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Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue Disaggregation
Geographic Areas
The Company had total revenue in the following geographic areas for the years ended December 31, as follows:
Years Ended December 31,
(in thousands)202420232022
US$2,243,545 $2,219,561 $1,998,796 
Canada125,154 120,123 125,536 
Mexico27,019 25,083 18,291 
Total revenues$2,395,718 $2,364,767 $2,142,623 
Major Product and Service Lines
Equipment leasing is the Company's core business and the primary driver of the Company's revenue and cash flows. This includes turnkey space solutions along with VAPS, which include workstations, furniture, appliances, media packages, power and solar solutions, telematics, connectivity and data solutions, security and protection products, entrance packages, electrical and lighting products, organization and space optimization assets, perimeter solutions, and other items used by customers in connection with the Company's products. Leasing is complemented by new unit sales and sales of rental units. In connection with its leasing and sales activities, the Company provides services including delivery and installation, maintenance, removal, and other ad hoc services.
The Company’s revenue by major product and service line for the years ended December 31, was as follows:
Years Ended December 31,
(in thousands)202420232022
Modular space leasing revenue(a)
$1,011,086 $953,822 $840,926 
Portable storage leasing revenue356,873 396,781 361,197 
VAPS and third party leasing revenues(b)
397,640 391,948 343,625 
Other leasing-related revenue(c)
74,276 91,384 75,942 
Leasing revenue1,839,875 1,833,935 1,621,690 
Delivery and installation revenue418,881 437,179 429,152 
Total leasing and services revenue2,258,756 2,271,114 2,050,842 
New unit sales revenue74,499 48,129 40,338 
Rental unit sales revenue62,463 45,524 51,443 
Total revenues$2,395,718 $2,364,767 $2,142,623 
(a) Includes revenue from clearspan structures.
(b) Includes $35.2 million, $23.9 million, and $25.3 million of service revenue for the years ended December 31, 2024, 2023 and 2022, respectively.
(c) Includes primarily damage billings, delinquent payment charges, other processing fees, and is partially offset by provisions for specific uncollectible receivables.
Leasing and Services Revenue
The majority of revenue (75%, 77%, and 75% for the years ended December 31, 2024, 2023 and 2022, respectively) is generated by lease income subject to the guidance of ASC 842. The remaining revenue is generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASC 606.
At December 31, 2024 and for the years ended December 31, 2025 through 2029 and thereafter, future committed leasing revenues under non-cancelable operating leases with the Company’s customers, excluding revenue from delivery and installation and potential lease extensions, were as follows:
(in thousands)Operating Leases
2025$368,440 
2026125,376 
202745,784 
202818,164 
20294,705 
Thereafter3,602 
Total$566,071 
Receivables
The Company manages credit risk associated with its accounts receivables at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 606 and ASC 842, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues.
Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end markets. No single customer accounted for more than 1.7% and 1.0% of the Company’s receivables at December 31, 2024 and 2023, respectively. The Company's top five customers with the largest open receivables balances represented 5.2% and 4.3% of the total receivables balance as of December 31, 2024 and 2023, respectively. The Company manages credit risk through credit approvals, credit limits, and other monitoring procedures.
The Company's allowance for credit losses reflects its estimate of the amount of receivables that it will be unable to collect. The estimated losses are calculated using the loss rate method based upon a review of outstanding receivables, related aging, and historical collection experience. The Company's estimates reflect changing circumstances, and the Company may be required to increase or decrease its allowance. During the years ended December 31, 2024, 2023 and 2022, the Company recognized bad debt expense to reflect changes in the allowance for credit losses of $20.4 million, $23.4 million, and $10.4 million, respectively, within SG&A expense in its consolidated statements of operations.
Contract Assets and Liabilities
When customers are billed in advance for services, the Company defers recognition of revenue until the related services are performed, which generally occurs at the end of the contract. The balance sheet classification of deferred revenue is determined based on the contractual lease term. For contracts that continue beyond their initial contractual lease term, revenue continues to be deferred until the services are performed. As of December 31, 2024 and 2023, the Company had approximately $139.4 million and $124.1 million, respectively, of deferred revenue related to service revenue billed in advance. During the years ended December 31, 2024, 2023 and 2022, $72.7 million, $67.6 million and $47.2 million, respectively, of deferred revenue related to service revenue billed in advance was recognized as revenue.
The Company does not have material contract assets, and it did not recognize any material impairments of any contract assets.
The Company's uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future services revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is variable based on the market rate in place at the time those services are provided, and therefore, the Company is applying the optional exemption to omit disclosure of such amounts.
The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions. The Company pays its sales force commissions on the sale of new and rental units. For new and rental unit sales, the period benefited by each commission is less than one year. As a result, the Company has applied the practical expedient for incremental costs of obtaining a sales contract and expenses commissions as incurred.