0001564590-22-016428 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	Apr. 27, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	MGRC
Security Exchange Name	NASDAQ
Entity Registrant Name	McGRATH RENTCORP
Entity Central Index Key	0000752714
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Entity File Number	000-13292
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	94-2579843
Entity Address, Address Line One	5700 Las Positas Road
Entity Address, City or Town	Livermore
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94551-7800
City Area Code	925
Local Phone Number	606-9200
Entity Common Stock, Shares Outstanding		24,345,398
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Rental	$ 104,241	$ 86,087
Rental related services	24,317	19,669
Rental operations	128,558	105,756
Revenues	16,815	15,439
Total revenues	145,373	121,195
Direct costs of rental operations:
Depreciation of rental equipment	23,874	21,255
Rental related services	18,143	14,604
Other	27,823	19,707
Total direct costs of rental operations	69,840	55,566
Costs of sales	9,044	8,548
Total costs of revenues	78,884	64,114
Gross profit	66,489	57,081
Selling and administrative expenses	39,127	33,137
Income from operations	27,362	23,944
Other income (expense):
Interest expense	(2,820)	(1,783)
Foreign currency exchange gain (loss)	13	(55)
Income before provision for income taxes	24,555	22,106
Provision for income taxes	5,762	4,708
Net income	$ 18,793	$ 17,398
Earnings per share:
Basic	$ 0.77	$ 0.72
Diluted	$ 0.77	$ 0.71
Shares used in per share calculation:
Basic	24,285	24,153
Diluted	24,534	24,512
Cash dividends declared per share	$ 0.455	$ 0.435
Sales [Member]
Revenues
Revenues	$ 15,876	$ 14,611
Other [Member]
Revenues
Revenues	$ 939	$ 828

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 18,793	$ 17,398
Other comprehensive income:
Foreign currency translation adjustment, net of tax impact	3	38
Comprehensive income	$ 18,796	$ 17,436

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash	$ 1,603	$ 1,491
Accounts receivable, net of allowance for credit losses of $2,125 in 2022 and 2021	151,564	159,499
Rental equipment, at cost:
Relocatable modular buildings	1,059,030	1,040,094
Electronic test equipment	378,766	361,391
Liquid and solid containment tanks and boxes	308,790	309,908
Rental equipment, gross	1,746,586	1,711,393
Less: accumulated depreciation	(663,631)	(646,169)
Rental equipment, net	1,082,955	1,065,224
Property, plant and equipment, net	138,515	135,325
Prepaid expenses and other assets	50,732	54,945
Intangible assets, net	45,566	47,049
Goodwill	132,305	132,393
Total assets	1,603,240	1,595,926
Liabilities:
Notes payable	423,974	426,451
Accounts payable and accrued liabilities	138,690	136,313
Deferred income	63,939	58,716
Deferred income taxes, net	238,749	242,425
Total liabilities	865,352	863,905
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,335 shares as of March 31, 2022 and 24,260 shares as of December 31, 2021	106,765	108,610
Retained earnings	631,174	623,465
Accumulated other comprehensive loss	(51)	(54)
Total shareholders’ equity	737,888	732,021
Total liabilities and shareholders’ equity	$ 1,603,240	$ 1,595,926

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Allowance for credit losses	$ 2,125	$ 2,125
Common stock, par value
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,335,000	24,260,000
Common Stock, shares outstanding	24,335,000	24,260,000

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2019	$ 682,604	$ 106,289	$ 576,419	$ (104)
Balance, Shares at Dec. 31, 2019		24,128,000
Net income	17,398		17,398
Share-based compensation	1,777	$ 1,777
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		78,000
Taxes paid related to net share settlement of stock awards	(3,482)	$ (3,482)
Dividends accrued of $0.455 and $0.435, per share for three months ended March 31, 2022, and three months ended March 31,2021	(10,650)		(10,650)
Other comprehensive income	38			38
Balance at Mar. 31, 2020	687,685	$ 104,584	583,167	(66)
Balance, Shares at Mar. 31, 2020		24,206,000
Balance at Dec. 31, 2021	$ 732,021	$ 108,610	623,465	(54)
Balance, Shares at Dec. 31, 2021	24,260,000	24,260,000
Net income	$ 18,793		18,793
Share-based compensation	1,760	$ 1,760
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		75,000
Taxes paid related to net share settlement of stock awards	(3,605)	$ (3,605)
Dividends accrued of $0.455 and $0.435, per share for three months ended March 31, 2022, and three months ended March 31,2021	(11,084)		(11,084)
Other comprehensive income	3			3
Balance at Mar. 31, 2022	$ 737,888	$ 106,765	$ 631,174	$ (51)
Balance, Shares at Mar. 31, 2022	24,335,000	24,335,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash dividends declared per share	$ 0.455	$ 0.435
Retained Earnings [Member]
Cash dividends declared per share	$ 0.455	$ 0.435

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities:
Net income	$ 18,793	$ 17,398
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,584	23,460
Deferred income taxes	(3,676)	(3,258)
Provision for doubtful accounts	13	99
Share-based compensation	1,760	1,777
Gain on sale of used rental equipment	(5,364)	(4,794)
Foreign currency exchange (gain) loss	(13)	55
Amortization of debt issuance costs	4	3
Change in:
Accounts receivable	7,922	1,009
Prepaid expenses and other assets	4,213	(94)
Accounts payable and accrued liabilities	(4,716)	(2,633)
Deferred income	5,223	4,587
Net cash provided by operating activities	51,743	37,609
Cash Flows from Investing Activities:
Purchases of rental equipment	(39,430)	(17,984)
Purchases of property, plant and equipment	(5,417)	(981)
Proceeds from sales of used rental equipment	10,308	10,418
Net cash used in investing activities	(34,539)	(8,547)
Cash Flows from Financing Activities:
Net repayment under bank lines of credit	(2,482)	(13,931)
Taxes paid related to net share settlement of stock awards	(3,605)	(3,482)
Payment of dividends	(11,006)	(10,554)
Net cash used in financing activities	(17,093)	(27,967)
Effect of foreign currency exchange rate changes on cash	1	(4)
Net increase in cash	112	1,091
Cash balance, beginning of period	1,491	1,238
Cash balance, end of period	1,603	2,329
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	2,137	1,625
Net income taxes paid, during the period	420	372
Dividends accrued during the period, not yet paid	11,357	9,810
Rental equipment acquisitions, not yet paid	$ 12,869	$ 11,095

Condensed Consolidated Financial Information

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Condensed Consolidated Financial Information

NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION

The condensed consolidated financial statements for the three months ended March 31, 2022 and 2021 have not been audited, but in the opinion of management, all adjustments (consisting of normal recurring accruals, consolidating and eliminating entries) necessary for the fair presentation of the consolidated financial position, results of operations and cash flows of McGrath RentCorp (the “Company”) have been made. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. The consolidated results for the three months ended March 31, 2022 should not be considered as necessarily indicative of the consolidated results for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s latest Annual Report on Form 10-K, filed with the SEC on February 23, 2022 for the year ended December 31, 2021 (the “2021 Annual Report”).

Revenue Recognition

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Revenue Recognition

NOTE 2. REVENUE RECOGNITION

The Company’s accounting for revenues is governed by two accounting standards. The majority of the Company’s revenues are considered lease or lease related and are accounted for in accordance with Accounting Standards Codification (ASC) 842, Leases. Revenues determined to be non-lease related are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. The Company accounts for revenues when approval and commitment from both parties have been obtained, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company typically recognizes non-lease related revenues at a point in time because the customer does not simultaneously consume the benefits of the Company’s promised goods and services, or performance obligations, and obtains control when delivery and installation are complete. For contracts that have multiple performance obligations, the transaction price is allocated to each performance obligation in the contract based on the Company’s best estimate of the standalone selling prices of each distinct performance obligation in the contract. The standalone selling price is typically determined based upon the expected cost plus an estimated margin of each performance obligation.

The Company generally rents and sells to customers on 30 day payment terms. The Company does not typically offer variable payment terms or accept non-monetary consideration. Amounts billed and due from the Company’s customers are classified as Accounts receivable on the Company’s consolidated balance sheet. For certain sales of modular buildings, progress payments from the customer are received during the manufacturing of new equipment, or the preparation of used equipment. The advance payments are not considered a significant financing component because the payments are used to meet working capital needs during the contract and to protect the Company from the customer failing to adequately complete their obligations under the contract. These contract liabilities are included in Deferred income on the Company’s consolidated balance sheet and totaled $21.8 million and $16.8 million at March 31, 2022 and December 31, 2021, respectively. Sales revenues totaling $2.2 million were recognized during the three months ended March 31, 2022, which were included in the contract liability balance at December 31, 2021. For certain modular building sales, the customer retains a small portion of the contract price until full completion of the contract, which results in revenue earned in excess of billings. These unbilled contract assets are included in Accounts receivable on the Company’s consolidated balance sheet and totaled $0.9 million and $1.3 million at March 31, 2022 and December 31, 2021, respectively.

Lease Revenues

Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating segments. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized in the period earned. Rental related services revenues are primarily associated with relocatable modular buildings and liquid and solid containment tanks and boxes leases. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as finance leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on finance leases and rental income on facility leases.

In the three months ended March 31, 2022, the Company’s lease revenues were $118.5 million, consisting of $117.8 million of operating lease revenues and $0.7 million of finance lease revenues. The Company has entered into finance leases to finance certain equipment sales to customers. The lease agreements have a bargain purchase option at the end of the lease term. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a straight-line basis, which results in a constant rate of return on the unrecovered lease investment. The Company’s finance lease revenues for the three months ended March 31, 2022 include $0.6 million of sales revenues and $0.1 million of interest income.

Non-Lease Revenues

Non-lease revenues are recognized in the period when control of the performance obligation is transferred, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For liquid and solid containment solutions, portable storage containers and electronic test equipment, rental related services revenues for delivery and return delivery are considered non-lease revenues.

Sales revenues are typically recognized at a point in time, which occurs upon the completion of delivery, installation and acceptance of the equipment by the customer. Accounting for non-lease revenues requires judgment in determining the point in time the customer gains control of the equipment and the appropriate accounting period to recognize revenue.

Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses.

The following table disaggregates the Company’s revenues by lease (within the scope of ASC 842) and non-lease revenues (within the scope of ASC 606) and the underlying service provided for the three months ended March 31, 2022 and 2021:

(in thousands)	Mobile Modular		TRS- RenTelco		Adler Tanks		Enviroplex		Consolidated
Three Months Ended March 31,
2022
Leasing	$	74,595	$	29,411	$	14,478	$	—	$	118,484
Non-lease:
Rental related services		5,650		551		5,185		—		11,386
Sales		10,375		3,278		657		917		15,227
Other		25		251		—		—		276
Total non-lease		16,050		4,080		5,842		917		26,889
Total revenues	$	90,645	$	33,491	$	20,320	$	917	$	145,373

2021
Leasing	$	57,803	$	27,813	$	12,339	$	—	$	97,955
Non-lease:
Rental related services		3,206		608		4,761		—		8,575
Sales		7,620		4,877		608		1,234		14,339
Other		19		305		2		—		326
Total non-lease		10,845		5,790		5,371		1,234		23,240
Total revenues	$	68,648	$	33,603	$	17,710	$	1,234	$	121,195

Customer returns of rental equipment prior to the end of the rental contract term are typically billed a cancellation fee, which is recorded as rental revenue in the period billed. Sales of new relocatable modular buildings, portable storage containers, electronic test equipment and related accessories and liquid and solid containment tanks and boxes not manufactured by the Company are typically covered by warranties provided by the manufacturer of the products sold. The Company typically provides limited 90-day warranties for certain sales of used rental equipment and one-year warranties on equipment manufactured by Enviroplex. Although the Company’s policy is to provide reserves for warranties when required for specific circumstances, warranty costs have not been significant.

