| Summary of Financial Information by Segment |
Financial information by segment for the three months ended March 31, 2025 and 2024 is summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended March 31, 2025 |
|
|
|
Western Hemisphere |
|
|
Eastern Hemisphere |
|
|
Total |
|
Tool Rental |
|
|
32,662 |
|
|
|
4,525 |
|
|
|
37,186 |
|
Product Sales |
|
|
8,534 |
|
|
|
527 |
|
|
|
9,061 |
|
Total Revenue |
|
|
41,196 |
|
|
|
5,052 |
|
|
|
46,248 |
|
Reconciliation of revenue |
|
|
|
|
|
|
|
|
|
Elimination of intersegment revenue |
|
|
|
|
|
|
|
|
(3,368 |
) |
Total Consolidated Revenue |
|
|
|
|
|
|
|
|
42,880 |
|
Less:(1) |
|
|
|
|
|
|
|
|
|
Cost of Tool Rental |
|
|
8,390 |
|
|
|
1,951 |
|
|
|
10,341 |
|
Cost of Product Sales |
|
|
3,750 |
|
|
|
522 |
|
|
|
4,273 |
|
Total Cost of Sales |
|
|
12,140 |
|
|
|
2,473 |
|
|
|
14,614 |
|
Reconciliation of cost of revenue |
|
|
|
|
|
|
|
|
|
Elimination of intersegment cost of revenue |
|
|
|
|
|
|
|
|
(3,368 |
) |
Total consolidated cost of revenue |
|
|
|
|
|
|
|
|
11,246 |
|
Selling, general, administrative expenses |
|
|
15,479 |
|
|
|
2,767 |
|
|
|
18,246 |
|
Segment EBITDA |
|
|
13,576 |
|
|
|
(188 |
) |
|
|
13,388 |
|
Reconciliation of segment profit |
|
|
|
|
|
|
|
|
|
Corporate expenses(2) |
|
|
|
|
|
|
|
|
2,634 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
6,722 |
|
Stock Option Expense |
|
|
|
|
|
|
|
|
541 |
|
Monitoring fees |
|
|
|
|
|
|
|
|
188 |
|
Total operating income |
|
|
|
|
|
|
|
|
3,303 |
|
Transaction expenses |
|
|
|
|
|
|
|
|
732 |
|
Goodwill impairment |
|
|
|
|
|
|
|
|
1,901 |
|
Other expenses |
|
|
|
|
|
|
|
|
2,498 |
|
Consolidated income before taxes |
|
|
|
|
|
|
|
|
(1,828 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended March 31, 2024 |
|
|
|
Western Hemisphere |
|
|
Eastern Hemisphere |
|
|
Total |
|
Tool Rental |
|
|
32,102 |
|
|
|
424 |
|
|
|
32,526 |
|
Product Sales |
|
|
6,205 |
|
|
|
823 |
|
|
|
7,027 |
|
Total Revenue |
|
|
38,307 |
|
|
|
1,247 |
|
|
|
39,554 |
|
Reconciliation of revenue |
|
|
|
|
|
|
|
|
|
Elimination of intersegment revenue |
|
|
|
|
|
|
|
|
(2,580 |
) |
Total Consolidated Revenue |
|
|
|
|
|
|
|
|
36,974 |
|
Less:(1) |
|
|
|
|
|
|
|
|
|
Cost of Tool Rental |
|
|
9,524 |
|
|
|
56 |
|
|
|
9,580 |
|
Cost of Product Sales |
|
|
1,115 |
|
|
|
421 |
|
|
|
1,536 |
|
Total Cost of Sales |
|
|
10,640 |
|
|
|
477 |
|
|
|
11,117 |
|
Reconciliation of cost of revenue |
|
|
|
|
|
|
|
|
|
Elimination of intersegment cost of revenue |
|
|
|
|
|
|
|
|
(2,580 |
) |
Total consolidated cost of revenue |
|
|
|
|
|
|
|
|
8,537 |
|
Selling, general, administrative expenses |
|
|
14,153 |
|
|
|
351 |
|
|
|
14,504 |
|
Segment profit |
|
|
13,514 |
|
|
|
419 |
|
|
|
13,932 |
|
Reconciliation of segment profit |
|
|
|
|
|
|
|
|
|
Corporate expenses(2) |
|
|
|
|
|
|
|
|
3,041 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
5,365 |
|
Stock Option Expense |
|
|
|
|
|
|
|
|
208 |
|
Monitoring fees |
|
|
|
|
|
|
|
|
188 |
|
Total operating income |
|
|
|
|
|
|
|
|
5,130 |
|
Transaction expenses |
|
|
|
|
|
|
|
|
890 |
|
Other expenses |
|
|
|
|
|
|
|
|
178 |
|
Consolidated income before taxes |
|
|
|
|
|
|
|
|
4,063 |
|
(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 general and administrative segments. Additional financial information by operating segment for the three months ended March 31, 2025 and 2024 is summarized below:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2025 |
|
|
2024 |
|
Capital Expenditures |
|
|
|
|
|
|
Western Hemisphere |
|
$ |
4,583 |
|
|
$ |
6,228 |
|
Eastern Hemisphere |
|
|
460 |
|
|
|
— |
|
Total capital expenditures |
|
|
5,043 |
|
|
|
6,228 |
|
Segment Assets(2): |
|
|
|
|
|
|
Western Hemisphere |
|
$ |
159,598 |
|
|
$ |
135,835 |
|
Eastern Hemisphere |
|
|
65,189 |
|
|
|
21,237 |
|
Total segment assets |
|
|
224,787 |
|
|
|
157,072 |
|
Corporate and other(1) |
|
|
8,382 |
|
|
|
9,880 |
|
Total assets |
|
$ |
233,169 |
|
|
$ |
166,952 |
|
(1) Corporate assets consist of cash, related party note receivables, and deferred financing costs (2) 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. Please refer to Note 7 - Goodwill for further details. |