v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue
Note 2: Revenue
Revenue Disaggregation
Geographic Areas
The Company had total revenue in the following geographic areas:
Three Months Ended June 30,Six Months Ended June 30,
(in $000s)2025202420252024
United States$499,582 $414,066 $913,134 $811,763 
Canada11,901 8,947 20,581 22,557 
Total Revenue$511,483 $423,013 $933,715 $834,320 
Major Product Lines and Services
Equipment leasing and equipment sales are the core businesses of the Company, with leasing complemented by the sale of rental units from the rental fleet. The Company’s revenue by major product and service line for the three and six months ended June 30, 2025 and 2024 are presented in the table below.
Three Months Ended June 30,Three Months Ended June 30,
20252024
(in $000s)Topic 842Topic 606TotalTopic 842Topic 606Total
Rental:
Rental$114,639 $— $114,639 $98,205 $— $98,205 
Shipping and handling— 6,175 6,175 — 4,792 4,792 
Total rental revenue114,639 6,175 120,814 98,205 4,792 102,997 
Sales and services:
Equipment sales984 355,128 356,112 1,554 284,079 285,633 
Parts and services3,709 30,848 34,557 2,626 31,757 34,383 
Total sales and services4,693 385,976 390,669 4,180 315,836 320,016 
Total revenue$119,332 $392,151 $511,483 $102,385 $320,628 $423,013 
Six Months Ended June 30,Six Months Ended June 30,
20252024
(in $000s)Topic 842Topic 606TotalTopic 842Topic 606Total
Rental:
Rental$224,924 $— $224,924 $199,715 $— $199,715 
Shipping and handling— 12,151 12,151 — 9,453 9,453 
Total rental revenue224,924 12,151 237,075 199,715 9,453 209,168 
Sales and services:   
Equipment sales3,145 626,830 629,975 4,572 553,663 558,235 
Parts and services6,382 60,283 66,665 5,870 61,047 66,917 
Total sales and services9,527 687,113 696,640 10,442 614,710 625,152 
Total revenue$234,451 $699,264 $933,715 $210,157 $624,163 $834,320 
Rental revenue is primarily comprised of revenues from rental agreements and freight charges billed to customers. Equipment sales recognized pursuant to sales-type leases are recorded within equipment sales revenue. Charges to customers for damaged rental equipment are recorded within parts and services revenue.
Receivables, Contract Assets and Liabilities
As of June 30, 2025 and December 31, 2024, the Company had net receivables related to contracts with customers of $96.4 million and $119.9 million, respectively. As of June 30, 2025 and December 31, 2024, the Company had net receivables related to rental contracts and other of $92.6 million and $95.9 million, respectively.
The Company manages credit risk associated with its accounts receivable at the customer level. Because the same customers generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below address how credit risk and the Company's allowance for credit losses impact the Company's total revenues.
The Company’s allowance for credit losses reflects its estimate of the amount of receivables that it will be unable to collect. The estimated losses are based upon a review of outstanding receivables, the related aging, including specific accounts if deemed necessary, and on the Company’s historical collection experience. The estimated losses are calculated using the loss rate method based upon a review of outstanding receivables, related aging, and historical collection experience. The Company's estimates reflect changing circumstances, including changes in the economy or in the particular circumstances of individual customers, and, as a result, the Company may be required to increase or decrease its allowance.
Accounts receivable, net consisted of the following:
(in $000s)June 30, 2025December 31, 2024
Accounts receivable$206,499 $233,688 
Less: allowance for doubtful accounts(17,505)(17,815)
Accounts receivable, net$188,994 $215,873 
For the six months ended June 30, 2025 and 2024, the Company wrote-off $5.3 million and $7.0 million, respectively, of receivables, net of recoveries.
When customers are billed for rentals in advance of the rental period, the Company defers recognition of revenue. As of June 30, 2025 and December 31, 2024, the Company had approximately $4.4 million and $4.8 million, respectively, of deferred rental revenue. Additionally, the Company collects deposits from customers for orders placed for equipment and rentals. The Company had approximately $17.1 million and $21.5 million in deposits as of June 30, 2025 and December 31, 2024, respectively. Of the $21.5 million deposit liability balance as of December 31, 2024, $20.8 million was recorded as revenue during the six months ended June 30, 2025 due to performance obligations being satisfied. The Company’s remaining performance obligations on its equipment deposit liabilities have original expected durations of one year or less.
The Company does not have material contract assets, and as such, did not recognize any material impairments of any contract assets.