XML 48 R41.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Summary of Financial Information by Segment

Financial information by segment for the three months ended June 30, 2025 and 2024 is summarized below:


		For The Three Months Ended June 30, 2025
		Western Hemisphere				Eastern Hemisphere				Total
Tool Rental			29,794				5,333				35,128
Product Sales			7,791				754				8,545
Total Revenue			37,585				6,087				43,672
Reconciliation of revenue
Elimination of intersegment revenue											(4,251	)
Total Consolidated Revenue											39,421
Less:(1)
Cost of Tool Rental			7,520				2,255				9,775
Cost of Product Sales			3,921				451				4,371
Total Cost of Sales			11,441				2,706				14,146
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue											(4,251	)
Total consolidated cost of revenue											9,895
Selling, general, administrative expenses			14,039				3,336				17,375
Segment income			12,106				45				12,151
Reconciliation of segment profit
Corporate expenses(2)											2,819
Depreciation and amortization											6,830
Stock option expense											642
Monitoring fees											188
Transaction expenses											215
Other expenses											3,118
Consolidated loss before taxes											(1,661	)


		For The Three Months Ended June 30, 2024
		Western Hemisphere				Eastern Hemisphere				Total
Tool Rental			29,952				569				30,521
Product Sales			5,604				3,613				9,217
Total Revenue			35,556				4,182				39,738
Reconciliation of revenue
Elimination of intersegment revenue											(2,205	)
Total Consolidated Revenue											37,533
Less:(1)
Cost of Tool Rental			7,918				85				8,002
Cost of Product Sales			2,487				1,713				4,200
Total Cost of Sales			10,405				1,798				12,203
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue											(2,205	)
Total consolidated cost of revenue											9,998
Selling, general, administrative expenses			13,653				1,472				15,125
Segment income			11,498				912				12,409
Reconciliation of segment profit
Corporate expenses(2)											3,450
Depreciation and amortization											5,681
Stock Option Expense											856
Monitoring fees											188
Transaction expenses											2,019
Other expenses											(67	)
Consolidated income before taxes											283

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker

(2) Comprised primarily of expenses not allocated to our geographical segments.

Financial information by segment for the six months ended June 30, 2025 and 2024 is summarized below:


		For The Six Months Ended June 30, 2025
		Western Hemisphere				Eastern Hemisphere				Total
Tool Rental			62,456				9,858				72,314
Product Sales			16,325				1,281				17,606
Total Revenue			78,781				11,139				89,920
Reconciliation of revenue
Elimination of intersegment revenue											(7,619	)
Total Consolidated Revenue											82,301
Less:(1)
Cost of Tool Rental			15,910				4,206				20,116
Cost of Product Sales			7,671				973				8,644
Total Cost of Sales			23,581				5,179				28,760
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue											(7,619	)
Total consolidated cost of revenue											21,141
Selling, general, administrative expenses			29,518				6,103				35,621
Segment income			25,682				(143	)			25,539
Reconciliation of segment profit
Corporate expenses(2)											5,453
Depreciation and amortization											13,552
Stock Option Expense											1,183
Monitoring fees											375
Transaction expenses											947
Goodwill impairment											1,901
Other expenses											5,616
Consolidated loss before taxes											(3,489	)


		For The Six Months Ended June 30, 2024
		Western Hemisphere				Eastern Hemisphere				Total
Tool Rental			62,054				992				63,047
Product Sales			11,808				4,436				16,244
Total Revenue			73,863				5,429				79,291
Reconciliation of revenue
Elimination of intersegment revenue											(4,784	)
Total Consolidated Revenue											74,507
Less:(1)
Cost of Tool Rental			17,442				141				17,583
Cost of Product Sales			3,602				2,134				5,737
Total Cost of Sales			21,044				2,275				23,320
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue											(4,784	)
Total consolidated cost of revenue											18,535
Selling, general, administrative expenses			27,807				1,823				29,630
Segment income			25,011				1,330				26,342
Reconciliation of segment profit
Corporate expenses(2)											6,491
Depreciation and amortization											11,047
Stock Option Expense											1,064
Monitoring fees											375
Transaction expenses											2,909
Other expenses											110
Consolidated income before taxes											4,346

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker

(2) Comprised primarily of expenses not allocated to our geographical segments.

Additional financial information by operating segment as of June 30, 2025 and 2024 is summarized below:


		June 30,
		2025				2024
Capital Expenditures
Western Hemisphere		$	9,964			$	16,177
Eastern Hemisphere			2,630				135
Total capital expenditures			12,594				16,312
Segment Assets(1):
Western Hemisphere		$	154,445			$	135,324
Eastern Hemisphere			68,689				22,157
Total segment assets			223,134				157,481
Corporate and other(2)			7,145				9,392
Total assets		$	230,279			$	166,873

(1) The goodwill allocated to the four reporting units is included within their respective segment asset totals. The goodwill amount included in segment assets is net of impairment losses of $0.9 million and $1.0 million at the Western Hemisphere and Eastern Hemisphere segments, respectively. Refer to Note 7 - Goodwill for further details.

(2) Corporate assets consists of cash, related party notes receivables, and deferred financing costs.