XML 32 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Reporting
3 Months Ended
Sep. 30, 2020
Segment Reporting  
Segment Reporting

Note 11. Segment Reporting

We have two geographic areas that include four operating segments; the Asia-Pacific area, consisting of the leasing operations of Royal Wolf, and North America, consisting of the combined leasing operations of Pac-Van and Lone Star, and the manufacturing operations of Southern Frac. Discrete financial data on each of the Company’s products is not available and it would be impractical to collect and maintain financial data in such a manner. In managing the Company’s business, senior management focuses on primarily growing its leasing revenues and operating cash flow (EBITDA), and investing in its lease fleet through capital purchases and acquisitions. Transactions between reportable segments included in the tables below are recorded on an arms-length basis at market in conformity with U.S. GAAP and the Company’s significant accounting policies (see Note 2).

The tables below represent the Company’s revenues from external customers, share-based compensation expense, impairment of goodwill, depreciation and amortization, operating income, interest income and expense, expenditures for additions to long-lived assets (consisting of lease fleet and property, plant and equipment), long-lived assets, operating lease assets and goodwill; as attributed to its geographic and operating segments (in thousands):

Quarter Ended September 30, 2020

North America

Leasing

Corporate

and

Intercompany

Asia – Pacific

    

Pac-Van

    

Lone Star

    

Combined

    

Manufacturing

    

Adjustments

    

Total

    

Leasing

    

Consolidated

Revenues:

Sales

$

16,834

$

20

$

16,854

$

1,625

$

(1,268)

$

17,211

$

12,811

$

30,022

Leasing

 

34,419

 

2,321

 

36,740

 

 

(83)

 

36,657

 

15,681

 

52,338

$

51,253

$

2,341

$

53,594

$

1,625

$

(1,351)

$

53,868

$

28,492

$

82,360

Share-based compensation

$

119

$

15

$

134

$

12

$

330

$

476

$

48

$

524

Depreciation and amortization

$

4,038

$

2,178

$

6,216

$

99

$

(179)

$

6,136

$

3,029

$

9,165

Operating income

$

10,354

$

(1,909)

$

8,445

$

(217)

$

(1,198)

$

7,030

$

4,275

$

11,305

Interest income

$

$

$

$

$

$

$

151

$

151

Interest expense

$

1,461

$

21

$

1,482

$

12

$

1,716

$

3,210

$

2,487

$

5,697

Additions to long-lived assets

$

8,783

$

36

$

8,819

$

2

$

(218)

$

8,603

$

2,742

$

11,345

    

At September 30, 2020

Long-lived assets

$

321,987

    

$

38,447

    

$

360,434

    

$

1,264

    

$

(9,185)

    

$

352,513

    

$

130,658

    

$

483,171

Operating lease assets

$

25,245

$

2,377

$

27,622

$

214

$

243

$

28,079

$

48,644

$

76,723

Goodwill

$

65,149

$

6,622

$

71,771

$

$

$

71,771

$

26,463

$

98,234

At June 30, 2020

Long-lived assets

$

320,956

$

40,234

$

361,190

$

1,361

$

(9,145)

$

353,406

$

129,717

$

483,123

Operating lease assets

$

25,602

$

2,441

$

28,043

$

244

$

267

$

28,554

$

37,671

$

66,225

Goodwill

$

65,123

$

6,622

$

71,745

$

$

$

71,745

$

25,479

$

97,224

    

Quarter Ended September 30, 2019

North America

Leasing

    

    

    

    

    

Corporate

    

    

    

and

Intercompany

Asia – Pacific

Pac-Van

Lone Star

Combined

Manufacturing

Adjustments

Total

Leasing

Consolidated

Revenues:

Sales

$

16,918

$

$

16,918

$

3,506

$

(1,333)

$

19,091

$

11,873

$

30,964

Leasing

 

35,602

 

8,383

 

43,985

 

 

(318)

 

43,667

 

15,266

 

58,933

$

52,520

$

8,383

$

60,903

$

3,506

$

(1,651)

$

62,758

$

27,139

$

89,897

Share-based compensation

$

105

$

12

$

117

$

9

$

374

$

500

$

183

$

683

Depreciation and amortization

$

4,020

$

1,617

$

5,637

$

101

$

(179)

$

5,559

$

3,953

$

9,512

Operating income

$

11,778

$

1,891

$

13,669

$

176

$

(1,618)

$

12,227

$

2,703

$

14,930

Interest income

$

$

$

$

$

1

$

1

$

185

$

186

Interest expense

$

2,629

$

127

$

2,756

$

36

$

1,717

$

4,509

$

2,815

$

7,324

Additions to long-lived assets

$

15,163

$

389

$

15,552

$

8

$

(168)

$

15,392

$

3,094

$

18,486

Intersegment net revenues related to sales of primarily portable liquid storage containers and ground level offices from Southern Frac to the North American leasing operations totaled $1,333,000 and $1,268,000 during FY 2020 and FY 2021, respectively; and intrasegment net revenues in the North American leasing operations related to primarily the leasing of portable liquid storage containers from Pac-Van to Lone Star totaled $285,000 and $50,000 during FY12020 and FY 2020, respectively.