Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the three months ended March 31, 2025 and 2024, for the Company’s reportable segments is shown in the following tables:

(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex1			Consolidated
Three Months Ended March 31,
2025
Revenues
Rental revenues	$	78,496		$	16,074		$	25,543		$	—		$	120,113
Rental related services revenues		29,475			3,631			810			—			33,916
Sales		22,490			1,244			7,979			7,213			38,926
Other		1,458			316			687			—			2,461
Total revenues		131,919			21,265			35,019			7,213			195,416
Costs of Revenues
Depreciation of rental equipment		10,554			1,031			9,920			—			21,505
Rental related services		19,740			3,933			640			—			24,313
Other		20,812			1,527			5,313			—			27,652
Costs of sales		15,345			831			4,271			5,063			25,510
Total costs of revenues		66,451			7,322			20,144			5,063			98,980
Gross profit		65,468			13,943			14,875			2,150			96,436
Significant Segment Expenses 3
Wages and benefits		14,110			3,524			2,899			1,196			21,729
Depreciation and amortization		3,531			357			26			102			4,016
Marketing and administrative expenses		4,666			1,640			1,303			590			8,199
Allocated corporate services 4		11,554			1,864			3,146			—			16,564
Other segment items 5		127			170			64			—			361
Total expenses		33,988			7,555			7,438			1,888			50,869
Income from operations		31,480			6,388			7,437			262			45,567
Interest expense (income) allocation		6,505			971			1,277			(595	)		8,158
Foreign currency exchange gain		—			—			(5	)		—			(5	)
Income before provision for income taxes	$	24,975		$	5,417		$	6,165		$	857		$	37,414
Other Selected Information
Rental equipment acquisitions	$	4,400		$	357		$	4,822			—		$	9,579
Accounts receivable, net (period end)	$	159,672		$	10,397		$	22,388		$	16,425		$	208,882
Rental equipment, at cost (period end)	$	1,414,535		$	240,348		$	334,110		—			$	1,988,993
Rental equipment, net book value (period end)	$	1,051,635		$	217,060		$	100,608		—			$	1,369,303
Utilization (period end) 2		74.3	%		61.0	%		64.9	%
Average utilization 2		74.6	%		60.2	%		61.6	%

(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex1			Consolidated
Three Months Ended March 31,
2024
Revenues
Rental revenues	$	76,496		$	18,407		$	25,429		$	—		$	120,332
Rental related services revenues		24,133			4,723			724			—			29,580
Sales		25,326			1,212			6,812			1,719			35,069
Other		1,630			418			798			—			2,846
Total revenues		127,585			24,760			33,763			1,719			187,827
Costs of Revenues
Depreciation of rental equipment		9,874			965			11,527			—			22,366
Rental related services		15,780			4,456			550			—			20,786
Other		22,673			1,468			4,869			—			29,010
Costs of sales		17,413			768			2,942			1,274			22,397
Total costs of revenues		65,740			7,657			19,888			1,274			94,559
Gross profit		61,845			17,103			13,875			445			93,268
Significant Segment Expenses 3
Wages and benefits		14,262			3,516			2,695			1,165			21,638
Depreciation and amortization		3,380			442			26			97			3,945
Marketing and administrative expenses		4,718			1,595			1,401			542			8,256
Allocated corporate services 4		11,191			2,122			3,054			—			16,367
Other segment items 5		63			134			61			—			258
Total expenses		33,614			7,809			7,237			1,804			50,464
Other income, net		(6,220	)		(1,319	)		(1,742	)		—			(9,281	)
Income from operations		34,451			10,613			8,380			(1,359	)		52,085
Interest expense (income) allocation		9,799			1,420			2,062			(577	)		12,704
Foreign currency exchange loss		—			—			132			—			132
Income before provision for income taxes	$	24,652		$	9,193		$	6,186		$	(782	)	$	39,249
Reconciliation of Segment Profit (Loss)
Total segment gross profit													$	93,268
Segment operating expenses, net														50,464
Other income, net														(9,281	)
Interest expense allocation														12,704
Foreign currency exchange loss														132
WillScot Mobile Mini transaction costs														9,354
Income before provision for income taxes													$	29,895
Other Selected Information
Rental equipment acquisitions	$	59,263		$	5,128		$	3,393			—		$	67,784
Accounts receivable, net (period end)	$	166,382		$	14,117		$	22,637		$	8,814		$	211,950
Rental equipment, at cost (period end)	$	1,345,919		$	240,517		$	370,641		—			$	1,957,077
Rental equipment, net book value (period end)	$	1,013,965		$	220,811		$	133,766		—			$	1,368,542
Utilization (period end) 2		78.5	%		68.8	%		56.8	%
Average utilization 2		78.7	%		69.8	%		56.5	%

1.Gross Enviroplex sales revenues were $7,213 and $1,719 for the three months ended March 31, 2025 and 2024, respectively. There were no inter-segment sales to Mobile Modular in the three months ended March 31, 2025 and $1,845 inter-segment sales to Mobile Modular for the same period in 2024, which required elimination in consolidation.

2.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.

3.The Significant Segment Expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

4.Allocated corporate services costs are comprised of expenses incurred by the Company which are not directly incurred by each business segment as a part of their normal operations. These allocated indirect corporate costs primarily include wages and benefits, depreciation of corporate capital assets, information technology, legal, accounting and other administrative expenses.

5.Other segment items for each reportable segment is primarily comprised of credit losses.