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Business Segments

9 Months Ended

Sep. 30, 2024

Business Segments

Business Segments

17. Business Segments

The Company is organized primarily on the basis of geographic region and customer industry group and operates in two 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 in the natural resources and development industry located primarily in Texas and New Mexico.

Government — Segment operations consist primarily of specialty rental and vertically integrated hospitality services revenue from customers with Government contracts located in Texas.

All Other — Segment operations consist primarily of revenue from specialty rental and vertically integrated hospitality services revenue from customers primarily in the natural resources and development industry located outside of the HFS – South segment.

The table below presents information about reported segments for the dates indicated below:

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

HFS - South

​

Government

​

All Other

Total

For the Nine Months Ended September 30, 2024

​

​

​

​

​

​

​

​

​

​

Revenue

​

$

113,198

​

$

180,948

​

$

8,438

(a)

$

302,584

Adjusted gross profit

​

$

38,241

​

$

147,556

​

$

(1,006)

​

$

184,791

Total Assets

​

$

179,651

​

$

197,386

​

$

28,090

​

$

405,127

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended September 30, 2024

​

​

​

​

​

​

​

​

​

​

​

​

Revenue

​

$

38,033

​

$

53,482

​

$

3,676

(a)

$

95,191

Adjusted gross profit

​

$

12,334

​

$

46,280

​

$

653

​

$

59,267

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

HFS - South

​

Government

​

All Other

Total

For the Nine Months Ended September 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

Revenue

​

$

112,452

​

$

316,223

​

$

8,713

(a)

$

437,388

Adjusted gross profit

​

$

39,028

​

$

266,825

​

$

(1,526)

​

$

304,327

Total Assets (as of December 31, 2023)

​

$

184,453

​

$

207,409

​

$

30,987

​

$

422,849

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended September 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

Revenue

​

$

37,527

​

$

105,541

​

$

2,871

(a)

$

145,939

Adjusted Gross Profit

​

$

14,078

​

$

90,516

​

$

(185)

​

$

104,409

(a) Revenues from segments below the quantitative thresholds are reported in the “All Other” category previously described.

A reconciliation of total segment adjusted gross profit to total consolidated income before income taxes for the dates indicated below, is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended

​

​

For the Nine Months Ended

​

​

September 30, 2024

September 30, 2023

​

​

September 30, 2024

September 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total reportable segment adjusted gross profit

​

$

58,614

​

$

104,594

​

​

$

185,797

​

$

305,853

Other adjusted gross profit

​

653

​

(185)

​

​

(1,006)

​

(1,526)

Depreciation and amortization

​

(17,959)

​

(21,491)

​

​

(55,338)

​

(64,724)

Selling, general, and administrative expenses

​

(13,319)

​

(15,273)

​

​

(41,632)

​

(43,929)

Other income (expense), net

​

2

​

71

​

​

158

​

(1,244)

Loss on extinguishment of debt

​

​

—

​

​

—

​

​

​

—

​

​

(2,128)

Interest expense, net

​

(3,813)

​

(4,953)

​

​

(12,673)

​

(17,726)

Change in fair value of warrant liabilities

​

​

—

​

​

(2,576)

​

​

​

675

​

​

1,809

Consolidated income before income taxes

​

$

24,178

​

$

60,187

​

​

$

75,981

​

$

176,385

​

A reconciliation of total segment assets to total consolidated assets as of the dates indicated below, is as follows:

​

​	​	​	​	​	​	​
​		September 30, 2024		​	December 31, 2023
Total reportable segment assets	​	$	377,037	​	$	391,862
Other assets	​		29,946	​		32,871
Other unallocated amounts	​		302,802	​		269,620
Total Assets	​	$	709,785	​	$	694,353

​

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, 2024			December 31, 2023
Total current assets	​	$	231,375	​	$	180,500
Other intangible assets, net	​		56,179	​		66,282
Operating lease right-of-use assets, net	​	​	13,224	​	​	19,698
Deferred financing costs revolver, net	​		2,024	​		2,479
Other non-current assets	​		—	​		661
Total other unallocated amounts of assets	​	$	302,802	​	$	269,620

​

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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.

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