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Acquisitions - Additional Information (Detail) $ in Thousands					3 Months Ended	9 Months Ended		12 Months Ended
	Jul. 01, 2023 USD ($) MobileModularPortableStorage	Apr. 01, 2023 USD ($) MobileModularPortableStorage	Mar. 01, 2023 USD ($) MobileModularPortableStorage	Feb. 01, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Reduction in accounts payable and accrued liabilities						$ 32,818	$ 14,384
Reduction in deferred income taxes						30,018	$ 4,299
Combined acquired goodwill					$ 323,771	$ 323,771		$ 106,403
Goodwill deductible for tax purpose, period						15 years
Intangible assets					67,480	$ 67,480		$ 35,431
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
Reduction in rental assets					12,800
Reduction in Goodwill					1,600
Reduction in accounts payable and accrued liabilities					400
Increase in customer relationships intangible asset					3,900
Reduction in deferred income taxes					10,100
Business acquisition, transaction costs				9,500
Purchase price				437,210
Combined acquired goodwill				$ 211,730
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					$ 217,400	$ 217,400
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
Inland Leasing [Member]
Business Acquisition [Line Items]
Increased number of mobile modular portable storage \| MobileModularPortableStorage	600
Purchase price	$ 3,800
Rental equipment	3,000
Intangible assets	$ 700

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 2,683	$ 2,300
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,489,000	24,388,000
Common Stock, shares outstanding	24,489,000	24,388,000

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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			1,800	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

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 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, $0.465, $0.455, $0.455 and $0.455 per share for three months ended March 31, 2023, June 30,2023, September 30, 2023 and three months ended March 31, 2022, June 30, 2022, September 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	75,497
Balance at Sep. 30, 2022	773,068	$ 107,463	665,530	75
Balance, Shares at Sep. 30, 2022		24,382,000
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, $0.465, $0.455, $0.455 and $0.455 per share for three months ended March 31, 2023, June 30,2023, September 30, 2023 and three months ended March 31, 2022, June 30, 2022, September 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
Net income	30,567		30,567
Share-based compensation	1,694	$ 1,694
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		4,000
Taxes paid related to net share settlement of stock awards	(125)	$ (125)
Dividends accrued of $0.465, $0.465, $0.465, $0.455, $0.455 and $0.455 per share for three months ended March 31, 2023, June 30,2023, September 30, 2023 and three months ended March 31, 2022, June 30, 2022, September 30, 2022	(11,167)		(11,167)
Other comprehensive income (loss)	65			65
Balance at Sep. 30, 2022	773,068	$ 107,463	665,530	75
Balance, Shares at Sep. 30, 2022		24,382,000
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, $0.465, $0.455, $0.455 and $0.455 per share for three months ended March 31, 2023, June 30,2023, September 30, 2023 and three months ended March 31, 2022, June 30, 2022, September 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	$ 142,605
Balance at Sep. 30, 2023	$ 911,372	$ 109,253	802,161	(42)
Balance, Shares at Sep. 30, 2023	24,489,000	24,489,000
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, $0.465, $0.455, $0.455 and $0.455 per share for three months ended March 31, 2023, June 30,2023, September 30, 2023 and three months ended March 31, 2022, June 30, 2022, September 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
Net income	40,366		40,366
Share-based compensation	1,891	$ 1,891
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		4,000
Dividends accrued of $0.465, $0.465, $0.465, $0.455, $0.455 and $0.455 per share for three months ended March 31, 2023, June 30,2023, September 30, 2023 and three months ended March 31, 2022, June 30, 2022, September 30, 2022	(11,465)		(11,465)
Other comprehensive income (loss)	11			11
Balance at Sep. 30, 2023	$ 911,372	$ 109,253	$ 802,161	$ (42)
Balance, Shares at Sep. 30, 2023	24,489,000	24,489,000

- 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 of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash	$ 1,946	$ 957
Accounts receivable, net of allowance for credit losses of $2,683 in 2023 and $2,300 in 2022	224,269	169,937
Rental equipment, at cost:
Relocatable modular buildings	1,474,359	1,123,268
Electronic test equipment	383,006	398,267
Rental equipment, gross	1,857,365	1,521,535
Less: accumulated depreciation	(565,497)	(531,218)
Rental equipment, net	1,291,868	990,317
Property, plant and equipment, net	146,484	138,713
Prepaid expenses and other assets	80,853	69,837
Intangible assets, net	67,480	35,431
Goodwill	323,771	106,403
Assets of discontinued operations		196,249
Total assets	2,136,671	1,707,844
Liabilities:
Notes payable	667,640	413,742
Accounts payable and accrued liabilities	223,010	151,208
Deferred income	105,534	82,417
Deferred income taxes, net	229,115	203,361
Liabilities of discontinued operations		53,171
Total liabilities	1,225,299	903,899
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,489 shares as of September 30, 2023 and 24,388 shares as of December 31, 2022	109,253	110,080
Retained earnings	802,161	693,943
Accumulated other comprehensive income (loss)	(42)	(78)
Total shareholders’ equity	911,372	803,945
Total liabilities and shareholders’ equity	$ 2,136,671	$ 1,707,844

