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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

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 years ended December 31, 2023, 2022, and 2021, respectively.

			Year Ended December 31, 2023
(in thousands)			Modular						Storage						Unallocated Costs						Total
Revenues:
Leasing and services revenue:
Leasing			$	1,137,685					$	696,250											$	1,833,935
Delivery and installation			283,433						153,746												437,179
Sales revenue:
New units			41,777						6,352												48,129
Rental units			32,771						12,753												45,524
Total revenues			1,495,666						869,101												2,364,767
Costs:
Cost of leasing and services:
Leasing			311,501						86,966												398,467
Delivery and installation			224,671						92,446												317,117
Cost of sales:
New units			23,599						2,840												26,439
Rental units			15,800						7,341												23,141
Depreciation of rental equipment			219,869						45,864												265,733
Gross profit			$	700,226					$	633,644											$	1,333,870
Other selected data:
Adjusted EBITDA from continuing operations			$	598,354					$	463,111											$	1,061,465
Selling, general and administrative expense			$	329,068					$	217,604					$	49,418					$	596,090
Purchases of rental equipment and refurbishments			$	184,993					$	41,612											$	226,605

			Year Ended December 31, 2022
(in thousands)			Modular						Storage						Unallocated Costs						Total
Revenues:
Leasing and services revenue:
Leasing			$	992,316					$	629,374											$	1,621,690
Delivery and installation			272,749						156,403												429,152
Sales revenue:
New units			33,985						6,353												40,338
Rental units			42,983						8,460												51,443
Total Revenues			1,342,033						800,590												2,142,623
Costs:
Cost of leasing and services:
Leasing			273,233						103,635												376,868
Delivery and installation			221,784						100,852												322,636
Cost of sales:
New units			20,475						3,536												24,011
Rental units			21,271						5,636												26,907
Depreciation of rental equipment			221,433						35,286												256,719
Gross profit			$	583,837					$	551,645											$	1,135,482
Other selected data:
Adjusted EBITDA from continuing operations			$	508,343					$	375,531					$	—					$	883,874
Selling, general and administrative expense			$	304,937					$	215,732					$	46,738					$	567,407
Purchases of rental equipment and refurbishments			$	279,079					$	118,297					$	—					$	397,376

			Year Ended December 31, 2021
(in thousands)			Modular						Storage						Unallocated Costs						Total
Revenues:
Leasing and services revenue:
Leasing			$	827,677					$	424,813											$	1,252,490
Delivery and installation			213,818						107,311												321,129
Sales revenue:
New units			40,322						6,671												46,993
Rental units			38,666						13,702												52,368
Total revenues			1,120,483						552,497												1,672,980
Costs:
Cost of leasing and services:
Leasing			219,462						63,114												282,576
Delivery and installation			191,011						76,522												267,533
Cost of sales:
New units			27,386						3,962												31,348
Rental units			20,163						7,867												28,030
Depreciation of rental equipment			190,805						27,985												218,790
Gross profit			$	471,656					$	373,047											$	844,703
Other selected data:
Adjusted EBITDA from continuing operations			$	404,577					$	245,027					$	—					$	649,604
Selling, general and administrative expense			$	256,168					$	160,300					$	63,939					$	480,407
Purchase of rental equipment and refurbishments			$	187,495					$	45,426					$	—					$	232,921

The following tables present a reconciliation of the Company’s Income from continuing operations to Adjusted EBITDA for the years ended December 31, 2023, 2022, and 2021, respectively:

			Year Ended December 31,
(in thousands)			2023						2022						2021
Income from continuing operations			$	341,844					$	276,341					$	114,895
Income tax expense from continuing operations			126,575						88,863						36,528
Loss on extinguishment of debt			—						—						5,999
Fair value loss on common stock warrant liabilities			—						—						26,597
Interest expense			205,040						146,278						116,358
Depreciation and amortization			338,654						319,099						280,567
Currency losses, net			6,754						886						427
Restructuring costs, lease impairment expense and other related charges			22						168						14,754
Transaction costs			2,259						25						1,375
Integration costs			10,366						15,484						28,410
Stock compensation expense			34,486						29,613						18,728
Other			(4,535)						7,117						4,966
Adjusted EBITDA from continuing operations			$	1,061,465					$	883,874					$	649,604

Schedule of Reconciliation of Assets from Segment to Consolidated

Assets related to the Company’s reportable segments include the following:

(in thousands)			Modular						Storage						Total
As of December 31, 2023:
Goodwill			$	580,692					$	595,943					$	1,176,635
Intangible assets, net			$	126,620					$	293,089					$	419,709
Rental equipment, net			$	2,141,848					$	1,239,467					$	3,381,315
As of December 31, 2022:
Goodwill			$	518,877					$	492,552					$	1,011,429
Intangible assets, net			$	125,000					$	294,125					$	419,125
Rental equipment, net			$	2,004,055					$	1,073,232					$	3,077,287

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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