Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.21.1
Business Segment Information
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company’s reportable business segments are Well Servicing, Water Logistics, and Completion & Remedial Services. Costs related to other business activities, primarily corporate headquarters functions, are disclosed separately from the three operating segments as "Corporate and Other." Corporate expenses include general corporate expenses associated with managing all reportable operating segments. Corporate assets consist principally of working capital and debt financing costs.
The Company evaluates segment performance on revenue less cost of services. Products are transferred between segments and geographical areas on a basis intended to reflect as nearly as possible the market value of
the products. The following table sets forth certain financial information with respect to the Company’s reportable segments:
(in thousands) Well Servicing Water Logistics Completion & Remedial Services Corporate and Other Continuing Operations Total Discontinued Operations
Three Months Ended March 31, 2021
Revenues $ 54,807  $ 27,814  $ 11,726  $ —  $ 94,347  $ — 
Costs of services 44,124  24,287  8,760  —  77,171  1,393 
Segment profits 10,683  3,527  2,966  —  17,176  (1,393)
Depreciation and amortization 1,973  5,327  2,422  1,075  10,797  — 
Capital expenditures —  197  134  —  331  — 
Total assets $ 37,708  $ 97,041  $ 53,591  $ 139,565  $ 327,905  $ 3,194 
Three Months Ended March 31, 2020
Revenues $ 58,141  $ 44,381  $ 25,881  $ —  $ 128,403  $ 95 
Costs of services 48,434  33,105  20,636  —  102,175  1,520 
Segment profits 9,707  11,276  5,245  —  26,228  (1,425)
Depreciation and amortization 2,455  6,681  4,070  1,559  14,765  — 
Capital expenditures 2,070  2,770  729  26  5,595  — 
Total assets $ 47,032  $ 134,893  $ 80,290  $ 219,159  $ 481,374  $ 10,346 
The following table reconciles the segment profits reported above to the loss from continuing operations before income taxes as reported in the condensed consolidated statements of operations:
Three Months Ended March 31,
(in thousands) 2021 2020
Segment profits $ 17,176  $ 26,228 
Selling, general and administrative (18,054) (26,232)
Depreciation and amortization (10,797) (14,765)
Gain on disposal of assets 1,993  37 
Impairments and other charges (7,258) (99,694)
Acquisition related costs —  (11,684)
Interest expense, net (12,024) (10,557)
Loss on derivative (4,798) (3,552)
Loss from continuing operations before income taxes $ (33,762) $ (140,219)