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	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	$ 0.465	$ 0.455	$ 0.455	$ 0.455

Goodwill and Intangible Assets

9 Months Ended

Sep. 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
Changes to Vesta Modular purchase accounting		(1,583	)		—			(1,583	)
Derecognition of goodwill divested		—			(25,902	)		(25,902	)
Balance at September 30, 2023	$	323,771		$	—		$	323,771

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
September 30, 2023
Customer relationships	8 to 11	8.0	$73,217	$(14,765)	$58,452
Non-compete agreements	5	4.0	10,556	(2,613)	7,943
Trade name	0.75 to 8	5.0	2,000	(1,086)	914
Total amortizing			85,773	(18,464)	67,309
Trade name - non-amortizing	Indefinite		171	—	171
Total			$85,944	$(18,464)	$67,480

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 nine months ended September 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 nine months ended September 30, 2023 and 2022, was $7.8 million and $4.4 million, respectively. Based on the carrying values at September 30, 2023 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $2.9 million for the remainder of fiscal year 2023, $10.3 million in 2024, $10.2 million in 2025, $9.8 million in 2026, $9.6 million in 2027 and $8.2 million in 2028.

Acquisitions

9 Months Ended

Sep. 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. During the quarter ended September 30, 2023, the purchase price allocation was revised resulting in a $12.8 million reduction in rental assets, $10.1 million reduction in deferred income taxes, a $0.4 million reduction in accounts payable and accrued liabilities, and a $3.9 million increase in the customer relationships intangible asset. The net impact of

these revisions resulted in a $1.6 million reduction in Goodwill for Vesta Modular. 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.

On July 1, 2023, the Company completed the purchase of assets of Inland Leasing and Storage, LLC ("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 Colorado market. The acquisition was accounted for as a purchase of "assets" in accordance with criteria in ASC 805 and the assessment of the fair value of the purchased assets was allocated primarily to rental equipment totaling $3.0 million and intangible assets totaling $0.7 million. Supplemental pro forma information has not been provided as the historical financial results of Inland Leasing were not significant. Incremental transaction costs associated with the asset purchase were not significant.

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 business 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	$	213,929
Intangible assets:
Goodwill		211,730
Customer relationships		29,900
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		(27,153	)
Deferred income		(14,273	)
Deferred income taxes		(12,222	)
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 $217.4 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 nine months ended September 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)
	Nine months ended September 30,
(dollar amounts in thousands, except for per share amounts)	2023		2022
Pro-forma total revenues	$	617,897	$	550,813
Pro-forma net income	$	79,540	$	63,204
Pro-forma basic earnings per share	$	3.25	$	2.60
Pro-forma diluted earnings per share	$	3.25	$	2.58

Vesta Modular
Actual total revenues	$	82,186
Actual net income	$	17,627
Actual basic earnings per share	$	0.72
Actual diluted earnings per share	$	0.72

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

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 25, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		24,489,445
Document Quarterly Report	true
Document Transition Report	false

Discontinued Operations - Reconciliation of Income from Discontinued Operations to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Income from discontinued operations		$ 1,256	$ 7,180
Provision for income taxes from discontinued operations	$ 1,183	453	2,170
Interest expense		374	1,941
Depreciation and amortization		1,457	13,290
EBITDA		3,540	24,581
Share-based compensation		118	862
Transaction costs		24
Adjusted EBITDA from discontinued operations		$ 3,682	$ 25,443

- 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.

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+ 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 - Additional Information (Detail)		9 Months Ended
Segment Reporting - Additional Information (Detail)	Feb. 01, 2023 Segment	Sep. 30, 2023 Segment Customer	Sep. 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%

Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Cost	$ 85,773	$ 56,680
Accumulated amortization	(18,464)	(21,420)
Net book value	67,309	35,260
Indefinite, cost	171	5,871
Indefinite, net book value	171	5,871
Total, cost	85,944	62,551
Total, accumulated amortization	(18,464)	(21,420)
Total, net book value	$ 67,480	$ 41,131
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Average remaining life in years	8 years	6 years 3 months 18 days
Cost	$ 73,217	$ 50,284
Accumulated amortization	(14,765)	(18,098)
Net book value	$ 58,452	$ 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	$ 10,556	$ 3,296
Accumulated amortization	(2,613)	(1,159)
Net book value	$ 7,943	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	5 years	6 years 3 months 18 days
Cost	$ 2,000	$ 1,200
Accumulated amortization	(1,086)	(263)
Net book value	$ 914	$ 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

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 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
Changes to Vesta Modular purchase accounting		(1,583	)		—			(1,583	)
Derecognition of goodwill divested		—			(25,902	)		(25,902	)
Balance at September 30, 2023	$	323,771		$	—		$	323,771

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
September 30, 2023
Customer relationships	8 to 11	8.0	$73,217	$(14,765)	$58,452
Non-compete agreements	5	4.0	10,556	(2,613)	7,943
Trade name	0.75 to 8	5.0	2,000	(1,086)	914
Total amortizing			85,773	(18,464)	67,309
Trade name - non-amortizing	Indefinite		171	—	171
Total			$85,944	$(18,464)	$67,480

