v3.25.1
Segment Reporting
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Segment Reporting [Abstract]    
Segment Reporting

Note 15. Segment Reporting

The following tables set forth certain financial information for each of the Company’s reportable segments for the periods indicated:

 

Three Months Ended March 31,
   

Successor 2025
   

United States

  

Canada

  

Corporate &
Eliminations

  

Total

Service revenue

  

$

147,690

  

$

86,972

  

$

(447

)

  

$

234,215

Cost of revenue

  

 

119,596

  

 

71,397

  

 

(447

)

  

 

190,546

Gross profit

  

$

28,094

  

$

15,575

  

$

—

 

  

$

43,669

Depreciation and amortization

  

$

17,877

  

$

10,722

  

$

—

 

  

$

28,599

Total assets

  

$

1,157,139

  

$

1,023,141

  

$

—

 

  

$

2,180,280

Long-lived assets(1)

  

$

114,711

  

$

68,762

  

$

—

 

  

$

183,473
 

Three Months Ended March 31,
   

Predecessor 2024
   

United States

  

Canada

  

Corporate &
Eliminations

  

Total

Service revenue

  

$

143,304

  

$

80,155

  

$

(397

)

  

$

223,062

Cost of revenue

  

 

106,308

  

 

61,303

  

 

(397

)

  

 

167,214

Gross profit

  

$

36,996

  

$

18,852

  

$

—

 

  

$

55,848

Depreciation and amortization

  

$

11,941

  

$

7,152

  

$

—

 

  

$

19,093

Total assets

  

 

836,595

  

 

433,069

  

$

—

 

  

 

1,269,664

Long-lived assets(1)

  

 

67,223

  

 

42,966

  

$

—

 

  

 

110,189

____________

(1)      Long-lived assets consists of plant, property and equipment as identified in “Note 6. Plant, Property, and Equipment”

Note 19. Segment Reporting

Operating segments are components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and in assessing performance.

The Company has two operating and reportable segments which are the United States and Canada. The Company has operations in the United Kingdom that are not considered material and are included in the United States reportable segment. Each segment is representative of the operations incurred under the respective geographic territory. Both operating segments provide the same services to a similar base of customers.

The Company’s CODM is the chief executive officer. The CODM reviews financial information presented at the U.S. and Canada level for the purposes of allocating resources and evaluating financial performance. The accounting policies of the reportable segments are the same as those described in “Note 1. Summary of Significant Accounting Policies and Practices.” The Company evaluates the performance of its U.S. and Canada segments based primarily on each segment’s revenue, cost of revenue, and gross profit. Total service revenue and cost of revenue include intercompany revenue and profit, which are ultimately eliminated within Corporate & Eliminations.

The CODM uses gross profit and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment gross profit for evaluating pricing strategy to assess the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees. The CODM has ultimate responsibility for enterprise decisions and making resource allocation decisions for the company and the segments.

The following tables set forth certain financial information for each of the Company’s reportable segments for the periods indicated:

 

Successor

July 30 to December 31, 2024

United States

  

Canada

  

Corporate &
Eliminations

  

Total

Service revenue

  

$

267,136

  

$

197,541

  

$

(1,150

)

  

$

463,527

Cost of revenue

  

 

208,574

  

 

152,424

  

 

(1,150

)

  

 

359,848

Gross profit

  

 

58,562

  

 

45,117

  

 

—

 

  

 

103,679

Depreciation and amortization

  

 

28,979

  

 

18,334

  

 

—

 

  

 

47,313

Total assets

  

 

1,172,900

  

 

1,034,839

  

 

—

 

  

 

2,207,739

Long-lived assets(1)

  

 

119,354

  

 

69,879

  

 

—

 

  

 

189,233
 

Predecessor
   

January 1 to July 29, 2024
   

United States

  

Canada

  

Corporate &
Eliminations

  

Total

Service revenue

  

$

363,474

  

$

271,859

  

$

(1,467

)

  

$

633,866

Cost of revenue

  

 

255,335

  

 

218,013

  

 

(1,467

)

  

 

471,881

Gross profit

  

 

108,139

  

 

53,846

  

 

—

 

  

 

161,985

Depreciation and amortization

  

 

28,402

  

 

17,375

  

 

—

 

  

 

45,777
 

Predecessor

January 1 to December 31, 2023

United States

  

Canada

  

Corporate &
Eliminations

  

Total

Service revenue

  

$

643,847

  

$

409,150

  

$

(2,940

)

  

$

1,050,057

Cost of revenue

  

 

498,964

  

 

314,510

  

 

(2,940

)

  

 

810,534

Gross profit

  

 

144,883

  

 

94,640

  

 

—

 

  

 

239,523

Depreciation and amortization

  

 

60,997

  

 

33,821

  

 

—

 

  

 

94,818

Total assets

  

 

745,925

  

 

516,690

  

 

—

 

  

 

1,262,615

Long-lived assets(1)

  

 

69,926

  

 

42,338

  

 

—

 

  

 

112,264
 

Predecessor

January 1 to December 31, 2022

United States

  

Canada

  

Corporate &
Eliminations

  

Total

Service revenue

  

$

516,055

  

$

416,042

  

$

(3,771

)

  

$

928,326

Cost of revenue

  

 

403,463

  

 

325,683

  

 

(3,771

)

  

 

725,375

Gross profit

  

 

112,592

  

 

90,359

  

 

—

 

  

 

202,951

Depreciation and amortization

  

 

53,236

  

 

33,201

  

 

—

 

  

 

86,437

Total assets

  

 

817,417

  

 

482,944

  

 

—

 

  

 

1,300,361

Long-lived assets(1)

  

 

87,941

  

 

46,259

  

 

—

 

  

 

134,200

____________

(1)      Long-lived assets consists of plant, property and equipment as identified in “Note 7. Plant, Property, and Equipment”