Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Financial Metrics by Segment

The following tables represent financial metrics by segment:


(in thousands)			Contract Services						Other Services						Total
Three Months Ended March 31, 2026
Revenue			$	306,985					$	38,774					$	345,759
Cost of operations (exclusive of depreciation and amortization)			90,259						32,619						122,878
Adjusted gross margin			216,726						6,155						222,881
Total assets			4,458,718						35,924						4,494,642
Capital expenditures (1)			118,370						—						118,370
Three Months Ended March 31, 2025
Revenue			$	288,956					$	40,686					$	329,642
Cost of operations (exclusive of depreciation and amortization)			93,235						35,226						128,461
Adjusted gross margin			195,721						5,460						201,181
Total assets			4,384,989						51,133						4,436,122
Capital expenditures			77,553						—						77,553

Schedule of Total Gross Margin to Income Before Income Taxes

The following table reconciles adjusted gross margin to income before income taxes:


			Three Months Ended
			March 31,
(in thousands)			2026						2025
Adjusted gross margin:
Contract Services			$	216,726					$	195,721
Other Services			6,155						5,460
Depreciation and amortization (2)			(68,681)						(70,529)

Selling, general and administrative expenses			(46,127)						(32,255)
Loss on sale of assets			(1,261)						(9,211)
Interest expense			(48,741)						(47,224)
Loss on extinguishment of debt			(36,512)						—

Other expense, net			(939)						(402)
Income before income taxes			$	20,620					$	41,560


(1)			Capital expenditures include an $18.0 million investment in power generation infrastructure to support our recently acquired power distribution business. See Note 17. Subsequent Events for details.
(2)			All depreciation and amortization is related to the Contract Services segment.