0000950170-23-035123 | 10-Q | XBRL Viewer

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Discontinued Operations - Schedule of Assets and Liabilities of Discontinued Operations Reported in Condensed Consolidated Balance Sheets (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Assets
Total assets of discontinued operations	$ 196,249
Liabilities
Total liabilities of discontinued operations	53,171
Adler Tank Rentals, LLC
Assets
Accounts receivable, net of allowance for credit losses of $450	20,086
Rental equipment, net	137,738
Property, plant and equipment, net	6,632
Prepaid expenses and other assets	191
Intangible assets, net	5,700
Goodwill	25,902
Total assets of discontinued operations	196,249
Liabilities
Accounts payable and accrued liabilities	9,621
Deferred income taxes, net	43,550
Total liabilities of discontinued operations	$ 53,171

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Rental	$ 117,840	$ 94,667	$ 228,087	$ 184,717
Rental related services	33,857	22,046	60,989	41,078
Rental operations	151,697	116,713	289,076	225,795
Total revenues	203,030	153,368	366,748	278,421
Direct costs of rental operations:
Depreciation of rental equipment	22,597	20,082	44,430	39,944
Rental related services	23,825	15,780	43,093	29,540
Other	30,560	29,516	61,695	54,370
Total direct costs of rental operations	76,982	65,378	149,218	123,854
Costs of sales	31,438	21,034	45,553	29,576
Total costs of revenues	108,420	86,412	194,771	153,430
Gross profit	94,610	66,956	171,977	124,991
Selling and administrative expenses	47,026	33,809	104,524	66,414
Income from operations	47,584	33,147	67,453	58,577
Other (expense) income:
Interest expense	(9,945)	(2,426)	(17,409)	(4,702)
Foreign currency exchange (loss) gain	(18)	(181)	208	(168)
Income from continuing operations before provision for income taxes	37,621	30,540	50,252	53,707
Provision for income taxes	9,669	6,996	10,782	12,505
Income from continuing operations	27,952	23,544	39,470	41,202
Discontinued operations:
Income from discontinued operations before provision for income taxes		3,327	1,709	4,715
Provision for income taxes from discontinued operations		734	453	987
Gain on sale of discontinued operations, net of tax	2,630		61,513
Income from discontinued operations	2,630	2,593	62,769	3,728
Net income	$ 30,582	$ 26,137	$ 102,239	$ 44,930
Earnings per share from continuing operations:
Basic	$ 1.14	$ 0.96	$ 1.61	$ 1.68
Diluted	1.14	0.96	1.61	1.68
Earnings Per Share from Discontinued Operations [Abstract]
Basic	0.11	0.11	2.57	0.15
Diluted	0.11	0.11	2.56	0.15
Earnings per share:
Basic	1.25	1.07	4.18	1.83
Diluted	$ 1.25	$ 1.07	$ 4.17	$ 1.83
Shares used in per share calculation:
Basic	24,479	24,360	24,448	24,323
Diluted	24,512	24,509	24,527	24,522
Cash dividends declared per share	$ 0.465	$ 0.455	$ 0.93	$ 0.91
Sales [Member]
Revenues
Revenues	$ 47,801	$ 35,870	$ 71,461	$ 51,089
Other [Member]
Revenues
Revenues	$ 3,532	$ 785	$ 6,211	$ 1,537

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 26, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		24,484,993
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Financial Information

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Condensed Consolidated Financial Information

NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION

The condensed consolidated financial statements for the six months ended June 30, 2023 and 2022 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 and six months ended June 30, 2023, 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 22, 2023 for the year ended December 31, 2022 (the “2022 Annual Report”).

Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

NOTE 6. 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.

Revenue from contracts that satisfies the criteria for over time recognition is recognized as work is performed by using the ratio of costs incurred to estimated total contract costs for each contract. The majority of revenue for these contracts is derived from long-term projects which typically span multiple quarters. The timing of revenue recognition, billings, and cash collections results in billed contract receivables and contract assets on the Company's consolidated balance sheet. In the Company’s contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. Billings can occur subsequent to revenue recognition, resulting in contract assets, or in advance, resulting in contract liabilities. These contract assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The contract liabilities included in Deferred income on the Company’s consolidated balance sheet totaled $49.0 million and $27.4 million at June 30, 2023 and December 31, 2022. Sales revenues totaling $6.6 million and $11.0 million were recognized during the three and six months ended June 30, 2023, respectively, which were included in the contract liability balance at December 31, 2022. For certain modular building sales, the customer retains a small portion of the contract price until full completion of the contract, or revenue is recognizable prior to customer billing, 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 $5.7 million and $0.6 million at June 30, 2023 and December 31, 2022, respectively.

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.

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. 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. As of the six months ended June 30, 2023, the Company’s future minimum lease payments to be received under non-cancelable finance leases was $4.4 million. Of the total investment in sales-type leases, non-current future minimum lease payments are expected to be $1.1 million in 2024, $0.7 million in 2025, and $0.2 million in 2026. The Company’s assessment of current expected losses on these receivables was not material and no credit loss expense was provided as of the six months ended June 30, 2023. Other revenues include interest income on finance leases and rental income on facility leases.

In the three and six months ended June 30, 2023, the Company’s lease revenues were $140.8 million and $277.4 million, respectively, consisting of $139.7 million and $275.8 million of operating lease revenues, respectively, and $1.1 million and $1.6 million of finance lease revenues, respectively. 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 and six months ended June 30, 2023 include $1.0 million and $1.4 million of sales revenues, respectively, and $0.1 million and $0.2 million of interest income, respectively.

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 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 and six months ended June 30, 2023 and 2022:


(in thousands)	Mobile Modular		TRS- RenTelco		Enviroplex		Adler Tanks (Discontinued)		Consolidated
Three Months Ended June 30,
2023
Leasing	$	110,419	$	30,337	$	—	$	—	$	140,756
Non-lease:
Rental related services		13,908		563		—		—		14,471
Sales		39,356		6,581		923		—		46,860
Other		579		364		—		—		943
Total non-lease		53,843		7,508		923		—		62,274
Total revenues	$	164,262	$	37,845	$	923	$	—	$	203,030

2022
Leasing	$	79,671	$	30,909	$	—	$	16,244	$	126,824
Non-lease:
Rental related services		6,883		683		—		6,636		14,202
Sales		24,816		5,462		4,650		601		35,529
Other		7		287		—		182		476
Total non-lease		31,706		6,432		4,650		7,419		50,207
Total revenues	$	111,377	$	37,341	$	4,650	$	23,663	$	177,031

Six Months Ended June 30,
2023
Leasing	$	210,078	$	60,677	$	—	$	6,612	$	277,367
Non-lease:
Rental related services		22,882		1,289		—		2,557		26,728
Sales		56,961		11,204		1,864		269		70,298
Other		998		795		—		—		1,793
Total non-lease		80,841		13,288		1,864		2,826		98,819
Total revenues	$	290,919	$	73,965	$	1,864	$	9,438	$	376,186

2022
Leasing	$	154,265	$	60,319	$	—	$	30,723	$	245,307
Non-lease:
Rental related services		12,533		1,235		—		11,821		25,589
Sales		35,191		8,741		5,567		1,258		50,757
Other		33		537		—		181		751
Total non-lease		47,757		10,513		5,567		13,260		77,097
Total revenues	$	202,022	$	70,832	$	5,567	$	43,983	$	322,404

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 to date.

