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Segment Reporting | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Reporting | NOTE 12. SEGMENT REPORTING FASB guidelines establish annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. In accordance with these guidelines the Company’s four reportable segments are Mobile Modular, TRS-RenTelco, Adler Tanks and Enviroplex. Management focuses on several key measures to evaluate and assess each segment’s performance including rental revenue growth, gross margin, and income before provision for income taxes. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, TRS-RenTelco and Adler Tanks, based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, goodwill, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. Summarized financial information for the years ended December 31, 2021, 2020 and 2019, for the Company’s reportable segments is shown in the following tables:
(dollar amounts in thousands) |  | Mobile Modular |  |  | TRS- RenTelco |  |  | Adler Tanks |  |  | Enviroplex 1 |  |  | Consolidated |
Year Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 220,569 |  |  | $ | 113,419 |  |  | $ | 56,025 |  |  | $ | — |  |  | $ | 390,013 |
Rental related services revenues |  |  | 72,330 |  |  |  | 2,880 |  |  |  | 22,851 |  |  | — |  |  |  | 98,061 |
Sales and other revenues |  |  | 70,417 |  |  |  | 23,895 |  |  |  | 3,366 |  |  |  | 31,081 |  |  |  | 128,759 |
Total revenues |  |  | 363,316 |  |  |  | 140,194 |  |  |  | 82,242 |  |  |  | 31,081 |  |  |  | 616,833 |
Depreciation of rental equipment |  |  | 28,071 |  |  |  | 47,374 |  |  |  | 16,442 |  |  | — |  |  |  | 91,887 |
Gross profit |  |  | 176,040 |  |  |  | 61,394 |  |  |  | 33,699 |  |  |  | 9,888 |  |  |  | 281,021 |
Selling and administrative expenses |  |  | 92,603 |  |  |  | 25,152 |  |  |  | 25,542 |  |  |  | 5,303 |  |  |  | 148,600 |
Income from operations |  |  | 83,436 |  |  |  | 36,243 |  |  |  | 8,157 |  |  |  | 4,585 |  |  |  | 132,421 |
Interest expense (income) allocation |  |  | 6,433 |  |  |  | 2,270 |  |  |  | 2,211 |  |  |  | (459 | ) |  |  | 10,455 |
Income before provision for income taxes |  |  | 77,003 |  |  |  | 33,763 |  |  |  | 5,946 |  |  |  | 5,044 |  |  |  | 121,756 |
Adjusted EBITDA |  |  | 128,044 |  |  |  | 85,723 |  |  |  | 27,961 |  |  |  | 4,844 |  |  |  | 246,572 |
Rental equipment acquisitions |  |  | 188,392 |  |  |  | 61,097 |  |  |  | 191 |  |  | — |  |  |  | 249,680 |
Accounts receivable, net (period end) |  |  | 112,295 |  |  |  | 22,115 |  |  |  | 16,378 |  |  |  | 8,711 |  |  |  | 159,499 |
Rental equipment, at cost (period end) |  |  | 1,040,094 |  |  |  | 361,391 |  |  |  | 309,908 |  |  | — |  |  |  | 1,711,393 |
Rental equipment, net book value (period end) |  |  | 751,537 |  |  |  | 161,900 |  |  |  | 151,787 |  |  | — |  |  |  | 1,065,224 |
Utilization (period end) 2 |  |  | 76.4 | % |  |  | 62.9 | % |  |  | 47.6 | % |  |  |  |  |  |  |  |
Average utilization 2 |  |  | 76.2 | % |  |  | 67.0 | % |  |  | 45.4 | % |  |  |  |  |  |  |  |
Segment Data (Continued) (dollar amounts in thousands) |  | Mobile Modular |  |  | TRS- RenTelco |  |  | Adler Tanks |  |  | Enviroplex 1 |  |  | Consolidated |
Year Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 188,719 |  |  | $ | 109,083 |  |  | $ | 53,988 |  |  | $ | — |  |  | $ | 351,790 |
Rental related services revenues |  |  | 67,527 |  |  |  | 3,080 |  |  |  | 21,786 |  |  | — |  |  |  | 92,393 |
Sales and other revenues |  |  | 65,278 |  |  |  | 28,648 |  |  |  | 1,708 |  |  |  | 32,737 |  |  |  | 128,371 |
Total revenues |  |  | 321,524 |  |  |  | 140,811 |  |  |  | 77,482 |  |  |  | 32,737 |  |  |  | 572,554 |
Depreciation of rental equipment |  |  | 22,967 |  |  |  | 46,472 |  |  |  | 16,427 |  |  | — |  |  |  | 85,866 |
Gross profit |  |  | 155,874 |  |  |  | 60,864 |  |  |  | 34,079 |  |  |  | 12,929 |  |  |  | 263,746 |
Selling and administrative expenses |  |  | 68,470 |  |  |  | 24,306 |  |  |  | 24,764 |  |  |  | 5,453 |  |  |  | 122,993 |
