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SEGMENT DISCLOSURES
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT DISCLOSURES SEGMENT DISCLOSURES
We conduct operations in two segments: IHT and MS. Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the services we offer. The reportable segments results are reviewed regularly by the chief operating decision maker (“CODM”), who is our Chief Executive Officer, in deciding how to allocate resources and assess performance. Our CODM evaluates the segments’ operating performance based on adjusted EBITDA defined as net income (loss) before income taxes, interest expense, depreciation and amortization, and other non-recurring and non-operational items. Our CODM uses adjusted EBITDA as a measure to make resource allocation decisions for each segment for the budgeting process and reviews budget-to-actual variances to access performance and allocate capital.
Segment data for our two operating segments are as follows (in thousands):
 Three Months Ended
June 30, 2025
 IHTMSTotal
(unaudited)(unaudited)(unaudited)
Revenues$130,396 $117,630 $248,026 
Adjusted operating expenses1
95,008 81,752 176,760 
Adjusted selling, general and administrative expenses2
15,898 20,892 36,790 
Adjusted EBITDA$19,490 $14,986 $34,476 
 Three Months Ended
June 30, 2024
 IHTMSTotal
(unaudited)(unaudited)(unaudited)
Revenues$113,234 $115,384 $228,618 
Adjusted operating expenses1
82,226 79,284 161,510 
Adjusted selling, general and administrative expenses2
15,419 20,750 36,169 
Adjusted EBITDA$15,589 $15,350 $30,939 
 Six Months Ended
June 30, 2025
 IHTMSTotal
(unaudited)(unaudited)(unaudited)
Revenues$236,611 $210,070 $446,681 
Adjusted operating expenses1
174,703 150,304 325,007 
Adjusted selling, general and administrative expenses2
30,794 41,286 72,080 
Adjusted EBITDA$31,114 $18,480 $49,594 
 Six Months Ended
June 30, 2024
 IHTMSTotal
(unaudited)(unaudited)(unaudited)
Revenues$212,682 $215,536 $428,218 
Adjusted operating expenses1
158,359 150,447 308,806 
Adjusted selling, general and administrative expenses2
30,385 40,592 70,977 
Adjusted EBITDA$23,938 $24,497 $48,435 
_____________
1    Represent operating expenses excluding indirect depreciation and amortization, and severance cost.
2    Represent segment selling, general and administrative expenses excluding depreciation and amortization, noncash share-based compensation, professional, legal and other non-recurring costs.

Reconciliation of segment adjusted EBITDA to consolidated loss before income taxes:
Three Months Ended
June 30,		Six Months Ended
June 30,
Segment adjusted EBITDA:2025202420252024
IHT$19,490 $15,589 $31,114 $23,938 
MS14,986 15,350 18,480 24,497 
    Total segment adjusted EBITDA34,476 30,939 49,594 48,435 
Segment depreciation and amortization
(7,183)(7,543)(14,270)(15,221)
Segment professional fees, severance and other
(1,376)(300)(1,825)(842)
Corporate and shared support cost(13,814)(11,937)(27,399)(27,599)
Consolidated operating income 12,103 11,159 6,100 4,773 
Interest expense(11,896)(11,909)(23,332)(24,007)
Loss on debt extinguishment
— — (11,853)— 
Other income (expense)(3,490)(541)(3,694)821 
Loss before income taxes$(3,283)$(1,291)$(32,779)$(18,413)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
 (unaudited)(unaudited)(unaudited)(unaudited)
Capital expenditures1:
IHT$1,671 $2,259 $3,129 $2,795 
MS1,277 620 1,944 1,645 
Corporate and shared support services304 51 318 51 
Total capital expenditures
$3,252 $2,930 $5,391 $4,491 
____________
1    Excludes finance leases. Totals may vary from amounts presented in the consolidated statements of cash flows due to the timing of cash payments.
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
 (unaudited)(unaudited)(unaudited)(unaudited)
Depreciation and amortization:
IHT$2,898 $2,978 $5,714 $6,007 
MS4,285 4,565 8,556 9,214 
Corporate and shared support services1,344 1,717 2,659 3,679 
Total depreciation and amortization1
$8,527 $9,260 $16,929 $18,900 
____________
1 Breakdown of depreciation and amortization included in the Consolidated Statements of Operations described below:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Depreciation and amortization:
Amount included in operating expenses3,112 3,508 6,214 7,091 
Amount included in SG&A expenses5,415 5,752 10,715 11,809 
Total depreciation and amortization$8,527 $9,260 $16,929 $18,900 
Separate measures of our assets by operating segment are not produced or utilized by our CODM to evaluate segment performance.