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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Summarized Financial Information for Company's Reportable Segments | Summarized financial information for the years ended December 31, 2022, 2021 and 2020, 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, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 268,288 |  |  | $ | 121,375 |  |  | $ | 66,366 |  |  | $ | — |  |  | $ | 456,029 |
Rental related services revenues |  |  | 91,851 |  |  |  | 3,112 |  |  |  | 27,654 |  |  | — |  |  |  | 122,617 |
Sales and other revenues |  |  | 101,578 |  |  |  | 26,291 |  |  |  | 4,138 |  |  |  | 23,170 |  |  |  | 155,177 |
Total revenues |  |  | 461,717 |  |  |  | 150,778 |  |  |  | 98,158 |  |  |  | 23,170 |  |  |  | 733,823 |
Depreciation of rental equipment |  |  | 31,172 |  |  |  | 49,253 |  |  |  | 16,004 |  |  | — |  |  |  | 96,429 |
Gross profit |  |  | 217,187 |  |  |  | 67,899 |  |  |  | 46,700 |  |  |  | 5,122 |  |  |  | 336,908 |
Selling and administrative expenses |  |  | 110,234 |  |  |  | 27,245 |  |  |  | 28,428 |  |  |  | 5,435 |  |  |  | 171,342 |
Income (loss) from operations |  |  | 106,953 |  |  |  | 40,654 |  |  |  | 18,272 |  |  |  | (313 | ) |  |  | 165,566 |
Interest expense (income) allocation |  |  | 10,175 |  |  |  | 3,294 |  |  |  | 2,938 |  |  |  | (1,239 | ) |  |  | 15,168 |
Income before provision for income taxes |  |  | 96,778 |  |  |  | 36,982 |  |  |  | 15,334 |  |  |  | 926 |  |  |  | 150,020 |
Adjusted EBITDA 3 |  |  | 159,224 |  |  |  | 92,007 |  |  |  | 37,660 |  |  |  | (25 | ) |  |  | 288,866 |
Rental equipment acquisitions |  |  | 121,607 |  |  |  | 69,928 |  |  |  | 3,623 |  |  | — |  |  |  | 195,158 |
Accounts receivable, net (period end) |  |  | 139,107 |  |  |  | 26,442 |  |  |  | 20,172 |  |  |  | 4,302 |  |  |  | 190,023 |
Rental equipment, at cost (period end) |  |  | 1,123,268 |  |  |  | 398,267 |  |  |  | 308,396 |  |  | — |  |  |  | 1,829,931 |
Rental equipment, net book value (period end) |  |  | 815,392 |  |  |  | 174,924 |  |  |  | 137,738 |  |  | — |  |  |  | 1,128,054 |
Utilization (period end) 2 |  |  | 80.7 | % |  |  | 59.4 | % |  |  | 57.1 | % |  |  |  |  |  |
Average utilization 2 |  |  | 79.1 | % |  |  | 64.2 | % |  |  | 53.1 | % |  |  |  |  |  |
Segment Data (Continued) (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 3 |  |  | 130,089 |  |  |  | 85,723 |  |  |  | 27,961 |  |  |  | 4,844 |  |  |  | 248,617 |
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 | % |  |  |  |  |  |
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 3 |  |  | 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 | % |  |  |  |  |  |
1. Gross Enviroplex sales revenues were $24,162, $32,095 and $34,014 in 2022, 2021 and 2020, respectively. There were $992 and $1,014 inter-segment sales to Mobile Modular in 2022 and 2021, which have been eliminated in consolidation. There were no inter-segment sales in 2019. 2. Utilization 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. 3. During the year ended December 31, 2022, the calculation for Adjusted EBITDA was adjusted to include one-time transaction costs attributed to acquisition, divestiture and integration related activities. For comparability, the transaction costs incurred during 2021 were included in the Adjusted EBITDA calculation for the year ended December 31, 2021. During the years ended December 31, 2022 and 2021, there were $4.3 million and $2.0 million of transaction costs, respectively, included in the Adjusted EBITDA calculation. There were no transaction costs included in the calculation for the year ended December 31, 2020. Additional information on Adjusted EBITDA can be found on page 46.

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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