The Company’s incremental cost of obtaining lease contracts, which consists of salesperson commissions, are deferred and amortized over the initial lease term for modular leases. Incremental costs for obtaining a contract for all other operating segments are expensed in the period incurred because the lease term is typically less than 12 months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 3. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed as net income divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effect of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share:

	Three Months Ended March 31,
(in thousands)	2022		2021
Weighted-average number of shares of common stock for calculating basic earnings per share		24,285		24,153
Effect of potentially dilutive securities from equity-based compensation		249		359
Weighted-average number of shares of common stock for calculating diluted earnings per share		24,534		24,512

There were no anti-dilutive securities excluded from the computation of diluted earnings per share in the three months ended March 31, 2022 and 2021.

The Company has in the past made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the “Repurchase Plan”). The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased, and the Repurchase Plan may be modified, extended or terminated by the Company’s Board of Directors at any time. There were no shares repurchased during the three months ended March 31, 2022 and 2021. As of March 31, 2022, 1,309,805 shares remained authorized for repurchase under the Repurchase Plan.

Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 4. INTANGIBLE ASSETS

Intangible assets consist of the following:

(dollar amounts in thousands)	Estimated useful life in years	Average remaining life in years		Cost		Accumulated amortization			Net book value
March 31, 2022
Customer relationships	8 to 11		7.1	$	50,285	$	(14,271	)	$	36,014
Non-compete agreements	5		4.0		3,296		(665	)		2,631
Customer backlog	0.5	—			1,900		(1,900	)		—
Trade name	8		7.0		1,200		(150	)		1,050
Total amortizing					56,681		(16,986	)		39,695
Trade name - non-amortizing	Indefinite				5,871		—			5,871
Total				$	62,552	$	(16,986	)	$	45,566

December 31, 2021
Customer relationships	8 to 11	7.3		$	50,285	$	(12,991	)	$	37,294
Non-compete agreements	5		4.2		3,296		(499	)		2,797
Customer backlog	0.5	—			1,900		(1,900	)		—
Trade name	8		7.3		1,200		(113	)		1,087
Total amortizing					56,681		(15,503	)		41,178
Trade name - non-amortizing	Indefinite				5,871		—			5,871
Total				$	62,552	$	(15,503	)	$	47,049

The Company assesses potential impairment of its goodwill and intangible assets when there is evidence that events or circumstances have occurred that would indicate the recovery of an asset’s carrying value is unlikely. The Company also assesses potential impairment of its goodwill and intangible assets with indefinite lives on an annual basis regardless of whether there is evidence of impairment. If indicators of impairment were to be present in intangible assets used in operations and future discounted cash flows were not expected to be sufficient to recover the asset’s carrying amount, an impairment loss would be charged to expense in the period identified. The amount of an impairment loss that would be recognized is the excess of the asset’s carrying value over its fair value. Factors the Company considers important, which may cause impairment include, among others, significant changes in the manner of use of the acquired asset, negative industry or economic trends, and significant underperformance relative to historical or projected operating results. The Company last conducted a qualitative analysis of its goodwill and intangible assets in the fourth quarter 2021, with no indicators of impairment. In addition, no impairment triggering events occurred during the three months ended March 31, 2022. Determining fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The Company bases its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions. Intangible assets with finite useful lives are amortized over their respective useful lives. Amortization expense in the three months ended March 31, 2022 and 2021, was $1.5 million and $0.1 million, respectively. Based on the carrying values at March 31, 2022 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $4.4 million for the remainder of fiscal year 2022, $5.9 million annually in 2023 through 2025, $5.4 million in 2026 and $5.2 million in 2027.

Segment Reporting

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

NOTE 5. SEGMENT REPORTING

The Company’s four reportable segments are (1) its modular building and portable storage container rental segment (“Mobile Modular”); (2) its electronic test equipment segment (“TRS-RenTelco”); (3) its containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (“Adler Tanks”); and (4) its classroom manufacturing segment selling modular buildings used primarily as classrooms in California (“Enviroplex”). The operations of each of these segments are described in Part I – Item 1, “Business,” and the accounting policies of the segments are described in “Note 1 – Summary of Significant Accounting Policies” in the Company’s 2021 Annual Report. Management focuses on several key measures to evaluate and assess each segment’s performance, including rental revenue growth, gross profit and gross margins, income from operations, income before provision for income taxes and adjusted EBITDA. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, 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, 2022 and 2021 for the Company’s reportable segments is shown in the following table:

