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Segments
 9 Months Ended
Sep. 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 September 30,
2025
(in $000s)ERSTESAPSTotal
Revenue:
Rental$123,945 $— $3,197 $127,142 
Equipment sales45,160 275,423 — 320,583 
Parts and services— — 34,333 34,333 
Total revenue from external customers169,105 275,423 37,530 482,058 
Cost of revenue:
Rentals/parts and services30,425 — 27,728 58,153 
Equipment sales34,339 234,038 — 268,377 
Depreciation of rental equipment54,068 — 707 54,775 
Total cost of revenue from external customers118,832 234,038 28,435 381,305 
Gross profit$50,273 $41,385 $9,095 $100,753 
Three Months Ended September 30,
2024
(in $000s)ERSTESAPSTotal
Revenue:
Rental$105,317 $— $3,007 108,324 
Equipment sales45,574 259,902 — 305,476 
Parts and services— — 33,420 33,420 
Total revenue from external customers150,891 259,902 36,427 447,220 
Cost of revenue:
Rentals/parts and services29,415 — 28,033 57,448 
Equipment sales33,975 218,012 — 251,987 
Depreciation of rental equipment44,964 — 992 45,956 
Total cost of revenue from external customers108,354 218,012 29,025 355,391 
Gross profit$42,537 $41,890 $7,402 $91,829 
Nine Months Ended September 30,
2025
(in $000s)ERSTESAPSTotal
Revenue:
Rental$354,638 $— $9,579 $364,217 
Equipment sales139,287 811,271 — 950,558 
Parts and services— — 100,998 100,998 
Total revenue from external customers493,925 811,271 110,577 1,415,773 
Cost of revenue:
Rentals/parts and services91,141 — 83,402 174,543 
Equipment sales105,742 687,784 — 793,526 
Depreciation of rental equipment156,695 — 2,178 158,873 
Total cost of revenue from external customers353,578 687,784 85,580 1,126,942 
Gross profit$140,347 $123,487 $24,997 $288,831 
Nine Months Ended September 30,
2024
(in $000s)ERSTESAPSTotal
Revenue:
Rental$309,304 $— $8,188 $317,492 
Equipment sales116,026 747,685 — 863,711 
Parts and services— — 100,337 100,337 
Total revenue from external customers425,330 747,685 108,525 1,281,540 
Cost of revenue:
Rentals/parts and services88,496 — 82,849 171,345 
Equipment sales83,865 620,240 — 704,105 
Depreciation of rental equipment131,242 — 3,043 134,285 
Total cost of revenue from external customers303,603 620,240 85,892 1,009,735 
Gross profit$121,727 $127,445 $22,633 $271,805 
Total assets by operating segment are not disclosed herein because assets 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 September 30,Nine Months Ended September 30,
(in $000s)2025202420252024
Gross profit$100,753 $91,829 $288,831 $271,805 
Selling, general and administrative expenses54,863 54,630 173,479 168,322 
Amortization6,683 6,696 20,274 19,966 
Non-rental depreciation3,332 3,472 9,904 9,752 
Transaction expenses and other3,246 3,994 12,209 14,684 
Interest expense, net40,247 43,875 119,364 124,191 
Financing and other expense (income)(874)(2,818)(3,261)(9,399)
Income (loss) before income taxes$(6,744)$(18,020)$(43,138)$(55,711)
The following table presents total assets by country:
(in $000s) September 30, 2025December 31, 2024
Assets:
United States$3,390,830 $3,385,786 
Canada149,877 116,181 
       Total Assets$3,540,707 $3,501,967