v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one reportable segment. Refer to Note 3 for revenue by geographic area and revenue by major product and service lines. Refer to the Condensed Consolidated Balance Sheets for total assets. Refer to the Condensed Consolidated Statements of Cash Flows for total expenditures for additions to long-lived assets.
The Company defines EBITDA as net income plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects further adjustments to EBITDA (“Adjusted EBITDA”) to exclude certain non-cash items and the effect of what the Company considers transactions or events not related to its core and ongoing business operations. The measure of profit or loss used by the Chief Operating Decision Maker ("CODM") to evaluate operating segment performance and allocate resources is Adjusted EBITDA. Adjusted EBITDA is used to determine capital allocation between operating segments and certain aspects of management's compensation. Management believes that evaluating operating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic and ongoing operating results of the Company. The Company considers Adjusted EBITDA to be an important metric because it reflects the business performance of the segment, inclusive of indirect costs.
The following table sets forth certain information regarding significant revenue and expense categories for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Revenues:
Leasing and services revenue:
Unit leasing and other rental-related$346,298 $342,886 $674,685 $680,937 
VAPS and third-party leasing103,386 100,030 200,521 196,369 
Delivery revenue59,730 55,384 106,609 104,419 
Installation revenue76,114 53,068 128,757 92,694 
Sales revenue:
New units14,587 21,620 23,581 44,057 
Rental units12,036 16,095 26,626 30,158 
Total revenues612,151 589,083 1,160,779 1,148,634 
Less:(a)
Costs of leasing and services:
Unit leasing and other rental-related88,594 77,096 165,574 148,841 
VAPS and third-party leasing19,519 18,242 38,566 34,567 
Delivery52,008 45,081 93,063 85,636 
Installation58,312 43,073 100,500 76,314 
Costs of sales:
New units9,049 13,552 15,267 28,750 
Rental units6,165 7,525 14,868 15,694 
Employee SG&A expense(b)
72,703 67,471 144,412 135,736 
Other segment items(c)
77,917 68,130 149,631 145,398 
Adjusted EBITDA$227,884 $248,913 $438,898 $477,698 
(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(b) Employee SG&A expense consists of salaries and wages, bonuses, commissions, payroll taxes, and employee benefits.
(c) Other segment items consist of service agreements, professional fees, real estate and occupancy costs, travel, bad debt expense, marketing and advertising, taxes, and other miscellaneous expenses.
The following table presents reconciliations of the Company’s net income to Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Net income$46,973 $47,939 $75,096 $90,994 
Income tax expense17,042 19,984 31,975 37,894 
Interest expense, net53,479 58,977 107,086 117,446 
Depreciation and amortization95,259 112,632 187,690 209,724 
Currency losses (gains), net246 (79)417 144 
Restructuring costs, lease impairment expense and other related charges5,482 205 16,755 907 
Integration and transaction costs13 1,511 79 1,772 
Stock compensation expense7,895 8,373 15,002 16,714 
Other(a)
1,495 (629)4,798 2,103 
Adjusted EBITDA$227,884 $248,913 $438,898 $477,698 
(a) For the six months ended June 30, 2026, other included $1.8 million in non-equity executive transition costs.