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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Summarized Financial Information for Company's Reportable Segments | Summarized financial information for the six months ended June 30, 2024 and 2023 for the Company’s reportable segments are shown in the following table:
(dollar amounts in thousands) |  | Mobile Modular |  |  | Portable Storage |  |  | TRS- RenTelco |  |  | Enviroplex 1 |  |  | Consolidated |
Six Months Ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 154,535 |  |  | $ | 36,230 |  |  | $ | 50,743 |  |  | $ | — |  |  | $ | 241,508 |
Rental related services revenues |  |  | 53,053 |  |  |  | 9,363 |  |  |  | 1,522 |  |  | — |  |  |  | 63,938 |
Sales and other revenues |  |  | 64,543 |  |  |  | 3,189 |  |  |  | 14,168 |  |  |  | 13,092 |  |  |  | 94,992 |
Total revenues |  |  | 272,131 |  |  |  | 48,782 |  |  |  | 66,433 |  |  |  | 13,092 |  |  |  | 400,438 |
Depreciation of rental equipment |  |  | 19,870 |  |  |  | 1,965 |  |  |  | 22,696 |  |  | — |  |  |  | 44,531 |
Gross profit |  |  | 133,131 |  |  |  | 33,405 |  |  |  | 26,846 |  |  |  | 3,301 |  |  |  | 196,683 |
Selling and administrative expenses |  |  | 82,354 |  |  |  | 17,885 |  |  |  | 17,433 |  |  |  | 3,517 |  |  |  | 121,188 |
Other income |  |  | (6,220 | ) |  |  | (1,319 | ) |  |  | (1,742 | ) |  |  | — |  |  |  | (9,281 | )
Income (loss) from operations |  |  | 56,999 |  |  |  | 16,840 |  |  |  | 11,155 |  |  |  | (216 | ) |  |  | 84,776 |
Interest expense (income) allocation |  |  | 19,971 |  |  |  | 2,867 |  |  |  | 4,121 |  |  |  | (1,218 | ) |  |  | 25,741 |
Income before provision for income taxes |  |  | 37,028 |  |  |  | 13,973 |  |  |  | 6,871 |  |  |  | 1,002 |  |  |  | 58,872 |
Rental equipment acquisitions |  |  | 118,300 |  |  |  | 7,403 |  |  |  | 10,623 |  |  | — |  |  |  | 136,326 |
Accounts receivable, net (period end) |  |  | 170,966 |  |  |  | 12,231 |  |  |  | 20,333 |  |  |  | 13,849 |  |  |  | 217,379 |
Rental equipment, at cost (period end) |  |  | 1,398,475 |  |  |  | 242,107 |  |  |  | 368,324 |  |  | — |  |  |  | 2,008,906 |
Rental equipment, net book value (period end) |  |  | 1,058,041 |  |  |  | 221,486 |  |  |  | 127,795 |  |  | — |  |  |  | 1,407,322 |
Utilization (period end) 2 |  |  | 78.1 | % |  |  | 64.5 | % |  |  | 55.8 | % |  |  |  |  |  |
Average utilization 2 |  |  | 78.6 | % |  |  | 67.8 | % |  |  | 56.4 | % |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 134,826 |  |  | $ | 35,544 |  |  | $ | 57,717 |  |  | $ | — |  |  | $ | 228,087 |
Rental related services revenues |  |  | 49,370 |  |  |  | 10,072 |  |  |  | 1,547 |  |  | — |  |  |  | 60,989 |
Sales and other revenues |  |  | 58,557 |  |  |  | 2,550 |  |  |  | 14,701 |  |  |  | 1,864 |  |  |  | 77,672 |
Total revenues |  |  | 242,753 |  |  |  | 48,166 |  |  |  | 73,965 |  |  |  | 1,864 |  |  |  | 366,748 |
Depreciation of rental equipment |  |  | 18,072 |  |  |  | 1,657 |  |  |  | 24,701 |  |  | — |  |  |  | 44,430 |
Gross profit |  |  | 107,244 |  |  |  | 32,982 |  |  |  | 31,503 |  |  |  | 248 |  |  |  | 171,977 |
Selling and administrative expenses |  |  | 69,548 |  |  |  | 15,262 |  |  |  | 16,577 |  |  |  | 3,137 |  |  |  | 104,524 |
Other income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Income (loss) from operations |  |  | 37,696 |  |  |  | 17,720 |  |  |  | 14,926 |  |  |  | (2,889 | ) |  |  | 67,453 |
Interest expense (income) allocation |  |  | 12,592 |  |  |  | 2,126 |  |  |  | 3,801 |  |  |  | (1,110 | ) |  |  | 17,409 |
Income (loss) before provision for income taxes |  |  | 25,104 |  |  |  | 15,594 |  |  |  | 11,333 |  |  |  | (1,779 | ) |  |  | 50,252 |
Rental equipment acquisitions |  |  | 90,933 |  |  |  | 14,642 |  |  |  | 16,906 |  |  | — |  |  |  | 122,481 |
Accounts receivable, net (period end) |  |  | 144,640 |  |  |  | 17,287 |  |  |  | 26,138 |  |  |  | 3,611 |  |  |  | 191,676 |
Rental equipment, at cost (period end) |  |  | 1,237,221 |  |  |  | 220,763 |  |  |  | 390,832 |  |  | — |  |  |  | 1,848,816 |
Rental equipment, net book value (period end) |  |  | 928,997 |  |  |  | 203,781 |  |  |  | 162,872 |  |  | — |  |  |  | 1,295,650 |
Utilization (period end) 2 |  |  | 79.2 | % |  |  | 77.0 | % |  |  | 58.3 | % |  |  |  |  |  |
Average utilization 2 |  |  | 79.4 | % |  |  | 79.4 | % |  |  | 58.7 | % |  |  |  |  |  |
1. Gross Enviroplex sales revenues were $13,093 and $1,871 for the six months ended June 30, 2024 and 2023, respectively. There were $2 and $7 of inter-segment sales to Mobile Modular in the six months ended June 30, 2024 and 2023, respectively, 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.

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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