Revenue Recognition

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 4 – Revenue Recognition

Disaggregation of Revenue

The Company’s revenue is primarily comprised of product sales to customers. The Company has disaggregated revenue by geographic area and by segment as it most reasonably depicts the amount, timing and uncertainty of revenue and cash flows generated from our contracts with customers. Disaggregated consolidated revenue by geographic area (based on the location to which the product is shipped to):

	Year Ended December 31,
(in thousands)	2024		2023		2022
United States	$	1,389,754	$	1,253,401	$	932,418
Canada	192,213		141,125		118,722
Europe	58,144		79,643		51,631
Pacific Rim	20,584		13,515		10,768
Latin America	131,345		74,577		34,202
Other	14,006		9,841		3,681
Intersegment revenue elimination	(1,942)		(1,700)		—
Total revenue	$	1,804,104	$	1,570,402	$	1,151,422

See Note 14 – Segment Information for disaggregation of revenue by segment.

Rental Revenue

TestEquity rents new and used electronic test and measurement equipment to customers in multiple industries. Lawson leases parts washer machines to customers. This leased equipment is included in Rental equipment, net in the Consolidated Balance Sheets, and rental revenue is included in Revenue in the Consolidated Statements of Operations and Comprehensive Income (Loss). The unearned rental revenue related to customer prepayments on equipment leases was nominal at December 31, 2024 and December 31, 2023.

Rental revenue from operating leases:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Revenue from operating leases	$	17,519	$	17,186	$	17,675