Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

Prior to the acquisition of FlexSteel, we operated in a single segment which reflected how our business was managed and the nature of our products and services. Upon completion of the acquisition, we re-evaluated our reportable segments and now report two business segments. Our business segments offer different products and services and correspond to the manner in which our chief operating decision maker 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 and service 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 months ended March 31, 2023 and 2022 is summarized below.

	Three Months Ended March 31,
	2023		2022
Revenue:
Pressure Control	$	194,655	$	145,899
Spoolable Technologies	33,750		—
Total revenues	228,405		145,899
Operating income:
Pressure Control	49,439		30,990
Spoolable Technologies	249		—
Total operating income	49,688		30,990
Interest income (expense), net	1,002		(100)
Other income (expense), net	3,538		(1,115)
Income before income taxes	$	54,228	$	29,775