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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Results of Discontinued Operations Reported in Consolidated Statements of Income and Balance Sheets | The following table presents the results of Adler Tanks as reported in income from discontinued operations within the condensed consolidated statements of income for the six months ended June 30, 2023 and 2022:
(dollar amounts in thousands) |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
Revenues |  |  |  |  |  |
Rental |  | $ | 6,520 |  |  | $ | 30,148 |
Rental related services |  |  | 2,584 |  |  |  | 12,058 |
Rental operations |  |  | 9,104 |  |  |  | 42,206 |
Sales |  |  | 269 |  |  |  | 1,258 |
Other |  |  | 65 |  |  |  | 519 |
Total revenues |  |  | 9,438 |  |  |  | 43,983 |
Costs and Expenses |  |  |  |  |  |
Direct costs of rental operations: |  |  |  |  |  |
Depreciation of rental equipment |  |  | 1,325 |  |  |  | 7,994 |
Rental related services |  |  | 2,020 |  |  |  | 9,456 |
Other |  |  | 1,270 |  |  |  | 6,278 |
Total direct costs of rental operations |  |  | 4,614 |  |  |  | 23,728 |
Costs of sales |  |  | 159 |  |  |  | 920 |
Total costs of revenues |  |  | 4,773 |  |  |  | 24,648 |
Gross Profit |  |  |  |  |  |
Rental |  |  | 3,926 |  |  |  | 15,876 |
Rental related services |  |  | 564 |  |  |  | 2,602 |
Rental operations |  |  | 4,490 |  |  |  | 18,478 |
Sales |  |  | 110 |  |  |  | 338 |
Other |  |  | 65 |  |  |  | 519 |
Total gross profit |  |  | 4,665 |  |  |  | 19,335 |
Selling and administrative expenses |  |  | 2,583 |  |  |  | 13,501 |
Income from operations |  |  | 2,082 |  |  |  | 5,834 |
Interest expense allocation |  |  | (374 | ) |  |  | (1,119 | )
Income from discontinued operations before provision for income taxes |  |  | 1,709 |  |  |  | 4,715 |
Provision for income taxes from discontinued operations |  |  | 453 |  |  |  | 987 |
Income from discontinued operations |  | $ | 1,256 |  |  | $ | 3,728 |
Other Selected Information |  |  |  |  |  |
Adjusted EBITDA |  | $ | 3,682 |  |  | $ | 15,327 |
The following table presents the carrying value of the divested business' assets and liabilities as presented within assets and liabilities of discontinued operations on the condensed consolidated balance sheets as of December 31, 2022:
|  |  |  | December 31, |
(in thousands) |  |  |  | 2022 |
Assets |  |  |  |  |
Accounts receivable, net of allowance for credit losses of $450 |  |  |  | $ | 20,086 |
Rental equipment, net |  |  |  |  | 137,738 |
Property, plant and equipment, net |  |  |  |  | 6,632 |
Prepaid expenses and other assets |  |  |  |  | 191 |
Intangible assets, net |  |  |  |  | 5,700 |
Goodwill |  |  |  |  | 25,902 |
Total assets of discontinued operations |  |  |  | $ | 196,249 |
Liabilities |  |  |  |  |
Accounts payable and accrued liabilities |  |  |  | $ | 9,621 |
Deferred income taxes, net |  |  |  |  | 43,550 |
Total liabilities of discontinued operations |  |  |  | $ | 53,171 |
Schedule of Operating and Investing Items Related to Discontinued Operations | For the six months ended June 30, 2023 and 2022, significant operating and investing items related to Adler Tanks were as follows:
|  | June 30, |  |  | June 30, |
(in thousands) |  | 2023 |  |  | 2022 |
Operating activities of discontinued operations: |  |  |  |  |  |
Depreciation and amortization |  | $ | 1,457 |  |  | $ | 8,864 |
Gain on sale of used rental equipment |  |  | (111 | ) |  |  | (338 | )
Investing activities of discontinued operations: |  |  |  |  |  |
Proceeds from sales of used rental equipment |  |  | 269 |  |  |  | 1,258 |
Purchases of rental equipment |  |  | (25 | ) |  |  | (1,410 | )
Purchases of property, plant and equipment |  |  | (40 | ) |  |  | (83 | )
Reconciliation of Income from Discontinued Operations to Adjusted EBITDA | The following table presents the reconciliation of income from discontinued operations to Adjusted EBITDA for the six months ended June 30, 2023 and 2022:
|  | June 30, |  |  | June 30, |
(in thousands) |  | 2023 |  |  | 2022 |
Income from discontinued operations |  | $ | 1,256 |  |  | $ | 3,728 |
Provision for income taxes from discontinued operations |  |  | 453 |  |  |  | 987 |
Interest expense |  |  | 374 |  |  |  | 1,119 |
Depreciation and amortization |  |  | 1,457 |  |  |  | 8,864 |
EBITDA |  |  | 3,540 |  |  |  | 14,698 |
Share-based compensation |  |  | 118 |  |  |  | 629 |
Transaction costs |  |  | 24 |  |  |  | — |
Adjusted EBITDA from discontinued operations |  | $ | 3,682 |  |  | $ | 15,327 |

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