XML 21 R10.htm IDEA: XBRL DOCUMENT v3.24.2.u1

OPERATING SEGMENTS

6 Months Ended

Jun. 30, 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 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 June 30, 2024

​

Six Months Ended June 30, 2024

​

USA Operations

​

Canada Operations

​

Consolidated

​

USA Operations

​

Canada Operations

​

Consolidated

Operating revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fee revenue

$

8,321

​

$

5

​

$

8,326

​

$

26,608

​

$

8,456

​

$

35,064

Reimbursable revenue

​

4,186

​

​

—

​

​

4,186

​

​

8,995

​

​

37

​

​

9,032

​

​

12,507

​

​

5

​

​

12,512

​

​

35,603

​

​

8,493

​

​

44,096

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating costs:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fee operating expenses

​

7,846

​

​

653

​

​

8,499

​

​

21,025

​

​

4,970

​

​

25,995

Reimbursable operating expenses

​

4,186

​

​

—

​

​

4,186

​

​

8,995

​

​

37

​

​

9,032

Operating expenses

​

12,032

​

​

653

​

​

12,685

​

​

30,020

​

​

5,007

​

​

35,027

General and administrative

​

1,998

​

​

173

​

​

2,171

​

​

3,740

​

​

342

​

​

4,082

Severance expense

​

86

​

​

—

​

​

86

​

​

86

​

​

—

​

​

86

Depreciation and amortization

​

1,162

​

​

244

​

​

1,406

​

​

2,467

​

​

528

​

​

2,995

​

​

15,278

​

​

1,070

​

​

16,348

​

​

36,313

​

​

5,877

​

​

42,190

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(Loss) income from operations

​

(2,771)

​

​

(1,065)

​

​

(3,836)

​

​

(710)

​

​

2,616

​

​

1,906

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

89

​

​

16

​

​

105

​

​

188

​

​

30

​

​

218

Interest expense

​

(29)

​

​

(10)

​

​

(39)

​

​

(65)

​

​

(20)

​

​

(85)

Other income (expense)

​

112

​

​

(19)

​

​

93

​

​

357

​

​

(25)

​

​

332

(Loss) income before income tax

​

(2,599)

​

​

(1,078)

​

​

(3,677)

​

​

(230)

​

​

2,601

​

​

2,371

Income tax benefit (expense)

​

131

​

​

—

​

​

131

​

​

(71)

​

​

—

​

​

(71)

Net (loss) income

​

(2,468)

​

​

(1,078)

​

​

(3,546)

​

​

(301)

​

​

2,601

​

​

2,300

Other comprehensive (loss) income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net unrealized loss on foreign exchange rate translation

​

—

​

​

(110)

​

​

(110)

​

​

—

​

​

(270)

​

​

(270)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Comprehensive (loss) income

$

(2,468)

​

$

(1,188)

​

$

(3,656)

​

$

(301)

​

$

2,331

​

$

2,030

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 2023

​

Six Months Ended June 30, 2023

​

USA Operations

​

Canada Operations

​

Consolidated

​

USA Operations

​

Canada Operations

​

Consolidated

Operating revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fee revenue

$

10,780

​

$

101

​

$

10,881

​

$

23,043

​

$

10,111

​

$

33,154

Reimbursable revenue

​

9,336

​

​

2

​

​

9,338

​

​

15,869

​

​

604

​

​

16,473

​

​

20,116

​

​

103

​

​

20,219

​

​

38,912

​

​

10,715

​

​

49,627

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating costs:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fee operating expenses

​

9,643

​

​

925

​

​

10,568

​

​

19,287

​

​

7,928

​

​

27,215

Reimbursable operating expenses

​

9,336

​

​

2

​

​

9,338

​

​

15,869

​

​

604

​

​

16,473

Operating expenses

​

18,979

​

​

927

​

​

19,906

​

​

35,156

​

​

8,532

​

​

43,688

General and administrative

​

2,667

​

​

310

​

​

2,977

​

​

5,769

​

​

707

​

​

6,476

Severance expense

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Depreciation and amortization