(dollar amounts in thousands)	Mobile Modular			TRS- RenTelco			Adler Tanks			Enviroplex ¹			Consolidated
Three Months Ended March 31,
2022
Rental revenues	$	61,538		$	28,512		$	14,191		$ —			$	104,241
Rental related services revenues		18,361			671			5,285			—			24,317
Sales and other revenues		10,746			4,308			844			917			16,815
Total revenues		90,645			33,491			20,320			917			145,373
Depreciation of rental equipment		7,833			12,029			4,012			—			23,874
Gross profit		43,141			14,690			8,454			204			66,489
Selling and administrative expenses		24,692			6,590			6,522			1,323			39,127
Income (loss) from operations		18,449			8,100			1,932			(1,119	)		27,362
Interest (expense) income allocation		(1,821	)		(586	)		(544	)		131			(2,820	)
Income (loss) before provision for income taxes		16,628			7,527			1,388			(988	)		24,555
Adjusted EBITDA		30,405			20,653			6,707			(1,046	)		56,719
Rental equipment acquisitions		23,088			23,351			109			—			46,548
Accounts receivable, net (period end)		106,682			25,124			14,788			4,970			151,564
Rental equipment, at cost (period end)		1,059,030			378,766			308,790		—				1,746,586
Rental equipment, net book value (period end)		763,710			171,863			147,382		—				1,082,955
Utilization (period end) ²		77.6	%		64.7	%		50.4	%
Average utilization ²		77.1	%		64.6	%		48.3	%
2021
Rental revenues	$	46,657		$	27,276		$	12,154		$ —			$	86,087
Rental related services revenues		14,051			740			4,878			—			19,669
Sales and other revenues		7,940			5,587			678			1,234			15,439
Total revenues		68,648			33,603			17,710			1,234			121,195
Depreciation of rental equipment		5,819			11,362			4,074			—			21,255
Gross profit		34,934			14,753			7,043			351			57,081
Selling and administrative expenses		19,237			6,298			6,267			1,335			33,137
Income (loss) from operations		15,697			8,455			776			(984	)		23,944
Interest (expense) income allocation		(1,046	)		(420	)		(431	)		114			(1,783	)
Income (loss) before provision for income taxes		14,651			7,980			345			(870	)		22,106
Adjusted EBITDA		23,955			20,392			5,700			(921	)		49,126
Rental equipment acquisitions		8,428			16,380			(102	)	—				24,706
Accounts receivable, net (period end)		81,378			21,367			13,030			6,433			122,208
Rental equipment, at cost (period end)		886,299			342,105			314,444		—				1,542,848
Rental equipment, net book value (period end)		611,097			159,410			165,436		—				935,943
Utilization (period end) ²		75.8	%		69.2	%		43.0	%
Average utilization ²		75.8	%		68.1	%		40.3	%

1.	Gross Enviroplex sales revenues were $917 and $2,090 for the three months ended March 31, 2022 and 2021, respectively. There were $0 and $856 inter-segment sales to Mobile Modular in the three months ended March 31, 2022 and 2021, respectively, 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 accessory equipment, and for Mobile Modular and Adler Tanks, excluding new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment.

No single customer accounted for more than 10% of total revenues for the three months ended March 31, 2022 and 2021. Revenues from foreign country customers accounted for 4% and 5% of the Company’s total revenues for the same periods, respectively.

- 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.

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Acquisitions

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Acquisitions

NOTE 6. ACQUISITIONS

On May 17, 2021, the Company completed the purchase of substantially all of the assets of Design Space Modular Buildings PNW, LP (“Design Space”) for $267.3 million in cash consideration on the closing date. Design Space provides modular buildings and portable storage containers rental and sale solutions to customers in the West and Pacific Northwest states in the U.S. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805, Business Combinations, using the purchase method of accounting. Under the purchase method of accounting, the total purchase price is assigned to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values on the closing date. The excess of the purchase price over those fair values is recorded as goodwill. The financial results of Design Space were a part of the Mobile Modular segment since May 17, 2021, including $1.7 million of transaction costs.

On April 1, 2021 the Company completed the purchase of assets of GRS Holding LLC, DBA Kitchens To Go (“Kitchens To Go”) for $18.3 million in cash consideration. Kitchens To Go provides interim and permanent modular kitchen solutions for foodservice providers that require flexible facilities to continue or expand operations. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805 using the purchase method of accounting. The financial results of Kitchens To Go were a part of the Mobile Modular segment since April 1, 2021, including $0.3 million of transaction costs.

The following tables summarize the purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Design Space and Kitchens To Go acquisitions, with excess amounts allocated to goodwill. The valuation of intangible assets acquired is based on certain valuation assumptions including cash flow projections, discount rates, contributory asset charges and other valuation model inputs. The valuation of tangible long-lived assets acquired is dependent upon various analyses including an analysis of the condition and estimated remaining economic lives of the assets acquired.

Design Space:

(dollar amounts in thousands)
Rental equipment	$	116,272
Intangible assets:
Goodwill		101,874
Customer relationships		37,900
Non-compete		2,500
Customer backlog		1,600
Accounts receivable		12,025
Property, plant and equipment		4,139
Prepaid expenses and other assets		5,366
Accounts payable and accrued liabilities		(11,613	)
Deferred income		(2,784	)
Total purchase price	$	267,279

Kitchens To Go:

(dollar amounts in thousands)
Rental equipment	$	12,853
Intangible assets:
Goodwill		2,322
Customer relationships		1,700
Trade name		1,200
Non-compete		600
Customer backlog		300
Accounts receivable		212
Property, plant and equipment		365
Prepaid expenses and other assets		1,199
Accounts payable and accrued liabilities		(1,659	)
Deferred income		(747	)
Total purchase price	$	18,345

The value assigned to identifiable intangible assets have been determined based on discounted estimated future cash flows associated with such assets to their present value. The combined acquired goodwill of $104,196 reflects the strategic fit of Design Space and Kitchens to Go with the Company’s modular business operations. The Company will amortize the acquired customer relationships, tradename, non-compete and customer backlog over their expected useful lives of 8 years, 8 years, 5 years and 6 months, respectively. Goodwill is expected to have an indefinite life and will be subject to future impairment testing. The goodwill is deductible for tax purposes over 15 years.

