v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUES        
Total revenues $ 1,449 $ 1,147 $ 2,437 $ 1,864
COST OF REVENUES        
Direct operating costs 277 181 498 353
OWN program payouts [1] 234 173 451 328
Equipment sales 394 411 540 524
Platform expense 35 11 63 19
Depreciation and amortization 98 78 188 148
Total cost of revenues 1,038 854 1,740 1,372
Gross profit 411 293 697 492
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 317 229 603 439
Operating income 94 64 94 53
OTHER INCOME (EXPENSE)        
Interest expense (73) (69) (143) (131)
Other income, net [2] 12 8 20 14
Total other expense, net (61) (61) (123) (117)
INCOME (LOSS) BEFORE INCOME TAXES 33 3 (29) (64)
Provision for (benefit from) income taxes 14 (13) (19) (32)
NET INCOME (LOSS) 19 16 (10) (32)
Deemed dividends on perpetual preferred stock (3) (3) (15) (15)
Net income (loss) attributable to common shareholders $ 16 13 $ (25) $ (47)
Earnings (loss) per common share:        
Diluted earnings (loss) per common share (in dollars per share)     $ (0.11) $ (0.60)
Class A and B Common Stock        
Weighted average common shares outstanding:        
Basic (in shares) 253   228  
Common Stock        
OTHER INCOME (EXPENSE)        
Deemed dividends on perpetual preferred stock   $ (3)   $ (15)
Weighted average common shares outstanding:        
Basic (in shares)   78   78
Diluted (in shares)   226   78
Earnings (loss) per common share:        
Basic earnings (loss) per common share (in dollars per share)   $ 0.17   $ (0.60)
Diluted earnings (loss) per common share (in dollars per share)   $ 0.06   $ (0.60)
Class A        
OTHER INCOME (EXPENSE)        
Deemed dividends on perpetual preferred stock $ (3)   $ (13)  
Weighted average common shares outstanding:        
Basic (in shares) 215   196  
Diluted (in shares) 222   196  
Earnings (loss) per common share:        
Basic earnings (loss) per common share (in dollars per share) $ 0.07   $ (0.11)  
Diluted earnings (loss) per common share (in dollars per share) $ 0.06   $ (0.11)  
Class B        
OTHER INCOME (EXPENSE)        
Deemed dividends on perpetual preferred stock $ 0   $ (2)  
Weighted average common shares outstanding:        
Basic (in shares) 38   32  
Diluted (in shares) 38   32  
Earnings (loss) per common share:        
Basic earnings (loss) per common share (in dollars per share) $ 0.07   $ (0.11)  
Diluted earnings (loss) per common share (in dollars per share) $ 0.07   $ (0.11)  
Equipment rental and related services        
REVENUES        
Total revenues $ 815 $ 577 $ 1,498 $ 1,072
Equipment sales        
REVENUES        
Total revenues [3] 483 478 661 624
Equipment parts and supplies and services        
REVENUES        
Total revenues 88 70 165 128
Telematics        
REVENUES        
Total revenues 34 10 65 20
Other        
REVENUES        
Total revenues $ 29 $ 12 $ 48 $ 20
[1] Includes amounts incurred from related parties of $0.5 and $17 for the three months ended June 30, 2026 and 2025, respectively, and $0.8
and $29 for the six months ended June 30, 2026 and 2025, respectively.
[2] Includes amounts earned from related parties of $4 and $1 for the three months ended June 30, 2026 and 2025, respectively, and $7 and $3
for the six months ended June 30, 2026 and 2025, respectively.
[3] Includes amounts earned from related parties of  $— and $11 for the three months ended June 30, 2026 and 2025, respectively, and $— and
$71 for the six months ended June 30, 2026 and 2025, respectively.