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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the three months ended March 31, 2024 and 2023 for the Company’s reportable segments are shown in the following table:


(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex1			Consolidated
Three Months Ended March 31,
2024
Rental revenues	$	76,496		$	18,407		$	25,429		$ —			$	120,332
Rental related services revenues		24,133			4,723			724			—			29,580
Sales and other revenues		26,956			1,630			7,610			1,719			37,915
Total revenues		127,585			24,760			33,763			1,719			187,827
Depreciation of rental equipment		9,874			965			11,527			—			22,366
Gross profit		61,845			17,103			13,875			445			93,268
Selling and administrative expenses		40,087			9,010			8,918			1,803			59,818
Other income		(6,220	)		(1,319	)		(1,742	)		—			(9,281	)
Income (loss) from operations		27,978			9,412			6,699			(1,358	)		42,731
Interest (expense) income allocation		(9,799	)		(1,420	)		(2,062	)		577			(12,704	)
Income (loss) before provision for income taxes		18,179			7,992			4,505			(781	)		29,895
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	%
2023
Rental revenues	$	64,056		$	17,057		$	29,134		$ —			$	110,247
Rental related services revenues		21,534			4,718			880			—			27,132
Sales and other revenues		18,337			955			6,106			941			26,339
Total revenues		103,927			22,730			36,120			941			163,718
Depreciation of rental equipment		8,657			787			12,389			—			21,833
Gross profit		46,171			15,451			15,620			125			77,367
Selling and administrative expenses		38,456			8,058			9,451			1,533			57,498
Other income		—			—			—			—			—
Income (loss) from operations		7,715			7,393			6,169			(1,408	)		19,869
Interest (expense) income allocation		(5,387	)		(884	)		(1,742	)		549			(7,464	)
Income (loss) before provision for income taxes		2,328			6,509			4,653			(859	)		12,631
Rental equipment acquisitions		54,448			7,651			10,112			—			72,211
Accounts receivable, net (period end)		135,104			13,776			24,493			3,633			177,006
Rental equipment, at cost (period end)		1,200,869			211,215			401,801		—				1,813,885
Rental equipment, net book value (period end)		901,090			195,074			171,104		—				1,267,268
Utilization (period end) 2		79.5	%		79.8	%		59.0	%
Average utilization 2		79.4	%		80.8	%		59.2	%

Gross Enviroplex sales revenues were $1,719 and $941 for the three months ended March 31, 2024 and 2023, respectively. There were no inter-segment sales to Mobile Modular in the three months ended March 31, 2024 and 2023, 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.