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Business Segments
3 Months Ended
Mar. 31, 2020
Business Segments  
Business Segments

20. Business Segments

The Company is organized primarily on the basis of geographic region, customer industry group and operates primarily in three reportable segments.

Our remaining operating segments have been consolidated and included in an “All Other” category.

The following is a brief description of our reportable segments and a description of business activities conducted by All Other.

Permian Basin — Segment operations consist primarily of specialty rental and vertically integrated hospitality services revenue from customers in the oil and gas industry located primarily in Texas and New Mexico.

Bakken Basin — Segment operations consist primarily of specialty rental and vertically integrated hospitality services revenue from customers in the oil and gas industry located primarily in North Dakota.

Government — Segment operations consist primarily of specialty rental and vertically integrated hospitality services revenue from Government customers located in Texas.

All Other — Segment operations consist primarily of revenue from the construction phase of the contract with TCPL discussed in Note 1 as well as specialty rental and vertically integrated hospitality services revenue from customers in the Oil and Gas industry located outside of the Permian and Bakken Basins.

The table below presents information about reported segments for the three months ended March 31 (except for asset information for 2019 that is presented as of December 31):

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Permian Basin

    

Bakken Basin

    

Government

    

All Other

    

Total

For the Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

49,131

 

$

4,185

 

$

16,592

 

$

1,747

(a)

$

71,655

Adjusted gross profit

 

$

26,784

 

$

1,404

 

$

11,580

 

$

276

 

$

40,044

Total Assets

 

$

302,732

 

$

57,764

 

$

33,233

 

$

5,955

 

$

399,684

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Permian Basin

    

Bakken Basin

    

Government

    

All Other

    

Total

For the Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

52,712

 

$

4,772

 

$

16,555

 

$

7,943

(a)  

$

81,982

Adjusted gross profit

 

$

32,594

 

$

1,635

 

$

11,851

 

$

1,575

 

$

47,655

Total Assets (as of December 31, 2019)

 

$

305,701

 

$

59,134

 

$

35,484

 

$

5,955

 

$

406,274


(a)

Revenues from segments below the quantitative thresholds are attributable to three operating segments of the Company and are reported in the “All Other” category previously described.

 

 

 

 

A reconciliation of total segment adjusted gross profit to total consolidated income (loss) before income taxes for the dates indicated below, is as follows:

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

    

March 31, 2020

    

March 31, 2019

Total reportable segment adjusted gross profit

 

$

39,768

 

$

46,080

Other adjusted gross profit

 

 

276

 

 

1,575

Depreciation and amortization

 

 

(17,013)

 

 

(13,664)

Selling, general, and administrative expenses

 

 

(9,990)

 

 

(44,752)

Restructuring costs

 

 

 —

 

 

(168)

Other income, net

 

 

1,015

 

 

38

Loss on extinguishment of debt

 

 

 —

 

 

(907)

Interest expense, net

 

 

(10,022)

 

 

(4,031)

Consolidated income before income taxes

 

$

4,034

 

$

(15,829)

 

A reconciliation of total segment assets to total consolidated assets as of the dates indicated below, is as follows:

 

 

 

 

 

 

 

 

    

March 31, 2020

 

December 31, 2019

Total reportable segment assets

 

$

393,729

 

$

400,319

Other assets

 

 

5,955

 

 

5,955

Restricted cash

 

 

52

 

 

52

Other unallocated amounts

 

 

193,452

 

 

194,466

Total Assets

 

$

593,188

 

$

600,792

 

Other unallocated assets consist of the following as reported in the consolidated balance sheets of the Company as of the dates indicated below:

 

 

 

 

 

 

 

 

    

March 31, 2020

    

December 31, 2019

Total current assets

 

$

62,595

 

$

60,795

Other intangible assets, net

 

 

114,119

 

 

117,866

Deferred tax asset

 

 

6,472

 

 

6,427

Deferred financing costs revolver, net

 

 

4,373

 

 

4,688

Other non-current assets

 

 

5,893

 

 

4,690

Total other unallocated amounts of assets

 

$

193,452

 

$

194,466