XML 47 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables set forth certain information regarding each of the Company’s reportable segments for the three months ended March 31, 2018 and 2017, respectively:
 
Three Months Ended March 31, 2018
(in thousands)
Modular - US
 
Modular - Other North America
 
Total
Revenues:
 
 
 
 
 
Leasing and services revenue:
 
 
 
 
 
Modular leasing
$
87,948

 
$
9,314

 
$
97,262

Modular delivery and installation
23,970

 
2,280

 
26,250

Sales:
 
 
 
 
 
New units
6,815

 
613

 
7,428

Rental units
3,354

 
457

 
3,811

Total Revenues
$
122,087

 
$
12,664

 
$
134,751

 
 
 
 
 
 
Costs:
 
 
 
 
 
Cost of leasing and services:
 
 
 
 
 
Modular leasing
$
25,057

 
$
2,105

 
$
27,162

Modular delivery and installation
22,940

 
2,581

 
25,521

Cost of sales:
 
 
 
 
—

New units
4,566

 
421

 
4,987

Rental units
2,029

 
286

 
2,315

Depreciation of rental equipment
20,687

 
3,158

 
23,845

Gross profit
$
46,808

 
$
4,113

 
$
50,921

Adjusted EBITDA
$
32,612

 
$
2,880

 
$
35,492

Other selected data:
 
 
 
 
 
Selling, general and administrative expense
$
40,821

 
$
4,393

 
$
45,214

Other depreciation and amortization
$
2,205

 
$
231

 
$
2,436

Capital expenditures for rental fleet
$
30,524

 
$
1,560

 
$
32,084

 
Three Months Ended March 31, 2017
(in thousands)
Modular - US
 
Modular - Other North America
 
Corporate & Other
 
Total
Revenues:
 
 
 
 
 
 
 
Leasing and services revenue:
 
 
 
 
 
 
 
Modular leasing
$
61,178

 
$
7,962

 
$
(153
)
 
$
68,987

Modular delivery and installation
17,354

 
1,650

 
—

 
19,004

Sales:
 
 
 
 
 
 
 
New units
4,006

 
1,480

 
—

 
5,486

Rental units
4,877

 
967

 
—

 
5,844

Total Revenues
$
87,415

 
$
12,059

 
$
(153
)
 
$
99,321

 
 
 
 
 
 
 
 
Costs:
 
 
 
 
 
 
 
Cost of leasing and services:
 
 
 
 
 
 
 
Modular leasing
$
17,375

 
$
1,727

 
$
—

 
$
19,102

Modular delivery and installation
16,674

 
1,459

 
—

 
18,133

Cost of sales:
 
 
 
 
 
 

New units
2,613

 
1,117

 
(10
)
 
3,720

Rental units
3,113

 
595

 
—

 
3,708

Depreciation of rental equipment
13,825

 
2,895

 
—

 
16,720

Gross profit (loss)
$
33,815

 
$
4,266

 
$
(143
)
 
$
37,938

Adjusted EBITDA
$
23,683

 
$
3,119

 
$
(4,856
)
 
$
21,946

Other selected data:
 
 
 
 
 
 
 
Selling, general and administrative expense
$
23,946

 
$
4,054

 
$
4,761

 
$
32,761

Other depreciation and amortization
$
1,338

 
$
247

 
$
356

 
$
1,941

Capital expenditures for rental fleet
$
22,049

 
$
628

 
$
—

 
$
22,677
Reconciliation of Assets from Segment to Consolidated
The following tables present a reconciliation of the Company’s loss from continuing operations before income tax to Adjusted EBITDA by segment for the three months ended March 31, 2018 and 2017, respectively:
 
Three Months Ended March 31, 2018
(in thousands)
Modular - US
 
Modular - Other North America
 
Total
Loss from continuing operations before income taxes
$
(5,308
)
 
$
(1,947
)
 
$
(7,255
)
Interest expense, net
11,160

 
559

 
11,719

Depreciation and amortization
22,892

 
3,389

 
26,281

Currency losses, net
157

 
867

 
1,024

Restructuring costs
618

 
10

 
628

Integration costs
2,630

 
—

 
2,630

Stock compensation expense
121

 
—

 
121

Other expense
342

 
2

 
344

Adjusted EBITDA
$
32,612

 
$
2,880

 
$
35,492

 
Three Months Ended March 31, 2017
(in thousands)
Modular - US
 
Modular - Other North America
 
Corporate & Other
 
Total
Loss from continuing operations before income taxes
$
(5,530
)
 
$
(1,016
)
 
$
(10,707
)
 
$
(17,253
)
Interest expense, net
15,559

 
1,178

 
5,340

 
22,077

Depreciation and amortization
15,163

 
3,142

 
356

 
18,661

Currency gains, net
(1,599
)
 
(187
)
 
(216
)
 
(2,002
)
Restructuring costs
—

 
—

 
284

 
284

Other expense
90

 
2

 
87

 
179

Adjusted EBITDA
$
23,683

 
$
3,119

 
$
(4,856
)
 
$
21,946