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Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the years ended December 31, 2017, 2016 and 2015, for the Company’s reportable segments is shown in the following tables:

 

Segment Data

(dollar amounts in thousands)

 

Mobile

Modular

 

 

TRS-

RenTelco

 

 

Adler

Tanks

 

 

Enviroplex 1

 

 

Consolidated

 

Year Ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

142,584

 

 

$

82,812

 

 

$

64,021

 

 

$

 

 

$

289,417

 

Rental related services revenues

 

 

50,448

 

 

 

2,858

 

 

 

24,762

 

 

 

 

 

78,068

 

Sales and other revenues

 

 

38,234

 

 

 

22,374

 

 

 

2,572

 

 

 

31,369

 

 

 

94,549

 

Total revenues

 

 

231,266

 

 

 

108,044

 

 

 

91,355

 

 

 

31,369

 

 

 

462,034

 

Depreciation of rental equipment

 

 

21,247

 

 

 

32,891

 

 

 

15,770

 

 

 

 

 

69,908

 

Gross profit

 

 

103,935

 

 

 

50,289

 

 

 

43,218

 

 

 

8,903

 

 

 

206,345

 

Selling and administrative expenses

 

 

55,583

 

 

 

22,171

 

 

 

29,542

 

 

 

4,309

 

 

 

111,605

 

Income from operations

 

 

48,352

 

 

 

28,118

 

 

 

13,676

 

 

 

4,594

 

 

 

94,740

 

Interest expense (income) allocation

 

 

(6,671

)

 

 

(2,320

)

 

 

(3,071

)

 

 

440

 

 

 

(11,622

)

Income before (benefit) provision for income taxes

 

 

41,681

 

 

 

26,132

 

 

 

10,605

 

 

 

5,034

 

 

 

83,452

 

Rental equipment acquisitions

 

 

34,526

 

 

 

58,781

 

 

 

4,800

 

 

 

 

 

98,107

 

Accounts receivable, net (period end)

 

 

59,274

 

 

 

19,581

 

 

 

18,663

 

 

 

8,354

 

 

 

105,872

 

Rental equipment, at cost (period end)

 

 

775,400

 

 

 

262,325

 

 

 

309,808

 

 

 

 

 

1,347,533

 

Rental equipment, net book value (period end)

 

 

543,857

 

 

 

109,482

 

 

 

208,981

 

 

 

 

 

862,320

 

Utilization (period end) 2

 

 

77.8

%

 

 

61.7

%

 

 

57.5

%

 

 

 

 

 

 

 

 

Average utilization 2

 

 

76.8

%

 

 

62.9

%

 

 

56.0

%

 

 

 

 

 

 

 

 

 

Segment Data (Continued)

(dollar amounts in thousands)

 

Mobile

Modular

 

 

TRS-

RenTelco

 

 

Adler

Tanks

 

 

Enviroplex 1

 

 

Consolidated

 

Year Ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

130,496

 

 

$

82,307

 

 

$

58,585

 

 

$

 

 

$

271,388

 

Rental related services revenues

 

 

49,206

 

 

 

2,846

 

 

 

23,807

 

 

 

 

 

75,859

 

Sales and other revenues

 

 

29,810

 

 

 

23,464

 

 

 

1,438

 

 

 

22,121

 

 

 

76,833

 

Total revenues

 

 

209,512

 

 

 

108,617

 

 

 

83,830

 

 

 

22,121

 

 

 

424,080

 

Depreciation of rental equipment

 

 

21,001

 

 

 

35,256

 

 

 

15,940

 

 

 

 

 

72,197

 

Gross profit

 

 

93,816

 

 

 

45,797

 

 

 

37,409

 

 

 

7,145

 

 

 

184,167

 

Selling and administrative expenses

 

 

51,432

 

 

 

21,896

 

 

 

27,610

 

 

 

3,970

 

 

 

104,908

 

Income from operations

 

 

42,384

 

 

 

23,901

 

 

 

9,799

 

 

 

3,175

 

 

 

79,259

 

Interest expense (income) allocation

 

 

(6,804

)

 

 

(2,465

)

 

 

(3,200

)

 

 

262

 

 

 

(12,207

)

Income before provision for income taxes

 

 

35,580

 

 

 

21,315

 

 

 

6,599

 

 

 

3,437

 

 

 

66,931

 

Rental equipment acquisitions

 

 

43,099

 

 

 

30,505

 

 

 

1,030

 

 

 

 

 

74,634

 

Accounts receivable, net (period end)

 

 

55,916

 

 

 

19,506

 

 

 

16,150

 

 

 

5,305

 

 

 

96,877

 

Rental equipment, at cost (period end)

 

 

744,099

 

 

 

245,700

 

 

 

306,701

 

 

 

 

 

1,324,057

 

Rental equipment, net book value (period end)

 

 

544,421

 

 

 

90,172

 

 

 

221,778

 

 

 

 

 

856,371

 

Utilization (period end) 2

 

 

77.3

%

 

 

61.0

%

 

 

50.7

%

 

 

 

 

 

 

 

 

Average utilization 2

 

 

76.6

%

 

 

60.6

%

 

 

50.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

115,986

 

 

$

89,208

 

 

$

68,502

 

 

$

 

 

$

273,696

 

Rental related services revenues

 

 

45,616

 

 

 

3,055

 

 

 

24,643

 

 

 

 

 

73,314

 

Sales and other revenues

 

 

22,682

 

 

 

22,754

 

 

 

1,486

 

 

 

10,612

 

 

 

57,534

 

Total revenues

 

 

184,284

 

 

 

115,017

 

 

 

94,631

 

 

 

10,612

 

 

 

404,544

 

Depreciation of rental equipment

 

 

19,246

 

 

 

39,974

 

 

 

15,993

 

 

 

 

 

75,213

 

Gross profit

 

 

78,771

 

 

 

47,836

 

 

 

47,397

 

 

 

2,903

 

 

 

176,907

 

Selling and administrative expenses

 

 

46,496

 

 

 

22,930

 

 

 

27,494

 

 

 

3,030

 

 

 

99,950

 

Income from operations

 

 

32,275

 

 

 

24,906

 

 

 

19,903

 

 

 

(127

)

 

 

76,957

 

Interest expense (income) allocation

 

 

(5,363

)

 

 

(2,194

)

 

 

(2,729

)

 

 

194

 

 

 

(10,092

)

Income before provision for income taxes

 

 

26,912

 

 

 

22,224

 

 

 

17,174

 

 

 

67

 

 

 

66,377

 

Rental equipment acquisitions

 

 

79,622

 

 

 

44,316

 

 

 

9,440

 

 

 

 

 

133,378

 

Accounts receivable, net (period end)

 

 

53,550

 

 

 

21,784

 

 

 

17,955

 

 

 

1,728

 

 

 

95,017

 

Rental equipment, at cost (period end)

 

 

736,875

 

 

 

262,945

 

 

 

310,263

 

 

 

 

 

1,310,083

 

Rental equipment, net book value (period end)

 

 

529,483

 

 

 

102,191

 

 

 

237,927

 

 

 

 

 

869,601

 

Utilization (period end) 2

 

 

76.9

%

 

 

58.7

%

 

 

49.7

%

 

 

 

 

 

 

 

 

Average utilization 2

 

 

75.8

%

 

 

60.5

%

 

 

58.3

%

 

 

 

 

 

 

 

 

 

1

Gross Enviroplex sales revenues were $31,369, $22,206 and $11,530 in 2017, 2016 and 2015, respectively, which includes inter-segment sales to Mobile Modular of $0, $85 and $918, which have been eliminated in consolidation.

 

2

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.