XML 34 R24.htm IDEA: XBRL DOCUMENT v3.22.2.2
Business Segments
 9 Months Ended
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

​