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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Rental $ 124,203 $ 122,686 $ 365,708 $ 350,773
Rental related services 47,701 40,492 111,640 101,481
Rental operations 171,904 163,178 477,349 452,254
Total revenues 266,758 243,506 667,196 610,254
Direct costs of rental operations:        
Depreciation of rental equipment 21,981 22,069 66,512 66,499
Rental related services 32,439 28,532 78,215 71,625
Other 27,252 28,493 84,182 90,188
Total direct costs of rental operations 81,672 79,094 228,909 228,312
Costs of sales 61,107 52,878 117,625 98,431
Total costs of revenues 142,779 131,972 346,534 326,743
Gross profit 123,979 111,534 320,661 283,511
Expenses:        
Selling and administrative expenses 49,297 48,508 148,764 153,032
Other income, net   (3,559) (9,281) (3,559)
Income from operations 74,682 66,585 181,178 134,038
Interest expense 12,641 11,025 38,383 28,434
Foreign currency exchange (gain) loss (216) 42 (53) (166)
Gain on merger termination from WillScot Mobile Mini (180,000)   (180,000) [1]  
WillScot Mobile Mini transaction costs 39,436   61,157 [2]  
Income from continuing operations before provision for income taxes 202,821 55,518 261,691 105,770
Provision for income taxes from continuing operations 53,504 15,152 68,913 25,934
Income from continuing operations 149,317 40,366 192,778 79,836
Discontinued operations:        
Income from discontinued operations before provision for income taxes       1,709
Provision for income taxes from discontinued operations       453
Gain on sale of discontinued operations, net of tax       61,513
Income from discontinued operations       62,769
Net income $ 149,317 $ 40,366 $ 192,778 $ 142,605
Earnings per share from continuing operations:        
Basic $ 6.08 $ 1.65 $ 7.86 $ 3.26
Diluted 6.08 1.65 7.85 3.26
Earnings per share from discontinued operations:        
Basic       2.57
Diluted       2.56
Earnings per share:        
Basic 6.08 1.65 7.86 5.83
Diluted $ 6.08 $ 1.65 $ 7.85 $ 5.81
Shares used in per share calculation:        
Basic 24,551 24,487 24,538 24,461
Diluted 24,567 24,525 24,564 24,527
Cash dividends declared per share $ 0.475 $ 0.465 $ 1.425 $ 1.395
Sales [Member]        
Revenues        
Revenues $ 92,508 $ 77,115 $ 181,992 $ 148,576
Other [Member]        
Revenues        
Revenues $ 2,346 $ 3,213 $ 7,855 $ 9,424
[1] During the period ended September 30, 2024, the Company received $180 million in cash proceeds attributed to the mutual decision to terminate the Merger Agreement. These proceeds are reported as non-operating income on the Company's Condensed Consolidated Statements of Income and are reported in the Company's Corporate segment.
[2] During the period ended September 30, 2024, the Company determined that transaction costs incurred by the Company attributed to the terminated Merger Agreement were significant. Due to this determination, the Company has separately reported these transaction costs in the Company's Corporate segment and excluded such costs from Selling and administrative expenses. The total transaction costs excluded from Selling and administrative expenses for the six months ended June 30, 2024, and the three months ended March 31, 2024, for Mobile Modular, Portable Storage and TRS-RenTelco was $15.5 million, $2.6 million and $3.6 million, respectively, and $6.5 million, $1.2 million and $1.7 million, respectively.