The following unaudited pro forma financial information shows the combined results of operations of the Company, Design Space and Kitchens To Go as if the acquisitions occurred as of the beginning of the periods presented. The pro forma results include the effects of the amortization of the purchased intangible assets and depreciation expense of acquired rental equipment valuation step up, interest expense on the debt incurred to finance the acquisitions. A pro forma adjustment has been made to reflect the income taxes that would have been recorded at the combined federal and state statutory rate of 28% on the acquisitions’ combined net income. The pro forma results for the three months ended March 31, 2021 have been adjusted to include transaction related costs. This pro forma data is presented for informational purposes only and does not purport to be indicative of the results of the future operations or the results that would have occurred had the acquisitions taken place in the periods noted below:

	(Unaudited)
	Three months ended March 31,
(dollar amounts in thousands, except for per share amounts)	2022		2021
Pro-forma total revenues	$	145,373	$	141,304
Pro-forma net income	$	18,793	$	18,890
Pro-forma basic earnings per share	$	0.77	$	0.78
Pro-forma diluted earnings per share	$	0.77	$	0.77

Design Space and Kitchens To Go
Actual total revenues	$	18,174
Actual net income	$	1,543
Actual basic earnings per share	$	0.06
Actual diluted earnings per share	$	0.06

On December 31, 2021 the Company completed the purchase of the assets of Titan Storage Containers, LLC (“Titan”) for $6.6 million in cash consideration on the closing date and $0.3 million remaining liability to the seller. The acquisition was accounted for as a purchase of “assets” in accordance with criteria in ASC 805 and the initial assessment of the fair value of the purchased assets was allocated primarily to rental equipment totaling $6.2 million and rolling stock assets totaling $0.8 million, partially offset by accrued liabilities of $0.2 million. The rolling stock assets include delivery trucks, delivery trailers, trucks and forklifts. Supplemental pro forma prior year information has not been provided as the historical financial results of Titan were not significant. Incremental transaction costs associated with the asset purchase were not significant.

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2022

Disaggregation Of Revenue [Abstract]

Summary of Disaggregates the Company's Revenue by Lease and Non Lease

(in thousands)	Mobile Modular		TRS- RenTelco		Adler Tanks		Enviroplex		Consolidated
Three Months Ended March 31,
2022
Leasing	$	74,595	$	29,411	$	14,478	$	—	$	118,484
Non-lease:
Rental related services		5,650		551		5,185		—		11,386
Sales		10,375		3,278		657		917		15,227
Other		25		251		—		—		276
Total non-lease		16,050		4,080		5,842		917		26,889
Total revenues	$	90,645	$	33,491	$	20,320	$	917	$	145,373

2021
Leasing	$	57,803	$	27,813	$	12,339	$	—	$	97,955
Non-lease:
Rental related services		3,206		608		4,761		—		8,575
Sales		7,620		4,877		608		1,234		14,339
Other		19		305		2		—		326
Total non-lease		10,845		5,790		5,371		1,234		23,240
Total revenues	$	68,648	$	33,603	$	17,710	$	1,234	$	121,195

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share

The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share:

	Three Months Ended March 31,
(in thousands)	2022		2021
Weighted-average number of shares of common stock for calculating basic earnings per share		24,285		24,153
Effect of potentially dilutive securities from equity-based compensation		249		359
Weighted-average number of shares of common stock for calculating diluted earnings per share		24,534		24,512

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Intangible assets consist of the following:

(dollar amounts in thousands)	Estimated useful life in years	Average remaining life in years		Cost		Accumulated amortization			Net book value
March 31, 2022
Customer relationships	8 to 11		7.1	$	50,285	$	(14,271	)	$	36,014
Non-compete agreements	5		4.0		3,296		(665	)		2,631
Customer backlog	0.5	—			1,900		(1,900	)		—
Trade name	8		7.0		1,200		(150	)		1,050
Total amortizing					56,681		(16,986	)		39,695
Trade name - non-amortizing	Indefinite				5,871		—			5,871
Total				$	62,552	$	(16,986	)	$	45,566

December 31, 2021
Customer relationships	8 to 11	7.3		$	50,285	$	(12,991	)	$	37,294
Non-compete agreements	5		4.2		3,296		(499	)		2,797
Customer backlog	0.5	—			1,900		(1,900	)		—
Trade name	8		7.3		1,200		(113	)		1,087
Total amortizing					56,681		(15,503	)		41,178
Trade name - non-amortizing	Indefinite				5,871		—			5,871
Total				$	62,552	$	(15,503	)	$	47,049

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the three months ended March 31, 2022 and 2021 for the Company’s reportable segments is shown in the following table:

(dollar amounts in thousands)	Mobile Modular			TRS- RenTelco			Adler Tanks			Enviroplex ¹			Consolidated
Three Months Ended March 31,
2022
Rental revenues	$	61,538		$	28,512		$	14,191		$ —			$	104,241
Rental related services revenues		18,361			671			5,285			—			24,317
Sales and other revenues		10,746			4,308			844			917			16,815
Total revenues		90,645			33,491			20,320			917			145,373
Depreciation of rental equipment		7,833			12,029			4,012			—			23,874
Gross profit		43,141			14,690			8,454			204			66,489
Selling and administrative expenses		24,692			6,590			6,522			1,323			39,127
Income (loss) from operations		18,449			8,100			1,932			(1,119	)		27,362
Interest (expense) income allocation		(1,821	)		(586	)		(544	)		131			(2,820	)
Income (loss) before provision for income taxes		16,628			7,527			1,388			(988	)		24,555
Adjusted EBITDA		30,405			20,653			6,707			(1,046	)		56,719
Rental equipment acquisitions		23,088			23,351			109			—			46,548
Accounts receivable, net (period end)		106,682			25,124			14,788			4,970			151,564
Rental equipment, at cost (period end)		1,059,030			378,766			308,790		—				1,746,586
Rental equipment, net book value (period end)		763,710			171,863			147,382		—				1,082,955
Utilization (period end) ²		77.6	%		64.7	%		50.4	%
Average utilization ²		77.1	%		64.6	%		48.3	%
2021
Rental revenues	$	46,657		$	27,276		$	12,154		$ —			$	86,087
Rental related services revenues		14,051			740			4,878			—			19,669
Sales and other revenues		7,940			5,587			678			1,234			15,439
Total revenues		68,648			33,603			17,710			1,234			121,195
Depreciation of rental equipment		5,819			11,362			4,074			—			21,255
Gross profit		34,934			14,753			7,043			351			57,081
Selling and administrative expenses		19,237			6,298			6,267			1,335			33,137
Income (loss) from operations		15,697			8,455			776			(984	)		23,944
Interest (expense) income allocation		(1,046	)		(420	)		(431	)		114			(1,783	)
Income (loss) before provision for income taxes		14,651			7,980			345			(870	)		22,106
Adjusted EBITDA		23,955			20,392			5,700			(921	)		49,126
Rental equipment acquisitions		8,428			16,380			(102	)	—				24,706
Accounts receivable, net (period end)		81,378			21,367			13,030			6,433			122,208
Rental equipment, at cost (period end)		886,299			342,105			314,444		—				1,542,848
Rental equipment, net book value (period end)		611,097			159,410			165,436		—				935,943
Utilization (period end) ²		75.8	%		69.2	%		43.0	%
Average utilization ²		75.8	%		68.1	%		40.3	%

