Related Parties

9 Months Ended

Sep. 30, 2022

Note 16: Related Parties

The Company has transactions with related parties as summarized below.

Rentals and Sales — Energy Capital Partners (“ECP”), a stockholder in the Company, and their affiliates have ownership interests in a broad range of companies. The Company has entered into commercial transactions with subsidiaries of PLH Group, Inc., a company partially owned by an affiliate of ECP.

The Company rents and sells equipment and provides services to R&M Equipment Rental, a business partially owned by members of the Company’s management. The Company also rents equipment and purchases inventory, from R&M Equipment Rental.

Facilities Leases and Other — The Company leases certain facilities, as well as purchases aircraft charter services, from entities owned by members of the Company’s management and their immediate families. Payments to the related parties for these transactions are immaterial. Rent and air travel expenses are recorded in selling, general, and administrative expenses.

Management Fees — The Company entered into the Corporate Advisory Services Agreement with Platinum effective as of the Closing Date, under which management fees are payable to Platinum quarterly.

A summary of the transactions with the foregoing related parties included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in $000s)	2022		2021		2022		2021
Total revenues from transactions with related parties	$	8,385	$	6,594	$	27,128	$	16,332
Expenses incurred from transactions with related parties included in cost of revenue	$	297	$	451	$	2,109	$	1,625
Expenses incurred from transactions with related parties included in operating expenses	$	1,398	$	1,497	$	4,635	$	3,127

Amounts receivable from/payable to related parties included in the Condensed Consolidated Balance Sheets are as follows:


(in $000s)	September 30, 2022		December 31, 2021
Accounts receivable from related parties	$	5,743	$	5,145
Accounts payable to related parties	$	46	$	26