Summarized Financial Information for Company's Reportable Segments |
Summarized financial information for the three months ended March 31, 2018 and 2017 for the Company’s reportable segments is shown in the following table:
(dollar amounts in thousands) |
|
Mobile
Modular |
|
|
TRS-
RenTelco |
|
|
Adler
Tanks |
|
|
Enviroplex 1 |
|
|
Consolidated |
|
Three Months Ended March 31, |
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2018 |
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|
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|
Rental revenues |
|
$ |
37,027 |
|
|
$ |
21,529 |
|
|
$ |
15,705 |
|
|
$ — |
|
|
$ |
74,261 |
|
Rental related services revenues |
|
|
11,934 |
|
|
|
807 |
|
|
|
5,090 |
|
|
|
— |
|
|
|
17,831 |
|
Sales and other revenues |
|
|
4,890 |
|
|
|
5,702 |
|
|
|
383 |
|
|
|
2,018 |
|
|
|
12,993 |
|
Total revenues |
|
|
53,851 |
|
|
|
28,038 |
|
|
|
21,178 |
|
|
|
2,018 |
|
|
|
105,085 |
|
Depreciation of rental equipment |
|
|
5,248 |
|
|
|
8,577 |
|
|
|
3,952 |
|
|
|
— |
|
|
|
17,777 |
|
Gross profit |
|
|
26,321 |
|
|
|
12,848 |
|
|
|
10,396 |
|
|
|
605 |
|
|
|
50,170 |
|
Selling and administrative expenses |
|
|
14,012 |
|
|
|
5,618 |
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|
|
7,198 |
|
|
|
1,300 |
|
|
|
28,128 |
|
Income (loss) from operations |
|
|
12,309 |
|
|
|
7,230 |
|
|
|
3,198 |
|
|
|
(695 |
) |
|
|
22,042 |
|
Interest (expense) income allocation |
|
|
(1,676 |
) |
|
|
(683 |
) |
|
|
(775 |
) |
|
|
142 |
|
|
|
(2,992 |
) |
Income (loss) before provision for income taxes |
|
|
10,633 |
|
|
|
6,515 |
|
|
|
2,423 |
|
|
|
(553 |
) |
|
|
19,018 |
|
Rental equipment acquisitions |
|
|
8,233 |
|
|
|
15,532 |
|
|
|
927 |
|
|
|
— |
|
|
|
24,692 |
|
Accounts receivable, net (period end) |
|
|
55,883 |
|
|
|
19,902 |
|
|
|
16,490 |
|
|
|
5,817 |
|
|
|
98,092 |
|
Rental equipment, at cost (period end) |
|
|
779,839 |
|
|
|
269,043 |
|
|
|
310,478 |
|
|
— |
|
|
|
1,359,360 |
|
Rental equipment, net book value (period end) |
|
|
544,707 |
|
|
|
114,799 |
|
|
|
205,832 |
|
|
— |
|
|
|
865,338 |
|
Utilization (period end) 2 |
|
|
76.9 |
% |
|
|
63.5 |
% |
|
|
57.5 |
% |
|
|
|
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|
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|
Average utilization 2 |
|
|
77.3 |
% |
|
|
62.7 |
% |
|
|
57.6 |
% |
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|
2017 |
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|
|
|
|
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|
Rental revenues |
|
$ |
33,654 |
|
|
$ |
19,746 |
|
|
$ |
14,578 |
|
|
$ — |
|
|
$ |
67,978 |
|
Rental related services revenues |
|
|
11,588 |
|
|
|
658 |
|
|
|
5,689 |
|
|
— |
|
|
|
17,935 |
|
Sales and other revenues |
|
|
3,061 |
|
|
|
4,910 |
|
|
|
194 |
|
|
|
759 |
|
|
|
8,924 |
|
Total revenues |
|
|
48,303 |
|
|
|
25,314 |
|
|
|
20,461 |
|
|
|
759 |
|
|
|
94,837 |
|
Depreciation of rental equipment |
|
|
5,333 |
|
|
|
8,091 |
|
|
|
3,955 |
|
|
|
— |
|
|
|
17,379 |
|
Gross profit |
|
|
22,444 |
|
|
|
11,393 |
|
|
|
9,555 |
|
|
|
278 |
|
|
|
43,670 |
|
Selling and administrative expenses |
|
|
13,800 |
|
|
|
5,689 |
|
|
|
7,267 |
|
|
|
1,092 |
|
|
|
27,848 |
|
Income (loss) from operations |
|
|
8,644 |
|
|
|
5,704 |
|
|
|
2,288 |
|
|
|
(814 |
) |
|
|
15,822 |
|
Interest (expense) income allocation |
|
|
(1,591 |
) |
|
|
(546 |
) |
|
|
(738 |
) |
|
|
86 |
|
|
|
(2,789 |
) |
Income (loss) before provision for income taxes |
|
|
7,053 |
|
|
|
5,384 |
|
|
|
1,550 |
|
|
|
(728 |
) |
|
|
13,259 |
|
Rental equipment acquisitions |
|
|
7,782 |
|
|
|
12,021 |
|
|
|
749 |
|
|
— |
|
|
|
20,552 |
|
Accounts receivable, net (period end) |
|
|
53,779 |
|
|
|
18,603 |
|
|
|
15,814 |
|
|
|
4,356 |
|
|
|
92,552 |
|
Rental equipment, at cost (period end) |
|
|
773,597 |
|
|
|
248,291 |
|
|
|
309,131 |
|
|
— |
|
|
|
1,331,019 |
|
Rental equipment, net book value (period end) |
|
|
545,953 |
|
|
|
92,561 |
|
|
|
218,467 |
|
|
— |
|
|
|
856,981 |
|
Utilization (period end) 2 |
|
|
76.5 |
% |
|
|
62.1 |
% |
|
|
53.4 |
% |
|
|
|
|
|
|
|
|
Average utilization 2 |
|
|
76.8 |
% |
|
|
62.2 |
% |
|
|
52.3 |
% |
|
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1. |
Gross Enviroplex sales revenues were $2,813 and $759 for the three months ended March 31, 2018 and 2017, respectively. There were $795 inter-segment sales to Mobile Modular in the three months ended March 31, 2018 requiring elimination in consolidation. There were no inter-segment sales in the three months ended March 31, 2017. |
2. |
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 for Mobile Modular and Adler Tanks excluding new equipment inventory. The Average Utilization for the period is calculated using the average costs of rental equipment. |
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