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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Period for credit risk identified		30 days
Revenue from contracts criteria over time		multiple quarters
Sales revenues totaling	$ 6.6	$ 11.0
Total Future minimum flease payments expected to be received	4.4	4.4
Future minimum flease payments expected to be received in 2024	1.1	1.1
Future minimum flease payments expected to be received in 2025	0.7	0.7
Future minimum flease payments expected to be received in 2026	0.2	0.2
Lease revenue	140.8	277.4
Operating lease revenue	139.7	275.8
Finance lease revenue	1.1	1.6
Finance lease revenue, sales revenue	1.0	1.4
Finance lease revenue, interest income	0.1	$ 0.2
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	49.0	$ 49.0	$ 27.4
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 5.7	$ 5.7	$ 0.6

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Cash dividends declared per share	$ 0.465		$ 0.455
Retained Earnings [Member]
Cash dividends declared per share	$ 0.465	$ 0.465	$ 0.455	$ 0.455

Segment Reporting - Additional Information (Detail)		6 Months Ended
Segment Reporting - Additional Information (Detail)	Feb. 01, 2023 Segment	Jun. 30, 2023 Segment Customer	Jun. 30, 2022 Customer
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	4	3
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		3.00%	4.00%

Discontinued Operations - Summary of Results of Discontinued Operations Reported in Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gross Profit
Interest expense allocation			$ (374)	$ (1,119)
Income from discontinued operations before provision for income taxes		$ 3,327	1,709	4,715
Provision for income taxes from discontinued operations		734	453	987
Income from discontinued operations	$ 2,630	2,593	62,769	3,728
Other Selected Information
Adjusted EBITDA			3,682	15,327
Sales [Member]
Revenues
Sales revenues	47,801	35,870	71,461	51,089
Other [Member]
Revenues
Sales revenues	$ 3,532	$ 785	6,211	1,537
Adler Tank Rentals, LLC
Revenues
Rental			6,520	30,148
Rental related services			2,584	12,058
Rental operations			9,104	42,206
Total revenues			9,438	43,983
Direct costs of rental operations:
Depreciation of rental equipment			1,325	7,994
Rental related services			2,020	9,456
Other			1,270	6,278
Total direct costs of rental operations			4,614	23,728
Costs of sales			159	920
Total costs of revenues			4,773	24,648
Gross Profit
Rental			3,926	15,876
Rental related services			564	2,602
Rental operations			4,490	18,478
Total gross profit			4,665	19,335
Selling and administrative expenses			2,583	13,501
Income from operations			2,082	5,834
Interest expense allocation			(374)	(1,119)
Income from discontinued operations before provision for income taxes			1,709	4,715
Provision for income taxes from discontinued operations			453	987
Income from discontinued operations			1,256	3,728
Other Selected Information
Adjusted EBITDA			3,682	15,327
Adler Tank Rentals, LLC \| Sales [Member]
Revenues
Sales revenues			269	1,258
Gross Profit
Total gross profit			110	338
Adler Tank Rentals, LLC \| Other [Member]
Revenues
Sales revenues			65	519
Gross Profit
Total gross profit			$ 65	$ 519

Discontinued Operations - Schedule of Assets and Liabilities on Discontinued Operations Reported in Condensed Consolidated Balance Sheets (Parenthetical (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Adler Tank Rentals, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Allowance for credit losses	$ 450

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2021	$ 732,021	$ 108,610	$ 623,465	$ (54)
Balance, Shares at Dec. 31, 2021		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 $0.465, $0.465, $0.455, $0.455 per share for three months ended March 31, 2023, June 30, 2023, and three months ended March 31, 2022, June 30, 2022	(11,084)		(11,084)
Other comprehensive income (loss)	3			3
Balance at Mar. 31, 2022	737,888	$ 106,765	631,174	(51)
Balance, Shares at Mar. 31, 2022		24,335,000
Balance at Dec. 31, 2021	732,021	$ 108,610	623,465	(54)
Balance, Shares at Dec. 31, 2021		24,260,000
Net income	44,930
Balance at Jun. 30, 2022	752,034	$ 105,894	646,130	10
Balance, Shares at Jun. 30, 2022		24,378,000
Balance at Mar. 31, 2022	737,888	$ 106,765	631,174	(51)
Balance, Shares at Mar. 31, 2022		24,335,000
Net income	26,137		26,137
Share-based compensation	1,652	$ 1,652
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		43,000
Taxes paid related to net share settlement of stock awards	(2,523)	$ (2,523)
Dividends accrued of $0.465, $0.465, $0.455, $0.455 per share for three months ended March 31, 2023, June 30, 2023, and three months ended March 31, 2022, June 30, 2022	(11,181)		(11,181)
Other comprehensive income (loss)	61			61
Balance at Jun. 30, 2022	752,034	$ 105,894	646,130	10
Balance, Shares at Jun. 30, 2022		24,378,000
Balance at Dec. 31, 2022	$ 803,945	$ 110,080	693,943	(78)
Balance, Shares at Dec. 31, 2022	24,388,000	24,388,000
Net income	$ 71,657		71,657
Share-based compensation	1,493	$ 1,493
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	(6,086)	$ (6,086)
Dividends accrued of $0.465, $0.465, $0.455, $0.455 per share for three months ended March 31, 2023, June 30, 2023, and three months ended March 31, 2022, June 30, 2022	(11,453)		(11,453)
Other comprehensive income (loss)	(18)			(18)
Balance at Mar. 31, 2023	859,538	$ 105,487	754,147	(96)
Balance, Shares at Mar. 31, 2023		24,466,000
Balance at Dec. 31, 2022	$ 803,945	$ 110,080	693,943	(78)
Balance, Shares at Dec. 31, 2022	24,388,000	24,388,000
Net income	$ 102,239
Balance at Jun. 30, 2023	$ 880,569	$ 107,362	773,260	(53)
Balance, Shares at Jun. 30, 2023	24,485,000	24,485,000
Balance at Mar. 31, 2023	$ 859,538	$ 105,487	754,147	(96)
Balance, Shares at Mar. 31, 2023		24,466,000
Net income	30,582		30,582
Share-based compensation	1,889	$ 1,889
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		19,000
Taxes paid related to net share settlement of stock awards	(14)	$ (14)
Dividends accrued of $0.465, $0.465, $0.455, $0.455 per share for three months ended March 31, 2023, June 30, 2023, and three months ended March 31, 2022, June 30, 2022	(11,469)		(11,469)
Other comprehensive income (loss)	43			43
Balance at Jun. 30, 2023	$ 880,569	$ 107,362	$ 773,260	$ (53)
Balance, Shares at Jun. 30, 2023	24,485,000	24,485,000

- Definition

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

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

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+ Details

Acquisitions

6 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

Acquisitions

NOTE 4. ACQUISITIONS

On February 1, 2023, the Company completed the acquisition of Vesta Housing Solutions Holdings, Inc. (“Vesta Modular”), a portfolio company of Kinderhook Industries, for $437.2 million cash consideration on the closing date, which included certain adjustments, including net working capital and certain qualified capital expenditures. In connection with the acquisition, the Company purchased a representation and warranty insurance policy to provide certain recourse in the event of breaches of representations and warranties of Vesta Modular and the seller of Vesta Modular under the stock purchase agreement. Vesta Modular is a leading provider of temporary and permanent modular space solutions serving customers between its modular leasing and modular construction divisions. 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 Vesta Modular were a part of the Mobile Modular segment since February 1, 2023, including $9.5 million of transaction costs.

On March 1, 2023, the Company completed the purchase of assets of Jerald R. Brekke, Inc., DBA Brekke Storage ("Brekke Storage"), for a total purchase price of $16.4 million. Brekke Storage is a regional provider of portable storage solutions in the Colorado market. The acquisition expanded the Mobile Modular Portable Storage fleet by approximately 2,700 units and provided a new regional operation to serve the Colorado market. 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 Brekke Storage were a part of the Mobile Modular segment since March 1, 2023, including $0.2 million of transaction costs.

