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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the three months ended March 31, 2023 and 2022 for the Company’s reportable segments and discontinued operations are shown in the following table:


(dollar amounts in thousands)	Mobile Modular			TRS- RenTelco			Enviroplex1			Adler Tanks (Discontinued)3			Consolidated
Three Months Ended March 31,
2023
Rental revenues	$	81,113		$	29,134		$ —			$	6,520		$	116,767
Rental related services revenues		26,252			880			—			2,584			29,716
Sales and other revenues		19,292			6,106			941			334			26,673
Total revenues		126,657			36,120			941			9,438			173,156
Depreciation of rental equipment		9,444			12,389			—			1,325			23,158
Gross profit		61,622			15,620			125			4,665			82,032
Selling and administrative expenses		46,514			9,451			1,533			2,582			60,080
Income (loss) from operations		15,108			6,169			(1,408	)		2,083			21,952
Interest (expense) income allocation		(6,271	)		(1,742	)		549			(374	)		(7,838	)
Income (loss) before provision for income taxes		8,837			4,653			(859	)		1,709			14,340
Adjusted EBITDA		42,445			20,635			(1,330	)		3,682			65,432
Rental equipment acquisitions		60,117			10,112			—			—			70,229
Accounts receivable, net (period end)		148,880			24,493			3,633			—			177,006
Rental equipment, at cost (period end)		1,412,084			401,801		—				—			1,813,885
Rental equipment, net book value (period end)		1,096,164			171,104		—				—			1,267,268
Utilization (period end) 2		78.9	%		59.0	%
Average utilization 2		79.6	%		59.2	%
2022
Rental revenues	$	61,538		$	28,512		$ —			$	14,191		$	104,241
Rental related services revenues		18,361			671			—			5,285			24,317
Sales and other revenues		10,746			4,308			917			844			16,815
Total revenues		90,645			33,491			917			20,320			145,373
Depreciation of rental equipment		7,833			12,029			—			4,012			23,874
Gross profit		43,141			14,690			204			8,454			66,489
Selling and administrative expenses		24,692			6,590			1,323			6,522			39,127
Income (loss) from operations		18,449			8,100			(1,119	)		1,932			27,362
Interest (expense) income allocation		(1,821	)		(586	)		131			(544	)		(2,820	)
Income (loss) before provision for income taxes		16,628			7,527			(988	)		1,388			24,555
Adjusted EBITDA		30,405			20,653			(1,046	)		6,707			56,719
Rental equipment acquisitions		23,088			23,351			—			109			46,548
Accounts receivable, net (period end)		106,682			25,124			4,970			14,788			151,564
Rental equipment, at cost (period end)		1,059,030			378,766		—				308,790			1,746,586
Rental equipment, net book value (period end)		763,710			171,863		—				147,382			1,082,955
Utilization (period end) 2		77.6	%		64.7	%					50.4	%
Average utilization 2		77.1	%		64.6	%					48.3	%

Gross Enviroplex sales revenues were $941 and $917 for the three months ended March 31, 2023 and 2022, respectively. There were no inter-segment sales to Mobile Modular in the three months ended March 31, 2023 and 2022, 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.

The financial results of Adler Tanks included in this table are through the date of the business divestiture, which occurred on February 1, 2023.