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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the six months ended June 30, 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			Enviroplex 1			Adler Tanks (Discontinued)3			Consolidated
Six Months Ended June 30,
2023
Rental revenues	$	170,370		$	57,717		$	—		$	6,520		$	234,607
Rental related services revenues		59,442			1,547		—				2,584			63,573
Sales and other revenues		61,107			14,701			1,864			334			78,006
Total revenues		290,919			73,965			1,864			9,438			376,186
Depreciation of rental equipment		19,729			24,701		—				1,325			45,755
Gross profit		140,226			31,503			248			4,665			176,642
Selling and administrative expenses		84,810			16,577			3,137			2,583			107,106
Income (loss) from operations		55,416			14,926			(2,889	)		2,082			69,536
Interest (expense) income allocation		(14,718	)		(3,801	)		1,110			(374	)		(17,783	)
Income (loss) before provision for income taxes		40,698			11,333			(1,779	)		1,709			51,961
Adjusted EBITDA		99,269			42,173			(2,724	)		3,682			142,400
Rental equipment acquisitions		105,575			16,906		—				—			122,481
Accounts receivable, net (period end)		161,927			26,138			3,611			—			191,676
Rental equipment, at cost (period end)		1,457,984			390,832		—				—			1,848,816
Rental equipment, net book value (period end)		1,132,778			162,872		—				—			1,295,650
Utilization (period end) 2		78.8	%		58.3	%
Average utilization 2		79.4	%		58.7	%
2022
Rental revenues	$	126,487		$	58,230		$	—		$	30,148		$	214,865
Rental related services revenues		39,594			1,484		—				12,058			53,136
Sales and other revenues		35,941			11,118			5,567			1,777			54,403
Total revenues		202,022			70,832			5,567			43,983			322,404
Depreciation of rental equipment		15,582			24,362		—				7,994			47,938
Gross profit		92,820			30,826			1,345			19,335			144,326
Selling and administrative expenses		50,447			13,204			2,763			13,501			79,915
Income (loss) from operations		42,373			17,622			(1,418	)		5,834			64,411
Interest (expense) income allocation		(3,821	)		(1,232	)		351			(1,119	)		(5,821	)
Income (loss) before provision for income taxes		38,552			16,222			(1,067	)		4,715			58,422
Adjusted EBITDA		66,178			42,781			(1,276	)		15,327			123,010
Rental equipment acquisitions		51,575			42,791		—				1,610			95,976
Accounts receivable, net (period end)		118,865			24,796			6,420			17,248			167,329
Rental equipment, at cost (period end)		1,075,898			389,383		—				309,010			1,774,291
Rental equipment, net book value (period end)		776,003			177,038		—				144,484			1,097,525
Utilization (period end) 2		78.6	%		65.3	%
Average utilization 2		77.6	%		64.6	%

Gross Enviroplex sales revenues were $1,871 and $6,423 for the six months ended June 30, 2023 and 2022, respectively. There were $7 inter-segment sales to Mobile Modular in the six months ended June 30, 2023 and $856 inter-segment sales during the same period in 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.