On April 1, 2023, the Company completed the purchase of assets of Dixie Temporary Storage, LLC ("Dixie Storage"), for a purchase price of $4.9 million. Dixie Storage is a regional provider of portable storage solutions in the South Carolina market and is highly complementary to the Company's portable storage business segment. The acquisition expanded the Mobile Modular Portable Storage fleet by approximately 800 units and provided a new regional operation to serve the South Carolina market. 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. The financial results of Dixie Storage were a part of the Mobile Modular segment since April 1, 2023, including $0.1 million of transaction costs.

The following tables summarize the preliminary purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Vesta Modular, Brekke Storage and Dixie Storage acquisitions, with excess amounts allocated to goodwill. The estimated fair values of the assets acquired and liabilities assumed at the acquisition date are determined based on preliminary valuations and analyses. Accordingly, the Company has made provisional estimates for the assets acquired and liabilities assumed. 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.

Vesta Modular:


(dollar amounts in thousands)
Rental equipment	$	226,753
Intangible assets:
Goodwill		213,313
Customer relationships		26,000
Non-compete		7,100
Trade name		800
Cash		11
Accounts receivable		22,401
Property, plant and equipment		1,437
Prepaid expenses and other assets		3,550
Accounts payable and accrued liabilities		(27,558	)
Deferred income		(14,273	)
Deferred income taxes		(22,324	)
Total purchase price	$	437,210

Brekke Storage:


(dollar amounts in thousands)
Rental equipment	$	10,798
Intangible assets:
Goodwill		4,083
Customer relationships		949
Non-compete		59
Property, plant and equipment		875
Deferred income		(382	)
Total purchase price	$	16,382

Dixie Storage:


(dollar amounts in thousands)
Rental equipment	$	2,758
Intangible assets:
Goodwill		1,555
Customer relationships		259
Non-compete		22
Property, plant and equipment		318
Deferred income		(161	)
Total purchase price	$	4,751

The value assigned to identifiable intangible assets was determined based on discounted estimated future cash flows associated with such assets to their present value. The combined acquired goodwill of $219.0 million reflects the strategic fit of Vesta Modular, Brekke Storage and Dixie Storage with the Company’s modular and portable storage business operations. The Company amortizes the acquired customer relationships over their expected useful lives of 11 years for Vesta Modular, 8 years for Brekke Storage and 9 years for Dixie Storage. The expected useful life for the non-compete agreements is 5 years. The trade name intangible acquired from the Vesta Modular acquisition will be amortized over it's useful life of nine months. 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 continuing operations of the Company and Vesta Modular as if the acquisition 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 26.5% on the acquisitions’ combined net income. The pro forma results for the six months ended June 30, 2023 and 2022, 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)
	Six months ended June 30,
(dollar amounts in thousands, except for per share amounts)	2023		2022
Pro-forma total revenues	$	374,391	$	339,638
Pro-forma net income	$	39,174	$	34,781
Pro-forma basic earnings per share	$	1.60	$	1.43
Pro-forma diluted earnings per share	$	1.60	$	1.42

Vesta Modular
Actual total revenues	$	47,257
Actual net income	$	9,016
Actual basic earnings per share	$	0.37
Actual diluted earnings per share	$	0.37

Discontinued Operations - Additional information (Detail) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Feb. 01, 2023	Jun. 30, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total transaction costs		$ 24
Adler Tank Rentals, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price	$ 268,000
Additional payment for final net working capital purchase price adjustment	3,600
Total transaction costs	$ 8,900	$ 6,700	$ 2,200

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 7. 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 June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Weighted-average number of shares of common stock for calculating basic earnings per share		24,479		24,360		24,448		24,323
Effect of potentially dilutive securities from equity-based compensation		33		149		79		199
Weighted-average number of shares of common stock for calculating diluted earnings per share		24,512		24,509		24,527		24,522

There were 697 anti-dilutive securities excluded from the computation of diluted earnings per share for the six months ended June 30, 2023, and 7,315 anti-dilutive securities excluded from the computation of diluted earnings per share for the same period in 2022.

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 and six months ended June 30, 2023 and 2022. As of June 30, 2023, 1,309,805 shares remained authorized for repurchase under the Repurchase Plan.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Weighted-average number of shares of common stock for calculating basic earnings per share		24,479		24,360		24,448		24,323
Effect of potentially dilutive securities from equity-based compensation		33		149		79		199
Weighted-average number of shares of common stock for calculating diluted earnings per share		24,512		24,509		24,527		24,522

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash	$ 2,205	$ 957
Accounts receivable, net of allowance for credit losses of $2,600 in 2023 and $2,300 in 2022	191,676	169,937
Rental equipment, at cost:
Relocatable modular buildings	1,457,984	1,123,268
Electronic test equipment	390,832	398,267
Rental equipment, gross	1,848,816	1,521,535
Less: accumulated depreciation	(553,166)	(531,218)
Rental equipment, net	1,295,650	990,317
Property, plant and equipment, net	146,624	138,713
Prepaid expenses and other assets	81,967	69,837
Intangible assets, net	65,607	35,431
Goodwill	325,354	106,403
Assets of discontinued operations		196,249
Total assets	2,109,083	1,707,844
Liabilities:
Notes payable	672,631	413,742
Accounts payable and accrued liabilities	219,611	151,208
Deferred income	106,523	82,417
Deferred income taxes, net	229,749	203,361
Liabilities of discontinued operations		53,171
Total liabilities	1,228,514	903,899
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,485 shares as of June 30, 2023 and 24,388 shares as of December 31, 2022	107,362	110,080
Retained earnings	773,260	693,943
Accumulated other comprehensive income (loss)	(53)	(78)
Total shareholders’ equity	880,569	803,945
Total liabilities and shareholders’ equity	$ 2,109,083	$ 1,707,844

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 102,239	$ 44,930
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54,958	55,355
Deferred income taxes	(39,486)	(5,815)
Provision for credit losses	1,400	49
Share-based compensation	3,382	3,412
Gain on sale of discontinued operations	(61,513)
Gain on sale of used rental equipment	(14,250)	(16,093)
Foreign currency exchange (gain) loss	(208)	168
Amortization of debt issuance costs	4	9
Change in:
Accounts receivable	(1,116)	(7,879)
Prepaid expenses and other assets	(8,504)	10,855
Accounts payable and accrued liabilities	25,255	(73)
Deferred income	9,290	18,835
Net cash provided by operating activities	71,451	82,043
Cash Flows from Investing Activities:
Proceeds from sale of discontinued operations	268,012
Purchases of rental equipment	(128,088)	(94,820)
Purchases of property, plant and equipment	(11,229)	(6,594)
Cash paid for acquisition of businesses	(456,312)
Proceeds from sales of used rental equipment	27,410	31,830
Net cash used in investing activities	(300,207)	(69,584)
Cash Flows from Financing Activities:
Net borrowings under bank lines of credit	258,885	15,000
Taxes paid related to net share settlement of stock awards	(6,100)	(6,128)
Payment of dividends	(22,782)	(22,083)
Net cash provided by (used in) financing activities	230,003	(13,211)
Effect of foreign currency exchange rate changes on cash	1	135
Net increase (decrease) in cash	1,248	(617)
Cash balance, beginning of period	957	1,491
Cash balance, end of period	2,205	874
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	16,802	5,821
Net income taxes paid, during the period	6,931	17,078
Dividends accrued during the period, not yet paid	11,937	11,009
Rental equipment acquisitions, not yet paid	$ 7,612	$ 6,906

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,479	24,360	24,448	24,323
Effect of potentially dilutive securities from equity-based compensation	33	149	79	199
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,512	24,509	24,527	24,522

New Accounting Pronouncements

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements

NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS

On March 27, 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-01, Leases (Topic 842): Common Control Arrangements, which requires a lessee involved in a common control lease agreement to amortize leasehold improvements over the useful life of the improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset. If the lessor obtains the right to control the use of the underlying asset through a lease with another entity not within the same control group, the amortization period cannot exceed the period of the common control group. Furthermore, the ASU requires the accounting for a transfer between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. The ASU is effective for fiscal years beginning after December 15, 2023. The Company does not expect the adoption of this ASU to have a material impact on the Company's consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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

Acquisitions - Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Apr. 01, 2023	Mar. 01, 2023	Feb. 01, 2023	Dec. 31, 2022
Intangible assets:
Goodwill	$ 325,354				$ 106,403
Vesta Modular [Member]
Business Acquisition [Line Items]
Rental equipment				$ 226,753
Intangible assets:
Goodwill				213,313
Cash				11
Accounts receivable				22,401
Property, plant and equipment				1,437
Prepaid expenses and other assets				3,550
Accounts payable and accrued liabilities				(27,558)
Deferred income				(14,273)
Deferred income taxes				(22,324)
Total purchase price				437,210
Vesta Modular [Member] \| Customer Relationships [Member]
Intangible assets:
Intangible assets				26,000
Vesta Modular [Member] \| Trade Name
Intangible assets:
Intangible assets				800
Vesta Modular [Member] \| Non-compete [Member]
Intangible assets:
Intangible assets				$ 7,100
Brekke Storage [Member]
Business Acquisition [Line Items]
Rental equipment			$ 10,798
Intangible assets:
Goodwill			4,083
Property, plant and equipment			875
Deferred income			(382)
Total purchase price			16,382
Brekke Storage [Member] \| Customer Relationships [Member]
Intangible assets:
Intangible assets			949
Brekke Storage [Member] \| Non-compete [Member]
Intangible assets:
Intangible assets			$ 59
Dixie Storage [Member]
Business Acquisition [Line Items]
Rental equipment		$ 2,758
Intangible assets:
Goodwill		1,555
Property, plant and equipment		318
Deferred income		(161)
Total purchase price		4,751
Dixie Storage [Member] \| Customer Relationships [Member]
Intangible assets:
Intangible assets		259
Dixie Storage [Member] \| Non-compete [Member]
Intangible assets:
Intangible assets		$ 22

Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

NOTE 9. SEGMENT REPORTING

The Company historically operated four reportable segments and divested it's Adler Tanks business segment on February 1, 2023, see Note 5 to the consolidated financial statements for more information on the divestiture of Adler Tanks. The three reportable segments from continuing operations are (1) its modular building and portable storage container rental segment (“Mobile Modular”); (2) its electronic test equipment segment (“TRS-RenTelco”); and (3) 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 2022 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 and TRS-RenTelco based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular and TRS-RenTelco 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 six months ended June 30, 2023 and 2022 for the Company’s reportable segments and discontinued operations are shown in the following table:


(dollar amounts in thousands)	Mobile Modular			TRS- RenTelco			Enviroplex 1			Adler Tanks (Discontinued)3			Consolidated
Six Months Ended June 30,
2023
Rental revenues	$	170,370		$	57,717		$	—		$	6,520		$	234,607
Rental related services revenues		59,442			1,547		—				2,584			63,573
Sales and other revenues		61,107			14,701			1,864			334			78,006
Total revenues		290,919			73,965			1,864			9,438			376,186
Depreciation of rental equipment		19,729			24,701		—				1,325			45,755
Gross profit		140,226			31,503			248			4,665			176,642
Selling and administrative expenses		84,810			16,577			3,137			2,583			107,106
Income (loss) from operations		55,416			14,926			(2,889	)		2,082			69,536
Interest (expense) income allocation		(14,718	)		(3,801	)		1,110			(374	)		(17,783	)
Income (loss) before provision for income taxes		40,698			11,333			(1,779	)		1,709			51,961
Adjusted EBITDA		99,269			42,173			(2,724	)		3,682			142,400
Rental equipment acquisitions		105,575			16,906		—				—			122,481
Accounts receivable, net (period end)		161,927			26,138			3,611			—			191,676
Rental equipment, at cost (period end)		1,457,984			390,832		—				—			1,848,816
Rental equipment, net book value (period end)		1,132,778			162,872		—				—			1,295,650
Utilization (period end) 2		78.8	%		58.3	%
Average utilization 2		79.4	%		58.7	%
2022
Rental revenues	$	126,487		$	58,230		$	—		$	30,148		$	214,865
Rental related services revenues		39,594			1,484		—				12,058			53,136
Sales and other revenues		35,941			11,118			5,567			1,777			54,403
Total revenues		202,022			70,832			5,567			43,983			322,404
Depreciation of rental equipment		15,582			24,362		—				7,994			47,938
Gross profit		92,820			30,826			1,345			19,335			144,326
Selling and administrative expenses		50,447			13,204			2,763			13,501			79,915
Income (loss) from operations		42,373			17,622			(1,418	)		5,834			64,411
Interest (expense) income allocation		(3,821	)		(1,232	)		351			(1,119	)		(5,821	)
Income (loss) before provision for income taxes		38,552			16,222			(1,067	)		4,715			58,422
Adjusted EBITDA		66,178			42,781			(1,276	)		15,327			123,010
Rental equipment acquisitions		51,575			42,791		—				1,610			95,976
Accounts receivable, net (period end)		118,865			24,796			6,420			17,248			167,329
Rental equipment, at cost (period end)		1,075,898			389,383		—				309,010			1,774,291
Rental equipment, net book value (period end)		776,003			177,038		—				144,484			1,097,525
Utilization (period end) 2		78.6	%		65.3	%
Average utilization 2		77.6	%		64.6	%

Gross Enviroplex sales revenues were $1,871 and $6,423 for the six months ended June 30, 2023 and 2022, respectively. There were $7 inter-segment sales to Mobile Modular in the six months ended June 30, 2023 and $856 inter-segment sales during the same period in 2022, 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 new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment.

The financial results of Adler Tanks included in this table are through the date of the business divestiture, which occurred on February 1, 2023.

No single customer accounted for more than 10% of total revenues for the six months ended June 30, 2023 and 2022. Revenues from foreign country customers accounted for 3% and 4% 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.

+ References

Reference 1: 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Discontinued Operations

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

NOTE 5. DISCONTINUED OPERATIONS

On February 1, 2023, the Company completed the sale of Adler Tank Rentals, LLC to Ironclad Environmental Solutions, Inc. ("Ironclad"), a portfolio company of Kinderhook Industries, for a sale price of $268.0 million, which included an additional payment of $3.6 million for the final net working capital purchase price adjustment during the quarter ended June 30, 2023. The total transaction costs incurred from the divestiture was $8.9 million, with $6.7 million incurred during the six months ended June 2023, and $2.2 million incurred during the year ended December 31, 2022. The divestiture of the Company's Adler Tanks business represents the Company's strategic shift to concentrate its operations on its core modular and storage businesses. The sale price was subject to certain adjustments, including net working capital, certain qualified capital expenditures and certain transaction expenses to be borne by the Company. In connection with the sale, the Company entered into a number of ancillary agreements, including an escrow agreement associated with net working capital adjustments, a restricted covenant agreement, a transition services agreement, and a number of leases whereby Ironclad or one of its affiliates would be a lessee to certain properties owned by the Company that the Adler Tanks business would continue to utilize after the sale. These ancillary agreements do not provide for continued involvement by the Company in Adler Tanks. In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations and ASC 360, Property, Plant and Equipment, the Company determined that the criteria for the presentation of discontinued operations and held-for-sale, respectively, were met during the first quarter of 2023.

