XML 35 R27.htm IDEA: XBRL DOCUMENT
v3.24.3

Segment Reporting (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Segment Reporting [Abstract] |
Summarized Financial Information for Company's Reportable Segments | Summarized financial information for the nine months ended September 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 |  |  | Corporate (Unallocated) |  |  | Consolidated |
Nine Months Ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 236,040 |  |  | $ | 53,270 |  |  | $ | 76,398 |  |  | $ — |  |  | $ | — |  |  | $ | 365,708 |
Rental related services revenues |  |  | 95,450 |  |  |  | 13,768 |  |  |  | 2,422 |  |  | — |  |  |  | — |  |  |  | 111,640 |
Sales and other revenues |  |  | 132,046 |  |  |  | 4,796 |  |  |  | 22,414 |  |  |  | 30,591 |  |  |  | — |  |  |  | 189,847 |
Total revenues |  |  | 463,536 |  |  |  | 71,835 |  |  |  | 101,234 |  |  |  | 30,591 |  |  |  | — |  |  |  | 667,196 |
Depreciation of rental equipment |  |  | 29,994 |  |  |  | 2,971 |  |  |  | 33,547 |  |  | — |  |  |  | — |  |  |  | 66,512 |
Gross profit |  |  | 222,901 |  |  |  | 48,939 |  |  |  | 40,939 |  |  |  | 7,882 |  |  |  | — |  |  |  | 320,661 |
Selling and administrative expenses |  |  | 100,882 |  |  |  | 22,064 |  |  |  | 20,450 |  |  |  | 5,368 |  |  |  | — |  |  |  | 148,764 |
Other income |  |  | (6,220 | ) |  |  | (1,319 | ) |  |  | (1,742 | ) |  |  | — |  |  |  | — |  |  |  | (9,281 | )
Income from operations |  |  | 128,239 |  |  |  | 28,194 |  |  |  | 22,231 |  |  |  | 2,514 |  |  |  | — |  |  |  | 181,178 |
Interest expense (income) allocation |  |  | 29,951 |  |  |  | 4,255 |  |  |  | 6,070 |  |  |  | (1,893 | ) |  |  | — |  |  |  | 38,383 |
Gain on merger termination from WillScot Mobile Mini 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (180,000 | ) |  |  | (180,000 | )
WillScot Mobile Mini transaction costs 4 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 61,157 |  |  |  | 61,157 |
Income before provision for income taxes |  |  | 98,288 |  |  |  | 23,939 |  |  |  | 16,214 |  |  |  | 4,407 |  |  |  | 118,843 |  |  |  | 261,691 |
Rental equipment acquisitions |  |  | 129,837 |  |  |  | 7,818 |  |  |  | 16,295 |  |  | — |  |  |  | — |  |  |  | 153,950 |
Accounts receivable, net (period end) |  |  | 182,617 |  |  |  | 10,481 |  |  |  | 19,642 |  |  |  | 11,789 |  |  |  | — |  |  |  | 224,529 |
Rental equipment, at cost (period end) |  |  | 1,398,422 |  |  |  | 241,620 |  |  |  | 356,979 |  |  | — |  |  |  | — |  |  |  | 1,997,021 |
Rental equipment, net book value (period end) |  |  | 1,051,703 |  |  |  | 220,139 |  |  |  | 119,840 |  |  | — |  |  |  | — |  |  |  | 1,391,682 |
Utilization (period end) 2 |  |  | 76.5 | % |  |  | 62.0 | % |  |  | 59.0 | % |  |  |  |  |  |  |  |  |
Average utilization 2 |  |  | 78.0 | % |  |  | 66.1 | % |  |  | 56.8 | % |  |  |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 209,622 |  |  | $ | 54,776 |  |  | $ | 86,375 |  |  | $ — |  |  | $ | — |  |  | $ | 350,773 |
Rental related services revenues |  |  | 83,799 |  |  |  | 15,359 |  |  |  | 2,323 |  |  | — |  |  |  | — |  |  |  | 101,481 |
Sales and other revenues |  |  | 118,188 |  |  |  | 4,057 |  |  |  | 24,376 |  |  |  | 11,379 |  |  |  | — |  |  |  | 158,000 |
