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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net loss $ (10) $ (32)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 216 167
Amortization of debt issuance costs and original issue discounts 9 10
Allowance for credit losses and doubtful accounts 18 12
Change in operating lease cost 64 55
Stock-based compensation expense 45 2
Deferred taxes (21) (33)
Other 3 (4)
Change in operating assets and liabilities:    
Accounts receivable (222) (117)
Inventories (68) (40)
Prepaid costs and other assets (102) (66)
Accounts payable and manufacturer flooring plans payable 6 (29)
Accrued liabilities (17) 4
Operating lease liabilities (63) (56)
Net cash used in operating activities (142) (127)
INVESTING ACTIVITIES    
Purchases of rental equipment [1] (1,017) (799)
Proceeds from sale of rental equipment [2] 483 500
Purchases of and deposits on property and other fixed assets (163) (116)
Proceeds from sale of property and other fixed assets 1 1
Investments in internally developed software (17) (20)
Purchases of investments in equity and debt securities (15) (15)
Proceeds from sale of investments in equity and debt securities 7 8
Acquisition of businesses, net of cash acquired (9) (9)
Net cash used in investing activities (730) (450)
FINANCING ACTIVITIES    
Payments on long-term debt and finance leases (984) (318)
Proceeds from long-term debt, net 1,332 900
Payments on deferred financing costs (1) 0
Payments on financing obligations (3) (16)
Proceeds on financing obligations 0 1
Dividends paid on perpetual preferred stock (37) (37)
Proceeds from issuance of class A common stock upon initial public offering, net of underwriting discount and commissions 706 0
Payments of equity issuance costs (7) 0
Exercise of stock options 3 1
Net cash provided by financing activities 1,009 531
Net increase (decrease) in cash and cash equivalents 137 (46)
Cash and cash equivalents, beginning of period 306 407
Cash and cash equivalents, end of period 443 361
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Cash paid for interest 131 126
Cash paid for taxes 2 1
NON-CASH ACTIVITIES:    
Purchase of rental equipment remaining in accounts payable and manufacturer flooring plans 51 12
Purchase of property and other fixed assets remaining in accounts payable 6 8
Accretion of perpetual preferred stock to redemption value 10 14
Stock-based compensation for capitalized software development $ 1 $ 0
[1] Includes amounts from related parties of $— and $27 for the six months ended June 30, 2026 and 2025, respectively.
[2] Includes amounts from related parties of $— and $55 for the six months ended June 30, 2026 and 2025, respectively.