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
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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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	Sep. 30, 2023	Apr. 01, 2023	Mar. 01, 2023	Feb. 01, 2023	Dec. 31, 2022
Intangible assets:
Goodwill	$ 323,771				$ 106,403
Vesta Modular [Member]
Business Acquisition [Line Items]
Rental equipment				$ 213,929
Intangible assets:
Goodwill				211,730
Cash				11
Accounts receivable				22,401
Property, plant and equipment				1,437
Prepaid expenses and other assets				3,550
Accounts payable and accrued liabilities				(27,153)
Deferred income				(14,273)
Deferred income taxes				(12,222)
Total purchase price				437,210
Vesta Modular [Member] \| Customer Relationships [Member]
Intangible assets:
Intangible assets				29,900
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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 142,605	$ 75,497
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81,842	83,272
Deferred income taxes	(30,018)	(4,299)
Provision for credit losses	1,794	307
Share-based compensation	5,273	5,106
Gain on sale of property, plant and equipment	(3,559)
Gain on sale of discontinued operations	(61,513)
Gain on sale of used rental equipment	(22,964)	(26,705)
Foreign currency exchange (gain) loss	(166)	404
Amortization of debt issuance costs	6	13
Change in:
Accounts receivable	(27,733)	(30,767)
Prepaid expenses and other assets	(7,390)	17,313
Accounts payable and accrued liabilities	32,818	14,384
Deferred income	7,908	33,399
Net cash provided by operating activities	118,903	133,298
Cash Flows from Investing Activities:
Proceeds from sale of discontinued operations	268,012
Purchases of rental equipment	(171,322)	(130,395)
Purchases of property, plant and equipment	(16,448)	(10,594)
Cash paid for acquisition of businesses	(458,315)
Cash paid for acquisition of business assets	(3,474)
Proceeds from sales of used rental equipment	49,405	54,193
Proceeds from sales of property, plant and equipment	595
Net cash used in investing activities	(331,547)	(86,796)
Cash Flows from Financing Activities:
Net borrowings (payments) under bank lines of credit	178,892	(7,000)
Borrowings under note purchase agreement	75,000
Taxes paid related to net share settlement of stock awards	(6,100)	(6,253)
Payment of dividends	(34,168)	(33,175)
Net cash provided by (used in) financing activities	213,624	(46,428)
Effect of foreign currency exchange rate changes on cash	9	(4)
Net increase in cash	989	70
Cash balance, beginning of period	957	1,491
Cash balance, end of period	1,946	1,561
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	27,818	8,982
Net income taxes paid, during the period	9,547	24,885
Dividends accrued during the period, not yet paid	12,014	11,167
Rental equipment acquisitions, not yet paid	5,765	$ 9,555
Proceeds to be received on the sale of property, plant and equipment	6,370
Business acquisition payments withheld	$ 293

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 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	$ 8.0	$ 19.0
Total Future minimum flease payments expected to be received	4.1	4.1
Future minimum flease payments expected to be received in 2024	0.9	0.9
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	147.2	424.6
Operating lease revenue	146.7	422.5
Finance lease revenue	0.5	2.1
Finance lease revenue, sales revenue	0.4	1.8
Finance lease revenue, interest income	0.1	$ 0.3
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	34.2	$ 34.2	$ 27.4
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 1.2	$ 1.2	$ 0.6

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 0	$ 0
Amortization expense		7,800,000	$ 4,400,000
Subsequent impairment of the underlying assets		0
Expected annual amortization expense for 2023		2,900,000
Expected annual amortization expense for 2024		10,300,000
Expected annual amortization expense for 2025		10,200,000
Expected annual amortization expense for 2026		9,800,000
Expected annual amortization expense for 2027		9,600,000
Expected annual amortization expense for 2028		$ 8,200,000

Discontinued Operations - Schedule of Operating and Investing Items Related to Discontinued Operations (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities of discontinued operations:
Depreciation and amortization	$ 1,457	$ 13,290
Investing activities of discontinued operations:
Purchases of rental equipment	(171,322)	(130,395)
Purchases of property, plant and equipment	(16,448)	(10,594)
Adler Tank Rentals, LLC
Operating activities of discontinued operations:
Depreciation and amortization	1,457	13,290
Gain on sale of used rental equipment	(111)	(478)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment	269	1,675
Purchases of rental equipment	(25)	(2,878)
Purchases of property, plant and equipment	$ (40)	$ (88)

Acquisitions - Summary of Pro Forma Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Pro-forma total revenues	$ 617,897	$ 550,813
Pro-forma net income	$ 79,540	$ 63,204
Pro-forma basic earnings per share	$ 3.25	$ 2.6
Pro-forma diluted earnings per share	$ 3.25	$ 2.58
Vesta Modular [Member]
Business Acquisition [Line Items]
Actual total revenues	$ 82,186
Actual net income	$ 17,627
Actual basic earnings per share	$ 0.72
Actual diluted earnings per share	$ 0.72