1.	Gross Enviroplex sales revenues were $917 and $2,090 for the three months ended March 31, 2022 and 2021, respectively. There were $0 and $856 inter-segment sales to Mobile Modular in the three months ended March 31, 2022 and 2021, respectively, which required elimination in consolidation.

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed

Design Space:

(dollar amounts in thousands)
Rental equipment	$	116,272
Intangible assets:
Goodwill		101,874
Customer relationships		37,900
Non-compete		2,500
Customer backlog		1,600
Accounts receivable		12,025
Property, plant and equipment		4,139
Prepaid expenses and other assets		5,366
Accounts payable and accrued liabilities		(11,613	)
Deferred income		(2,784	)
Total purchase price	$	267,279

Kitchens To Go:

(dollar amounts in thousands)
Rental equipment	$	12,853
Intangible assets:
Goodwill		2,322
Customer relationships		1,700
Trade name		1,200
Non-compete		600
Customer backlog		300
Accounts receivable		212
Property, plant and equipment		365
Prepaid expenses and other assets		1,199
Accounts payable and accrued liabilities		(1,659	)
Deferred income		(747	)
Total purchase price	$	18,345

Summary of Pro Forma Data

This pro forma data is presented for informational purposes only and does not purport to be indicative of the results of the future operations or the results that would have occurred had the acquisitions taken place in the periods noted below:

	(Unaudited)
	Three months ended March 31,
(dollar amounts in thousands, except for per share amounts)	2022		2021
Pro-forma total revenues	$	145,373	$	141,304
Pro-forma net income	$	18,793	$	18,890
Pro-forma basic earnings per share	$	0.77	$	0.78
Pro-forma diluted earnings per share	$	0.77	$	0.77

Design Space and Kitchens To Go
Actual total revenues	$	18,174
Actual net income	$	1,543
Actual basic earnings per share	$	0.06
Actual diluted earnings per share	$	0.06

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Period for credit risk identified	30 days
Sales revenues totaling	$ 2.2
Lease revenue	118.5
Operating lease revenue	117.8
Finance lease revenue	0.7
Finance lease revenue, sales revenue	0.6
Finance lease revenue, interest income	$ 0.1
Period for warranties for rental equipment	90 days
Period for warranties for equipment manufactured	1 year
Deferred Income [Member]
Disaggregation Of Revenue [Line Items]
Customer contract liability	$ 21.8	$ 16.8
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 0.9	$ 1.3

Revenue Recognition - Summary of Disaggregates the Company's Revenue by Lease and Non Lease (Detail) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Disaggregation Of Revenue [Line Items]

Leasing revenues

$ 118,500

Total non-lease revenues

16,815

$ 15,439

Total revenues

145,373

121,195

Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

118,484

97,955

Non-lease Rental Related Services [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

11,386

8,575

Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

15,227

14,339

Non-lease Other [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

276

326

Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

26,889

23,240

Mobile Modular [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

10,746

7,940

Total revenues

90,645

68,648

Mobile Modular [Member] | Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

74,595

57,803

Mobile Modular [Member] | Non-lease Rental Related Services [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

5,650

3,206

Mobile Modular [Member] | Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

10,375

7,620

Mobile Modular [Member] | Non-lease Other [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

Mobile Modular [Member] | Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

16,050

10,845

TRS-RenTelco [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

4,308

5,587

Total revenues

33,491

33,603

TRS-RenTelco [Member] | Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

29,411

27,813

TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

551

608

TRS-RenTelco [Member] | Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

3,278

4,877

TRS-RenTelco [Member] | Non-lease Other [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

251

305

TRS-RenTelco [Member] | Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

4,080

5,790

Adler Tanks [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

844

678

Total revenues

20,320

17,710

Adler Tanks [Member] | Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

14,478

12,339

Adler Tanks [Member] | Non-lease Rental Related Services [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

5,185

4,761

Adler Tanks [Member] | Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

657

608

Adler Tanks [Member] | Non-lease Other [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

Adler Tanks [Member] | Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

5,842

5,371

Enviroplex [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

^[1]

917

1,234

Total revenues

^[1]

917

1,234

Enviroplex [Member] | Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

917

1,234

Enviroplex [Member] | Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

$ 917

$ 1,234

[1]	Gross Enviroplex sales revenues were $917 and $2,090 for the three months ended March 31, 2022 and 2021, respectively. There were $0 and $856 inter-segment sales to Mobile Modular in the three months ended March 31, 2022 and 2021, respectively, which required elimination in consolidation.

