Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the six months ended June 30, 2021 and 2020 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
Six Months Ended June 30,
2021
Rental revenues	$	99,895		$	55,136		$	25,637		$	—	$	180,668
Rental related services revenues		30,258			1,450			10,649		—			42,357
Sales and other revenues		23,067			10,800			1,382			9,356		44,605
Total revenues		153,220			67,386			37,668			9,356		267,630
Depreciation of rental equipment		12,893			23,278			8,243		—			44,414
Gross profit		75,693			29,365			15,019			2,871		122,948
Selling and administrative expenses		41,839			12,371			12,520			2,668		69,398
Income from operations		33,854			16,994			2,499			203		53,550
Interest (expense) income allocation		(2,426	)		(920	)		(922	)		228		(4,040	)
Income before provision for income taxes		31,428			16,017			1,577			431		49,453
Rental equipment acquisitions		148,252			42,421			74		—			190,747
Accounts receivable, net (period end)		96,976			22,678			13,545			7,710		140,909
Rental equipment, at cost (period end)		1,019,697			360,720			313,677		—			1,694,094
Rental equipment, net book value (period end)		739,916			172,035			161,104		—			1,073,055
Utilization (period end) ²		76.3	%		66.9	%		45.8	%
Average utilization ²		75.7	%		67.7	%		42.1	%
2020
Rental revenues	$	94,038		$	53,548		$	27,549		$	—	$	175,135
Rental related services revenues		32,607			1,496			10,883		—			44,986
Sales and other revenues		23,315			12,098			890			10,702		47,005
Total revenues		149,960			67,142			39,322			10,702		267,126
Depreciation of rental equipment		11,406			23,582			8,233		—			43,221
Gross profit		74,301			28,958			17,576			4,053		124,888
Selling and administrative expenses		34,275			12,236			13,177			2,806		62,494
Income from operations		40,026			16,722			4,399			1,247		62,394
Interest (expense) income allocation		(2,826	)		(1,147	)		(1,179	)		316		(4,836	)
Income before provision for income taxes		37,200			15,256			3,220			1,563		57,239
Rental equipment acquisitions		33,650			22,661			1,410		—			57,721
Accounts receivable, net (period end)		82,110			22,211			13,976			7,643		125,940
Rental equipment, at cost (period end)		892,339			337,987			316,497		—			1,546,823
Rental equipment, net book value (period end)		624,971			166,996			177,714		—			969,681
Utilization (period end) 2		76.8	%		65.7	%		43.1	%
Average utilization 2		78.2	%		64.7	%		45.9	%

1.	Gross Enviroplex sales revenues were 10,211 and $11,979 for the six months ended June 30, 2021 and 2020, respectively. There were $855 and $1,277 inter-segment sales to Mobile Modular in the six months ended June 30, 2021 and 2020, respectively, 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 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.