​

1,528

​

​

585

​

​

2,113

​

​

3,646

​

​

1,167

​

​

4,813

​

​

23,174

​

​

1,822

​

​

24,996

​

​

44,571

​

​

10,406

​

​

54,977

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(Loss) income from operations

​

(3,058)

​

​

(1,719)

​

​

(4,777)

​

​

(5,659)

​

​

309

​

​

(5,350)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

91

​

​

45

​

​

136

​

​

178

​

​

66

​

​

244

Interest expense

​

(10)

​

​

(4)

​

​

(14)

​

​

(22)

​

​

(9)

​

​

(31)

Other income (expense)

​

101

​

​

42

​

​

143

​

​

150

​

​

45

​

​

195

(Loss) income before income tax

​

(2,876)

​

​

(1,636)

​

​

(4,512)

​

​

(5,353)

​

​

411

​

​

(4,942)

Income tax benefit

​

82

​

​

—

​

​

82

​

​

99

​

​

—

​

​

99

Net (loss) income

​

(2,794)

​

​

(1,636)

​

​

(4,430)

​

​

(5,254)

​

​

411

​

​

(4,843)

Other comprehensive (loss) income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net unrealized income on foreign exchange rate translation

​

—

​

​

249

​

​

249

​

​

—

​

​

243

​

​

243

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Comprehensive (loss) income

$

(2,794)

​

$

(1,387)

​

$

(4,181)

​

$

(5,254)

​

$

654

​

$

(4,600)

​

The following table presents the Company’s total assets (in thousands) disaggregated by operating segment:

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
​		2024		​	2023
Total Assets	​	​	​	​	​	​
United States	​	$	33,774	​	$	48,495
Canada	​	​	7,219	​	​	9,024
Total Assets	​	$	40,993	​	$	57,519

​

The reconciliation of the Company’s Adjusted EBITDA to net income (loss), which is the most directly comparable GAAP financial measure, is provided in the following tables (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30,

​

2024 US

​

2024 CA

​

2024 Consol.

​

2023 US

​

2023 CA

​

2023 Consol.

Net loss

$

(2,468)

​

$

(1,078)

​

$

(3,546)

​

$

(2,794)

​

$

(1,636)

​

$

(4,430)

Depreciation and amortization

​

1,162

​

​

244

​

​

1,406

​

​

1,528

​

​

585

​

​

2,113

Severance expense

​

86

​

​

—

​

​

86

​

​

—

​

​

—

​

​

—

Interest income, net

​

(60)

​

​

(6)

​

​

(66)

​

​

(81)

​

​

(41)

​

​

(122)

Income tax benefit

​

(131)

​

​

—

​

​

(131)

​

​

(82)

​

​

—

​

​

(82)

Adjusted EBITDA

$

(1,411)

​

$

(840)

​

$

(2,251)

​

$

(1,429)

​

$

(1,092)

​

$

(2,521)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30,

​

2024 US

​

2024 CA

​

2024 Consol.

​

2023 US

​

2023 CA

​

2023 Consol.

Net (loss) income

$

(301)

​

$

2,601

​

$

2,300

​

$

(5,254)

​

$

411

​

$

(4,843)

Depreciation and amortization

​

2,467

​

​

528

​

​

2,995

​

​

3,646

​

​

1,167

​

​

4,813

Severance expense

​

86

​

​

—

​

​

86

​

​

—

​

​

—

​

​

—

Interest income, net

​

(123)

​

​

(10)

​

​

(133)

​

​

(156)

​

​

(57)

​

​

(213)

Income tax expense (benefit)

​

71

​

​

—

​

​

71

​

​

(99)

​

​

—

​

​

(99)

Adjusted EBITDA

$

2,200

​

$

3,119

​

$

5,319

​

$

(1,863)

​

$

1,521

​

$

(342)

​

X

- 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/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-Publisher FASB
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-Topic 280
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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