Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segments

Note 21: Segments

Our operations are primarily organized and managed by operating segment. Operating segment performance and resource allocations are primarily based on gross profit. The accounting policies of the reportable segments are consistent with those described in Note 2: Summary of Significant Accounting Policies to the financial statements. Intersegment sales and any related profits are eliminated in consolidation. In the second quarter of 2021, we changed our reportable segments, consistent with how we currently manage the business, in three reporting segments: Equipment Rental Solutions (“ERS”), Truck and Equipment Sales (“TES”) and Aftermarket Parts and Services (“APS”). The segment operations are described in Note 1: Business and Organization to these financial statements. Segment information presented below has been adjusted for all prior periods, consistent with the current reportable segment presentation.

The Company’s segment results are presented in the tables below:

	Year Ended December 31,
	2021
(in $000s)	ERS		TES		APS		Total
Revenue:
Rental	$	354,557	$	—	$	15,510	$	370,067
Equipment sales	105,435		589,899		—		695,334
Parts and services	—		—		101,753		101,753
Total revenue	459,992		589,899		117,263		1,167,154
Cost of revenue:
Rentals/parts and services	94,644		—		86,943		181,587
Equipment sales	90,420		528,024		—		618,444
Depreciation of rental equipment	151,954		—		5,156		157,110
Total cost of revenue	337,018		528,024		92,099		957,141
Gross profit	$	122,974	$	61,875	$	25,164	$	210,013
	Year Ended December 31,
	2020
(in $000s)	ERS		TES		APS		Total
Revenue:
Rental	$	179,933	$	—	$	15,557	$	195,490
Equipment sales	31,533		25,099		—		56,632
Parts and services	—		—		50,617		50,617
Total revenue	211,466		25,099		66,174		302,739
Cost of revenue:
Rentals/parts and services	56,140		—		44,217		100,357
Equipment sales	25,615		21,792		—		47,407
Depreciation of rental equipment	74,376		—		4,156		78,532
Total cost of revenue	156,131		21,792		48,373		226,296
Gross profit	$	55,335	$	3,307	$	17,801	$	76,443
	Year Ended December 31,
	2019
	ERS		TES		APS		Total
Revenue:
Rental	$	182,720	$	—	$	15,276	$	197,996
Equipment sales	23,767		10,308		—		34,075
Parts and services	—		—		31,964		31,964
Total revenue	206,487		10,308		47,240		264,035
Cost of revenue:
Rentals/parts and services	47,751		—		30,346		78,097
Equipment sales	20,302		8,520		—		28,822
Depreciation of rental equipment	66,228		—		4,340		70,568
Total cost of revenue	134,281		8,520		34,686		177,487
Gross profit	$	72,206	$	1,788	$	12,554	$	86,548

Total assets by operating segment are not disclosed herein because asset by operating segment data is not reviewed by the chief operating decision-maker (“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 loss before income taxes:

	Year Ended December 31,
(in $000s)	2021		2020		2019
Gross Profit	$	210,013	$	76,443	$	86,548
Selling, general and administrative expenses	155,783		46,409		37,284
Amortization	40,754		3,153		3,007
Non-rental depreciation	3,613		95		115
Transaction expenses	51,830		9,538		10,124
Loss on extinguishment of debt	61,695		—		4,005
Interest expense, net	72,843		63,200		63,361
Financing and other expense (income)	571		5,399		1,690
Income (Loss) Before Income Taxes	$	(177,076)	$	(51,351)	$	(33,038)

The following table presents total assets by country:

(in $000s)	December 31, 2021		December 31, 2020
Assets:
United States	$	2,653,058	$	762,696
Canada	30,708		5,447
Mexico	—		261
	$	2,683,766	$	768,404