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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Summarized Financial Information for Company's Reportable Segments

Summarized financial information from continuing operations for the years ended December 31, 2023, 2022 and 2021, for the Company’s reportable segments is shown in the following tables:


(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex 1			Consolidated
Year Ended December 31,
2023
Rental revenues	$	285,553		$	74,536		$	114,247		$	—		$	474,336
Rental related services revenues		114,511			20,510			3,139		—				138,160
Sales and other revenues		162,172			6,091			30,891			20,192			219,346
Total revenues		562,236			101,137			148,277			20,192			831,842
Depreciation of rental equipment		36,921			3,514			48,477		—				88,912
Gross profit		257,921			68,880			62,604			4,228			393,633
Selling and administrative expenses		(138,574	)		(31,537	)		(30,962	)		(6,466	)		(207,539	)
Other income		2,329			457			832			—			3,618
Income (loss) from operations		121,676			37,800			32,474			(2,238	)		189,712
Interest expense (income) allocation		29,724			4,950			8,146			(2,260	)		40,560
Income before provision for income taxes		91,952			32,850			24,638			22			149,462
Rental equipment acquisitions		176,200			27,967			28,945		—				233,112
Accounts receivable, net (period end)		175,360			16,057			25,511			10,440			227,368
Rental equipment, at cost (period end)		1,291,093			236,123			377,587		—				1,904,803
Rental equipment, net book value (period end)		967,712			217,315			144,296		—				1,329,323
Utilization (period end) 2		79.4	%		71.5	%		55.9	%
Average utilization 2		79.7	%		77.3	%		58.9	%


Segment Data (Continued) (dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex 1			Consolidated
Year Ended December 31,
2022
Rental revenues	$	206,070		$	62,218		$	121,375		$	—		$	389,663
Rental related services revenues		74,756			17,095			3,112		—				94,963
Sales and other revenues		98,385			3,193			26,291			23,170			151,039
Total revenues		379,211			82,506			150,778			23,170			635,665
Depreciation of rental equipment		28,373			2,799			49,253		—				80,425
Gross profit		161,885			55,302			67,899			5,122			290,208
Selling and administrative expenses		(85,769	)		(24,465	)		(27,245	)		(5,435	)		(142,914	)
Income (loss) from operations		76,116			30,837			40,654			(313	)		147,294
Interest expense (income) allocation		8,657			1,518			3,294			(1,239	)		12,230
Income before provision for income taxes		67,459			29,319			36,982			926			134,686
Rental equipment acquisitions		87,535			34,072			69,928		—				191,535
Accounts receivable, net (period end)		124,184			14,923			26,442			4,302			169,851
Rental equipment, at cost (period end)		929,636			193,632			398,267		—				1,521,535
Rental equipment, net book value (period end)		637,151			178,241			174,924		—				990,316
Utilization (period end) 2		80.3	%		82.6	%		59.4	%
Average utilization 2		78.0	%		84.8	%		64.2	%

2021
Rental revenues	$	175,626		$	44,943		$	113,419		$	—		$	333,988
Rental related services revenues		59,756			12,574			2,880		—				75,210
Sales and other revenues		65,983			4,434			23,895			31,081			125,393
Total revenues		301,365			61,951			140,194			31,081			534,591
Depreciation of rental equipment		25,852			2,219			47,374		—				75,445
Gross profit		136,618			39,422			61,394			9,888			247,322
Selling and administrative expenses		(72,091	)		(20,512	)		(25,152	)		(5,303	)		(123,058	)
Income from operations		64,526			18,910			36,243			4,585			124,264
Interest expense (income) allocation		5,553			880			2,270			(459	)		8,244
Income before benefit for income taxes		58,973			18,030			33,763			5,044			115,810
Rental equipment acquisitions		151,625			36,767			61,097		—				249,489
Accounts receivable, net (period end)		101,839			10,456			22,115			8,711			143,121
Rental equipment, at cost (period end)		879,272			160,822			361,391		—				1,401,485
Rental equipment, net book value (period end)		603,497			148,040			161,900		—				913,437
Utilization (period end) 2		75.3	%		82.5	%		62.9	%
Average utilization 2		75.4	%		81.0	%		67.0	%

Gross Enviroplex sales revenues were $22,615, $24,162 and $32,095 in 2022, 2021 and 2020, respectively. There were $2,422, $992 and $969 inter-segment sales to Mobile Modular in 2023, 2022 and 2021, respectively, which have been eliminated in consolidation.

Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding new equipment inventory and accessory equipment. The average utilization for the period is calculated using the average costs of rental equipment.