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

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

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 nine months ended September 30, 2023 and 2022:


(dollar amounts in thousands)	Nine Months Ended September 30,
	2023			2022
Revenues
Rental	$	6,520		$	47,638
Rental related services		2,584			19,221
Rental operations		9,104			66,859
Sales		269			2,235
Other		65			1,082
Total revenues		9,438			70,176
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment		1,325			11,996
Rental related services		2,020			14,851
Other		1,270			9,783
Total direct costs of rental operations		4,614			36,630
Costs of sales		159			1,613
Total costs of revenues		4,773			38,243
Gross Profit
Rental		3,926			25,859
Rental related services		564			4,370
Rental operations		4,490			30,229
Sales		110			622
Other		65			1,082
Total gross profit		4,665			31,933
Selling and administrative expenses		2,582			20,642
Income from operations		2,083			11,291
Interest expense allocation		(374	)		(1,941	)
Income from discontinued operations before provision for income taxes		1,709			9,350
Provision for income taxes from discontinued operations		453			2,170
Income from discontinued operations	$	1,256		$	7,180

Other Selected Information
Adjusted EBITDA	$	3,682		$	25,443

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

Schedule of Operating and Investing Items Related to Discontinued Operations

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


	September 30,			September 30,
(in thousands)	2023			2022
Operating activities of discontinued operations:
Depreciation and amortization	$	1,457		$	13,290
Gain on sale of used rental equipment		(111	)		(478	)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment		269			1,675
Purchases of rental equipment		(25	)		(2,878	)
Purchases of property, plant and equipment		(40	)		(88	)

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 nine months ended September 30, 2023 and 2022:


	September 30,		September 30,
(in thousands)	2023		2022
Income from discontinued operations	$	1,256	$	7,180
Provision for income taxes from discontinued operations		453		2,170
Interest expense		374		1,941
Depreciation and amortization		1,457		13,290
EBITDA		3,540		24,581
Share-based compensation		118		862
Transaction costs		24		—
Adjusted EBITDA from discontinued operations	$	3,682	$	25,443

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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+ Details

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

Disaggregation of Revenue [Abstract]

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

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 nine months ended September 30, 2023 and 2022:


(in thousands)	Mobile Modular		TRS- RenTelco		Enviroplex		Adler Tanks (Discontinued)		Consolidated

Three Months Ended September 30,
2023
Leasing	$	113,955	$	29,711	$	—	$	—	$	143,666
Non-lease:
Rental related services		18,251		664		—		—		18,915
Sales		58,867		8,341		9,515		—		76,723
Other		3,809		393		—		—		4,202
Total non-lease		80,927		9,398		9,515		—		99,840
Total revenues	$	194,882	$	39,109	$	9,515	$	—	$	243,506

2022
Leasing	$	86,428	$	32,265	$	—	$	17,825	$	136,518
Non-lease:
Rental related services		10,427		684		—		7,069		18,180
Sales		28,922		5,291		9,978		976		45,167
Other		61		287		—		323		671
Total non-lease		39,410		6,262		9,978		8,368		64,018
Total revenues	$	125,838	$	38,527	$	9,978	$	26,193	$	200,536

Nine Months Ended September 30,
2023
Leasing	$	324,033	$	90,388	$	—	$	6,612	$	421,033
Non-lease:
Rental related services		41,133		1,952		—		2,557		45,642
Sales		115,828		19,545		11,379		269		147,021
Other		4,807		1,189		—		—		5,996
Total non-lease		161,768		22,686		11,379		2,826		198,659
Total revenues	$	485,801	$	113,074	$	11,379	$	9,438	$	619,692

2022
Leasing	$	240,693	$	92,585	$	—	$	48,548	$	381,826
Non-lease:
Rental related services		22,960		1,919		—		18,890		43,769
Sales		64,113		14,031		15,545		2,234		95,923
Other		94		824		—		504		1,422
Total non-lease		87,167		16,774		15,545		21,628		141,114
Total revenues	$	327,860	$	109,359	$	15,545	$	70,176	$	522,940

Condensed Consolidated Financial Information

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Condensed Consolidated Financial Information

NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION

The condensed consolidated financial statements for the three and nine months ended September 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 nine months ended September 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”).

Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Weighted-average number of shares of common stock for calculating basic earnings per share		24,487		24,379		24,461		24,342
Effect of potentially dilutive securities from equity-based compensation		38		125		66		174
Weighted-average number of shares of common stock for calculating diluted earnings per share		24,525		24,504		24,527		24,516

There were 1,800 anti-dilutive securities excluded from the computation of diluted earnings per share for the nine months ended September 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 nine months ended September 30, 2023 and 2022. As of September 30, 2023, 1,309,805 shares remained authorized for repurchase under the Repurchase Plan.