Income from operations |  |  | 87,404 |  |  |  | 36,558 |  |  |  | 9,315 |  |  |  | 7,476 |  |  |  | 140,753 |
Interest expense (income) allocation |  |  | 5,104 |  |  |  | 2,133 |  |  |  | 2,107 |  |  |  | (557 | ) |  |  | 8,787 |
Income before benefit for income taxes |  |  | 82,300 |  |  |  | 34,503 |  |  |  | 7,208 |  |  |  | 8,033 |  |  |  | 132,044 |
Adjusted EBITDA |  |  | 119,202 |  |  |  | 85,082 |  |  |  | 29,010 |  |  |  | 7,729 |  |  |  | 241,023 |
Rental equipment acquisitions |  |  | 39,078 |  |  |  | 42,588 |  |  |  | 2,541 |  |  | — |  |  |  | 84,207 |
Accounts receivable, net (period end) |  |  | 81,640 |  |  |  | 22,735 |  |  |  | 13,655 |  |  |  | 5,286 |  |  |  | 123,316 |
Rental equipment, at cost (period end) |  |  | 882,115 |  |  |  | 333,020 |  |  |  | 315,706 |  |  | — |  |  |  | 1,530,841 |
Rental equipment, net book value (period end) |  |  | 611,590 |  |  |  | 156,536 |  |  |  | 169,990 |  |  | — |  |  |  | 938,116 |
Utilization (period end) 2 |  |  | 76.0 | % |  |  | 67.4 | % |  |  | 39.8 | % |  |  |  |  |  |  |  |
Average utilization 2 |  |  | 77.2 | % |  |  | 66.2 | % |  |  | 44.6 | % |  |  |  |  |  |  |  |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 182,316 |  |  | $ | 103,704 |  |  | $ | 67,869 |  |  | $ | — |  |  | $ | 353,889 |
Rental related services revenues |  |  | 69,395 |  |  |  | 3,260 |  |  |  | 28,383 |  |  | — |  |  |  | 101,038 |
Sales and other revenues |  |  | 49,299 |  |  |  | 24,519 |  |  |  | 1,671 |  |  |  | 39,814 |  |  |  | 115,303 |
Total revenues |  |  | 301,010 |  |  |  | 131,483 |  |  |  | 97,923 |  |  |  | 39,814 |  |  |  | 570,230 |
Depreciation of rental equipment |  |  | 22,071 |  |  |  | 41,948 |  |  |  | 16,372 |  |  | — |  |  |  | 80,391 |
Gross profit |  |  | 143,618 |  |  |  | 60,748 |  |  |  | 47,014 |  |  |  | 14,785 |  |  |  | 266,165 |
Selling and administrative expenses |  |  | 65,699 |  |  |  | 24,645 |  |  |  | 29,321 |  |  |  | 5,128 |  |  |  | 124,793 |
Income from operations |  |  | 77,919 |  |  |  | 36,103 |  |  |  | 17,693 |  |  |  | 9,657 |  |  |  | 141,372 |
Interest expense (income) allocation |  |  | 7,946 |  |  |  | 1,970 |  |  |  | 3,436 |  |  |  | (1,021 | ) |  |  | 12,331 |
Income before benefit for income taxes |  |  | 69,973 |  |  |  | 34,217 |  |  |  | 14,257 |  |  |  | 10,678 |  |  |  | 129,125 |
Adjusted EBITDA |  |  | 107,166 |  |  |  | 80,772 |  |  |  | 38,993 |  |  |  | 9,892 |  |  |  | 236,823 |
Rental equipment acquisitions |  |  | 75,433 |  |  |  | 89,759 |  |  |  | 4,826 |  |  | — |  |  |  | 170,018 |
Accounts receivable, net (period end) |  |  | 83,182 |  |  |  | 23,788 |  |  |  | 17,281 |  |  |  | 3,848 |  |  |  | 128,099 |
Rental equipment, at cost (period end) |  |  | 868,807 |  |  |  | 335,343 |  |  |  | 316,261 |  |  | — |  |  |  | 1,520,411 |
Rental equipment, net book value (period end) |  |  | 610,048 |  |  |  | 172,413 |  |  |  | 185,039 |  |  | — |  |  |  | 967,500 |
Utilization (period end) 2 |  |  | 79.1 | % |  |  | 64.5 | % |  |  | 48.4 | % |  |  |  |  |  |  |  |
Average utilization 2 |  |  | 79.2 | % |  |  | 66.2 | % |  |  | 54.7 | % |  |  |  |  |  |  |  |
1Gross Enviroplex sales revenues were $32,095, $34,014 and $39,814 in 2021, 2020 and 2019, respectively. There were $1,014 and $1,277 inter-segment sales to Mobile Modular in 2021 and 2020, which have been eliminated in consolidation. There were no inter-segment sales in 2019. 2Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding new equipment inventory and accessory equipment. The average utilization for the period is calculated using the average costs of rental equipment. No single customer accounted for more than 10% of total revenues during 2021, 2020 and 2019. Revenue from foreign country customers accounted for 4%, 4% and 5% of the Company’s revenues for the same periods, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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