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v3.25.1

Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Summarized Financial Information for Company's Reportable Segments | Summarized financial information for the three months ended March 31, 2025 and 2024, for the Company’s reportable segments is shown in the following tables:
(dollar amounts in thousands) |  | Mobile Modular |  |  | Portable Storage |  |  | TRS- RenTelco |  |  | Enviroplex 1 |  |  | Consolidated |
Three Months Ended March 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 78,496 |  |  | $ | 16,074 |  |  | $ | 25,543 |  |  | $ | — |  |  | $ | 120,113 |
Rental related services revenues |  |  | 29,475 |  |  |  | 3,631 |  |  |  | 810 |  |  |  | — |  |  |  | 33,916 |
Sales |  |  | 22,490 |  |  |  | 1,244 |  |  |  | 7,979 |  |  |  | 7,213 |  |  |  | 38,926 |
Other |  |  | 1,458 |  |  |  | 316 |  |  |  | 687 |  |  |  | — |  |  |  | 2,461 |
Total revenues |  |  | 131,919 |  |  |  | 21,265 |  |  |  | 35,019 |  |  |  | 7,213 |  |  |  | 195,416 |
Costs of Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of rental equipment |  |  | 10,554 |  |  |  | 1,031 |  |  |  | 9,920 |  |  |  | — |  |  |  | 21,505 |
Rental related services |  |  | 19,740 |  |  |  | 3,933 |  |  |  | 640 |  |  |  | — |  |  |  | 24,313 |
Other |  |  | 20,812 |  |  |  | 1,527 |  |  |  | 5,313 |  |  |  | — |  |  |  | 27,652 |
Costs of sales |  |  | 15,345 |  |  |  | 831 |  |  |  | 4,271 |  |  |  | 5,063 |  |  |  | 25,510 |
Total costs of revenues |  |  | 66,451 |  |  |  | 7,322 |  |  |  | 20,144 |  |  |  | 5,063 |  |  |  | 98,980 |
Gross profit |  |  | 65,468 |  |  |  | 13,943 |  |  |  | 14,875 |  |  |  | 2,150 |  |  |  | 96,436 |
Significant Segment Expenses 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wages and benefits |  |  | 14,110 |  |  |  | 3,524 |  |  |  | 2,899 |  |  |  | 1,196 |  |  |  | 21,729 |
Depreciation and amortization |  |  | 3,531 |  |  |  | 357 |  |  |  | 26 |  |  |  | 102 |  |  |  | 4,016 |
Marketing and administrative expenses |  |  | 4,666 |  |  |  | 1,640 |  |  |  | 1,303 |  |  |  | 590 |  |  |  | 8,199 |
Allocated corporate services 4 |  |  | 11,554 |  |  |  | 1,864 |  |  |  | 3,146 |  |  |  | — |  |  |  | 16,564 |
Other segment items 5 |  |  | 127 |  |  |  | 170 |  |  |  | 64 |  |  |  | — |  |  |  | 361 |
Total expenses |  |  | 33,988 |  |  |  | 7,555 |  |  |  | 7,438 |  |  |  | 1,888 |  |  |  | 50,869 |
Income from operations |  |  | 31,480 |  |  |  | 6,388 |  |  |  | 7,437 |  |  |  | 262 |  |  |  | 45,567 |
Interest expense (income) allocation |  |  | 6,505 |  |  |  | 971 |  |  |  | 1,277 |  |  |  | (595 | ) |  |  | 8,158 |
Foreign currency exchange gain |  |  | — |  |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | (5 | )
Income before provision for income taxes |  | $ | 24,975 |  |  | $ | 5,417 |  |  | $ | 6,165 |  |  | $ | 857 |  |  | $ | 37,414 |
Other Selected Information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental equipment acquisitions |  | $ | 4,400 |  |  | $ | 357 |  |  | $ | 4,822 |  |  |  | — |  |  | $ | 9,579 |
Accounts receivable, net (period end) |  | $ | 159,672 |  |  | $ | 10,397 |  |  | $ | 22,388 |  |  | $ | 16,425 |  |  | $ | 208,882 |
Rental equipment, at cost (period end) |  | $ | 1,414,535 |  |  | $ | 240,348 |  |  | $ | 334,110 |  |  | — |  |  | $ | 1,988,993 |
Rental equipment, net book value (period end) |  | $ | 1,051,635 |  |  | $ | 217,060 |  |  | $ | 100,608 |  |  | — |  |  | $ | 1,369,303 |
Utilization (period end) 2 |  |  | 74.3 | % |  |  | 61.0 | % |  |  | 64.9 | % |  |  |  |  |  |
Average utilization 2 |  |  | 74.6 | % |  |  | 60.2 | % |  |  | 61.6 | % |  |  |  |  |  |
(dollar amounts in thousands) |  | Mobile Modular |  |  | Portable Storage |  |  | TRS- RenTelco |  |  | Enviroplex 1 |  |  | Consolidated |
Three Months Ended March 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 76,496 |  |  | $ | 18,407 |  |  | $ | 25,429 |  |  | $ | — |  |  | $ | 120,332 |
Rental related services revenues |  |  | 24,133 |  |  |  | 4,723 |  |  |  | 724 |  |  |  | — |  |  |  | 29,580 |
Sales |  |  | 25,326 |  |  |  | 1,212 |  |  |  | 6,812 |  |  |  | 1,719 |  |  |  | 35,069 |
Other |  |  | 1,630 |  |  |  | 418 |  |  |  | 798 |  |  |  | — |  |  |  | 2,846 |
Total revenues |  |  | 127,585 |  |  |  | 24,760 |  |  |  | 33,763 |  |  |  | 1,719 |  |  |  | 187,827 |
Costs of Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of rental equipment |  |  | 9,874 |  |  |  | 965 |  |  |  | 11,527 |  |  |  | — |  |  |  | 22,366 |
