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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Operating revenues:        
Total operating revenues [1] $ 335,572 $ 135,766 $ 592,821 $ 283,869
Operating costs and expenses:        
Costs of sales (exclusive of depreciation and amortization shown separately below) [1] 152,714 43,503 272,989 80,508
Operating expenses [1] 35,280 25,280 65,151 40,844
Ad valorem taxes [1] 5,880 3,414 10,033 5,765
General and administrative expenses [1] 25,960 5,337 48,712 10,963
Depreciation and amortization [1] 66,581 57,166 127,604 113,137
Loss (gain) on disposal of assets [1] 8,546 422 8,656 454
Total operating costs and expenses [1] 294,961 135,122 533,145 251,671
Operating income [1] 40,611 644 59,676 32,198
Other income (expense):        
Interest and other income [1] 0 26 250 563
Gain on redemption of mandatorily redeemable Preferred Units [1] 5,087 0 9,580 0
(Gain) loss on debt extinguishment (27,975) 60 (27,975) 60
Unrealized gain on embedded derivative [1] 91,448 0 88,562 0
Interest expense [1] (25,347) (32,607) (52,121) (57,917)
Equity in earnings of unconsolidated affiliates [1] 47,786 16,511 75,703 27,866
Total other income (expense), net [1] 90,999 (16,010) 93,999 (29,428)
Income (loss) before income taxes [1] 131,610 (15,366) 153,675 2,770
Income tax expense [1] 162 0 838 0
Net income (loss) including noncontrolling interest [1] 131,448 (15,366) 152,837 2,770
Net income attributable to Preferred Unit limited partners [1] 109,502 0 114,495 0
Net Income (loss) attributable to common shareholders [1] 21,946 (15,366) 38,342 2,770
Net income (loss) attributable to Common Unit limited partners [1] 15,508 (15,366) 28,039 2,770
Net income attributable to Class A Common Shareholders [1] $ 6,438 $ 0 $ 10,303 $ 0
Net income attributable to Class A Common Shareholders per share        
Basic (in USD per share) [1] $ 0.06 $ 0 $ 0.16 $ 0
Diluted (in USD per share) $ 0.06 [1] $ 0 [1] $ 0.16 [1] $ 0
Weighted-average shares        
Basic (in shares) [1],[2] 39,297 0 38,766 0
Diluted (in shares) [1],[2] 39,329 0 38,796 0
Service        
Operating revenues:        
Total operating revenues [1] $ 102,080 $ 62,242 $ 182,525 $ 129,904
Product        
Operating revenues:        
Total operating revenues [1] 229,651 71,099 404,579 151,092
Other revenue        
Operating revenues:        
Total operating revenues [1] $ 3,841 $ 2,425 $ 5,717 $ 2,873
[1] The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the Form 10-Q basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to our Condensed Consolidated Financial Statements in this Form 10-Q for further information.
[2] Share amounts have been retroactively restated to reflect the Company’s Stock Split (as defined in Note 10Equity and Warrants), which was effected on June 8, 2022. Refer to Note 10 – Equity and Warrants in the Notes to our Condensed Consolidated Financial Statements in this Form 10-Q for further information.