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v3.25.2

Segments | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segments | Note 14: Segments Our operations are primarily organized and managed by operating segment. Operating segment performance and resource allocations are primarily based on gross profit. Gross profit aids the Chief Operating Decision Maker (“CODM”) in managing the inventory levels and rental fleet, entering into significant revenue contracts, expanding into new markets or launching new products, making capital expenditures, designing and implementing key marketing strategies, personnel changes, and approving operating budgets. Significant expense categories that are regularly reviewed by the operating segments’ CODM are disclosed below. The CODM for all segments is the Company’s Chief Executive Officer. We manage the business in three reporting segments: Equipment Rental Solutions (“ERS”), Truck and Equipment Sales (“TES”) and Aftermarket Parts and Services (“APS”). Transactions between our segments consist of equipment produced by TES that is sold to ERS for inclusion in its fleet of rental equipment. Additionally, TES and APS provide repair and maintenance services to ERS for maintenance of its rental fleet. Transactions between segments are at cost and intersegment sales and purchases are eliminated in consolidation. The Company’s segment results are presented in the tables below:
| Three Months Ended June 30,
| 2025
(in $000s) | ERS |  | TES |  | APS |  | Total
Revenue: |  |  |  |  |  |  |
Rental | $ | 117,728 |  |  | $ | — |  |  | $ | 3,086 |  |  | $ | 120,814 |
Equipment sales | 52,744 |  |  | 303,368 |  |  | — |  |  | 356,112 |
Parts and services | — |  |  | — |  |  | 34,557 |  |  | 34,557 |
Total revenue | 170,472 |  |  | 303,368 |  |  | 37,643 |  |  | 511,483 |
Cost of revenue: |  |  |  |  |  |  |
Rentals/parts and services | 30,328 |  |  | — |  |  | 27,934 |  |  | 58,262 |
Equipment sales | 40,396 |  |  | 256,276 |  |  | — |  |  | 296,672 |
Depreciation of rental equipment | 53,303 |  |  | — |  |  | 704 |  |  | 54,007 |
Total cost of revenue | 124,027 |  |  | 256,276 |  |  | 28,638 |  |  | 408,941 |
Gross profit | $ | 46,445 |  |  | $ | 47,092 |  |  | $ | 9,005 |  |  | $ | 102,542 |
| Three Months Ended June 30,
| 2024
(in $000s) | ERS |  | TES |  | APS |  | Total
Revenue: |  |  |  |  |  |  |
Rental | $ | 100,699 |  |  | $ | — |  |  | $ | 2,298 |  |  | 102,997 |
Equipment sales | 37,712 |  |  | 247,921 |  |  | — |  |  | 285,633 |
Parts and services | — |  |  | — |  |  | 34,383 |  |  | 34,383 |
Total revenue | 138,411 |  |  | 247,921 |  |  | 36,681 |  |  | 423,013 |
Cost of revenue: |  |  |  |  |  |  |
Rentals/parts and services | 29,281 |  |  | — |  |  | 28,562 |  |  | 57,843 |
Equipment sales | 25,792 |  |  | 205,526 |  |  | — |  |  | 231,318 |
Depreciation of rental equipment | 43,581 |  |  | — |  |  | 1,004 |  |  | 44,585 |
Total cost of revenue | 98,654 |  |  | 205,526 |  |  | 29,566 |  |  | 333,746 |
Gross profit | $ | 39,757 |  |  | $ | 42,395 |  |  | $ | 7,115 |  |  | $ | 89,267 |
| Six Months Ended June 30,
| 2025
(in $000s) | ERS |  | TES |  | APS |  | Total
Revenue: |  |  |  |  |  |  |
Rental | $ | 230,693 |  |  | $ | — |  |  | $ | 6,382 |  |  | $ | 237,075 |
Equipment sales | 94,127 |  |  | 535,848 |  |  | — |  |  | 629,975 |
Parts and services | — |  |  | — |  |  | 66,665 |  |  | 66,665 |
Total revenue | 324,820 |  |  | 535,848 |  |  | 73,047 |  |  | 933,715 |
Cost of revenue: |  |  |  |  |  |  |
Rentals/parts and services | 60,716 |  |  | — |  |  | 55,674 |  |  | 116,390 |
Equipment sales | 71,403 |  |  | 453,746 |  |  | — |  |  | 525,149 |
Depreciation of rental equipment | 102,627 |  |  | — |  |  | 1,471 |  |  | 104,098 |
Total cost of revenue | 234,746 |  |  | 453,746 |  |  | 57,145 |  |  | 745,637 |
Gross profit | $ | 90,074 |  |  | $ | 82,102 |  |  | $ | 15,902 |  |  | $ | 188,078 |
| Six Months Ended June 30,
| 2024
(in $000s) | ERS |  | TES |  | APS |  | Total
Revenue: |  |  |  |  |  |  |
Rental | $ | 203,987 |  |  | $ | — |  |  | $ | 5,181 |  |  | $ | 209,168 |
Equipment sales | 70,452 |  |  | 487,783 |  |  | — |  |  | 558,235 |
Parts and services | — |  |  | — |  |  | 66,917 |  |  | 66,917 |
Total revenue | 274,439 |  |  | 487,783 |  |  | 72,098 |  |  | 834,320 |
Cost of revenue: |  |  |  |  |  |  |
Rentals/parts and services | 59,081 |  |  | — |  |  | 54,816 |  |  | 113,897 |
Equipment sales | 49,890 |  |  | 402,228 |  |  | — |  |  | 452,118 |
Depreciation of rental equipment | 86,278 |  |  | — |  |  | 2,051 |  |  | 88,329 |
Total cost of revenue | 195,249 |  |  | 402,228 |  |  | 56,867 |  |  | 654,344 |
Gross profit | $ | 79,190 |  |  | $ | 85,555 |  |  | $ | 15,231 |  |  | $ | 179,976 |
Total assets by operating segment are not disclosed herein because asset by operating segment data is not reviewed by the 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) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Gross profit | $ | 102,542 |  |  | $ | 89,267 |  |  | $ | 188,078 |  |  | $ | 179,976 |  |  |
Selling, general and administrative expenses | 59,165 |  |  | 55,697 |  |  | 118,616 |  |  | 113,692 |  |  |
Amortization | 6,911 |  |  | 6,692 |  |  | 13,591 |  |  | 13,270 |  |  |
Non-rental depreciation | 3,232 |  |  | 3,360 |  |  | 6,572 |  |  | 6,280 |  |  |
Transaction expenses and other | 5,303 |  |  | 5,844 |  |  | 8,963 |  |  | 10,690 |  |  |
Interest expense, net | 40,204 |  |  | 42,401 |  |  | 79,117 |  |  | 80,316 |  |  |
Financing and other expense (income) | (1,371) |  |  | (3,319) |  |  | (2,387) |  |  | (6,581) |  |  |
Income (loss) before income taxes | $ | (10,902) |  |  | $ | (21,408) |  |  | $ | (36,394) |  |  | $ | (37,691) |  |  |
The following table presents total assets by country:
(in $000s) | June 30, 2025 |  | December 31, 2024
Assets: |  |  |
United States | $ | 3,465,620 |  |  | $ | 3,385,786 |
Canada | 111,304 |  |  | 116,181 |
Total Assets | $ | 3,576,924 |  |  | $ | 3,501,967 |

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- Definition The entire disclosure for reporting segments including data and tables. 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