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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the six months ended June 30, 2024 and 2023 for the Company’s reportable segments are shown in the following table:




(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex 1			Consolidated
Six Months Ended June 30,
2024
Rental revenues	$	154,535		$	36,230		$	50,743		$	—		$	241,508
Rental related services revenues		53,053			9,363			1,522		—				63,938
Sales and other revenues		64,543			3,189			14,168			13,092			94,992
Total revenues		272,131			48,782			66,433			13,092			400,438
Depreciation of rental equipment		19,870			1,965			22,696		—				44,531
Gross profit		133,131			33,405			26,846			3,301			196,683
Selling and administrative expenses		82,354			17,885			17,433			3,517			121,188
Other income		(6,220	)		(1,319	)		(1,742	)		—			(9,281	)
Income (loss) from operations		56,999			16,840			11,155			(216	)		84,776
Interest expense (income) allocation		19,971			2,867			4,121			(1,218	)		25,741
Income before provision for income taxes		37,028			13,973			6,871			1,002			58,872
Rental equipment acquisitions		118,300			7,403			10,623		—				136,326
Accounts receivable, net (period end)		170,966			12,231			20,333			13,849			217,379
Rental equipment, at cost (period end)		1,398,475			242,107			368,324		—				2,008,906
Rental equipment, net book value (period end)		1,058,041			221,486			127,795		—				1,407,322
Utilization (period end) 2		78.1	%		64.5	%		55.8	%
Average utilization 2		78.6	%		67.8	%		56.4	%
2023
Rental revenues	$	134,826		$	35,544		$	57,717		$	—		$	228,087
Rental related services revenues		49,370			10,072			1,547		—				60,989
Sales and other revenues		58,557			2,550			14,701			1,864			77,672
Total revenues		242,753			48,166			73,965			1,864			366,748
Depreciation of rental equipment		18,072			1,657			24,701		—				44,430
Gross profit		107,244			32,982			31,503			248			171,977
Selling and administrative expenses		69,548			15,262			16,577			3,137			104,524
Other income		—			—			—			—			—
Income (loss) from operations		37,696			17,720			14,926			(2,889	)		67,453
Interest expense (income) allocation		12,592			2,126			3,801			(1,110	)		17,409
Income (loss) before provision for income taxes		25,104			15,594			11,333			(1,779	)		50,252
Rental equipment acquisitions		90,933			14,642			16,906		—				122,481
Accounts receivable, net (period end)		144,640			17,287			26,138			3,611			191,676
Rental equipment, at cost (period end)		1,237,221			220,763			390,832		—				1,848,816
Rental equipment, net book value (period end)		928,997			203,781			162,872		—				1,295,650
Utilization (period end) 2		79.2	%		77.0	%		58.3	%
Average utilization 2		79.4	%		79.4	%		58.7	%

Gross Enviroplex sales revenues were $13,093 and $1,871 for the six months ended June 30, 2024 and 2023, respectively. There were $2 and $7 of inter-segment sales to Mobile Modular in the six months ended June 30, 2024 and 2023, respectively, which required elimination in consolidation.

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