v3.25.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Note 4 – Revenue Recognition

Disaggregation of Revenue

The Company’s revenue is primarily comprised of product sales to customers. The Company has disaggregated revenue by geographic area and by segment as it most reasonably depicts the amount, timing and uncertainty of revenue and cash flows generated from our contracts with customers. Disaggregated consolidated revenue by geographic area (based on the location to which the product is shipped to):
Three Months Ended March 31,
(in thousands)20252024
United States$357,132 $328,643 
Canada67,630 29,388 
Europe13,831 19,094 
Pacific Rim7,772 4,223 
Latin America28,637 32,109 
Other3,681 3,024 
Intersegment revenue elimination(654)(395)
Total revenue$478,029 $416,086 

See Note 14 – Segment Information for disaggregation of revenue by segment.

Rental Revenue

TestEquity rents new and used electronic test and measurement equipment to customers in multiple industries. Lawson leases parts washer machines to customers. This leased equipment is included in Rental equipment, net in the Unaudited Condensed Consolidated Balance Sheets, and rental revenue is included in Revenue in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The unearned rental revenue related to customer prepayments on equipment leases was nominal at March 31, 2025 and December 31, 2024.
Rental revenue from operating leases:
Three Months Ended March 31,
(in thousands)20252024
Revenue from operating leases$6,594 $4,287