XML 13 R2.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Operating revenues:        
Total operating revenues [1] $ 325,176 $ 166,586 $ 917,997 $ 450,455
Operating costs and expenses:        
Costs of sales (exclusive of depreciation and amortization shown separately below) [1] 145,208 60,503 418,197 141,011
Operating expenses [1] 35,845 22,731 100,996 63,575
Ad valorem taxes [1] 5,903 3,238 15,936 9,003
General and administrative expenses [1] 23,468 6,957 72,180 17,920
Depreciation and amortization [1] 65,005 57,154 192,609 170,291
Loss (gain) on disposal of assets 3,946 [1] (37) [1] 12,602 [1] 417
Loss (gain) on disposal of assets [1]       417
Total operating costs and expenses [1] 279,375 150,546 812,520 402,217
Operating income [1] 45,801 16,040 105,477 48,238
Other income (expense):        
Interest and other income [1] 0 3,578 250 4,141
Gain on redemption of mandatorily redeemable Preferred Units [1] 0 0 9,580 0
(Gain) loss on debt extinguishment 0 (56) (27,975) 4
Gain on embedded derivative [1] 488 0 89,050 0
Interest expense [1] (40,464) (30,541) (92,585) (88,458)
Equity in earnings of unconsolidated affiliates [1] 45,003 16,826 120,706 44,692
Total other income (expense), net [1] 5,027 (10,193) 99,026 (39,621)
Income before income taxes [1] 50,828 5,847 204,503 8,617
Income tax expense [1] 1,406 1,207 2,244 1,207
Net income including noncontrolling interest [1] 49,422 4,640 202,259 7,410
Net income attributable to Preferred Unit limited partners [1] 708 0 115,203 0
Net Income attributable to common shareholders [1] 48,714 4,640 87,056 7,410
Net income attributable to Common Unit limited partners [1] 33,778 4,640 61,817 7,410
Net income attributable to Class A Common Shareholders [1] $ 14,936 $ 0 $ 25,239 $ 0
Net income attributable to Class A Common Shareholders per share        
Basic (in USD per share) [1] $ 1.04 $ 0 $ 1.24 $ 0
Diluted (in USD per share) $ 1.04 [1] $ 0 [1] $ 1.24 [1] $ 0
Weighted-average shares        
Basic (in shares) [1],[2] 41,816 0 40,042 0
Diluted (in shares) [1],[2] 41,855 0 40,075 0
Service        
Operating revenues:        
Total operating revenues [1] $ 107,597 $ 72,578 $ 290,122 $ 202,482
Product        
Operating revenues:        
Total operating revenues [1] 213,803 93,266 618,382 244,358
Other revenue        
Operating revenues:        
Total operating revenues [1] $ 3,776 $ 742 $ 9,493 $ 3,615
[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 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.