v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We operate in two business segments that offer different products and services and correspond to the manner in which the Company's Chief Executive Officer (the chief operating decision maker or "CODM") reviews and evaluates operating performance to make decisions about resources to be allocated to each segment.
Our reporting segments are:
•Pressure Control – engaged in the design, manufacture, sale, installation, service and associated rental of wellhead and pressure control equipment utilized during the drilling, completion and production phases of oil and gas wells.
•Spoolable Technologies – engaged in the design, manufacture, sale, installation, service and associated rental of onshore spoolable pipe technologies utilized for production, gathering and takeaway transportation of oil, gas or other liquids.
Financial information by business segment for the three and six months ended June 30, 2025 and 2024 is summarized below.
Three Months Ended June 30,
2025
Pressure Control
Spoolable Technologies
Total
Revenues from external customers
$177,350 $96,225 $273,575 
Intersegment revenue
2,422 — 2,422 
Total revenues179,772 96,225 275,997 
Reconciliation of revenue
Elimination of intersegment revenue
(2,422)
Total consolidated revenues
273,575 
Less:(1)
Cost of revenue from external customers
$117,743 $55,837 173,580 
Intersegment cost of revenue
2,071 — 2,071 
Total cost of revenues
119,814 55,837 175,651 
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue
(2,071)
Total consolidated cost of revenue
173,580 
Selling, general, administrative expenses and other (2)
17,625 12,335 
Segment profit
$42,333 $28,053 $70,386 
Reconciliation of segment profit
Elimination of intersegment profit
(351)
Total consolidated segment profit
$70,035 
Corporate expenses (3)
(9,230)
Total operating income
$60,805 
Interest income, net
2,518 
Other income, net
— 
Income before income taxes$63,323 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2) For each reportable segment, the 'Selling, general, administrative expenses and other' line items category includes: salaries and wages, stock based compensation amortization expense, depreciation expense, professional fees, rent expense, and other miscellaneous items.

(3) Comprised primarily of expenses not allocated to our operating segments.
Three Months Ended June 30,
2024
Pressure Control
Spoolable Technologies
Total
Revenues from external customers$186,673 $103,716 $290,389 
Intersegment revenue519 — 519 
Total revenues187,192 103,716 290,908 
Reconciliation of revenue
Elimination of intersegment revenue(519)
Total consolidated revenues290,389 
Less:(1)
Cost of revenue from external customers$117,595 $58,872 $176,467 
Intersegment cost of revenue414 — 414 
Total cost of revenues118,009 58,872 176,881 
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue(414)
Total consolidated cost of revenue176,467 
Selling, general, administrative expenses and other (2)
13,514 14,803 
Segment profit$55,669 $30,041 $85,710 
Reconciliation of segment profit
Elimination of intersegment profit(105)
Total consolidated segment profit$85,605 
Corporate expenses (3)
(5,786)
Total operating income$79,819 
Interest income, net1,405 
Other income, net— 
Income before income taxes$81,224 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2) For each reportable segment, the 'Selling, general, administrative expenses and other' line items category includes: salaries and wages, stock based compensation amortization expense, depreciation expense, professional fees, rent expense, and other miscellaneous items.

(3) Comprised primarily of expenses not allocated to our operating segments.
Six Months Ended
June 30,
2025
Pressure Control
Spoolable Technologies
Total
Revenues from external customers$365,091 $188,803 $553,894 
Intersegment revenue4,958 — 4,958 
Total revenues370,049 188,803 558,852 
Reconciliation of revenue
Elimination of intersegment revenue(4,958)
Total consolidated revenues553,894 
Less:(1)
Cost of revenue from external customers$233,989 $112,172 $346,161 
Intersegment cost of revenue4,297 — 4,297 
Total cost of revenues238,286 112,172 350,458 
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue(4,297)
Total consolidated cost of revenue346,161 
Selling, general, administrative expenses and other (2)
35,097 24,702 
Segment profit$96,666 $51,929 $148,595 
Reconciliation of segment profit
Elimination of intersegment profit(661)
Total consolidated segment profit$147,934 
Corporate expenses (3)
(18,517)
Total operating income$129,417 
Interest income, net4,843 
Other income, net— 
Income before income taxes$134,260 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2) For each reportable segment, the 'Selling, general, administrative expenses and other' line items category includes: salaries and wages, stock based compensation amortization expense, depreciation expense, professional fees, rent expense, and other miscellaneous items.

(3) Comprised primarily of expenses not allocated to our operating segments.
Six Months Ended
June 30,
2024
Pressure Control
Spoolable Technologies
Total
Revenues from external customers
$361,701 $202,811 $564,512 
Intersegment revenue
519 — 519 
Total revenues362,220 202,811 565,031 
Reconciliation of revenue
Elimination of intersegment revenue
(519)
Total consolidated revenues
564,512 
Less:(1)
Cost of revenue from external customers
$229,402 $115,912 $345,314 
Intersegment cost of revenue
414 — 414 
Total cost of revenues229,816 115,912 345,728 
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue
(414)
Total consolidated cost of revenue
345,314 
Selling, general, administrative expenses and other (2)
25,060 40,465 
Segment profit$107,344 $46,434 $153,778 
Reconciliation of segment profit
Elimination of intersegment profit
(105)
Total consolidated segment profit
$153,673 
Corporate expenses (3)
(11,304)
Total operating income
$142,369 
Interest income, net2,094 
Other income, net— 
Income before income taxes$144,463 

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2) For each reportable segment, the 'Selling, general, administrative expenses and other' line items category includes: salaries and wages, stock based compensation amortization expense, depreciation expense, professional fees, rent expense, and other miscellaneous items. The expenses for Spoolable Technologies also include the change in fair value of the earn-out liability.

(3) Comprised primarily of expenses not allocated to our operating segments.                            

Assets are not reported to the CODM on a segment basis as it is not a meaningful measure used to run the business.