013 | ​ | $ | - | ​ | $ | 2,436 | (a) | $ | 349,547
Adjusted gross profit | ​ | $ | 41,162 | ​ | $ | (315) | ​ | $ | 159,523 | ​ | $ | - | ​ | $ | (615) | ​ | $ | 199,755
Total Assets | ​ | $ | 181,640 | ​ | $ | 30,866 | ​ | $ | 201,482 | ​ | $ | 3,007 | ​ | $ | 1,679 | ​ | $ | 418,674
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Three Months Ended September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | $ | 33,632 | ​ | $ | 1,860 | ​ | $ | 123,308 | ​ | $ | - | ​ | $ | 765 | (a) | $ | 159,565
Adjusted gross profit | ​ | $ | 13,878 | ​ | $ | 77 | ​ | $ | 80,948 | ​ | $ | - | ​ | $ | (268) | ​ | $ | 94,635
​ 2021 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | HFS - South | ​ | HFS - Midwest | ​ | Government | ​ | TCPL Keystone | ​ | All Other |  | Total
For the Nine Months Ended September 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | $ | 84,350 | ​ | $ | 2,593 | ​ | $ | 109,255 | ​ | $ | 12,283 | ​ | $ | 1,166 | (a) | $ | 209,647
Adjusted gross profit | ​ | $ | 38,219 | ​ | $ | (854) | ​ | $ | 66,649 | ​ | $ | 9,140 | ​ | $ | (374) | ​ | $ | 112,780
Total Assets (as of December 31, 2021) | ​ | $ | 206,774 | ​ | $ | 43,504 | ​ | $ | 87,308 | ​ | $ | 3,007 | ​ | $ | 2,412 | ​ | $ | 343,005
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Three Months Ended September 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | $ | 31,066 | ​ | $ | 1,266 | ​ | $ | 46,428 | ​ | $ | 9,880 | ​ | $ | 529 | (a) | $ | 89,169
Adjusted Gross Profit | ​ | $ | 13,945 | ​ | $ | (56) | ​ | $ | 25,823 | ​ | $ | 8,329 | ​ | $ | (139) | ​ | $ | 47,902
​
| (a) | Revenues from segments below the quantitative thresholds are attributable to three operating segments of the Company and are reported in the “All Other” category previously described.
A reconciliation of total segment adjusted gross profit to total consolidated income (loss) before income taxes for the dates indicated below, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended
​ | ​ | September 30, 2022 |  | September 30, 2021 | ​ | September 30, 2022 |  | September 30, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total reportable segment adjusted gross profit | ​ | $ | 94,903 | ​ | $ | 48,041 | ​ | $ | 200,370 | ​ | $ | 113,154
Other adjusted gross profit | ​ |  | (268) | ​ |  | (139) | ​ |  | (615) | ​ |  | (374)
Depreciation and amortization | ​ |  | (15,420) | ​ |  | (18,302) | ​ |  | (47,661) | ​ |  | (52,742)
Selling, general, and administrative expenses | ​ |  | (19,153) | ​ |  | (12,827) | ​ |  | (42,014) | ​ |  | (35,835)
Other expense (income), net | ​ |  | (121) | ​ |  | (91) | ​ |  | 74 | ​ |  | (781)
Interest expense, net | ​ |  | (8,888) | ​ |  | (9,465) | ​ |  | (28,126) | ​ |  | (29,058)
Change in fair value of warrant liabilities | ​ | ​ | (20,000) | ​ | ​ | 1,120 | ​ | ​ | (20,374) | ​ | ​ | (1,600)
Consolidated income (loss) before income taxes | ​ | $ | 31,053 | ​ | $ | 8,337 | ​ | $ | 61,654 | ​ | $ | (7,236)
​ A reconciliation of total segment assets to total consolidated assets as of the dates indicated below, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2022 | ​ | December 31, 2021
Total reportable segment assets | ​ | $ | 416,995 | ​ | $ | 340,593
Other assets | ​ |  | 3,044 | ​ |  | 3,489
Other unallocated amounts | ​ |  | 309,659 | ​ |  | 169,310
Total Assets | ​ | $ | 729,698 | ​ | $ | 513,392
​ Other unallocated assets consist of the following as reported in the consolidated balance sheets of the Company as of the dates indicated below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2022 |  | December 31, 2021
Total current assets | ​ | $ | 227,809 | ​ | $ | 60,536
Other intangible assets, net | ​ |  | 78,406 | ​ |  | 88,485
Deferred tax asset | ​ |  | — | ​ |  | 14,710
Deferred financing costs revolver, net | ​ |  | 1,213 | ​ |  | 2,159
Other non-current assets | ​ |  | 2,231 | ​ |  | 3,420
Total other unallocated amounts of assets | ​ | $ | 309,659 | ​ | $ | 169,310
​

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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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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