| Schedule of Financial Metrics by Segment |
The following tables represent financial metrics by segment: | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Compression Infrastructure | | Power Infrastructure | | Other
Services | | Total | | Three Months Ended June 30, 2026 | | | | | | | | | Revenue | $ | 315,125 | | | $ | 32,891 | | | $ | 43,104 | | | $ | 391,120 | | | Cost of operations (exclusive of depreciation and amortization) | 94,435 | | | 11,686 | | | 38,235 | | | 144,356 | | | Adjusted gross margin | 220,690 | | | 21,205 | | | 4,869 | | | 246,764 | | | | | | | | | | | Capital expenditures | 82,197 | | | 118,012 | | | — | | | 200,209 | | | Three Months Ended June 30, 2025 | | | | | | | | | Revenue | $ | 293,534 | | | $ | — | | | $ | 29,309 | | | $ | 322,843 | | | Cost of operations (exclusive of depreciation and amortization) | 93,137 | | | — | | | 22,114 | | | 115,251 | | | Adjusted gross margin | 200,397 | | | — | | | 7,195 | | | 207,592 | | | | | | | | | | | Capital expenditures | 82,618 | | | — | | | — | | | 82,618 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Compression Infrastructure | | Power Infrastructure | | Other
Services | | Total | | Six Months Ended June 30, 2026 | | | | | | | | | Revenue | $ | 622,110 | | | $ | 32,891 | | | $ | 81,878 | | | $ | 736,879 | | | Cost of operations (exclusive of depreciation and amortization) | 184,694 | | | 11,686 | | | 70,854 | | | 267,234 | | | Adjusted gross margin | 437,416 | | | 21,205 | | | 11,024 | | | 469,645 | | | | | | | | | | Capital expenditures (1) | 182,582 | | | 135,997 | | | — | | | 318,579 | | | Six Months Ended June 30, 2025 | | | | | | | | | Revenue | $ | 582,490 | | | $ | — | | | $ | 69,995 | | | $ | 652,485 | | | Cost of operations (exclusive of depreciation and amortization) | 186,372 | | | — | | | 57,340 | | | 243,712 | | | Adjusted gross margin | 396,118 | | | — | | | 12,655 | | | 408,773 | | | | | | | | | | | Capital expenditures | 160,171 | | | — | | | — | | | 160,171 | |
| | | | | | | (1) | Capital expenditures for the three months ended March 31, 2026 included an $18.0 million investment in power generation infrastructure related to the DPS Acquisition. This investment was included within Compression Infrastructure in our first quarter 2026 presentation. As part of the establishment of the Power Infrastructure reportable segment in the second quarter of 2026, the prior-period capital expenditure amount has been reclassified from Compression Infrastructure to Power Infrastructure in the year-to-date presentation to conform to the current-period segment presentation. |
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| Schedule of Total Gross Margin to Income Before Income Taxes |
The following table reconciles adjusted gross margin to income before income taxes: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 30, | | June 30, | (in thousands) | 2026 | | 2025 | | 2026 | | 2025 | | Adjusted gross margin: | | | | | | | | | Compression Infrastructure | $ | 220,690 | | | $ | 200,397 | | | $ | 437,416 | | | $ | 396,118 | | | Power Infrastructure | 21,205 | | | — | | | 21,205 | | | — | | | Other Services | 4,869 | | | 7,195 | | | 11,024 | | | 12,655 | | Depreciation and amortization: | | | | | | | | | | | | | | | | | Compression Infrastructure | (73,106) | | | (66,135) | | | (141,787) | | | (136,664) | | | Power Infrastructure | (5,544) | | | — | | | (5,544) | | | — | | | Selling, general and administrative expenses | (40,918) | | | (35,121) | | | (87,045) | | | (67,376) | | | Loss on sale of assets | (2,959) | | | (6,606) | | | (4,220) | | | (15,817) | | | Interest expense | (50,061) | | | (45,755) | | | (98,802) | | | (92,979) | | | Loss on extinguishment of debt | — | | | — | | | (36,512) | | | — | | | | | | | | | | | Other expense, net | (939) | | | (546) | | | (1,878) | | | (948) | | | Income before income taxes | $ | 73,237 | | | $ | 53,429 | | | $ | 93,857 | | | $ | 94,989 | |
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