Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the six months ended June 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
Six Months Ended June 30,
2025
Revenues
Rental revenues	$	160,404		$	33,014		$	52,680		$	—		$	246,098
Rental related services revenues		61,647			8,025			1,727			—			71,399
Sales		62,974			2,956			15,692			27,079			108,701
Other		2,881			617			1,336			—			4,834
Total revenues		287,906			44,612			71,435			27,079			431,032
Costs of Revenues
Depreciation of rental equipment		21,294			2,070			19,567			—			42,931
Rental related services		40,190			8,237			1,363			—			49,790
Other		44,802			3,445			10,924			—			59,171
Costs of sales		42,926			1,879			8,343			18,842			71,990
Total costs of revenues		149,212			15,631			40,197			18,842			223,882
Gross profit		138,694			28,981			31,238			8,237			207,150
Significant Segment Expenses 3
Wages and benefits		29,734			6,933			5,810			2,411			44,888
Depreciation and amortization		7,101			749			35			204			8,089
Marketing and administrative expenses		9,598			3,352			2,678			1,173			16,801
Allocated corporate services 4		23,949			3,742			6,139			—			33,830
Other segment items 5		383			325			96			—			804
Total expenses		70,765			15,101			14,758			3,788			104,412
Income from operations		67,929			13,880			16,480			4,449			102,738
Interest expense (income) allocation		12,914			1,852			2,410			(1,222	)		15,954
Foreign currency exchange gain		—			—			(86	)		—			(86	)
Income before provision for income taxes	$	55,015		$	12,028		$	14,156		$	5,671		$	86,870
Reconciliation of Segment Profit (Loss)
Total segment gross profit													$	207,150
Segment operating expenses, net														104,412
Interest expense allocation														15,954
Foreign currency exchange gain														(86	)
Income before provision for income taxes													$	86,870
Other Selected Information
Rental equipment acquisitions	$	34,479		$	618		$	18,399			—		$	53,496
Accounts receivable, net (period end)	$	177,549		$	12,857		$	23,085		$	20,310		$	233,801
Rental equipment, at cost (period end)	$	1,443,314		$	244,261		$	333,171		—			$	2,020,746
Rental equipment, net book value (period end)	$	1,071,846		$	220,048		$	101,788		—			$	1,393,682
Utilization (period end) 2		73.1	%		61.8	%		64.8	%
Average utilization 2		74.2	%		60.6	%		63.0	%


(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex1			Consolidated
Six Months Ended June 30,
2024
Revenues
Rental revenues	$	154,535		$	36,230		$	50,743		$	—		$	241,508
Rental related services revenues		53,053			9,363			1,522			—			63,938
Sales		61,256			2,478			12,657			13,092			89,483
Other		3,287			711			1,511			—			5,509
Total revenues		272,131			48,782			66,433			13,092			400,438
Costs of Revenues
Depreciation of rental equipment		19,870			1,965			22,696			—			44,531
Rental related services		35,608			8,932			1,236			—			45,776
Other		43,938			2,995			9,997			—			56,930
Costs of sales		39,584			1,484			5,658			9,792			56,518
Total costs of revenues		139,000			15,377			39,587			9,792			203,755
Gross profit		133,131			33,405			26,846			3,300			196,683
Significant Segment Expenses 3
Wages and benefits		28,201			7,035			5,210			2,283			42,729
Depreciation and amortization		6,758			801			53			193			7,805
Marketing and administrative expenses		8,829			3,058			2,732			1,038			15,657
Allocated corporate services 4		22,620			4,082			5,796			—			32,498
Other segment items 5		446			299			32			—			777
Total expenses		66,854			15,275			13,823			3,515			99,467
Other income, net		(6,220	)		(1,319	)		(1,742	)		—			(9,281	)
Income from operations		72,499			19,450			14,765			(215	)		106,497
Interest expense (income) allocation		19,971			2,867			4,121			(1,218	)		25,741
Foreign currency exchange loss		—			—			163			—			163
Income before provision for income taxes	$	52,528		$	16,583		$	10,481		$	1,003		$	80,593
Reconciliation of Segment Profit (Loss)
Total segment gross profit													$	196,683
Segment operating expenses, net														99,467
Other income, net														(9,281	)
Interest expense allocation														25,741
Foreign currency exchange loss														163
WillScot Mobile Mini transaction costs 6														21,721
Income before provision for income taxes													$	58,872
Other Selected Information
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	%

Gross Enviroplex sales revenues were $27,079 and $13,093 for the six months ended June 30, 2025 and 2024, respectively. There were no inter-segment sales to Mobile Modular in the six months ended June 30, 2025 and $2 of inter-segment sales to Mobile Modular in the six months ended June 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 six months ended June 30, 2024, the Company incurred $21,721 of transaction costs attributed to the terminated merger with WillScot Mobile Mini.