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Segments | 3 Months Ended
--- | ---
Mar. 31, 2024
Segment Reporting [Abstract] |
Segments | Note 14: Segments Our operations are primarily organized and managed by operating segment. Operating segment performance and resource allocations are primarily based on gross profit. Intersegment sales and any related profits are eliminated in consolidation. We manage the business in three reporting segments: Equipment Rental Solutions (“ERS”), Truck and Equipment Sales (“TES”) and Aftermarket Parts and Services (“APS”). The Company’s segment results are presented in the tables below:
| Three Months Ended March 31,
| 2024
(in $000s) | ERS |  | TES |  | APS |  | Total
Revenue: |  |  |  |  |  |  |
Rental | $ | 103,288 |  |  | $ | — |  |  | $ | 2,883 |  |  | $ | 106,171 |
Equipment sales | 32,740 |  |  | 239,862 |  |  | — |  |  | 272,602 |
Parts and services | — |  |  | — |  |  | 32,534 |  |  | 32,534 |
Total revenue | 136,028 |  |  | 239,862 |  |  | 35,417 |  |  | 411,307 |
Cost of revenue: |  |  |  |  |  |  |
Rentals/parts and services | 29,800 |  |  | — |  |  | 26,254 |  |  | 56,054 |
Equipment sales | 24,098 |  |  | 196,702 |  |  | — |  |  | 220,800 |
Depreciation of rental equipment | 42,697 |  |  | — |  |  | 1,047 |  |  | 43,744 |
Total cost of revenue | 96,595 |  |  | 196,702 |  |  | 27,301 |  |  | 320,598 |
Gross profit | $ | 39,433 |  |  | $ | 43,160 |  |  | $ | 8,116 |  |  | $ | 90,709 |
| Three Months Ended March 31,
| 2023
(in $000s) | ERS |  | TES |  | APS |  | Total
Revenue: |  |  |  |  |  |  |
Rental | $ | 113,784 |  |  | $ | — |  |  | $ | 4,504 |  |  | $ | 118,288 |
Equipment sales | 92,136 |  |  | 209,154 |  |  | — |  |  | 301,290 |
Parts and services | — |  |  | — |  |  | 32,585 |  |  | 32,585 |
Total revenue | 205,920 |  |  | 209,154 |  |  | 37,089 |  |  | 452,163 |
Cost of revenue: |  |  |  |  |  |  |
Rentals/parts and services | 29,060 |  |  | — |  |  | 26,987 |  |  | 56,047 |
Equipment sales | 71,081 |  |  | 175,044 |  |  | — |  |  | 246,125 |
Depreciation of rental equipment | 39,512 |  |  | — |  |  | 818 |  |  | 40,330 |
Total cost of revenue | 139,653 |  |  | 175,044 |  |  | 27,805 |  |  | 342,502 |
Gross profit | $ | 66,267 |  |  | $ | 34,110 |  |  | $ | 9,284 |  |  | $ | 109,661 |
Total assets by operating segment are not disclosed herein because asset by operating segment data is not reviewed by the chief operating decision-maker (“CODM”) to assess performance and allocate resources. Gross profit is the primary operating result whereby our segments are evaluated for performance and resource allocation. The following table presents a reconciliation of consolidated gross profit to consolidated income (loss) before income taxes:
| Three Months Ended March 31, |  |
(in $000s) | 2024 |  | 2023 |  |  |  |  |  |
Gross profit | $ | 90,709 |  |  | $ | 109,661 |  |  |  |  |  |  |
Selling, general and administrative expenses | 57,995 |  |  | 56,991 |  |  |  |  |  |  |
Amortization | 6,578 |  |  | 6,672 |  |  |  |  |  |  |
Non-rental depreciation | 2,920 |  |  | 2,650 |  |  |  |  |  |  |
Transaction expenses and other | 4,846 |  |  | 3,460 |  |  |  |  |  |  |
Interest expense, net | 37,915 |  |  | 29,176 |  |  |  |  |  |  |
Financing and other expense (income) | (3,262) |  |  | (3,951) |  |  |  |  |  |  |
Income (loss) before income taxes | $ | (16,283) |  |  | $ | 14,663 |  |  |  |  |  |  |
The following table presents total assets by country:
(in $000s) | March 31, 2024 |  | December 31, 2023
Assets: |  |  |
United States | $ | 3,332,762 |  |  | $ | 3,243,619 |
Canada | 117,753 |  |  | 124,178 |
Total Assets | $ | 3,450,515 |  |  | $ | 3,367,797 |

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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 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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