XML 25 R17.htm IDEA: XBRL DOCUMENT
v3.25.1

Segment Reporting | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting | NOTE 7. SEGMENT REPORTING FASB guidelines establish annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. In accordance with these guidelines, the Company’s four reportable segments are Mobile Modular, Portable Storage, TRS-RenTelco and Enviroplex. The Company's Chief Operating Decision Maker ("CODM") Joe Hanna, Chief Executive Officer, and senior management focus on several key measures to evaluate and assess each segment’s performance, including rental, rental related services and sales revenue growth, gross profit, income from operations and income before provision for income taxes. In addition to the evaluation of the aforementioned key measures of each reportable segment, the CODM and senior management evaluate supplemental information by reportable segment, such as rental equipment acquisitions, fleet utilization, and average utilization, to further assess segment performance and the future allocation of Company resources. The CODM is the primary individual in control of resource allocation, and the allocation determinations are made in consultation with the Company’s senior management team, of which the CODM is a member. The most significant allocation determinations made by the CODM pertain to purchases of rental equipment and employee headcount. These determinations are generally made as part of the annual budgeting process, with regular reviews occurring throughout the year that can result in allocation changes depending upon performance against budget. On a monthly basis, the CODM considers period end and average rental equipment utilization and budget-to-actual variances to gross profit, income from operations and income before provision for income taxes when making decisions about allocating capital and employee resources to the segments. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, Portable Storage and TRS-RenTelco, based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, Portable Storage and TRS-RenTelco based on their pro-rata share of average rental equipment at cost, goodwill, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. 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. No single customer accounted for more than 10% of total revenues for the three months ended March 31, 2025 and 2024. Revenues from foreign country customers accounted for 2% of the Company’s total revenues for the same periods.

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

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration