v3.22.2.2
Segment Reporting
 9 Months Ended
Sep. 30, 2022
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segment Reporting
Note 16 — Segment Reporting
The Company’s operations are located in the United States and organized into three reportable segments: High Specification Rigs, Wireline Services and Processing Solutions and Ancillary Services. The reportable segments comprise the structure used by the Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance during the years presented in the accompanying Condensed Consolidated Financial Statements. The CODM evaluates the segments’ operating performance based on multiple measures including Operating income, rig hours and state counts. The tables below present the operating income measurement, as the Company believes this is most consistent with the principals used in measuring the Condensed Consolidated Financial Statements.
The following is a description of each operating segment:
High Specification Rigs. Provides high-spec well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well.
Wireline Services.  Provides services necessary to bring and maintain a well on production and consists of our wireline completion, wireline production and pump down lines of business.
Processing Solutions and Ancillary Services.  Provides other services often utilized in conjunction with our High Specification Rigs and Wireline Services segments. These services include equipment rentals, plug and abandonment, logistics hauling, processing solutions, as well as snubbing and coil tubing.
Other. The Company incurs costs, indicated as Other, that are not allocable to any of the operating segments or lines of business and include corporate general and administrative expenses as well as depreciation of office furniture and fixtures and other corporate assets.
Certain segment information as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021 is as follows (in millions):
High Specification RigsWireline ServicesProcessing Solutions and Ancillary ServicesOtherTotal
Three Months Ended September 30, 2022
Revenues$79.7 $60.6 $36.7 $— $177.0 
Cost of services62.7 49.2 26.2 — 138.1 
General and administrative— — — 11.0 11.0 
Depreciation and amortization6.3 2.8 1.3 0.4 10.8 
Impairment of fixed assets— — — 0.2 0.2 
(Gain) loss on sale of assets— — — (1.1)(1.1)
Operating income (loss)10.7 8.6 9.2 (10.5)18.0 
Interest expense, net— — — 1.8 1.8 
Income tax expense (benefit)— — — 3.4 3.4 
Gain on bargain purchase— — — (0.8)(0.8)
Net income (loss)$10.7 $8.6 $9.2 $(14.9)$13.6 
Capital expenditures$2.8 $0.4 $2.0 $— $5.2 
Nine Months Ended September 30, 2022
Revenues$220.6 $148.7 $84.9 $— $454.2 
Cost of services175.3 134.8 66.0 — 376.1 
General and administrative— — — 32.4 32.4 
Depreciation and amortization20.8 8.3 3.3 1.4 33.8 
Impairment of fixed assets— — — 1.3 1.3 
(Gain) loss on sale of assets— — — — — 
Operating income (loss)24.5 5.6 15.6 (35.1)10.6 
Interest expense, net— — — 5.7 5.7 
Income tax expense (benefit)— — — 1.0 1.0 
Gain on bargain purchase— — — (3.6)(3.6)
Net income (loss)$24.5 $5.6 $15.6 $(38.2)$7.5 
Capital expenditures$5.7 $2.0 $5.2 $— $12.9 
As of September 30, 2022
Accounts receivable, net$49.0 $29.7 $16.3 $— $95.0 
Property and equipment, net$128.8 $34.4 $45.7 $17.3 $226.2 
Total assets$227.3 $77.3 $79.6 $24.0 $408.2 
High Specification RigsWireline ServicesProcessing Solutions and Ancillary ServicesOtherTotal
Three Months Ended September 30, 2021
Revenues$29.9 $45.4 $6.4 $— $81.7 
Cost of services25.1 44.0 4.9 — 74.0 
General and administrative— — — 7.1 7.1 
Depreciation and amortization4.1 2.7 1.5 0.4 8.7 
Operating income (loss)0.7 (1.3)— (7.5)(8.1)
Interest expense, net— — — 1.2 1.2 
Income tax expense (benefit)— — — (0.2)(0.2)
Net income (loss)$0.7 $(1.3)$— $(8.5)$(9.1)
Capital expenditures$2.2 $0.6 $0.2 $— $3.0 
Nine Months Ended September 30, 2021
Revenues$80.6 $73.1 $16.3 $— $170.0 
Cost of services68.1 70.4 13.7 — 152.2 
General and administrative— — — 16.7 16.7 
Depreciation and amortization13.6 5.5 4.7 1.1 24.9 
Operating income (loss)(1.1)(2.8)(2.1)(17.9)(23.9)
Interest expense, net— — — 2.5 2.5 
Income tax expense (benefit)— — — 0.1 0.1 
Net income (loss)$(1.1)$(2.8)$(2.1)$(20.5)$(26.5)
Capital expenditures$4.6 $1.4 $0.5 $— $6.5 
As of December 31, 2021
Accounts receivable, net $40.9 $26.8 $13.1 $— $80.8 
Property and equipment, net$155.0 $41.5 $48.9 $25.2 $270.6 
Total assets$219.1 $76.4 $69.4 $28.2 $393.1