Acquisitions (Tables)

9 Months Ended

Sep. 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	$	213,929
Intangible assets:
Goodwill		211,730
Customer relationships		29,900
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		(27,153	)
Deferred income		(14,273	)
Deferred income taxes		(12,222	)
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)
	Nine months ended September 30,
(dollar amounts in thousands, except for per share amounts)	2023		2022
Pro-forma total revenues	$	617,897	$	550,813
Pro-forma net income	$	79,540	$	63,204
Pro-forma basic earnings per share	$	3.25	$	2.60
Pro-forma diluted earnings per share	$	3.25	$	2.58

Vesta Modular
Actual total revenues	$	82,186
Actual net income	$	17,627
Actual basic earnings per share	$	0.72
Actual diluted earnings per share	$	0.72

Discontinued Operations - Summary of Results of Discontinued Operations Reported in Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gross Profit
Interest expense allocation			$ (374)	$ (1,941)
Income from discontinued operations before provision for income taxes		$ 4,635	1,709	9,350
Provision for income taxes from discontinued operations		1,183	453	2,170
Income from discontinued operations		3,452	62,769	7,180
Other Selected Information
Adjusted EBITDA			3,682	25,443
Sales [Member]
Revenues
Sales revenues	$ 77,115	44,414	148,576	95,503
Other [Member]
Revenues
Sales revenues	$ 3,213	$ 860	9,424	2,397
Adler Tank Rentals, LLC
Revenues
Rental			6,520	47,638
Rental related services			2,584	19,221
Rental operations			9,104	66,859
Total revenues			9,438	70,176
Direct costs of rental operations:
Depreciation of rental equipment			1,325	11,996
Rental related services			2,020	14,851
Other			1,270	9,783
Total direct costs of rental operations			4,614	36,630
Costs of sales			159	1,613
Total costs of revenues			4,773	38,243
Gross Profit
Rental			3,926	25,859
Rental related services			564	4,370
Rental operations			4,490	30,229
Total gross profit			4,665	31,933
Selling and administrative expenses			2,582	20,642
Income from operations			2,083	11,291
Interest expense allocation			(374)	(1,941)
Income from discontinued operations before provision for income taxes			1,709	9,350
Provision for income taxes from discontinued operations			453	2,170
Income from discontinued operations			1,256	7,180
Other Selected Information
Adjusted EBITDA			3,682	25,443
Adler Tank Rentals, LLC \| Sales [Member]
Revenues
Sales revenues			269	2,235
Gross Profit
Total gross profit			110	622
Adler Tank Rentals, LLC \| Other [Member]
Revenues
Sales revenues			65	1,082
Gross Profit
Total gross profit			$ 65	$ 1,082

Discontinued Operations

9 Months Ended

Sep. 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. The total transaction costs incurred from the divestiture was $8.9 million, with $6.7 million incurred during the nine months ended September 30, 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.


(dollar amounts in thousands)	Nine Months Ended September 30,
	2023			2022
Revenues
Rental	$	6,520		$	47,638
Rental related services		2,584			19,221
Rental operations		9,104			66,859
Sales		269			2,235
Other		65			1,082
Total revenues		9,438			70,176
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment		1,325			11,996
Rental related services		2,020			14,851
Other		1,270			9,783
Total direct costs of rental operations		4,614			36,630
Costs of sales		159			1,613
Total costs of revenues		4,773			38,243
Gross Profit
Rental		3,926			25,859
Rental related services		564			4,370
Rental operations		4,490			30,229
Sales		110			622
Other		65			1,082
Total gross profit		4,665			31,933
Selling and administrative expenses		2,582			20,642
Income from operations		2,083			11,291
Interest expense allocation		(374	)		(1,941	)
Income from discontinued operations before provision for income taxes		1,709			9,350
Provision for income taxes from discontinued operations		453			2,170
Income from discontinued operations	$	1,256		$	7,180

Other Selected Information
Adjusted EBITDA	$	3,682		$	25,443


	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 nine months ended September 30, 2023 and 2022, significant operating and investing items related to Adler Tanks were as follows:


	September 30,			September 30,
(in thousands)	2023			2022
Operating activities of discontinued operations:
Depreciation and amortization	$	1,457		$	13,290
Gain on sale of used rental equipment		(111	)		(478	)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment		269			1,675
Purchases of rental equipment		(25	)		(2,878	)
Purchases of property, plant and equipment		(40	)		(88	)

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


	September 30,		September 30,
(in thousands)	2023		2022
Income from discontinued operations	$	1,256	$	7,180
Provision for income taxes from discontinued operations		453		2,170
Interest expense		374		1,941
Depreciation and amortization		1,457		13,290
EBITDA		3,540		24,581
Share-based compensation		118		862
Transaction costs		24		—
Adjusted EBITDA from discontinued operations	$	3,682	$	25,443

