XML 57 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

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)

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration