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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company has one reportable segment. Refer to Note 3 for revenue by geographic area and revenue by major product and service lines. Refer to the Condensed Consolidated Balance Sheets for total assets. Refer to the Condensed Consolidated Statements of Cash Flows for total expenditures for additions to long-lived assets. The Company defines EBITDA as net income (loss) plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects further adjustments to EBITDA (“Adjusted EBITDA”) to exclude certain non-cash items and the effect of what the Company considers transactions or events not related to its core and ongoing business operations. The measure of profit or loss used by the Chief Operating Decision Maker ("CODM") to evaluate operating segment performance and allocate resources is Adjusted EBITDA. Management believes that evaluating operating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic and ongoing operating results of the Company. The Company considers Adjusted EBITDA to be an important metric because it reflects the business performance of the segments, inclusive of indirect costs. The following table sets forth certain information regarding significant expense categories fo r the three and six months ended June 30, 2025 and 2024, respectively.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Leasing and services revenue: |  |  |  |  |  |  |
Unit leasing and other rental-related | $ | 342,886 |  |  | $ | 358,480 |  |  | $ | 680,937 |  |  | $ | 722,767 |
VAPS and third party leasing | 100,030 |  |  | 100,112 |  |  | 196,369 |  |  | 196,426 |
Delivery revenue | 55,384 |  |  | 60,223 |  |  | 104,419 |  |  | 116,409 |
Installation revenue | 53,068 |  |  | 47,924 |  |  | 92,694 |  |  | 92,100 |
Sales revenue: |  |  |  |  |  |  |
New units | 21,620 |  |  | 21,378 |  |  | 44,057 |  |  | 34,877 |
Rental units | 16,095 |  |  | 16,473 |  |  | 30,158 |  |  | 29,192 |
Total revenues | 589,083 |  |  | 604,590 |  |  | 1,148,634 |  |  | 1,191,771 |
Less:(a) |  |  |  |  |  |  |
Costs of leasing and services: |  |  |  |  |  |  |
Unit leasing | 77,096 |  |  | 81,695 |  |  | 148,841 |  |  | 167,258 |
VAPS and third party leasing | 18,242 |  |  | 16,553 |  |  | 34,567 |  |  | 33,384 |
Delivery | 45,081 |  |  | 45,642 |  |  | 85,636 |  |  | 90,155 |
Installation | 43,073 |  |  | 35,528 |  |  | 76,314 |  |  | 68,857 |
Costs of sales: |  |  |  |  |  |  |
New units | 13,552 |  |  | 13,358 |  |  | 28,750 |  |  | 21,631 |
Rental units | 7,525 |  |  | 9,085 |  |  | 15,694 |  |  | 15,961 |
Employee SG&A expense(b) | 67,471 |  |  | 67,230 |  |  | 135,736 |  |  | 137,870 |
Other segment items(c) | 68,130 |  |  | 71,923 |  |  | 145,398 |  |  | 145,070 |
Adjusted EBITDA | $ | 248,913 |  |  | $ | 263,576 |  |  | $ | 477,698 |  |  | $ | 511,585 |
(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (b) Employee SG&A expense consists of salaries and wages, bonuses, commissions, payroll taxes, and employee benefits. (c) Other segment items consist of service agreements and professional fees, real estate and occupancy costs, travel, bad debt expense, marketing and advertising, taxes, and other miscellaneous expenses. The following table presents reconciliations of the Company’s net income to Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024, respectively:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) | $ | 47,939 |  |  | $ | (46,851) |  |  | $ | 90,994 |  |  | $ | 9,389 |
Income tax expense (benefit) | 19,984 |  |  | (13,929) |  |  | 37,894 |  |  | 3,189 |
Interest expense, net | 58,977 |  |  | 55,548 |  |  | 117,446 |  |  | 112,136 |
Depreciation and amortization | 112,632 |  |  | 93,746 |  |  | 209,724 |  |  | 186,574 |
Currency (gains) losses, net | (79) |  |  | (42) |  |  | 144 |  |  | 35 |
Restructuring costs, lease impairment expense and other related charges | 205 |  |  | 6,183 |  |  | 907 |  |  | 6,929 |
Impairment loss on intangible asset | — |  |  | 132,540 |  |  | — |  |  | 132,540 |
Transaction costs | 1,125 |  |  | 40 |  |  | 1,159 |  |  | 40 |
Integration costs | 386 |  |  | 3,066 |  |  | 613 |  |  | 5,943 |
Stock compensation expense | 8,373 |  |  | 9,614 |  |  | 16,714 |  |  | 18,713 |
Other | (629) |  |  | 23,661 |  |  | 2,103 |  |  | 36,097 |
Adjusted EBITDA | $ | 248,913 |  |  | $ | 263,576 |  |  | $ | 477,698 |  |  | $ | 511,585 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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