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Rental	$ 122,686	$ 100,871	$ 350,773	$ 285,588
Rental related services	40,492	28,198	101,481	69,276
Rental operations	163,178	129,069	452,254	354,864
Total revenues	243,506	174,343	610,254	452,764
Direct costs of rental operations:
Depreciation of rental equipment	22,069	20,174	66,499	60,118
Rental related services	28,532	20,576	71,625	50,116
Other	28,493	28,203	90,188	82,573
Total direct costs of rental operations	79,094	68,953	228,312	192,807
Costs of sales	52,878	28,548	98,431	58,124
Total costs of revenues	131,972	97,501	326,743	250,931
Gross profit	111,534	76,842	283,511	201,833
Selling and administrative expenses	48,508	36,954	153,032	103,368
Other income	(3,559)		(3,559)
Income from operations	66,585	39,888	134,038	98,465
Interest expense	(11,025)	(3,355)	(28,434)	(8,057)
Foreign currency exchange (loss) gain	(42)	(236)	166	(404)
Income from continuing operations before provision for income taxes	55,518	36,297	105,770	90,004
Provision for income taxes	15,152	9,182	25,934	21,687
Income from continuing operations	40,366	27,115	79,836	68,317
Discontinued operations:
Income from discontinued operations before provision for income taxes		4,635	1,709	9,350
Provision for income taxes from discontinued operations		1,183	453	2,170
Gain on sale of discontinued operations, net of tax			61,513
Income from discontinued operations		3,452	62,769	7,180
Net income	$ 40,366	$ 30,567	$ 142,605	$ 75,497
Earnings per share from continuing operations:
Basic	$ 1.65	$ 1.11	$ 3.26	$ 2.81
Diluted	1.65	1.11	3.26	2.79
Earnings Per Share from Discontinued Operations [Abstract]
Basic		0.14	2.57	0.29
Diluted		0.14	2.56	0.29
Earnings per share:
Basic	1.65	1.25	5.83	3.1
Diluted	$ 1.65	$ 1.25	$ 5.81	$ 3.08
Shares used in per share calculation:
Basic	24,487	24,379	24,461	24,342
Diluted	24,525	24,504	24,527	24,516
Cash dividends declared per share	$ 0.465	$ 0.455	$ 1.395	$ 1.365
Sales [Member]
Revenues
Revenues	$ 77,115	$ 44,414	$ 148,576	$ 95,503
Other [Member]
Revenues
Revenues	$ 3,213	$ 860	$ 9,424	$ 2,397

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the nine months ended September 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
Nine Months Ended September 30,
2023
Rental revenues	$	264,398		$	86,375		$ —			$	6,520		$	357,293
Rental related services revenues		99,158			2,323		—				2,584			104,065
Sales and other revenues		122,245			24,376			11,379			334			158,334
Total revenues		485,801			113,074			11,379			9,438			619,692
Depreciation of rental equipment		29,766			36,733		—				1,325			67,824
Gross profit		233,970			47,184			2,357			4,665			288,176
Selling and administrative expenses		124,642			23,576			4,814			2,582			155,614
Other income		(2,740	)		(819	)		—			—			(3,559	)
Income (loss) from operations		112,068			24,427			(2,457	)		2,083			136,121
Interest (expense) income allocation		(24,129	)		(6,008	)		1,703			(374	)		(28,808	)
Income (loss) before provision for income taxes		87,939			18,585			(754	)		1,709			107,479
Adjusted EBITDA		172,222			64,031			(2,207	)		3,682			237,728
Rental equipment acquisitions		142,067			21,801		—				—			163,868
Accounts receivable, net (period end)		186,354			29,086			8,829			—			224,269
Rental equipment, at cost (period end)		1,474,359			383,006		—				—			1,857,365
Rental equipment, net book value (period end)		1,141,194			150,674		—				—			1,291,868
Utilization (period end) 2		79.7	%		60.3	%
Average utilization 2		79.5	%		59.0	%
2022
Rental revenues	$	195,598		$	89,990		$ —			$	47,638		$	333,226
Rental related services revenues		66,947			2,329		—				19,221			88,497
Sales and other revenues		65,315			17,040			15,545			3,317			101,217
Total revenues		327,860			109,359			15,545			70,176			522,940
Depreciation of rental equipment		23,329			36,789		—				11,996			72,114
Gross profit		149,405			48,824			3,604			31,933			233,766
Selling and administrative expenses		79,245			19,930			4,193			20,642			124,010
Other income		—			—			—			—			—
Income (loss) from operations		70,160			28,894			(589	)		11,291			109,756
Interest (expense) income allocation		(6,616	)		(2,160	)		719			(1,941	)		(9,998	)
Income before provision for income taxes		63,544			26,330			130			9,350			99,354
Adjusted EBITDA		106,156			66,675			(377	)		25,443			197,897
Rental equipment acquisitions		73,895			57,169		—				3,067			134,131
Accounts receivable, net (period end)		139,730			24,353			7,691			18,185			189,959
Rental equipment, at cost (period end)		1,085,060			396,068		—				309,607			1,790,735
Rental equipment, net book value (period end)		780,939			177,221		—				141,662			1,099,822
Utilization (period end) 2		81.2	%		65.2	%
Average utilization 2		78.5	%		64.8	%

Gross Enviroplex sales revenues were $11,597 and $16,401 for the nine months ended September 30, 2023 and 2022, respectively. There were $218 inter-segment sales to Mobile Modular in the nine months ended September 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.

