v3.25.2
Segments
 6 Months Ended
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)ERSTESAPSTotal
Revenue:
Rental$117,728 $— $3,086 $120,814 
Equipment sales52,744 303,368 — 356,112 
Parts and services— — 34,557 34,557 
Total revenue170,472 303,368 37,643 511,483 
Cost of revenue:
Rentals/parts and services30,328 — 27,934 58,262 
Equipment sales40,396 256,276 — 296,672 
Depreciation of rental equipment53,303 — 704 54,007 
Total cost of revenue124,027 256,276 28,638 408,941 
Gross profit$46,445 $47,092 $9,005 $102,542 
Three Months Ended June 30,
2024
(in $000s)ERSTESAPSTotal
Revenue:
Rental$100,699 $— $2,298 102,997 
Equipment sales37,712 247,921 — 285,633 
Parts and services— — 34,383 34,383 
Total revenue138,411 247,921 36,681 423,013 
Cost of revenue:
Rentals/parts and services29,281 — 28,562 57,843 
Equipment sales25,792 205,526 — 231,318 
Depreciation of rental equipment43,581 — 1,004 44,585 
Total cost of revenue98,654 205,526 29,566 333,746 
Gross profit$39,757 $42,395 $7,115 $89,267 
Six Months Ended June 30,
2025
(in $000s)ERSTESAPSTotal
Revenue:
Rental$230,693 $— $6,382 $237,075 
Equipment sales94,127 535,848 — 629,975 
Parts and services— — 66,665 66,665 
Total revenue324,820 535,848 73,047 933,715 
Cost of revenue:
Rentals/parts and services60,716 — 55,674 116,390 
Equipment sales71,403 453,746 — 525,149 
Depreciation of rental equipment102,627 — 1,471 104,098 
Total cost of revenue234,746 453,746 57,145 745,637 
Gross profit$90,074 $82,102 $15,902 $188,078 
Six Months Ended June 30,
2024
(in $000s)ERSTESAPSTotal
Revenue:
Rental$203,987 $— $5,181 $209,168 
Equipment sales70,452 487,783 — 558,235 
Parts and services— — 66,917 66,917 
Total revenue274,439 487,783 72,098 834,320 
Cost of revenue:
Rentals/parts and services59,081 — 54,816 113,897 
Equipment sales49,890 402,228 — 452,118 
Depreciation of rental equipment86,278 — 2,051 88,329 
Total cost of revenue195,249 402,228 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)2025202420252024
Gross profit$102,542 $89,267 $188,078 $179,976 
Selling, general and administrative expenses59,165 55,697 118,616 113,692 
Amortization6,911 6,692 13,591 13,270 
Non-rental depreciation3,232 3,360 6,572 6,280 
Transaction expenses and other5,303 5,844 8,963 10,690 
Interest expense, net40,204 42,401 79,117 80,316 
Financing and other expense (income)(1,371)(3,319)(2,387)(6,581)
Income (loss) before income taxes$(10,902)$(21,408)$(36,394)$(37,691)
The following table presents total assets by country:
(in $000s) June 30, 2025December 31, 2024
Assets:
United States$3,465,620 $3,385,786 
Canada111,304 116,181 
       Total Assets$3,576,924 $3,501,967