Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2018

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,
2018
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			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	%
Average utilization ²		77.3	%		62.7	%		57.6	%
2017
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	%

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.

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.