Rental related services |  |  | 15,780 |  |  |  | 4,456 |  |  |  | 550 |  |  |  | — |  |  |  | 20,786 |
Other |  |  | 22,673 |  |  |  | 1,468 |  |  |  | 4,869 |  |  |  | — |  |  |  | 29,010 |
Costs of sales |  |  | 17,413 |  |  |  | 768 |  |  |  | 2,942 |  |  |  | 1,274 |  |  |  | 22,397 |
Total costs of revenues |  |  | 65,740 |  |  |  | 7,657 |  |  |  | 19,888 |  |  |  | 1,274 |  |  |  | 94,559 |
Gross profit |  |  | 61,845 |  |  |  | 17,103 |  |  |  | 13,875 |  |  |  | 445 |  |  |  | 93,268 |
Significant Segment Expenses 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wages and benefits |  |  | 14,262 |  |  |  | 3,516 |  |  |  | 2,695 |  |  |  | 1,165 |  |  |  | 21,638 |
Depreciation and amortization |  |  | 3,380 |  |  |  | 442 |  |  |  | 26 |  |  |  | 97 |  |  |  | 3,945 |
Marketing and administrative expenses |  |  | 4,718 |  |  |  | 1,595 |  |  |  | 1,401 |  |  |  | 542 |  |  |  | 8,256 |
Allocated corporate services 4 |  |  | 11,191 |  |  |  | 2,122 |  |  |  | 3,054 |  |  |  | — |  |  |  | 16,367 |
Other segment items 5 |  |  | 63 |  |  |  | 134 |  |  |  | 61 |  |  |  | — |  |  |  | 258 |
Total expenses |  |  | 33,614 |  |  |  | 7,809 |  |  |  | 7,237 |  |  |  | 1,804 |  |  |  | 50,464 |
Other income, net |  |  | (6,220 | ) |  |  | (1,319 | ) |  |  | (1,742 | ) |  |  | — |  |  |  | (9,281 | )
Income from operations |  |  | 34,451 |  |  |  | 10,613 |  |  |  | 8,380 |  |  |  | (1,359 | ) |  |  | 52,085 |
Interest expense (income) allocation |  |  | 9,799 |  |  |  | 1,420 |  |  |  | 2,062 |  |  |  | (577 | ) |  |  | 12,704 |
Foreign currency exchange loss |  |  | — |  |  |  | — |  |  |  | 132 |  |  |  | — |  |  |  | 132 |
Income before provision for income taxes |  | $ | 24,652 |  |  | $ | 9,193 |  |  | $ | 6,186 |  |  | $ | (782 | ) |  | $ | 39,249 |
Reconciliation of Segment Profit (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total segment gross profit |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 93,268 |
Segment operating expenses, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 50,464 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,281 | )
Interest expense allocation |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,704 |
Foreign currency exchange loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 132 |
WillScot Mobile Mini transaction costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,354 |
Income before provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 29,895 |
Other Selected Information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental equipment acquisitions |  | $ | 59,263 |  |  | $ | 5,128 |  |  | $ | 3,393 |  |  |  | — |  |  | $ | 67,784 |
Accounts receivable, net (period end) |  | $ | 166,382 |  |  | $ | 14,117 |  |  | $ | 22,637 |  |  | $ | 8,814 |  |  | $ | 211,950 |
Rental equipment, at cost (period end) |  | $ | 1,345,919 |  |  | $ | 240,517 |  |  | $ | 370,641 |  |  | — |  |  | $ | 1,957,077 |
Rental equipment, net book value (period end) |  | $ | 1,013,965 |  |  | $ | 220,811 |  |  | $ | 133,766 |  |  | — |  |  | $ | 1,368,542 |
Utilization (period end) 2 |  |  | 78.5 | % |  |  | 68.8 | % |  |  | 56.8 | % |  |  |  |  |  |
Average utilization 2 |  |  | 78.7 | % |  |  | 69.8 | % |  |  | 56.5 | % |  |  |  |  |  |
1. Gross Enviroplex sales revenues were $7,213 and $1,719 for the three months ended March 31, 2025 and 2024, respectively. There were no inter-segment sales to Mobile Modular in the three months ended March 31, 2025 and $1,845 inter-segment sales to Mobile Modular for the same period in 2024, 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 new equipment inventory and accessory equipment. The average utilization for the period is calculated using the average costs of rental equipment. 3. The Significant Segment Expense categories and amounts align with the segment-level information that is regularly provided to the CODM. 4. Allocated corporate services costs are comprised of expenses incurred by the Company which are not directly incurred by each business segment as a part of their normal operations. These allocated indirect corporate costs primarily include wages and benefits, depreciation of corporate capital assets, information technology, legal, accounting and other administrative expenses. 5. Other segment items for each reportable segment is primarily comprised of credit losses.

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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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