Business Segments

6 Months Ended

Jun. 30, 2021

Business Segments

Business Segments

18. Business Segments

As of June 30, 2021, the Company changed the names of select reportable segments to appropriately align with its diversified hospitality and facilities service offerings.  The segments formerly known as Permian Basin and Bakken Basin will now be referred to as Hospitality & Facilities Services – South and Hospitality & Facilities Services – Midwest, respectively.  All other reportable segment names will remain unchanged.

The Company is organized primarily on the basis of geographic region and customer industry group and operates in four 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.

Hospitality & Facilities Services – South  — Segment operations consist primarily of specialty rental and vertically integrated hospitality services revenue from customers located primarily in Texas and New Mexico.

Hospitality & Facilities Services – Midwest  — Segment operations consist primarily of specialty rental and vertically integrated hospitality services revenue from customers located primarily in North Dakota.

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

TCPL Keystone – Segment operations consist primarily of revenue from the construction phase of the contract with TCPL.

All Other — Segment operations consist primarily of revenue from specialty rental and vertically integrated hospitality services revenue from customers located outside of the Hospitality & Facilities Services - South and Hospitality & Facilities Services - Midwest segments.

The table below presents information about reported segments for the three and six months ended June 30 (except for asset information for 2020 that is presented as of December 31):

2021

	Hospitality & Facilities Services - South		Hospitality & Facilities Services - Midwest		Government		TCPL Keystone		All Other			Total
For the Six Months Ended June 30, 2021
Revenue	$	53,283	$	1,327	$	62,827	$	2,403	$	638	(a)	$	120,478
Adjusted gross profit	$	24,274	$	(798)	$	40,826	$	811	$	(235)		$	64,878
Total Assets	$	224,322	$	49,264	$	71,995	$	3,487	$	2,655		$	351,723
For the Three Months Ended June 30, 2021
Revenue	$	28,190	$	730	$	44,788	$	933	$	345		$	74,986
Adjusted gross profit	$	13,615	$	(249)	$	27,023	$	604	$	(16)		$	40,977

2020

	Hospitality & Facilities Services - South		Hospitality & Facilities Services - Midwest		Government		TCPL Keystone		All Other			Total
For the Six Months Ended June 30, 2020
Revenue	$	70,195	$	4,551	$	33,263	$	16,528	$	737	(a)	$	125,274
Adjusted gross profit	$	33,653	$	235	$	24,488	$	2,393	$	(265)		$	60,504
Total Assets (as of December 31, 2020)	$	277,839	$	51,782	$	27,149	$	3,543	$	3,231		$	363,544
For the Three Months Ended June 30, 2020
Revenue	$	21,064	$	366	$	16,671	$	15,394	$	125		$	53,620
Adjusted gross profit	$	6,860	$	(1,169)	$	12,909	$	2,054	$	(194)		$	20,460

(a) Revenues 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 loss before income taxes for the dates indicated below, is as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
				(Restated)				(Restated)
Total reportable segment adjusted gross profit	$	40,993	$	20,654	$	65,113	$	60,769
Other adjusted gross profit		(16)		(194)		(235)		(265)
Depreciation and amortization		(18,004)		(16,364)		(34,440)		(33,376)
Selling, general, and administrative expenses		(11,677)		(10,101)		(23,009)		(20,092)
Other expense (income), net		(444)		(446)		(690)		569
Interest expense, net		(9,744)		(10,178)		(19,594)		(20,200)
Change in fair value of warrant liabilities		(2,080)		533		(2,720)		2,187
Consolidated loss before income taxes	$	(972)	$	(16,096)	$	(15,575)	$	(10,408)

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

	June 30, 2021		December 31, 2020
Total reportable segment assets	$	349,068	$	360,313
Other assets		2,655		3,231
Other unallocated amounts		162,253		170,693
Total Assets	$	513,976	$	534,237

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

	June 30, 2021		December 31, 2020
Total current assets	$	41,834	$	43,562
Other intangible assets, net		95,800		103,121
Deferred tax asset		17,307		15,179
Deferred financing costs revolver, net		2,794		3,422
Other non-current assets		4,518		5,409
Total other unallocated amounts of assets	$	162,253	$	170,693