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Business Segments (Tables)

9 Months Ended

Sep. 30, 2022

Business Segments

Schedule of Segment Reporting Information

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.

Schedule of reconciliation of total segment adjusted gross profit

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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)

Schedule of reconciliation of total segment assets to total combined assets

​

​	​	​	​	​	​	​
​		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

Schedule of unallocated assets consist of the following as reported in the combined balance sheets

​

​	​	​	​	​	​	​
​		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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