The following table presents the results of Adler Tanks as reported in income from discontinued operations within the condensed consolidated statements of income for the six months ended June 30, 2023 and 2022:


(dollar amounts in thousands)	Six Months Ended June 30,
	2023			2022
Revenues
Rental	$	6,520		$	30,148
Rental related services		2,584			12,058
Rental operations		9,104			42,206
Sales		269			1,258
Other		65			519
Total revenues		9,438			43,983
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment		1,325			7,994
Rental related services		2,020			9,456
Other		1,270			6,278
Total direct costs of rental operations		4,614			23,728
Costs of sales		159			920
Total costs of revenues		4,773			24,648
Gross Profit
Rental		3,926			15,876
Rental related services		564			2,602
Rental operations		4,490			18,478
Sales		110			338
Other		65			519
Total gross profit		4,665			19,335
Selling and administrative expenses		2,583			13,501
Income from operations		2,082			5,834
Interest expense allocation		(374	)		(1,119	)
Income from discontinued operations before provision for income taxes		1,709			4,715
Provision for income taxes from discontinued operations		453			987
Income from discontinued operations	$	1,256		$	3,728

Other Selected Information
Adjusted EBITDA	$	3,682		$	15,327

The following table presents the carrying value of the divested business' assets and liabilities as presented within assets and liabilities of discontinued operations on the condensed consolidated balance sheets as of December 31, 2022:


	December 31,
(in thousands)	2022
Assets
Accounts receivable, net of allowance for credit losses of $450	$	20,086
Rental equipment, net		137,738
Property, plant and equipment, net		6,632
Prepaid expenses and other assets		191
Intangible assets, net		5,700
Goodwill		25,902
Total assets of discontinued operations	$	196,249
Liabilities
Accounts payable and accrued liabilities	$	9,621
Deferred income taxes, net		43,550
Total liabilities of discontinued operations	$	53,171

For the six months ended June 30, 2023 and 2022, significant operating and investing items related to Adler Tanks were as follows:


	June 30,			June 30,
(in thousands)	2023			2022
Operating activities of discontinued operations:
Depreciation and amortization	$	1,457		$	8,864
Gain on sale of used rental equipment		(111	)		(338	)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment		269			1,258
Purchases of rental equipment		(25	)		(1,410	)
Purchases of property, plant and equipment		(40	)		(83	)

The following table presents the reconciliation of income from discontinued operations to Adjusted EBITDA for the six months ended June 30, 2023 and 2022:


	June 30,		June 30,
(in thousands)	2023		2022
Income from discontinued operations	$	1,256	$	3,728
Provision for income taxes from discontinued operations		453		987
Interest expense		374		1,119
Depreciation and amortization		1,457		8,864
EBITDA		3,540		14,698
Share-based compensation		118		629
Transaction costs		24		—
Adjusted EBITDA from discontinued operations	$	3,682	$	15,327

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 30,582	$ 26,137	$ 102,239	$ 44,930
Other comprehensive income:
Foreign currency translation adjustment, net of tax impact	43	61	25	64
Comprehensive income	$ 30,625	$ 26,198	$ 102,264	$ 44,994

- Definition

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

+ References

+ Details

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill were as follows:


(dollar amounts in thousands)	Mobile Modular			Adler Tanks (Discontinued)			Total
Balance at December 31, 2021	$	106,491		$	25,902		$	132,393
Changes to Design Space purchase accounting		(88	)		—			(88	)
Balance at December 31, 2022		106,403			25,902			132,305
Goodwill acquired through business combination		218,951			—			218,951
Derecognition of goodwill divested		—			(25,902	)		(25,902	)
Balance at June 30, 2023	$	325,354		$	—		$	325,354

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
June 30, 2023
Customer relationships	8 to 11	7.4	$68,678	$(12,852)	$55,826
Non-compete agreements	5	4.0	10,477	(2,085)	8,392
Trade name	0.75 to 8	4.2	2,000	(782)	1,218
Total amortizing			81,155	(15,719)	65,436
Trade name - non-amortizing	Indefinite		171	—	171
Total			$81,326	$(15,719)	$65,607

December 31, 2022
Customer relationships	8 to 11	6.3	$50,284	$(18,098)	$32,186
Non-compete agreements	5	3.2	3,296	(1,159)	2,137
Customer backlog	—	—	1,900	(1,900)	—
Trade name	8	6.3	1,200	(263)	937
Total amortizing			56,680	(21,420)	35,260
Trade name - non-amortizing	Indefinite		5,871	—	5,871
Total			$62,551	$(21,420)	$41,131

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 0	$ 0
Amortization expense		5,000,000	$ 3,000,000
Subsequent impairment of the underlying assets		0
Expected annual amortization expense for 2023		5,300,000
Expected annual amortization expense for 2024		9,800,000
Expected annual amortization expense for 2025		9,800,000
Expected annual amortization expense for 2026		9,300,000
Expected annual amortization expense for 2027		9,100,000
Expected annual amortization expense for 2028		$ 7,800,000

Implemented Accounting Pronouncements

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Implemented Accounting Pronouncements

NOTE 3. IMPLEMENTED ACCOUNTING PRONOUNCEMENTS

Effective January 1, 2023, the Company adopted the ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the separate recognition and measurement guidance for troubled debt restructurings by creditors. In addition, the ASU requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of FASB ASC 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements.

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

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

Vesta Modular:


(dollar amounts in thousands)
Rental equipment	$	226,753
Intangible assets:
Goodwill		213,313
Customer relationships		26,000
Non-compete		7,100
Trade name		800
Cash		11
Accounts receivable		22,401
Property, plant and equipment		1,437
Prepaid expenses and other assets		3,550
Accounts payable and accrued liabilities		(27,558	)
Deferred income		(14,273	)
Deferred income taxes		(22,324	)
Total purchase price	$	437,210

Brekke Storage:


(dollar amounts in thousands)
Rental equipment	$	10,798
Intangible assets:
Goodwill		4,083
Customer relationships		949
Non-compete		59
Property, plant and equipment		875
Deferred income		(382	)
Total purchase price	$	16,382

Dixie Storage:


(dollar amounts in thousands)
Rental equipment	$	2,758
Intangible assets:
Goodwill		1,555
Customer relationships		259
Non-compete		22
Property, plant and equipment		318
Deferred income		(161	)
Total purchase price	$	4,751

Summary of Pro Forma Data


	(Unaudited)
	Six months ended June 30,
(dollar amounts in thousands, except for per share amounts)	2023		2022
Pro-forma total revenues	$	374,391	$	339,638
Pro-forma net income	$	39,174	$	34,781
Pro-forma basic earnings per share	$	1.60	$	1.43
Pro-forma diluted earnings per share	$	1.60	$	1.42

Vesta Modular
Actual total revenues	$	47,257
Actual net income	$	9,016
Actual basic earnings per share	$	0.37
Actual diluted earnings per share	$	0.37

