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OPERATING SEGMENTS | 3 Months Ended
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Mar. 31, 2024
OPERATING SEGMENTS |
OPERATING SEGMENTS | 4. OPERATING SEGMENTS The Company’s chief operating decision maker (President and Chief Executive Officer) reviews the discrete segment financial information on a geographic basis for the U.S. operations and Canada Operations. The revenue for both of the Company’s segments is generated by the same services, which utilize the same type of equipment and personnel. The performance of our segments is evaluated primarily on Adjusted EBITDA. We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income tax expense or benefit, (iii) depreciation, depletion and amortization and (iv) other unusual or non-recurring charges, such as severance expenses. As a result, the Company has two reportable segments, U.S. Operations and Canada Operations. The following tables present the Company’s income statements by operating segment (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended March 31, 2024
​ | USA Operations | ​ | Canada Operations | ​ | Consolidated
Operating revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fee revenue | $ | 18,287 | ​ | $ | 8,451 | ​ | $ | 26,738
Reimbursable revenue | ​ | 4,809 | ​ | ​ | 37 | ​ | ​ | 4,846
​ | ​ | 23,096 | ​ | ​ | 8,488 | ​ | ​ | 31,584
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating costs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fee operating expenses | ​ | 13,179 | ​ | ​ | 4,317 | ​ | ​ | 17,496
Reimbursable operating expenses | ​ | 4,809 | ​ | ​ | 37 | ​ | ​ | 4,846
Operating expenses | ​ | 17,988 | ​ | ​ | 4,354 | ​ | ​ | 22,342
General and administrative | ​ | 1,742 | ​ | ​ | 169 | ​ | ​ | 1,911
Depreciation and amortization | ​ | 1,305 | ​ | ​ | 284 | ​ | ​ | 1,589
​ | ​ | 21,035 | ​ | ​ | 4,807 | ​ | ​ | 25,842
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from operations | ​ | 2,061 | ​ | ​ | 3,681 | ​ | ​ | 5,742
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expense): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ | 99 | ​ | ​ | 14 | ​ | ​ | 113
Interest expense | ​ | (36) | ​ | ​ | (10) | ​ | ​ | (46)
Other income (expense) | ​ | 245 | ​ | ​ | (6) | ​ | ​ | 239
Income before income tax | ​ | 2,369 | ​ | ​ | 3,679 | ​ | ​ | 6,048
Income tax expense | ​ | (202) | ​ | ​ | — | ​ | ​ | (202)
Net income | ​ | 2,167 | ​ | ​ | 3,679 | ​ | ​ | 5,846
Other comprehensive loss: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on foreign exchange rate translation | ​ | — | ​ | ​ | (160) | ​ | ​ | (160)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income | $ | 2,167 | ​ | $ | 3,519 | ​ | $ | 5,686
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended March 31, 2023
​ | USA Operations | ​ | Canada Operations | ​ | Consolidated
Operating revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fee revenue | $ | 12,263 | ​ | $ | 10,010 | ​ | $ | 22,273
Reimbursable revenue | ​ | 6,533 | ​ | ​ | 602 | ​ | ​ | 7,135
​ | ​ | 18,796 | ​ | ​ | 10,612 | ​ | ​ | 29,408
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating costs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fee operating expenses | ​ | 9,644 | ​ | ​ | 7,003 | ​ | ​ | 16,647
Reimbursable operating expenses | ​ | 6,533 | ​ | ​ | 602 | ​ | ​ | 7,135
Operating expenses | ​ | 16,177 | ​ | ​ | 7,605 | ​ | ​ | 23,782
General and administrative | ​ | 3,102 | ​ | ​ | 397 | ​ | ​ | 3,499
Depreciation and amortization | ​ | 2,118 | ​ | ​ | 582 | ​ | ​ | 2,700
​ | ​ | 21,397 | ​ | ​ | 8,584 | ​ | ​ | 29,981
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) income from operations | ​ | (2,601) | ​ | ​ | 2,028 | ​ | ​ | (573)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expense): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ | 87 | ​ | ​ | 21 | ​ | ​ | 108
Interest expense | ​ | (12) | ​ | ​ | (5) | ​ | ​ | (17)
Other income, net | ​ | 49 | ​ | ​ | 3 | ​ | ​ | 52
(Loss) income before income tax | ​ | (2,477) | ​ | ​ | 2,047 | ​ | ​ | (430)
Income tax benefit | ​ | 17 | ​ | ​ | — | ​ | ​ | 17
Net (loss) income | ​ | (2,460) | ​ | ​ | 2,047 | ​ | ​ | (413)
Other comprehensive loss: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on foreign exchange rate translation | ​ | — | ​ | ​ | (6) | ​ | ​ | (6)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive (loss) income | $ | (2,460) | ​ | $ | 2,041 | ​ | $ | (419)
​ The following table presents the Company’s total assets (unaudited and in thousands) disaggregated by operating segment:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2024 | ​ | 2023
Total Assets | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 42,518 | ​ | $ | 48,495
Canada | ​ | ​ | 15,262 | ​ | ​ | 9,024
Total Assets | ​ | $ | 57,780 | ​ | $ | 57,519
​ The reconciliation of the Company’s EBITDA to net income (loss) and to net cash provided by (used in) operating activities, which are the most directly comparable GAAP financial measures, are provided in the following tables (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended March 31,
​ | 2024 US | ​ | 2024 CA | ​ | 2024 Consol. | ​ | 2023 US | ​ | 2023 CA | ​ | 2023 Consol.
Net income (loss) | $ | 2,167 | ​ | $ | 3,679 | ​ | $ | 5,846 | ​ | $ | (2,460) | ​ | $ | 2,047 | ​ | $ | (413)
Depreciation and amortization | ​ | 1,305 | ​ | ​ | 284 | ​ | ​ | 1,589 | ​ | ​ | 2,118 | ​ | ​ | 582 | ​ | ​ | 2,700
Severance expense | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Interest (income) expense, net | ​ | (63) | ​ | ​ | (4) | ​ | ​ | (67) | ​ | ​ | (75) | ​ | ​ | (16) | ​ | ​ | (91)
Income tax expense (benefit) | ​ | 202 | ​ | ​ | — | ​ | ​ | 202 | ​ | ​ | (17) | ​ | ​ | — | ​ | ​ | (17)
EBITDA | $ | 3,611 | ​ | $ | 3,959 | ​ | $ | 7,570 | ​ | $ | (434) | ​ | $ | 2,613 | ​ | $ | 2,179
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended March 31,
​ | 2024 US | ​ | 2024 CA | ​ | 2024 Consol. | ​ | 2023 US | ​ | 2023 CA | ​ | 2023 Consol.
Net cash provided by (used in) operating activities | $ | 1,996 | ​ | $ | (126) | ​ | $ | 1,870 | ​ | $ | 2,578 | ​ | $ | (4,398) | ​ | $ | (1,820)
Changes in working capital and other items | ​ | 1,835 | ​ | ​ | 4,136 | ​ | ​ | 5,971 | ​ | ​ | (2,794) | ​ | ​ | 7,047 | ​ | ​ | 4,253
Non-cash adjustments to net income (loss) | ​ | (220) | ​ | ​ | (51) | ​ | ​ | (271) | ​ | ​ | (218) | ​ | ​ | (36) | ​ | ​ | (254)
EBITDA | $ | 3,611 | ​ | $ | 3,959 | ​ | $ | 7,570 | ​ | $ | (434) | ​ | $ | 2,613 | ​ | $ | 2,179
​

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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