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,487	24,379	24,461	24,342
Effect of potentially dilutive securities from equity-based compensation	38	125	66	174
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,525	24,504	24,527	24,516

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Beginning Balance	$ 132,305	$ 132,393
Goodwill acquired through business combination	218,951
Derecognition of goodwill divested	(25,902)
Ending Balance	323,771	132,305
Vesta Modular [Member]
Goodwill [Line Items]
Changes to Design Space purchase accounting	(1,583)
Design Space [Member]
Goodwill [Line Items]
Changes to Design Space purchase accounting		(88)
Mobile Modular [Member]
Goodwill [Line Items]
Beginning Balance	106,403	106,491
Goodwill acquired through business combination	218,951
Ending Balance	323,771	106,403
Mobile Modular [Member] \| Vesta Modular [Member]
Goodwill [Line Items]
Changes to Design Space purchase accounting	(1,583)
Mobile Modular [Member] \| Design Space [Member]
Goodwill [Line Items]
Changes to Design Space purchase accounting		(88)
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

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

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Segment Reporting Information [Line Items]

Rental revenues

$ 357,293

$ 333,226

Rental related services revenues

104,065

88,497

Sales and other revenues

158,334

101,217

Total revenues

$ 243,506

$ 200,536

619,692

522,940

Depreciation of rental equipment

67,824

72,114

Gross profit

288,176

233,766

Selling and administrative expenses

155,614

124,010

Other income

(3,559)

Income (loss) from operations

136,121

109,756

Interest (expense) income allocation

(28,808)

(9,998)

Income before provision for income taxes

107,479

99,354

Adjusted EBITDA

237,728

197,897

Rental equipment acquisitions

163,868

134,131

Accounts receivable, net (period end)

224,269

189,959

224,269

189,959

$ 169,937

Rental equipment, at cost (period end)

1,857,365

1,790,735

1,857,365

1,790,735

1,521,535

Rental equipment, net book value (period end)

1,291,868

1,099,822

1,291,868

1,099,822

$ 990,317

Mobile Modular [Member]

Segment Reporting Information [Line Items]

Rental revenues

264,398

195,598

Rental related services revenues

99,158

66,947

Sales and other revenues

122,245

65,315

Total revenues

194,882

125,838

485,801

327,860

Depreciation of rental equipment

29,766

23,329

Gross profit

233,970

149,405

Selling and administrative expenses

124,642

79,245

Other income

(2,740)

Income (loss) from operations

112,068

70,160

Interest (expense) income allocation

(24,129)

(6,616)

Income before provision for income taxes

87,939

63,544

Adjusted EBITDA

172,222

106,156

Rental equipment acquisitions

142,067

73,895

Accounts receivable, net (period end)

186,354

139,730

186,354

139,730

Rental equipment, at cost (period end)

1,474,359

1,085,060

1,474,359

1,085,060

Rental equipment, net book value (period end)

1,141,194

780,939

$ 1,141,194

$ 780,939

Utilization (period end)

^[1]

79.70%

81.20%

Average utilization

^[1]

79.50%

78.50%

TRS-RenTelco [Member]

Segment Reporting Information [Line Items]

Rental revenues

$ 86,375

$ 89,990

Rental related services revenues

2,323

2,329

Sales and other revenues

24,376

17,040

Total revenues

39,109

38,527

113,074

109,359

Depreciation of rental equipment

36,733

36,789

Gross profit

47,184

48,824

Selling and administrative expenses

23,576

19,930

Other income

(819)

Income (loss) from operations

24,427

28,894

Interest (expense) income allocation

(6,008)

(2,160)

Income before provision for income taxes

18,585

26,330

Adjusted EBITDA

64,031

66,675

Rental equipment acquisitions

21,801

57,169

Accounts receivable, net (period end)

29,086

24,353

29,086

24,353

Rental equipment, at cost (period end)

383,006

396,068

383,006

396,068

Rental equipment, net book value (period end)

150,674

177,221

$ 150,674

$ 177,221

Utilization (period end)

^[1]

60.30%

65.20%

Average utilization

^[1]

59.00%

64.80%

Adler Tanks (Discontinued) [Member]

Segment Reporting Information [Line Items]

Rental revenues

^[2]

$ 6,520

$ 47,638

Rental related services revenues

^[2]

2,584

19,221

Sales and other revenues

^[2]

334

3,317

Total revenues

26,193

9,438

^[2]

70,176

^[2]

Depreciation of rental equipment

^[2]

1,325

11,996

Gross profit

^[2]

4,665

31,933

Selling and administrative expenses

^[2]

2,582

20,642

Income (loss) from operations

^[2]

2,083

11,291

Interest (expense) income allocation

^[2]

(374)

(1,941)

Income before provision for income taxes

^[2]

1,709

9,350

Adjusted EBITDA

^[2]

3,682

25,443

Rental equipment acquisitions

^[2]

3,067

Accounts receivable, net (period end)

^[2]

18,185

Rental equipment, at cost (period end)

^[2]

309,607

Rental equipment, net book value (period end)

^[2]

141,662

Enviroplex [Member]

