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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2022

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the years ended December 31, 2022, 2021 and 2020, for the Company’s reportable segments is shown in the following tables:



(dollar amounts in thousands)	Mobile Modular			TRS- RenTelco			Adler Tanks			Enviroplex 1			Consolidated
Year Ended December 31,
2022
Rental revenues	$	268,288		$	121,375		$	66,366		$	—		$	456,029
Rental related services revenues		91,851			3,112			27,654		—				122,617
Sales and other revenues		101,578			26,291			4,138			23,170			155,177
Total revenues		461,717			150,778			98,158			23,170			733,823
Depreciation of rental equipment		31,172			49,253			16,004		—				96,429
Gross profit		217,187			67,899			46,700			5,122			336,908
Selling and administrative expenses		110,234			27,245			28,428			5,435			171,342
Income (loss) from operations		106,953			40,654			18,272			(313	)		165,566
Interest expense (income) allocation		10,175			3,294			2,938			(1,239	)		15,168
Income before provision for income taxes		96,778			36,982			15,334			926			150,020
Adjusted EBITDA 3		159,224			92,007			37,660			(25	)		288,866
Rental equipment acquisitions		121,607			69,928			3,623		—				195,158
Accounts receivable, net (period end)		139,107			26,442			20,172			4,302			190,023
Rental equipment, at cost (period end)		1,123,268			398,267			308,396		—				1,829,931
Rental equipment, net book value (period end)		815,392			174,924			137,738		—				1,128,054
Utilization (period end) 2		80.7	%		59.4	%		57.1	%
Average utilization 2		79.1	%		64.2	%		53.1	%


Segment Data (Continued) (dollar amounts in thousands)	Mobile Modular			TRS- RenTelco			Adler Tanks			Enviroplex 1			Consolidated
Year Ended December 31,
2021
Rental revenues	$	220,569		$	113,419		$	56,025		$	—		$	390,013
Rental related services revenues		72,330			2,880			22,851		—				98,061
Sales and other revenues		70,417			23,895			3,366			31,081			128,759
Total revenues		363,316			140,194			82,242			31,081			616,833
Depreciation of rental equipment		28,071			47,374			16,442		—				91,887
Gross profit		176,040			61,394			33,699			9,888			281,021
Selling and administrative expenses		92,603			25,152			25,542			5,303			148,600
Income from operations		83,436			36,243			8,157			4,585			132,421
Interest expense (income) allocation		6,433			2,270			2,211			(459	)		10,455
Income before provision for income taxes		77,003			33,763			5,946			5,044			121,756
Adjusted EBITDA 3		130,089			85,723			27,961			4,844			248,617
Rental equipment acquisitions		188,392			61,097			191		—				249,680
Accounts receivable, net (period end)		112,295			22,115			16,378			8,711			159,499
Rental equipment, at cost (period end)		1,040,094			361,391			309,908		—				1,711,393
Rental equipment, net book value (period end)		751,537			161,900			151,787		—				1,065,224
Utilization (period end) 2		76.4	%		62.9	%		47.6	%
Average utilization 2		76.2	%		67.0	%		45.4	%

2020
Rental revenues	$	188,719		$	109,083		$	53,988		$	—		$	351,790
Rental related services revenues		67,527			3,080			21,786		—				92,393
Sales and other revenues		65,278			28,648			1,708			32,737			128,371
Total revenues		321,524			140,811			77,482			32,737			572,554
Depreciation of rental equipment		22,967			46,472			16,427		—				85,866
Gross profit		155,874			60,864			34,079			12,929			263,746
Selling and administrative expenses		68,470			24,306			24,764			5,453			122,993
Income from operations		87,404			36,558			9,315			7,476			140,753
Interest expense (income) allocation		5,104			2,133			2,107			(557	)		8,787
Income before benefit for income taxes		82,300			34,503			7,208			8,033			132,044
Adjusted EBITDA 3		119,202			85,082			29,010			7,729			241,023
Rental equipment acquisitions		39,078			42,588			2,541		—				84,207
Accounts receivable, net (period end)		81,640			22,735			13,655			5,286			123,316
Rental equipment, at cost (period end)		882,115			333,020			315,706		—				1,530,841
Rental equipment, net book value (period end)		611,590			156,536			169,990		—				938,116
Utilization (period end) 2		76.0	%		67.4	%		39.8	%
Average utilization 2		77.2	%		66.2	%		44.6	%

Gross Enviroplex sales revenues were $24,162, $32,095 and $34,014 in 2022, 2021 and 2020, respectively. There were $992 and $1,014 inter-segment sales to Mobile Modular in 2022 and 2021, which have been eliminated in consolidation. There were no inter-segment sales in 2019.

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.

During the year ended December 31, 2022, the calculation for Adjusted EBITDA was adjusted to include one-time transaction costs attributed to acquisition, divestiture and integration related activities. For comparability, the transaction costs incurred during 2021 were included in the Adjusted EBITDA calculation for the year ended December 31, 2021. During the years ended December 31, 2022 and 2021, there were $4.3 million and $2.0 million of transaction costs, respectively, included in the Adjusted EBITDA calculation. There were no transaction costs included in the calculation for the year ended December 31, 2020. Additional information on Adjusted EBITDA can be found on page 46.