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Segment and Related Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment and Related Information Segment and Related Information
Following the sale of the Fluids Systems segment in September 2024, we have one reportable segment. We previously operated a second reportable segment, Fluids Systems, which we exited in the third quarter of 2024, and a third reportable segment, Industrial Blending, which we exited in 2022.
Following the sale of the Fluids Systems segment in September 2024, the Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, allocates resources and assesses financial performance on a consolidated basis. The Company’s operations, currently in the United States and United Kingdom, are substantially similar with respect to services provided, type of customers, and sourcing of materials. Resource allocations are based on the capacity of the Company’s existing rental fleet, manufacturing facility and current status of operations, including projected demand for our products and services in the industries and locations we serve. Consolidated income from continuing operations as presented in the consolidated statements of operations is used to measure performance. As such, management has determined that the Company functions as a single operating segment, and reports as a single reportable segment.
See Note 2 for financial information for our previously reported Fluids Systems segment, now reported as discontinued operations.
Our Industrial Blending segment began operations in 2020 and supported industrial end-markets, including the production of disinfectants and industrial cleaning products. In 2022, we exited our Industrial Blending operations and completed the sale of the industrial blending and warehouse facility and related equipment for cash proceeds of approximately $14 million. In connection with this divestiture, we recognized a $7.9 million impairment charge related to these long-lived assets in the second quarter of 2022, and subsequently recognized a gain of $2.6 million upon the eventual sale in the fourth quarter of 2022.
The following table presents further disaggregated revenues by type:
 Year Ended December 31,
(In thousands)202420232022
Rental revenues$89,512 $83,400 $75,616 
Service revenues56,273 66,554 58,685 
Product sales revenues71,704 57,694 58,692 
Total revenues$217,489 $207,648 $192,993 
Certain services performed that are directly related to the mat rental operation are considered as rental revenues for presentation on the consolidated statements of operations. Such direct services include mat installation and removal, freight (hauling of mats), and direct labor related to such activities.
The following table presents further disaggregated revenues by geography, based on the country in which the sale originates:
 Year Ended December 31,
(In thousands)202420232022
United States$203,379 $194,086 $179,900 
United Kingdom14,110 13,562 13,093 
Total revenues$217,489 $207,648 $192,993 
The following table presents disaggregated expense information:
 Year Ended December 31,
(In thousands)202420232022
Depreciation and amortization - Included in cost of revenues$20,489 $20,868 $22,098 
Depreciation and amortization - Included in selling, general and administrative expenses2,167 2,728 2,637 
Total depreciation and amortization$22,656 $23,596 $24,735 
The following table presents long-lived assets, which includes property, plant and equipment and other long-term assets, based on the country in which the assets are located:
 Year Ended December 31,
(In thousands)202420232022
United States$248,262 $224,194 $216,621 
United Kingdom15,502 13,868 15,135 
Total long-lived assets$263,764 $238,062 $231,756 
For 2024, our largest customer represented 19% of our revenues. For 2023 and 2022, no single customer accounted for more than 10% of our consolidated revenues.