Acquisitions - Additional Information (Detail) $ in Thousands				6 Months Ended	12 Months Ended
	Apr. 01, 2023 USD ($) MobileModularPortableStorage	Mar. 01, 2023 USD ($) MobileModularPortableStorage	Feb. 01, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Combined acquired goodwill				$ 325,354	$ 106,403
Goodwill deductible for tax purpose, period				15 years
Combined federal and state tax rate				26.50%
Trade Name [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life					8 years
Non-compete Agreements [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life				5 years	5 years
Vesta Modular [Member]
Business Acquisition [Line Items]
Purchase of assets			$ 437,200
Business acquisition, transaction costs			9,500
Purchase price			437,210
Combined acquired goodwill			$ 213,313
Vesta Modular [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			11 years
Vesta Modular [Member] \| Trade Name [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life				9 months
Brekke Storage [Member]
Business Acquisition [Line Items]
Business acquisition, transaction costs		$ 200
Increased number of mobile modular portable storage \| MobileModularPortableStorage		2,700
Purchase price		$ 16,382
Combined acquired goodwill		$ 4,083
Brekke Storage [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life		8 years
Vesta Modular, Brekke Storage and Dixie Storage [Member]
Business Acquisition [Line Items]
Combined acquired goodwill				$ 219,000
Dixie Storage [Member]
Business Acquisition [Line Items]
Business acquisition, transaction costs	$ 100
Increased number of mobile modular portable storage \| MobileModularPortableStorage	800
Purchase price	$ 4,751
Purchase price including acquisition costs	4,900
Combined acquired goodwill	$ 1,555
Dixie Storage [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life	9 years

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2023

Disaggregation of Revenue [Abstract]

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


(in thousands)	Mobile Modular		TRS- RenTelco		Enviroplex		Adler Tanks (Discontinued)		Consolidated
Three Months Ended June 30,
2023
Leasing	$	110,419	$	30,337	$	—	$	—	$	140,756
Non-lease:
Rental related services		13,908		563		—		—		14,471
Sales		39,356		6,581		923		—		46,860
Other		579		364		—		—		943
Total non-lease		53,843		7,508		923		—		62,274
Total revenues	$	164,262	$	37,845	$	923	$	—	$	203,030

2022
Leasing	$	79,671	$	30,909	$	—	$	16,244	$	126,824
Non-lease:
Rental related services		6,883		683		—		6,636		14,202
Sales		24,816		5,462		4,650		601		35,529
Other		7		287		—		182		476
Total non-lease		31,706		6,432		4,650		7,419		50,207
Total revenues	$	111,377	$	37,341	$	4,650	$	23,663	$	177,031

Six Months Ended June 30,
2023
Leasing	$	210,078	$	60,677	$	—	$	6,612	$	277,367
Non-lease:
Rental related services		22,882		1,289		—		2,557		26,728
Sales		56,961		11,204		1,864		269		70,298
Other		998		795		—		—		1,793
Total non-lease		80,841		13,288		1,864		2,826		98,819
Total revenues	$	290,919	$	73,965	$	1,864	$	9,438	$	376,186

2022
Leasing	$	154,265	$	60,319	$	—	$	30,723	$	245,307
Non-lease:
Rental related services		12,533		1,235		—		11,821		25,589
Sales		35,191		8,741		5,567		1,258		50,757
Other		33		537		—		181		751
Total non-lease		47,757		10,513		5,567		13,260		77,097
Total revenues	$	202,022	$	70,832	$	5,567	$	43,983	$	322,404

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Beginning Balance	$ 132,305	$ 132,393
Changes to Design Space purchase accounting		(88)
Goodwill acquired through business combination	218,951
Derecognition of goodwill divested	(25,902)
Ending Balance	325,354	132,305
Mobile Modular [Member]
Goodwill [Line Items]
Beginning Balance	106,403	106,491
Changes to Design Space purchase accounting		(88)
Goodwill acquired through business combination	218,951
Ending Balance	325,354	106,403
Adler Tanks (Disconitued) [Member]
Goodwill [Line Items]
Beginning Balance	25,902	25,902
Derecognition of goodwill divested	$ (25,902)
Ending Balance		$ 25,902

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Discontinued Operations - Schedule of Operating and Investing Items Related to Discontinued Operations (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities of discontinued operations:
Depreciation and amortization	$ 1,457	$ 8,864
Investing activities of discontinued operations:
Purchases of rental equipment	(128,088)	(94,820)
Purchases of property, plant and equipment	(11,229)	(6,594)
Adler Tank Rentals, LLC
Operating activities of discontinued operations:
Depreciation and amortization	1,457	8,864
Gain on sale of used rental equipment	(111)	(338)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment	269	1,258
Purchases of rental equipment	(25)	(1,410)
Purchases of property, plant and equipment	$ (40)	$ (83)

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Aug. 31, 2015
Earnings Per Share Basic [Line Items]
Anti-dilutive securities in the form of common stock excluded from computation of diluted earnings per share			697	7,315
Shares repurchased	0	0	0	0
Shares remain authorized for repurchase	1,309,805		1,309,805
Maximum [Member]
Earnings Per Share Basic [Line Items]
Common stock shares authorized for repurchase					2,000,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Segment Reporting Information [Line Items]

Rental revenues

$ 234,607

$ 214,865

Rental related services revenues

63,573

53,136

Sales and other revenues

78,006

54,403

Total revenues

$ 203,030

$ 177,031

376,186

322,404

Depreciation of rental equipment

45,755

47,938

Gross profit

176,642

144,326

Selling and administrative expenses

107,106

79,915

Income (loss) from operations

69,536

64,411

Interest (expense) income allocation

(17,783)

(5,821)

Income (loss) before provision for income taxes

51,961

58,422

Adjusted EBITDA

142,400

123,010

Rental equipment acquisitions

122,481

95,976

Accounts receivable, net (period end)

191,676

167,329

191,676

167,329

$ 169,937

Rental equipment, at cost (period end)

1,848,816

1,774,291

1,848,816

1,774,291

1,521,535

Rental equipment, net book value (period end)

1,295,650

1,097,525

1,295,650

1,097,525

$ 990,317

Mobile Modular [Member]

Segment Reporting Information [Line Items]

Rental revenues

170,370

126,487

Rental related services revenues

59,442

39,594

Sales and other revenues

61,107

35,941

Total revenues

164,262

111,377

290,919

202,022

Depreciation of rental equipment

19,729

15,582

Gross profit

140,226

92,820

Selling and administrative expenses

84,810

50,447

Income (loss) from operations

55,416

42,373

Interest (expense) income allocation

(14,718)

(3,821)

Income (loss) before provision for income taxes

40,698

38,552

Adjusted EBITDA

99,269

66,178

Rental equipment acquisitions

105,575

51,575

Accounts receivable, net (period end)

161,927

118,865

161,927

118,865

Rental equipment, at cost (period end)

1,457,984

1,075,898

1,457,984

1,075,898

Rental equipment, net book value (period end)

1,132,778

776,003

$ 1,132,778

$ 776,003

Utilization (period end)

^[1]

78.80%

78.60%

Average utilization

^[1]

79.40%

77.60%

TRS-RenTelco [Member]

Segment Reporting Information [Line Items]

Rental revenues

$ 57,717

$ 58,230

Rental related services revenues

1,547

1,484

Sales and other revenues

14,701

11,118

Total revenues

37,845

37,341

73,965

70,832

Depreciation of rental equipment

24,701

24,362

Gross profit

31,503

30,826

Selling and administrative expenses

16,577

13,204

Income (loss) from operations

14,926

17,622

Interest (expense) income allocation

(3,801)

(1,232)

Income (loss) before provision for income taxes

11,333

16,222

Adjusted EBITDA

42,173

42,781

Rental equipment acquisitions

16,906

42,791

Accounts receivable, net (period end)

26,138

24,796

26,138

24,796

Rental equipment, at cost (period end)

