v3.26.1
Related Parties
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Parties
Note 13: Related Parties
The Company has transactions with related parties as summarized below.
Rentals and Sales — The Company rents and sells equipment and provides services to R&M Equipment Rental, a business partially owned by members of the Company’s management. The Company also rents equipment and purchases inventory from R&M Equipment Rental. The Company also rents and sells equipment to entities in which Platinum Equity, LLC (“Platinum”), a major shareholder of the Company, has an ownership interest.
Purchases of Inventory and Services. The Company purchases inventory and services from entities in which Platinum has an ownership interest. Expenses for the purchases of these services are recorded in selling, general, and administrative expenses.
Other — The Company has purchased products and aircraft charter services from entities owned by members of the Company’s management and their immediate families. Product purchases and charter services payments related to these transactions are immaterial. Expenses for products and air travel services are recorded in selling, general, and administrative expenses.
Management Fees — The Company is obligated under a Corporate Advisory Services Agreement with Platinum, under which management fees are payable to Platinum quarterly. The management fees are recorded in transaction expenses and other in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
A summary of the transactions with the foregoing related parties included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in $000s)2026202520262025
Total revenues from transactions with related parties$6,891 $1,325 $18,914 $5,997 
Expenses incurred from transactions with related parties included in cost of revenue$318 $5 $680 $115 
Expenses incurred from transactions with related parties included in operating expenses$483 $819 $876 $1,378 
Amounts receivable from/payable to related parties included in the Condensed Consolidated Balance Sheets are as follows:
(in $000s)June 30, 2026December 31, 2025
Accounts receivable from related parties$2,286 $6,473 
Accounts payable to related parties$166 $208