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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the nine months ended September 30, 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			Enviroplex1			Consolidated
Nine Months Ended September 30,
2025
Revenues
Rental revenues	$	243,572		$	50,307		$	80,707		$	—		$	374,586
Rental related services revenues		106,191			12,212			2,618			—			121,021
Sales		115,308			5,649			23,039			40,763			184,759
Other		4,303			846			1,960			—			7,109
Total revenues		469,374			69,014			108,324			40,763			687,475
Costs of Revenues
Depreciation of rental equipment		32,105			3,125			29,569			—			64,799
Rental related services		69,999			12,976			2,237			—			85,212
Other		69,001			5,636			16,842			—			91,479
Costs of sales		76,483			3,509			11,574			28,012			119,578
Total costs of revenues		247,588			25,246			60,222			28,012			361,068
Gross profit		221,786			43,768			48,102			12,751			326,407
Significant Segment Expenses 3
Wages and benefits		44,021			10,772			8,799			3,813			67,405
Depreciation and amortization		10,739			1,252			44			312			12,347
Marketing and administrative expenses		13,803			5,080			4,056			1,787			24,726
Allocated corporate services 4		36,786			5,472			8,820			—			51,078
Other segment items 5		805			438			152			—			1,395
Total expenses		106,154			23,014			21,871			5,913			156,952
Income from operations		115,632			20,754			26,231			6,838			169,455
Interest expense (income) allocation		19,509			2,847			3,660			(1,886	)		24,130
Foreign currency exchange gain		—			—			(54	)		—			(54	)
Income before provision for income taxes		96,123			17,907			22,625			8,724			145,379
Provision for income taxes		25,827			4,815			5,999			2,259			38,900
Net income	$	70,296		$	13,092		$	16,626		$	6,465		$	106,479
Reconciliation of Segment Profit
Total segment gross profit													$	326,407
Segment operating expenses, net														156,952
Interest expense allocation														24,130
Foreign currency exchange gain														(54	)
Income before provision for income taxes														145,379
Provision for income taxes														38,900
Net income													$	106,479
Other Selected Information
Rental equipment acquisitions	$	60,654		$	1,338		$	32,590		$	—		$	94,582
Accounts receivable, net (period end)	$	187,777		$	11,125		$	25,039		$	17,405		$	241,346
Rental equipment, at cost (period end)	$	1,456,049		$	243,386		$	338,397		$	—		$	2,037,832
Rental equipment, net book value (period end)	$	1,077,335		$	218,256		$	104,378		$	—		$	1,399,969
Utilization (period end) 2		71.9	%		62.1	%		64.1	%
Average utilization 2		73.6	%		60.8	%		63.5	%


(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex1			Consolidated
Nine Months Ended September 30,
2024
Revenues
Rental revenues	$	236,040		$	53,270		$	76,398		$	—		$	365,708
Rental related services revenues		95,450			13,768			2,422			—			111,640
Sales		127,251			3,889			20,261			30,591			181,992
Other		4,795			907			2,153			—			7,855
Total revenues		463,536			71,835			101,234			30,591			667,195
Costs of Revenues
Depreciation of rental equipment		29,994			2,971			33,547			—			66,512
Rental related services		62,974			13,212			2,029			—			78,215
Other		64,487			4,322			15,373			—			84,182
Costs of sales		83,180			2,390			9,346			22,709			117,625
Total costs of revenues		240,635			22,895			60,295			22,709			346,534
Gross profit		222,901			48,939			40,939			7,882			320,661
Significant Segment Expenses 3
Wages and benefits		42,759			10,393			7,862			3,429			64,443
Depreciation and amortization		10,165			1,104			80			285			11,634
Marketing and administrative expenses		13,056			4,609			4,205			1,655			23,525
Allocated corporate services 4		34,262			5,483			8,079			—			47,824
Other segment items 5		640			475			224			—			1,339
Total expenses		100,882			22,064			20,450			5,368			148,764
Other income, net		(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
Foreign currency exchange gain		—			—			(53	)		—			(53	)
Income before provision for income taxes		98,288			23,939			16,214			4,407			142,848
Provision for income taxes		25,850			6,296			4,264			1,159			37,569
Net income	$	72,438		$	17,643		$	11,950		$	3,248		$	105,279
Reconciliation of Segment Profit
Total segment gross profit													$	320,661
Segment operating expenses, net														148,764
Other income, net														(9,281	)
Interest expense allocation														38,383
Foreign currency exchange loss														(53	)
Gain on merger termination from WillScot Mobile Mini 6														(180,000	)
WillScot Mobile Mini transaction costs 6														61,157
Income before provision for income taxes														261,691
Provision for income taxes														68,913
Net income													$	192,778
Other Selected Information
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)	$	1,398,475		$	241,620		$	356,979		$	—		$	1,997,074
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	%

Gross Enviroplex sales revenues were $40,762 and $30,593 for the nine months ended September 30, 2025 and 2024, respectively. There were no inter-segment sales to Mobile Modular in the nine months ended September 30, 2025 and $2 of inter-segment sales to Mobile Modular in the nine months ended September 30, 2024, which required elimination in consolidation.

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.

The Significant Segment Expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

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.

Other segment items for each reportable segment is primarily comprised of credit losses.

During the nine months ended September 30, 2024, the Company received $180.0 million in cash proceeds and incurred $61.2 million in transaction costs attributed to the terminated merger with WillScot Mobile Mini.