Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segments

Note 17: 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 condensed consolidated financial statements. Intersegment sales and any related profits are eliminated in consolidation. We 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.

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

	Three Months Ended March 31,
	2023
(in $000s)	ERS		TES		APS		Total
Revenue:
Rental	$	113,784	$	—	$	4,504	$	118,288
Equipment sales	92,136		209,154		—		301,290
Parts and services	—		—		32,585		32,585
Total revenue	205,920		209,154		37,089		452,163
Cost of revenue:
Rentals/parts and services	29,060		—		26,987		56,047
Equipment sales	71,081		175,044		—		246,125
Depreciation of rental equipment	39,512		—		818		40,330
Total cost of revenue	139,653		175,044		27,805		342,502
Gross profit	$	66,267	$	34,110	$	9,284	$	109,661

	Three Months Ended March 31,
	2022
(in $000s)	ERS		TES		APS		Total
Revenue:
Rental	$	105,561	$	—	$	3,584	$	109,145
Equipment sales	59,353		167,833		—		227,186
Parts and services	—		—		30,145		30,145
Total revenue	164,914		167,833		33,729		366,476
Cost of revenue:
Rentals/parts and services	24,791		—		24,950		49,741
Equipment sales	43,230		144,048		—		187,278
Depreciation of rental equipment	43,966		—		998		44,964
Total cost of revenue	111,987		144,048		25,948		281,983
Gross profit	$	52,927	$	23,785	$	7,781	$	84,493

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 income (loss) before income taxes:

	Three Months Ended March 31,
(in $000s)	2023		2022
Gross Profit	$	109,661	$	84,493
Selling, general and administrative expenses	56,991		53,655
Amortization	6,672		13,335
Non-rental depreciation	2,650		3,047
Transaction expenses and other	3,460		4,648
Interest expense, net	29,176		19,156
Financing and other expense (income)	(3,951)		(9,080)
Income (Loss) Before Income Taxes	$	14,663	$	(268)

The following table presents total assets by country:

(in $000s)	March 31, 2023		December 31, 2022
Assets:
United States	$	2,950,122	$	2,830,958
Canada	119,261		107,254
	$	3,069,383	$	2,938,212