390,832

389,383

390,832

389,383

Rental equipment, net book value (period end)

162,872

177,038

$ 162,872

$ 177,038

Utilization (period end)

^[1]

58.30%

65.30%

Average utilization

^[1]

58.70%

64.60%

Adler Tanks [Member]

Segment Reporting Information [Line Items]

Total revenues

23,663

$ 9,438

$ 43,983

Adler Tanks (Discontinued) [Member]

Segment Reporting Information [Line Items]

Rental revenues

^[2]

6,520

30,148

Rental related services revenues

^[2]

2,584

12,058

Sales and other revenues

^[2]

334

1,777

Total revenues

^[2]

9,438

43,983

Depreciation of rental equipment

^[2]

1,325

7,994

Gross profit

^[2]

4,665

19,335

Selling and administrative expenses

^[2]

2,583

13,501

Income (loss) from operations

^[2]

2,082

5,834

Interest (expense) income allocation

^[2]

(374)

(1,119)

Income (loss) before provision for income taxes

^[2]

1,709

4,715

Adjusted EBITDA

^[2]

3,682

15,327

Rental equipment acquisitions

^[2]

1,610

Accounts receivable, net (period end)

^[2]

17,248

Rental equipment, at cost (period end)

^[2]

309,010

Rental equipment, net book value (period end)

^[2]

144,484

Enviroplex [Member]

Segment Reporting Information [Line Items]

Sales and other revenues

^[3]

1,864

5,567

Total revenues

923

4,650

1,864

^[3]

5,567

^[3]

Gross profit

^[3]

248

1,345

Selling and administrative expenses

^[3]

3,137

2,763

Income (loss) from operations

^[3]

(2,889)

(1,418)

Interest (expense) income allocation

^[3]

1,110

351

Income (loss) before provision for income taxes

^[3]

(1,779)

(1,067)

Adjusted EBITDA

^[3]

(2,724)

(1,276)

Accounts receivable, net (period end)

^[3]

$ 3,611

$ 6,420

$ 3,611

$ 6,420

[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 new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment.
[2]	The financial results of Adler Tanks included in this table are through the date of the business divestiture, which occurred on February 1, 2023.
[3]	Gross Enviroplex sales revenues were $1,871 and $6,423 for the six months ended June 30, 2023 and 2022, respectively. There were $7 inter-segment sales to Mobile Modular in the six months ended June 30, 2023 and $856 inter-segment sales during the same period in 2022, which required elimination in consolidation.

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

NOTE 10. SUBSEQUENT EVENT

On July 1, 2023, the Company completed the purchase of assets of Inland Leasing and Storage ("Inland Leasing"), for a purchase price of $3.8 million. Inland Leasing is a regional provider of portable storage solutions in the Colorado market and is highly complementary to the Company's portable storage business segment. The acquisition grew the Mobile Modular Portable Storage fleet by approximately 600 units, which will further support the new regional operation acquired from the Brekke Storage acquisition. The acquisition will be accounted for as a purchase of "assets" in accordance with criteria in ASC 805, Business Combinations. Incremental transaction costs associated with the asset purchase were not significant.

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Inland Leasing [Member] $ in Millions	Jul. 01, 2023 USD ($) MobileModularPortableStorage
Subsequent Event [Line Items]
Purchase price \| $	$ 3.8
Increased number of mobile modular portable storage \| MobileModularPortableStorage	600

Discontinued Operations - Reconciliation of Income from Discontinued Operations to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Income from discontinued operations		$ 1,256	$ 3,728
Provision for income taxes from discontinued operations	$ 734	453	987
Interest expense		374	1,119
Depreciation and amortization		1,457	8,864
EBITDA		3,540	14,698
Share-based compensation		118	629
Transaction costs		24
Adjusted EBITDA from discontinued operations		$ 3,682	$ 15,327

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-10

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
-Section 45
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-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-4

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the six months ended June 30, 2023 and 2022 for the Company’s reportable segments and discontinued operations are shown in the following table:


(dollar amounts in thousands)	Mobile Modular			TRS- RenTelco			Enviroplex 1			Adler Tanks (Discontinued)3			Consolidated
Six Months Ended June 30,
2023
Rental revenues	$	170,370		$	57,717		$	—		$	6,520		$	234,607
Rental related services revenues		59,442			1,547		—				2,584			63,573
Sales and other revenues		61,107			14,701			1,864			334			78,006
Total revenues		290,919			73,965			1,864			9,438			376,186
Depreciation of rental equipment		19,729			24,701		—				1,325			45,755
Gross profit		140,226			31,503			248			4,665			176,642
Selling and administrative expenses		84,810			16,577			3,137			2,583			107,106
Income (loss) from operations		55,416			14,926			(2,889	)		2,082			69,536
Interest (expense) income allocation		(14,718	)		(3,801	)		1,110			(374	)		(17,783	)
Income (loss) before provision for income taxes		40,698			11,333			(1,779	)		1,709			51,961
Adjusted EBITDA		99,269			42,173			(2,724	)		3,682			142,400
Rental equipment acquisitions		105,575			16,906		—				—			122,481
Accounts receivable, net (period end)		161,927			26,138			3,611			—			191,676
Rental equipment, at cost (period end)		1,457,984			390,832		—				—			1,848,816
Rental equipment, net book value (period end)		1,132,778			162,872		—				—			1,295,650
Utilization (period end) 2		78.8	%		58.3	%
Average utilization 2		79.4	%		58.7	%
2022
Rental revenues	$	126,487		$	58,230		$	—		$	30,148		$	214,865
Rental related services revenues		39,594			1,484		—				12,058			53,136
Sales and other revenues		35,941			11,118			5,567			1,777			54,403
Total revenues		202,022			70,832			5,567			43,983			322,404
Depreciation of rental equipment		15,582			24,362		—				7,994			47,938
Gross profit		92,820			30,826			1,345			19,335			144,326
Selling and administrative expenses		50,447			13,204			2,763			13,501			79,915
Income (loss) from operations		42,373			17,622			(1,418	)		5,834			64,411
Interest (expense) income allocation		(3,821	)		(1,232	)		351			(1,119	)		(5,821	)
Income (loss) before provision for income taxes		38,552			16,222			(1,067	)		4,715			58,422
Adjusted EBITDA		66,178			42,781			(1,276	)		15,327			123,010
Rental equipment acquisitions		51,575			42,791		—				1,610			95,976
Accounts receivable, net (period end)		118,865			24,796			6,420			17,248			167,329
Rental equipment, at cost (period end)		1,075,898			389,383		—				309,010			1,774,291
Rental equipment, net book value (period end)		776,003			177,038		—				144,484			1,097,525
Utilization (period end) 2		78.6	%		65.3	%
Average utilization 2		77.6	%		64.6	%

The financial results of Adler Tanks included in this table are through the date of the business divestiture, which occurred on February 1, 2023.