Earnings Per Share - Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,285	24,153
Effect of potentially dilutive securities from equity-based compensation	249	359
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,534	24,512

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Aug. 31, 2015
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from computation of diluted earnings per share	0	0
Shares repurchased	0	0
Shares remain authorized for repurchase	1,309,805
Maximum [Member]
Earnings Per Share Basic [Line Items]
Common stock shares authorized for repurchase			2,000,000

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Cost	$ 56,681	$ 56,681
Accumulated amortization	(16,986)	(15,503)
Net book value	39,695	41,178
Indefinite, cost	5,871	5,871
Indefinite, net book value	5,871	5,871
Total, cost	62,552	62,552
Total, accumulated amortization	(16,986)	(15,503)
Total, net book value	$ 45,566	$ 47,049
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years
Average remaining life in years	7 years 1 month 6 days	7 years 3 months 18 days
Cost	$ 50,285	$ 50,285
Accumulated amortization	(14,271)	(12,991)
Net book value	$ 36,014	$ 37,294
Customer Relationships [Member] \| Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years
Customer Relationships [Member] \| Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	11 years	11 years
Non-compete Agreements [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	5 years	5 years
Average remaining life in years	4 years	4 years 2 months 12 days
Cost	$ 3,296	$ 3,296
Accumulated amortization	(665)	(499)
Net book value	$ 2,631	$ 2,797
Customer Backlog [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	6 months	6 months
Average remaining life in years	0 years	0 years
Cost	$ 1,900	$ 1,900
Accumulated amortization	$ (1,900)	$ (1,900)
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years
Average remaining life in years	7 years	7 years 3 months 18 days
Cost	$ 1,200	$ 1,200
Accumulated amortization	(150)	(113)
Net book value	$ 1,050	$ 1,087

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 0	$ 0
Amortization expense	1,500,000		$ 100,000
Subsequent impairment of the underlying assets	0
Expected annual amortization expense for 2022	4,400,000
Expected annual amortization expense for 2023	5,900,000
Expected annual amortization expense for 2024	5,900,000
Expected annual amortization expense for 2025	5,900,000
Expected annual amortization expense for 2026	5,400,000
Expected annual amortization expense for 2027	$ 5,200,000

Segment Reporting - Additional Information (Detail)	3 Months Ended
Segment Reporting - Additional Information (Detail)	Mar. 31, 2022 Segment Customer	Mar. 31, 2021 Customer
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	4
Customer Concentration Risk [Member] \| Sales [Member]
Segment Reporting Information [Line Items]
Number of major customer \| Customer	0	0
Geographic Concentration Risk [Member] \| Sales [Member] \| Foreign Country Customers [Member]
Segment Reporting Information [Line Items]
Revenues from customers	4.00%	5.00%

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

Segment Reporting Information [Line Items]

Rental revenues

$ 104,241

$ 86,087

Rental related services revenues

24,317

19,669

Sales and other revenues

16,815

15,439

Total revenues

145,373

121,195

Depreciation of rental equipment

23,874

21,255

Gross profit

66,489

57,081

Selling and administrative expenses

39,127

33,137

Income from operations

27,362

23,944

Interest (expense) income allocation

(2,820)

(1,783)

Income (loss) before provision for income taxes

24,555

22,106

Adjusted EBITDA

56,719

49,126

Rental equipment acquisitions

46,548

24,706

Accounts receivable, net (period end)

151,564

122,208

$ 159,499

Rental equipment, at cost (period end)

1,746,586

1,542,848

1,711,393

Rental equipment, net book value (period end)

1,082,955

935,943

$ 1,065,224

Mobile Modular [Member]

Segment Reporting Information [Line Items]

Rental revenues

61,538

46,657

Rental related services revenues

18,361

14,051

Sales and other revenues

10,746

7,940

Total revenues

90,645

68,648

Depreciation of rental equipment

7,833

5,819

Gross profit

43,141

34,934

Selling and administrative expenses

24,692

19,237

Income from operations

18,449

15,697

Interest (expense) income allocation

(1,821)

(1,046)

Income (loss) before provision for income taxes

16,628

14,651

Adjusted EBITDA

30,405

23,955

Rental equipment acquisitions

23,088

8,428

Accounts receivable, net (period end)

106,682

81,378

Rental equipment, at cost (period end)

1,059,030

886,299

Rental equipment, net book value (period end)

$ 763,710

$ 611,097

Utilization (period end)

^[1]

77.60%

75.80%

Average utilization

^[1]

77.10%

75.80%

TRS-RenTelco [Member]

Segment Reporting Information [Line Items]

Rental revenues

$ 28,512

$ 27,276

Rental related services revenues

671

740

Sales and other revenues

4,308

5,587

Total revenues

33,491

33,603

Depreciation of rental equipment

12,029

11,362

Gross profit

14,690

14,753

Selling and administrative expenses

6,590

6,298

Income from operations

8,100

8,455

Interest (expense) income allocation

(586)

(420)

Income (loss) before provision for income taxes

7,527

7,980

Adjusted EBITDA

20,653

20,392

Rental equipment acquisitions

23,351

16,380

Accounts receivable, net (period end)

25,124

21,367

Rental equipment, at cost (period end)

378,766

342,105

Rental equipment, net book value (period end)

$ 171,863

$ 159,410

Utilization (period end)

^[1]

64.70%

69.20%

Average utilization

^[1]

64.60%

68.10%

Adler Tanks [Member]

Segment Reporting Information [Line Items]

Rental revenues

$ 14,191

$ 12,154

Rental related services revenues

5,285

4,878

Sales and other revenues

844

678

Total revenues

20,320

17,710

Depreciation of rental equipment

4,012

4,074

Gross profit

8,454

7,043

Selling and administrative expenses

6,522

6,267

Income from operations

1,932

776

Interest (expense) income allocation

(544)

(431)

Income (loss) before provision for income taxes

1,388

345

Adjusted EBITDA

6,707

5,700

Rental equipment acquisitions

109

(102)

Accounts receivable, net (period end)

14,788

13,030

Rental equipment, at cost (period end)

308,790

314,444

Rental equipment, net book value (period end)

$ 147,382

$ 165,436

Utilization (period end)

^[1]

50.40%

43.00%

Average utilization

^[1]

48.30%

40.30%

Enviroplex [Member]

Segment Reporting Information [Line Items]

Sales and other revenues

^[2]

$ 917

$ 1,234

Total revenues

^[2]

917

1,234

Gross profit

^[2]

204

351

Selling and administrative expenses

^[2]

1,323

1,335

Income from operations

^[2]

(1,119)

(984)

Interest (expense) income allocation

^[2]

131

114

Income (loss) before provision for income taxes

^[2]

(988)

(870)

Adjusted EBITDA

^[2]

(1,046)

(921)

Accounts receivable, net (period end)

^[2]

$ 4,970

$ 6,433

[1]	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 for Mobile Modular and Adler Tanks, excluding new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment.
[2]	Gross Enviroplex sales revenues were $917 and $2,090 for the three months ended March 31, 2022 and 2021, respectively. There were $0 and $856 inter-segment sales to Mobile Modular in the three months ended March 31, 2022 and 2021, respectively, which required elimination in consolidation.

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Segment Reporting Information [Line Items]

Revenues

$ 145,373

$ 121,195

Sales revenues

16,815

15,439

Sales [Member]

Segment Reporting Information [Line Items]

Sales revenues

15,876

14,611

Enviroplex [Member]

Segment Reporting Information [Line Items]

Revenues

^[1]

917

1,234

Sales revenues

^[1]

917

1,234

Mobile Modular [Member]

Segment Reporting Information [Line Items]

Revenues

90,645

68,648

Sales revenues

10,746

7,940

Operating Segments [Member] | Enviroplex [Member] | Sales [Member]

Segment Reporting Information [Line Items]

Revenues

917

2,090

Inter-segment Eliminations [Member] | Mobile Modular [Member]

Segment Reporting Information [Line Items]

Sales revenues

$ 0

$ 856

[1]	Gross Enviroplex sales revenues were $917 and $2,090 for the three months ended March 31, 2022 and 2021, respectively. There were $0 and $856 inter-segment sales to Mobile Modular in the three months ended March 31, 2022 and 2021, respectively, which required elimination in consolidation.

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Acquisitions - Additional Information (Detail) - USD ($)			3 Months Ended	12 Months Ended
	May 17, 2021	Apr. 01, 2021	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Combined acquired goodwill			$ 132,305,000	$ 132,393,000
Goodwill deductible for tax purpose, period			15 years
Combined federal and state tax rate			28.00%
Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			8 years
Trade Name
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			8 years	8 years
Non-compete [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			5 years
Customer Backlog [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			6 months	6 months
Design Space Modular Buildings PNW, LP [Member]
Business Acquisition [Line Items]
Purchase of assets	$ 267,300,000
Business acquisition, transaction costs	1,700,000
Combined acquired goodwill	101,874,000
Rental equipment	$ 116,272,000
GRS Holding LLC, DBA Kitchens To Go [Member]
Business Acquisition [Line Items]
Purchase of assets		$ 18,300,000
Business acquisition, transaction costs		300,000
Combined acquired goodwill		2,322,000
Rental equipment		$ 12,853,000
Design Space and Kitchens To Go [Member]
Business Acquisition [Line Items]
Combined acquired goodwill			$ 104,196
Titan Storage Containers, LLC [Member]
Business Acquisition [Line Items]
Purchase of assets				$ 6,600,000
Business combination remaining liability to seller				300,000
Rental equipment				6,200,000
Rolling stock assets				800,000
Accrued liabilities				$ 200,000

Acquisitions - Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	May 17, 2021	Apr. 01, 2021
Intangible assets:
Goodwill	$ 132,305	$ 132,393
Design Space Modular Buildings PNW, LP [Member]
Business Acquisition [Line Items]
Rental equipment			$ 116,272
Intangible assets:
Goodwill			101,874
Accounts receivable			12,025
Property, plant and equipment			4,139
Prepaid expenses and other assets			5,366
Accounts payable and accrued liabilities			(11,613)
Deferred income			(2,784)
Total purchase price			267,279
Design Space Modular Buildings PNW, LP [Member] \| Customer Relationships [Member]
Intangible assets:
Intangible assets			37,900
Design Space Modular Buildings PNW, LP [Member] \| Non-compete [Member]
Intangible assets:
Intangible assets			2,500
Design Space Modular Buildings PNW, LP [Member] \| Customer Backlog [Member]
Intangible assets:
Intangible assets			$ 1,600
GRS Holding LLC, DBA Kitchens To Go [Member]
Business Acquisition [Line Items]
Rental equipment				$ 12,853
Intangible assets:
Goodwill				2,322
Accounts receivable				212
Property, plant and equipment				365
Prepaid expenses and other assets				1,199
Accounts payable and accrued liabilities				(1,659)
Deferred income				(747)
Total purchase price				18,345
GRS Holding LLC, DBA Kitchens To Go [Member] \| Customer Relationships [Member]
Intangible assets:
Intangible assets				1,700
GRS Holding LLC, DBA Kitchens To Go [Member] \| Trade Name
Intangible assets:
Intangible assets				1,200
GRS Holding LLC, DBA Kitchens To Go [Member] \| Non-compete [Member]
Intangible assets:
Intangible assets				600
GRS Holding LLC, DBA Kitchens To Go [Member] \| Customer Backlog [Member]
Intangible assets:
Intangible assets				$ 300

Acquisitions - Summary of Pro Forma Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Pro-forma total revenues	$ 145,373	$ 141,304
Pro-forma net income	$ 18,793	$ 18,890
Pro-forma basic earnings per share	$ 0.77	$ 0.78
Pro-forma diluted earnings per share	$ 0.77	$ 0.77
Design Space and Kitchens To Go [Member]
Business Acquisition [Line Items]
Actual total revenues	$ 18,174
Actual net income	$ 1,543
Actual basic earnings per share	$ 0.06
Actual diluted earnings per share	$ 0.06