Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the nine months ended September 30, 2020 and 2019 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
Nine Months Ended September 30,
2020
Rental revenues	$	141,172		$	81,167		$	40,934		$ —		$	263,273
Rental related services revenues		51,291			2,296			16,439		—			70,026
Sales and other revenues		52,910			19,535			1,214			16,616		90,275
Total revenues		245,373			102,998			58,587			16,616		423,574
Depreciation of rental equipment		17,177			35,129			12,334		—			64,640
Gross profit		116,928			43,921			26,116			6,128		193,093
Selling and administrative expenses		52,014			18,198			18,998			4,155		93,365
Income from operations		64,914			25,723			7,118			1,973		99,728
Interest (expense) income allocation		(3,982	)		(1,606	)		(1,651	)		435		(6,804	)
Income before provision for income taxes		60,932			23,928			5,467			2,408		92,735
Rental equipment acquisitions		31,667			31,643			1,680		—			64,990
Accounts receivable, net (period end)		85,033			23,758			14,567			6,075		129,433
Rental equipment, at cost (period end)		885,314			335,520			316,110		—			1,536,944
Rental equipment, net book value (period end)		613,357			161,120			173,648		—			948,125
Utilization (period end) ²		76.5	%		68.4	%		45.5	%
Average utilization ²		77.5	%		65.6	%		45.5	%
2019
Rental revenues	$	133,736		$	76,050		$	51,872		$ —		$	261,658
Rental related services revenues		52,946			2,425			21,367		—			76,738
Sales and other revenues		32,434			18,601			1,340			32,238		84,613
Total revenues		219,116			97,076			74,579			32,238		423,009
Depreciation of rental equipment		16,449			30,533			12,240		—			59,222
Gross profit		102,029			44,673			36,380			12,086		195,168
Selling and administrative expenses		48,013			18,101			22,054			3,876		92,044
Income from operations		54,016			26,572			14,326			8,210		103,124
Interest (expense) income allocation		(5,948	)		(1,662	)		(2,598	)		801		(9,407	)
Income before provision for income taxes		48,068			24,864			11,728			9,011		93,671
Rental equipment acquisitions		62,084			66,525			3,884		—			132,493
Accounts receivable, net (period end)		88,893			22,515			19,382			7,324		138,114
Rental equipment, at cost (period end)		865,254			321,677			315,838		—			1,502,769
Rental equipment, net book value (period end)		607,949			162,196			188,465		—			958,610
Utilization (period end) 2		79.5	%		67.1	%		51.0	%
Average utilization 2		79.1	%		66.0	%		56.2	%

Gross Enviroplex sales revenues were $17,893 and $32,237 for the nine months ended September 30, 2020 and 2019, respectively. There were $1,277 inter-segment sales to Mobile Modular in the nine months ended September 30, 2020, which required elimination in consolidation. There were no inter-segment sales in the nine months ended September 30, 2019.

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.