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 2,600	$ 2,300
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,485,000	24,388,000
Common Stock, shares outstanding	24,485,000	24,388,000

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE 8. GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying amount of goodwill were as follows:


(dollar amounts in thousands)	Mobile Modular			Adler Tanks (Discontinued)			Total
Balance at December 31, 2021	$	106,491		$	25,902		$	132,393
Changes to Design Space purchase accounting		(88	)		—			(88	)
Balance at December 31, 2022		106,403			25,902			132,305
Goodwill acquired through business combination		218,951			—			218,951
Derecognition of goodwill divested		—			(25,902	)		(25,902	)
Balance at June 30, 2023	$	325,354		$	—		$	325,354

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
June 30, 2023
Customer relationships	8 to 11	7.4	$68,678	$(12,852)	$55,826
Non-compete agreements	5	4.0	10,477	(2,085)	8,392
Trade name	0.75 to 8	4.2	2,000	(782)	1,218
Total amortizing			81,155	(15,719)	65,436
Trade name - non-amortizing	Indefinite		171	—	171
Total			$81,326	$(15,719)	$65,607

December 31, 2022
Customer relationships	8 to 11	6.3	$50,284	$(18,098)	$32,186
Non-compete agreements	5	3.2	3,296	(1,159)	2,137
Customer backlog	—	—	1,900	(1,900)	—
Trade name	8	6.3	1,200	(263)	937
Total amortizing			56,680	(21,420)	35,260
Trade name - non-amortizing	Indefinite		5,871	—	5,871
Total			$62,551	$(21,420)	$41,131

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 2022, with no indicators of impairment. In addition, no impairment triggering events occurred during the six months ended June 30, 2023. 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 six months ended June 30, 2023 and 2022, was $5.0 million and $3.0 million, respectively. Based on the carrying values at June 30, 2023 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $5.3 million for the remainder of fiscal year 2023, $9.8 million in 2024 and 2025, $9.3 million in 2026, $9.1 million in 2027 and $7.8 million in 2028.

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Summary of Results of Discontinued Operations Reported in Consolidated Statements of Income and Balance Sheets


(dollar amounts in thousands)	Six Months Ended June 30,
	2023			2022
Revenues
Rental	$	6,520		$	30,148
Rental related services		2,584			12,058
Rental operations		9,104			42,206
Sales		269			1,258
Other		65			519
Total revenues		9,438			43,983
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment		1,325			7,994
Rental related services		2,020			9,456
Other		1,270			6,278
Total direct costs of rental operations		4,614			23,728
Costs of sales		159			920
Total costs of revenues		4,773			24,648
Gross Profit
Rental		3,926			15,876
Rental related services		564			2,602
Rental operations		4,490			18,478
Sales		110			338
Other		65			519
Total gross profit		4,665			19,335
Selling and administrative expenses		2,583			13,501
Income from operations		2,082			5,834
Interest expense allocation		(374	)		(1,119	)
Income from discontinued operations before provision for income taxes		1,709			4,715
Provision for income taxes from discontinued operations		453			987
Income from discontinued operations	$	1,256		$	3,728

Other Selected Information
Adjusted EBITDA	$	3,682		$	15,327


	December 31,
(in thousands)	2022
Assets
Accounts receivable, net of allowance for credit losses of $450	$	20,086
Rental equipment, net		137,738
Property, plant and equipment, net		6,632
Prepaid expenses and other assets		191
Intangible assets, net		5,700
Goodwill		25,902
Total assets of discontinued operations	$	196,249
Liabilities
Accounts payable and accrued liabilities	$	9,621
Deferred income taxes, net		43,550
Total liabilities of discontinued operations	$	53,171

Schedule of Operating and Investing Items Related to Discontinued Operations

For the six months ended June 30, 2023 and 2022, significant operating and investing items related to Adler Tanks were as follows:


	June 30,			June 30,
(in thousands)	2023			2022
Operating activities of discontinued operations:
Depreciation and amortization	$	1,457		$	8,864
Gain on sale of used rental equipment		(111	)		(338	)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment		269			1,258
Purchases of rental equipment		(25	)		(1,410	)
Purchases of property, plant and equipment		(40	)		(83	)

Reconciliation of Income from Discontinued Operations to Adjusted EBITDA

The following table presents the reconciliation of income from discontinued operations to Adjusted EBITDA for the six months ended June 30, 2023 and 2022:


	June 30,		June 30,
(in thousands)	2023		2022
Income from discontinued operations	$	1,256	$	3,728
Provision for income taxes from discontinued operations		453		987
Interest expense		374		1,119
Depreciation and amortization		1,457		8,864
EBITDA		3,540		14,698
Share-based compensation		118		629
Transaction costs		24		—
Adjusted EBITDA from discontinued operations	$	3,682	$	15,327

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Cost	$ 81,155	$ 56,680
Accumulated amortization	(15,719)	(21,420)
Net book value	65,436	35,260
Indefinite, cost	171	5,871
Indefinite, net book value	171	5,871
Total, cost	81,326	62,551
Total, accumulated amortization	(15,719)	(21,420)
Total, net book value	$ 65,607	$ 41,131
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Average remaining life in years	7 years 4 months 24 days	6 years 3 months 18 days
Cost	$ 68,678	$ 50,284
Accumulated amortization	(12,852)	(18,098)
Net book value	$ 55,826	$ 32,186
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	3 years 2 months 12 days
Cost	$ 10,477	$ 3,296
Accumulated amortization	(2,085)	(1,159)
Net book value	$ 8,392	2,137
Customer Backlog [Member]
Finite Lived Intangible Assets [Line Items]
Cost		1,900
Accumulated amortization		$ (1,900)
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years		8 years
Average remaining life in years	4 years 2 months 12 days	6 years 3 months 18 days
Cost	$ 2,000	$ 1,200
Accumulated amortization	(782)	(263)
Net book value	$ 1,218	$ 937
Trade Name [Member] \| Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	9 months
Trade Name [Member] \| Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 203,030	$ 153,368	$ 366,748	$ 278,421
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues	$ 47,801	$ 35,870	71,461	51,089
Operating Segments [Member] \| Enviroplex [Member] \| Sales [Member]
Segment Reporting Information [Line Items]
Revenues			1,871	6,423
Inter-segment Eliminations [Member] \| Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues			$ 7	$ 856

- 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.

+ References

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

+ References

+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Disaggregation Of Revenue [Line Items]

Leasing revenues

$ 140,800

$ 277,400

Total revenues

203,030

$ 177,031

376,186

$ 322,404

Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

140,756

126,824

277,367

245,307

Non-lease Rental Related Services [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

14,471

14,202

26,728

25,589

Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

46,860

35,529

70,298

50,757

Non-lease Other [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

943

476

1,793

751

Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

62,274

50,207

98,819

77,097

Mobile Modular [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

164,262

111,377

290,919

202,022

Mobile Modular [Member] | Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

110,419

79,671

210,078

154,265

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

13,908

6,883

22,882

12,533

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

39,356

24,816

56,961

35,191

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

579

998

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

53,843

31,706

80,841

47,757

TRS-RenTelco [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

37,845

37,341

73,965

70,832

TRS-RenTelco [Member] | Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

30,337

30,909

60,677

60,319

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

563

683

1,289

1,235

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

6,581

5,462

11,204

8,741

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

364

287

795

537

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

7,508

6,432

13,288

10,513

Adler Tanks [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

23,663

9,438

43,983

Adler Tanks [Member] | Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

16,244

6,612

30,723

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

6,636

2,557

11,821

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

601

269

1,258

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

182

181

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

7,419

2,826

13,260

Enviroplex [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

923

4,650

1,864

^[1]

5,567

^[1]

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

923

4,650

1,864

5,567

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

$ 923

$ 4,650

$ 1,864

$ 5,567

[1]

Acquisitions - Summary of Pro Forma Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Pro-forma total revenues	$ 374,391	$ 339,638
Pro-forma net income	$ 39,174	$ 34,781
Pro-forma basic earnings per share	$ 1.6	$ 1.43
Pro-forma diluted earnings per share	$ 1.6	$ 1.42
Vesta Modular [Member]
Business Acquisition [Line Items]
Actual total revenues	$ 47,257
Actual net income	$ 9,016
Actual basic earnings per share	$ 0.37
Actual diluted earnings per share	$ 0.37