Total revenues |  |  | 411,609 |  |  |  | 74,192 |  |  |  | 113,074 |  |  |  | 11,379 |  |  |  | — |  |  |  | 610,254 |
Depreciation of rental equipment |  |  | 27,196 |  |  |  | 2,570 |  |  |  | 36,733 |  |  | — |  |  |  | — |  |  |  | 66,499 |
Gross profit |  |  | 183,682 |  |  |  | 50,288 |  |  |  | 47,184 |  |  |  | 2,357 |  |  |  | — |  |  |  | 283,511 |
Selling and administrative expenses |  |  | 101,360 |  |  |  | 23,282 |  |  |  | 23,576 |  |  |  | 4,814 |  |  |  | — |  |  |  | 153,032 |
Other income |  |  | (2,290 | ) |  |  | (450 | ) |  |  | (819 | ) |  |  | — |  |  |  | — |  |  |  | (3,559 | )
Income (loss) from operations |  |  | 84,612 |  |  |  | 27,456 |  |  |  | 24,427 |  |  |  | (2,457 | ) |  |  | — |  |  |  | 134,038 |
Interest expense (income) allocation |  |  | 20,607 |  |  |  | 3,522 |  |  |  | 6,008 |  |  |  | (1,703 | ) |  |  | — |  |  |  | 28,434 |
Income (loss) before provision for income taxes |  |  | 64,005 |  |  |  | 23,934 |  |  |  | 18,585 |  |  |  | (754 | ) |  |  | — |  |  |  | 105,770 |
Rental equipment acquisitions |  |  | 121,751 |  |  |  | 20,316 |  |  |  | 21,801 |  |  | — |  |  |  | — |  |  |  | 163,868 |
Accounts receivable, net (period end) |  |  | 170,247 |  |  |  | 16,107 |  |  |  | 29,086 |  |  |  | 8,829 |  |  |  | — |  |  |  | 224,269 |
Rental equipment, at cost (period end) |  |  | 1,245,462 |  |  |  | 228,897 |  |  |  | 383,006 |  |  | — |  |  |  | — |  |  |  | 1,857,365 |
Rental equipment, net book value (period end) |  |  | 929,776 |  |  |  | 211,418 |  |  |  | 150,674 |  |  | — |  |  |  | — |  |  |  | 1,291,868 |
Utilization (period end) 2 |  |  | 80.2 | % |  |  | 77.2 | % |  |  | 60.3 | % |  |  |  |  |  |  |  |  |
Average utilization 2 |  |  | 79.7 | % |  |  | 78.4 | % |  |  | 59.0 | % |  |  |  |  |  |  |  |  |
1. Gross Enviroplex sales revenues were $30,593 and $16,401 for the nine months ended September 30, 2024 and 2023, respectively. There were $2 and $218 of inter-segment sales to Mobile Modular in the nine months ended September 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. 3. During the period ended September 30, 2024, the Company received $180 million in cash proceeds attributed to the mutual decision to terminate the Merger Agreement. These proceeds are reported as non-operating income on the Company's Condensed Consolidated Statements of Income and are reported in the Company's Corporate segment. 4. During the period ended September 30, 2024, the Company determined that transaction costs incurred by the Company attributed to the terminated Merger Agreement were significant. Due to this determination, the Company has separately reported these transaction costs in the Company's Corporate segment and excluded such costs from Selling and administrative expenses. The total transaction costs excluded from Selling and administrative expenses for the six months ended June 30, 2024, and the three months ended March 31, 2024, for Mobile Modular, Portable Storage and TRS-RenTelco was $15.5 million, $2.6 million and $3.6 million, respectively, and $6.5 million, $1.2 million and $1.7 million, respectively.

X
- 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
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration