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Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
Note 2: Revenue
Revenue Disaggregation
Geographic Areas
The Company had total revenue in the following geographic areas:
Three Months Ended June 30,Six Months Ended June 30,
(in $000s)2024202320242023
United States$414,066 $442,501 $811,763 $880,779 
Canada8,947 14,329 22,557 28,214 
Total Revenue$423,013 $456,830 $834,320 $908,993 
Major Product Lines and Services
Equipment leasing and equipment sales are the core businesses of the Company, with leasing complemented by the sale of rental units from the rental fleet. The Company’s revenue by major product and service line for the three and six months ended June 30, 2024 and 2023 are presented in the table below.
Three Months Ended June 30,Three Months Ended June 30,
20242023
(in $000s)Topic 842Topic 606TotalTopic 842Topic 606Total
Rental:
Rental$98,205 $— $98,205 $114,620 $— $114,620 
Shipping and handling— 4,792 4,792 — 7,549 7,549 
Total rental revenue98,205 4,792 102,997 114,620 7,549 122,169 
Sales and services:
Equipment sales1,554 284,079 285,633 19,603 282,514 302,117 
Parts and services2,626 31,757 34,383 6,938 25,606 32,544 
Total sales and services4,180 315,836 320,016 26,541 308,120 334,661 
Total revenue$102,385 $320,628 $423,013 $141,161 $315,669 $456,830 
Six Months Ended June 30,Six Months Ended June 30,
20242023
(in $000s)Topic 842Topic 606TotalTopic 842Topic 606Total
Rental:
Rental$199,715 $— $199,715 $227,523 $— $227,523 
Shipping and handling— 9,453 9,453 — 12,934 12,934 
Total rental revenue199,715 9,453 209,168 227,523 12,934 240,457 
Sales and services:   
Equipment sales4,572 553,663 558,235 43,775 559,632 603,407 
Parts and services5,870 61,047 66,917 11,753 53,376 65,129 
Total sales and services10,442 614,710 625,152 55,528 613,008 668,536 
Total revenue$210,157 $624,163 $834,320 $283,051 $625,942 $908,993 
Rental revenue is primarily comprised of revenues from rental agreements and freight charges billed to customers. Equipment sales recognized pursuant to sales-type leases are recorded within equipment sales revenue. Charges to customers for damaged rental equipment are recorded within parts and services revenue.
Receivables, Contract Assets and Liabilities
As of June 30, 2024 and December 31, 2023, the Company had net receivables related to contracts with customers of $77.0 million and $112.1 million, respectively. As of June 30, 2024 and December 31, 2023, the Company had net receivables related to rental contracts and other of $89.7 million and $103.0 million, respectively.
The Company manages credit risk associated with its accounts receivable at the customer level. Because the same customers generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below address how credit risk and the Company's allowance for credit losses impact the Company's total revenues.
The Company’s allowance for credit losses reflects its estimate of the amount of receivables that it will be unable to collect. The estimated losses are based upon a review of outstanding receivables, the related aging, including specific accounts if deemed necessary, and on the Company’s historical collection experience. The estimated losses are calculated using the loss rate method based upon a review of outstanding receivables, related aging, and historical collection experience. The Company's estimates reflect changing circumstances, including changes in the economy or in the particular circumstances of individual customers, and, as a result, the Company may be required to increase or decrease its allowance.
Accounts receivable, net consisted of the following:
(in $000s)June 30, 2024December 31, 2023
Accounts receivable$184,804 $232,592 
Less: allowance for doubtful accounts(18,103)(17,503)
Accounts receivable, net$166,701 $215,089 
For the six months ended June 30, 2024 and 2023, the Company wrote-off $7.0 million and $5.7 million, respectively, of receivables, net of recoveries.
When customers are billed for rentals in advance of the rental period, the Company defers recognition of revenue. As of both June 30, 2024 and December 31, 2023, the Company had approximately $2.9 million of deferred rental revenue. Additionally, the Company collects deposits from customers for orders placed for equipment and rentals. The Company had approximately $19.5 million and $25.9 million in deposits as of June 30, 2024 and December 31, 2023, respectively. Of the $25.9 million deposit liability balance as of December 31, 2023, $25.8 million was recorded as revenue during the six months ended June 30, 2024 due to performance obligations being satisfied. The Company’s remaining performance obligations on its equipment deposit liabilities have original expected durations of one year or less.
The Company does not have material contract assets, and as such, did not recognize any material impairments of any contract assets.