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Related Parties
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Parties
Note 18: Related Parties
The Company has transactions with related parties as summarized below.
Rentals and Sales — The Company rents and sells equipment and provides services to R&M Equipment Rental, a business partially owned by members of the Company’s management. The Company also rents equipment and purchases inventory from R&M Equipment Rental.
Facilities Leases and Other — The Company has leased certain facilities, as well as purchased products and aircraft charter services, from entities owned by members of the Company’s management and their immediate families. Lease, product purchases and charter services payments related to these transactions are immaterial. Rent and expenses for products and air travel services are recorded in selling, general, and administrative expenses. In December 2022, the Company terminated the lease agreements and purchased the facilities and land from these related parties for a purchase price of approximately $15.4 million.
Management Fees — The Company entered into the Corporate Advisory Services Agreement with Platinum effective as of the Closing Date, under which management fees are payable to Platinum quarterly. The management fees are recorded in transaction expenses and other in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).
Repurchase from ECP — On January 30, 2025, the Company purchased 8,143,635 shares of the Company’s common stock from affiliates of ECP. For further information on the stock repurchase, see Note 12: Equity.
A summary of the transactions with the foregoing related parties included in the Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows:
Year Ended December 31,
(in $000s)202420232022
Total revenues from transactions with related parties$33,895 $26,400 $33,816 
Expenses incurred from transactions with related parties included in cost of revenue$1,379 $1,506 $2,318 
Expenses incurred from transactions with related parties included in operating expenses$7,324 $5,652 $6,103 
Amounts receivable from/payable to related parties included in the Consolidated Balance Sheets are as follows:
(in $000s)December 31, 2024December 31, 2023
Accounts receivable from related parties$3,688 $695 
Accounts payable to related parties$211 $140