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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the nine months ended September 30, 2022 and 2021 for the Company’s reportable segments is shown in the following table:


(dollar amounts in thousands)	Mobile Modular			TRS- RenTelco			Adler Tanks			Enviroplex 1			Consolidated
Nine Months Ended September 30,
2022
Rental revenues	$	195,598		$	89,990		$	47,638		$ —			$	333,226
Rental related services revenues		66,947			2,329			19,221		—				88,497
Sales and other revenues		65,315			17,040			3,317			15,545			101,217
Total revenues		327,860			109,359			70,176			15,545			522,940
Depreciation of rental equipment		23,329			36,789			11,996		—				72,114
Gross profit		149,405			48,824			31,933			3,604			233,766
Selling and administrative expenses		79,245			19,930			20,642			4,193			124,010
Income (loss) from operations		70,160			28,894			11,291			(589	)		109,756
Interest (expense) income allocation		(6,616	)		(2,160	)		(1,941	)		719			(9,998	)
Income before provision for income taxes		63,544			26,330			9,350			130			99,354
Adjusted EBITDA		105,912			66,675			25,520			(377	)		197,730
Rental equipment acquisitions		73,895			57,169			3,067		—				134,131
Accounts receivable, net (period end)		139,730			24,353			18,185			7,691			189,959
Rental equipment, at cost (period end)		1,085,060			396,068			309,607		—				1,790,735
Rental equipment, net book value (period end)		780,939			177,221			141,662		—				1,099,822
Utilization (period end) 2		81.2	%		65.2	%		58.3	%
Average utilization 2		78.5	%		64.8	%		51.7	%
2021
Rental revenues	$	159,118		$	84,340		$	40,479		$ —			$	283,937
Rental related services revenues		54,726			2,149			16,995		—				73,870
Sales and other revenues		49,770			15,971			2,477			14,897			83,115
Total revenues		263,614			102,460			59,951			14,897			440,922
Depreciation of rental equipment		20,437			35,429			12,350		—				68,216
Gross profit		125,357			44,867			24,167			4,362			198,753
Selling and administrative expenses		67,977			18,381			18,853			4,094			109,305
Income from operations		57,380			26,486			5,314			268			89,448
Interest (expense) income allocation		(4,401	)		(1,588	)		(1,560	)		341			(7,208	)
Income before provision for income taxes		52,979			24,713			3,754			609			82,055
Adjusted EBITDA		89,634			63,378			20,144			456			173,612
Rental equipment acquisitions		162,579			53,161			164		—				215,904
Accounts receivable, net (period end)		118,467			24,854			16,062			9,448			168,831
Rental equipment, at cost (period end)		1,023,344			363,799			311,677		—				1,698,820
Rental equipment, net book value (period end)		737,807			169,250			156,405		—				1,063,462
Utilization (period end) 2		76.7	%		66.9	%		50.4	%
Average utilization 2		76.0	%		67.4	%		44.0	%

Gross Enviroplex sales revenues were $16,401 and $15,909 for the nine months ended September 30, 2022 and 2021, respectively. There were $856 and $1,012 inter-segment sales to Mobile Modular in the nine months ended September 30, 2022 and 2021, 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 for Mobile Modular and Adler Tanks, excluding new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment.