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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Summarized Financial Information for Company's Reportable Segments | Summarized financial information for the six months ended June 30, 2023 and 2022 for the Company’s reportable segments and discontinued operations are shown in the following table:
(dollar amounts in thousands) |  | Mobile Modular |  |  | TRS- RenTelco |  |  | Enviroplex 1 |  |  | Adler Tanks (Discontinued)3 |  |  | Consolidated |
Six Months Ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 170,370 |  |  | $ | 57,717 |  |  | $ | — |  |  | $ | 6,520 |  |  | $ | 234,607 |
Rental related services revenues |  |  | 59,442 |  |  |  | 1,547 |  |  | — |  |  |  | 2,584 |  |  |  | 63,573 |
Sales and other revenues |  |  | 61,107 |  |  |  | 14,701 |  |  |  | 1,864 |  |  |  | 334 |  |  |  | 78,006 |
Total revenues |  |  | 290,919 |  |  |  | 73,965 |  |  |  | 1,864 |  |  |  | 9,438 |  |  |  | 376,186 |
Depreciation of rental equipment |  |  | 19,729 |  |  |  | 24,701 |  |  | — |  |  |  | 1,325 |  |  |  | 45,755 |
Gross profit |  |  | 140,226 |  |  |  | 31,503 |  |  |  | 248 |  |  |  | 4,665 |  |  |  | 176,642 |
Selling and administrative expenses |  |  | 84,810 |  |  |  | 16,577 |  |  |  | 3,137 |  |  |  | 2,583 |  |  |  | 107,106 |
Income (loss) from operations |  |  | 55,416 |  |  |  | 14,926 |  |  |  | (2,889 | ) |  |  | 2,082 |  |  |  | 69,536 |
Interest (expense) income allocation |  |  | (14,718 | ) |  |  | (3,801 | ) |  |  | 1,110 |  |  |  | (374 | ) |  |  | (17,783 | )
Income (loss) before provision for income taxes |  |  | 40,698 |  |  |  | 11,333 |  |  |  | (1,779 | ) |  |  | 1,709 |  |  |  | 51,961 |
Adjusted EBITDA |  |  | 99,269 |  |  |  | 42,173 |  |  |  | (2,724 | ) |  |  | 3,682 |  |  |  | 142,400 |
Rental equipment acquisitions |  |  | 105,575 |  |  |  | 16,906 |  |  | — |  |  |  | — |  |  |  | 122,481 |
Accounts receivable, net (period end) |  |  | 161,927 |  |  |  | 26,138 |  |  |  | 3,611 |  |  |  | — |  |  |  | 191,676 |
Rental equipment, at cost (period end) |  |  | 1,457,984 |  |  |  | 390,832 |  |  | — |  |  |  | — |  |  |  | 1,848,816 |
Rental equipment, net book value (period end) |  |  | 1,132,778 |  |  |  | 162,872 |  |  | — |  |  |  | — |  |  |  | 1,295,650 |
Utilization (period end) 2 |  |  | 78.8 | % |  |  | 58.3 | % |  |  |  |  |  |  |  |  |
Average utilization 2 |  |  | 79.4 | % |  |  | 58.7 | % |  |  |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 126,487 |  |  | $ | 58,230 |  |  | $ | — |  |  | $ | 30,148 |  |  | $ | 214,865 |
Rental related services revenues |  |  | 39,594 |  |  |  | 1,484 |  |  | — |  |  |  | 12,058 |  |  |  | 53,136 |
Sales and other revenues |  |  | 35,941 |  |  |  | 11,118 |  |  |  | 5,567 |  |  |  | 1,777 |  |  |  | 54,403 |
Total revenues |  |  | 202,022 |  |  |  | 70,832 |  |  |  | 5,567 |  |  |  | 43,983 |  |  |  | 322,404 |
Depreciation of rental equipment |  |  | 15,582 |  |  |  | 24,362 |  |  | — |  |  |  | 7,994 |  |  |  | 47,938 |
Gross profit |  |  | 92,820 |  |  |  | 30,826 |  |  |  | 1,345 |  |  |  | 19,335 |  |  |  | 144,326 |
Selling and administrative expenses |  |  | 50,447 |  |  |  | 13,204 |  |  |  | 2,763 |  |  |  | 13,501 |  |  |  | 79,915 |
Income (loss) from operations |  |  | 42,373 |  |  |  | 17,622 |  |  |  | (1,418 | ) |  |  | 5,834 |  |  |  | 64,411 |
Interest (expense) income allocation |  |  | (3,821 | ) |  |  | (1,232 | ) |  |  | 351 |  |  |  | (1,119 | ) |  |  | (5,821 | )
Income (loss) before provision for income taxes |  |  | 38,552 |  |  |  | 16,222 |  |  |  | (1,067 | ) |  |  | 4,715 |  |  |  | 58,422 |
Adjusted EBITDA |  |  | 66,178 |  |  |  | 42,781 |  |  |  | (1,276 | ) |  |  | 15,327 |  |  |  | 123,010 |
Rental equipment acquisitions |  |  | 51,575 |  |  |  | 42,791 |  |  | — |  |  |  | 1,610 |  |  |  | 95,976 |
Accounts receivable, net (period end) |  |  | 118,865 |  |  |  | 24,796 |  |  |  | 6,420 |  |  |  | 17,248 |  |  |  | 167,329 |
Rental equipment, at cost (period end) |  |  | 1,075,898 |  |  |  | 389,383 |  |  | — |  |  |  | 309,010 |  |  |  | 1,774,291 |
Rental equipment, net book value (period end) |  |  | 776,003 |  |  |  | 177,038 |  |  | — |  |  |  | 144,484 |  |  |  | 1,097,525 |
Utilization (period end) 2 |  |  | 78.6 | % |  |  | 65.3 | % |  |  |  |  |  |  |  |  |
Average utilization 2 |  |  | 77.6 | % |  |  | 64.6 | % |  |  |  |  |  |  |  |  |
1. Gross Enviroplex sales revenues were $1,871 and $6,423 for the six months ended June 30, 2023 and 2022, respectively. There were $7 inter-segment sales to Mobile Modular in the six months ended June 30, 2023 and $856 inter-segment sales during the same period in 2022, which required elimination in consolidation. 2. 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 new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment. 3. The financial results of Adler Tanks included in this table are through the date of the business divestiture, which occurred on February 1, 2023.

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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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