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SEGMENT DISCLOSURES
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT DISCLOSURES SEGMENT DISCLOSURES
We conduct operations in two segments: IHT and MS. Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the services we offer. The reportable segments results are reviewed regularly by the chief operating decision maker (“CODM”), who is our Chief Executive Officer, in deciding how to allocate resources and assess performance. Our CODM evaluates the segments’ operating performance based on adjusted EBITDA defined as net income (loss) before income taxes, interest expense, depreciation and amortization, and other non-recurring and non-operational items. Our CODM uses adjusted EBITDA as a measure to make resource allocation decisions for each segment for the budgeting process and reviews budget-to-actual variances to access performance and allocate capital.
Segment data for our two operating segments are as follows (in thousands):

 Three Months Ended
March 31, 2025
 IHTMSTotal
(unaudited)(unaudited)(unaudited)
Revenues$106,215 $92,440 $198,655 
Adjusted operating expenses1
79,695 68,552 148,247 
Adjusted selling, general and administrative expenses2
14,896 20,394 35,290 
Adjusted EBITDA
$11,624 $3,494 $15,118 


 Three Months Ended
March 31, 2024
 IHTMSTotal
(unaudited)(unaudited)(unaudited)
Revenues$99,448 $100,152 $199,600 
Adjusted operating expenses1
76,133 71,163 147,296 
Adjusted selling, general and administrative expenses2
14,966 19,842 34,808 
Adjusted EBITDA
$8,349 $9,147 $17,496 

_____________
1    Represent operating expenses excluding indirect depreciation and amortization, and severance cost.
2    Represent segment selling, general and administrative expenses excluding depreciation and amortization, noncash share-based compensation, professional, legal and other non-recurring costs.

Reconciliation of segment adjusted EBITDA to consolidated loss before income taxes:
 Three Months Ended
March 31,
 20252024
 (unaudited)(unaudited)
IHT$11,624 $8,349 
MS3,494 9,147 
     Segment adjusted EBITDA
15,118 17,496 
Segment depreciation and amortization
(7,087)(7,678)
Segment professional fees, severance and other
(449)(542)
Corporate and shared support cost(13,585)(15,662)
Consolidated operating loss(6,003)(6,386)
Interest expense(11,436)(12,098)
Loss on debt extinguishment(11,853)— 
Other income/(expense)(204)1,362 
Loss before income taxes$(29,496)$(17,122)

 Three Months Ended
March 31,
 20252024
 (unaudited)(unaudited)
Capital expenditures1:
IHT$1,458 $536 
MS667 1,025 
Corporate and shared support services14 — 
Total capital expenditures
$2,139 $1,561 
____________
1    Excludes finance leases. Totals may vary from amounts presented in the consolidated statements of cash flows due to the timing of cash payments.

 Three Months Ended
March 31,
 20252024
 (unaudited)(unaudited)
Depreciation and amortization:
IHT$2,816 $3,029 
MS4,271 4,649 
Corporate and shared support services1,315 1,962 
Total depreciation and amortization1
$8,402 $9,640 
____________
1    Breakdown of depreciation and amortization included in the Consolidated Statements of Operations described below:
 Three Months Ended
March 31,
 20252024
Depreciation and amortization:
Amount included in operating expenses3,102 3,583 
Amount included in SG&A expenses5,300 6,057 
Total depreciation and amortization$8,402 $9,640 

Separate measures of our assets by operating segment are not produced or utilized by our CODM to evaluate segment performance.