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Segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segments
Note 15: 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 June 30,
2024
(in $000s)ERSTESAPSTotal
Revenue:
Rental$100,699 $— $2,298 $102,997 
Equipment sales37,712 247,921 — 285,633 
Parts and services— — 34,383 34,383 
Total revenue138,411 247,921 36,681 423,013 
Cost of revenue:
Rentals/parts and services29,281 — 28,562 57,843 
Equipment sales25,792 205,526 — 231,318 
Depreciation of rental equipment43,581 — 1,004 44,585 
Total cost of revenue98,654 205,526 29,566 333,746 
Gross profit$39,757 $42,395 $7,115 $89,267 
Three Months Ended June 30,
2023
(in $000s)ERSTESAPSTotal
Revenue:
Rental$117,832 $— $4,337 122,169 
Equipment sales50,694 251,423 — 302,117 
Parts and services— — 32,544 32,544 
Total revenue168,526 251,423 36,881 456,830 
Cost of revenue:
Rentals/parts and services31,341 — 25,988 57,329 
Equipment sales39,802 205,464 — 245,266 
Depreciation of rental equipment42,805 — 811 43,616 
Total cost of revenue113,948 205,464 26,799 346,211 
Gross profit$54,578 $45,959 $10,082 $110,619 
Six Months Ended June 30,
2024
(in $000s)ERSTESAPSTotal
Revenue:
Rental$203,987 $— $5,181 $209,168 
Equipment sales70,452 487,783 — 558,235 
Parts and services— — 66,917 66,917 
Total revenue274,439 487,783 72,098 834,320 
Cost of revenue:
Rentals/parts and services59,081 — 54,816 113,897 
Equipment sales49,890 402,228 — 452,118 
Depreciation of rental equipment86,278 — 2,051 88,329 
Total cost of revenue195,249 402,228 56,867 654,344 
Gross profit$79,190 $85,555 $15,231 $179,976 
Six Months Ended June 30,
2023
(in $000s)ERSTESAPSTotal
Revenue:
Rental$231,616 $— $8,841 $240,457 
Equipment sales142,830 460,577 — 603,407 
Parts and services— — 65,129 65,129 
Total revenue374,446 460,577 73,970 908,993 
Cost of revenue:
Rentals/parts and services60,401 — 52,975 113,376 
Equipment sales110,883 380,508 — 491,391 
Depreciation of rental equipment82,317 — 1,629 83,946 
Total cost of revenue253,601 380,508 54,604 688,713 
Gross profit$120,845 $80,069 $19,366 $220,280 
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 June 30,Six Months Ended June 30,
(in $000s)2024202320242023
Gross profit$89,267 $110,619 $179,976 $220,280 
Selling, general and administrative expenses55,697 58,028 113,692 115,019 
Amortization6,692 6,606 13,270 13,278 
Non-rental depreciation3,360 2,721 6,280 5,371 
Transaction expenses and other5,844 3,689 10,690 7,149 
Interest expense, net42,401 31,625 80,316 60,801 
Financing and other expense (income)(3,319)(5,048)(6,581)(8,999)
Income (loss) before income taxes$(21,408)$12,998 $(37,691)$27,661 
The following table presents total assets by country:
(in $000s)June 30, 2024December 31, 2023
Assets:
United States$3,405,053 $3,243,619 
Canada118,515 124,178 
       Total Assets$3,523,568 $3,367,797