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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income tax expense (benefit), including the amount of domestic and foreign loss before taxes, is as follows:
| Year Ended December 31,
(in $000s) | 2024 |  | 2023 |  | 2022
Components of income (loss) before tax: |  |  |  |  |
Domestic | $ | (31,429) |  |  | $ | 56,000 |  |  | $ | 44,214 |
Foreign | 2,242 |  |  | 2,076 |  |  | 2,518 |
Total income (loss) before tax | (29,187) |  |  | 58,076 |  |  | 46,732 |
Current tax expense (benefit): |  |  |  |  |
Federal | — |  |  | 62 |  |  | — |
Foreign | 40 |  |  | (6) |  |  | 161 |
State | 875 |  |  | 3,325 |  |  | 772 |
Total current tax expense (benefit) | 915 |  |  | 3,381 |  |  | 933 |
Deferred tax expense (benefit): |  |  |  |  |
Federal | (4,967) |  |  | 12,971 |  |  | 6,262 |
Foreign | (1,266) |  |  | 523 |  |  | (1,829) |
State | (27) |  |  | 1,484 |  |  | 4,963 |
Total deferred tax expense (benefit) | (6,260) |  |  | 14,978 |  |  | 9,396 |
Expense (benefit) from change in valuation allowance | 4,813 |  |  | (10,995) |  |  | (2,502) |
Total tax expense (benefit) | $ | (532) |  |  | $ | 7,364 |  |  | $ | 7,827 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the federal statutory income tax rate and our actual effective income tax rate is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Expected federal statutory income tax rate | 21.0% |  | 21.0% |  | 21.0%
Tax effect of differences: |  |  |  |  |
Foreign operations | 6.0% |  | 1.2% |  | (3.3)%
Share-based payments | — |  | — |  | (1.0)%
Effect of state income taxes, net of federal income tax (expense) benefit | (6.0)% |  | 5.6% |  | 9.8%
Nontaxable income on warrants | — |  | — |  | (8.4)%
Change in valuation allowance | (12.8)% |  | (17.4)% |  | (3.3)%
Nondeductible officer compensation | (5.8)% |  | 3.4% |  | —
Other | (0.6)% |  | (1.1)% |  | 1.9%
Effective income tax rate | 1.8% |  | 12.7% |  | 16.7%
Schedule of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities are as follows:
(in $000s) | December 31, 2024 |  | December 31, 2023
Deferred tax assets |  |  |
Accounts receivable | $ | 3,540 |  |  | $ | 4,382 |
Inventory | 18,877 |  |  | 19,859 |
Transaction and debt issuance costs | 2,274 |  |  | 3,521 |
Compensation and benefits | 4,472 |  |  | 6,273 |
Net operating loss carryforwards | 215,303 |  |  | 214,697 |
Section 163j interest disallowance carryforwards | 58,855 |  |  | 46,053 |
Operating lease liabilities | 24,171 |  |  | 9,861 |
Foreign tax credits, accrued expenses, and other | 2,365 |  |  | 1,069 |
Total deferred tax assets | 329,857 |  |  | 305,715 |
Less: valuation allowance | (72,418) |  |  | (67,605) |
Total deferred tax assets, net | 257,439 |  |  | 238,110 |
Deferred tax liabilities |  |  |
Financing receivable | — |  |  | (7,498) |
Rental equipment and other property and equipment | (209,119) |  |  | (202,391) |
Goodwill and other intangibles | (54,265) |  |  | (50,344) |
Operating lease assets | (23,814) |  |  | (9,648) |
Prepaid expenses and other items | (1,642) |  |  | (1,584) |
Total deferred tax liabilities | (288,840) |  |  | (271,465) |
Net deferred tax liability | $ | (31,401) |  |  | $ | (33,355) |
Summary of Valuation Allowance | The following presents changes in the valuation allowance:
| Year Ended December 31,
(in $000s) | 2024 |  | 2023 |  | 2022
Valuation allowance - beginning of year | $ | (67,605) |  |  | $ | (78,600) |  |  | $ | (84,577) |
Assigned in purchase accounting | — |  |  | — |  |  | 3,475 |
Charged to benefit (expense) | (4,813) |  |  | 10,995 |  |  | 2,502 |
Valuation allowance - end of year | $ | (72,418) |  |  | $ | (67,605) |  |  | $ | (78,600) |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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