Segment Reporting Information [Line Items]

Sales and other revenues

^[3]

11,379

15,545

Total revenues

9,515

9,978

11,379

^[3]

15,545

^[3]

Gross profit

^[3]

2,357

3,604

Selling and administrative expenses

^[3]

4,814

4,193

Income (loss) from operations

^[3]

(2,457)

(589)

Interest (expense) income allocation

^[3]

1,703

719

Income before provision for income taxes

^[3]

(754)

130

Adjusted EBITDA

^[3]

(2,207)

(377)

Accounts receivable, net (period end)

^[3]

$ 8,829

$ 7,691

$ 8,829

$ 7,691

[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 $11,597 and $16,401 for the nine months ended September 30, 2023 and 2022, respectively. There were $218 inter-segment sales to Mobile Modular in the nine months ended September 30, 2023 and $856 inter-segment sales during the same period in 2022, which required elimination in consolidation.

New Accounting Pronouncements

9 Months Ended

Sep. 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

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+ Details

Revenue Recognition

9 Months Ended

Sep. 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 $34.2 million and $27.4 million at September 30, 2023 and December 31, 2022, respectively. Sales revenues totaling $8.0 million and $19.0 million were recognized during the three and nine months ended September 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 $1.2 million and $0.6 million at September 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 nine months ended September 30, 2023, the Company’s future minimum lease payments to be received under non-cancelable finance leases were $4.1 million. Of the total investment in sales-type leases, non-current future minimum lease payments are expected to be $0.9 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 therefore no credit loss expense was provided as of the nine months ended September 30, 2023. Other revenues include interest income on finance leases and rental income on facility leases.

In the three and nine months ended September 30, 2023, the Company’s lease revenues were $147.2 million and $424.6 million, respectively, consisting of $146.7 million and $422.5 million of operating lease revenues, respectively, and $0.5 million and $2.1 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 nine months ended September 30, 2023 include $0.4 million and $1.8 million of sales revenues, respectively, and $0.1 million and $0.3 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.


(in thousands)	Mobile Modular		TRS- RenTelco		Enviroplex		Adler Tanks (Discontinued)		Consolidated

Three Months Ended September 30,
2023
Leasing	$	113,955	$	29,711	$	—	$	—	$	143,666
Non-lease:
Rental related services		18,251		664		—		—		18,915
Sales		58,867		8,341		9,515		—		76,723
Other		3,809		393		—		—		4,202
Total non-lease		80,927		9,398		9,515		—		99,840
Total revenues	$	194,882	$	39,109	$	9,515	$	—	$	243,506

2022
Leasing	$	86,428	$	32,265	$	—	$	17,825	$	136,518
Non-lease:
Rental related services		10,427		684		—		7,069		18,180
Sales		28,922		5,291		9,978		976		45,167
Other		61		287		—		323		671
Total non-lease		39,410		6,262		9,978		8,368		64,018
Total revenues	$	125,838	$	38,527	$	9,978	$	26,193	$	200,536

Nine Months Ended September 30,
2023
Leasing	$	324,033	$	90,388	$	—	$	6,612	$	421,033
Non-lease:
Rental related services		41,133		1,952		—		2,557		45,642
Sales		115,828		19,545		11,379		269		147,021
Other		4,807		1,189		—		—		5,996
Total non-lease		161,768		22,686		11,379		2,826		198,659
Total revenues	$	485,801	$	113,074	$	11,379	$	9,438	$	619,692

2022
Leasing	$	240,693	$	92,585	$	—	$	48,548	$	381,826
Non-lease:
Rental related services		22,960		1,919		—		18,890		43,769
Sales		64,113		14,031		15,545		2,234		95,923
Other		94		824		—		504		1,422
Total non-lease		87,167		16,774		15,545		21,628		141,114
Total revenues	$	327,860	$	109,359	$	15,545	$	70,176	$	522,940

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.

Other Income

Other income consists of the net gain on sales of property, plant and equipment. These sales are generally recognized at a point in time, with contractually defined performance obligations that are typically transferred upon the closing date of the sale. These types of sales are infrequent in occurrence and reported on the condensed consolidated statements of income within the scope of ASC 610, Other Income. Proceeds to be received on the sale of property, plant and equipment are included in Accounts receivable on the Company's condensed consolidated balance sheets.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-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 - Summary of Disaggregates the Company's Revenue by Lease and Non Lease (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Disaggregation Of Revenue [Line Items]

Leasing revenues

$ 147,200

$ 424,600

Total revenues

243,506

$ 200,536

619,692

$ 522,940

Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

143,666

136,518

421,033

381,826

Non-lease Rental Related Services [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

18,915

18,180

45,642

43,769

Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

76,723

45,167

147,021

95,923

Non-lease Other [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

4,202

671

5,996

1,422

Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

99,840

64,018

198,659

141,114

Mobile Modular [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

194,882

125,838

485,801

327,860

Mobile Modular [Member] | Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

113,955

86,428

324,033

240,693

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

18,251

10,427

41,133

22,960

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

58,867

28,922

115,828

64,113

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

3,809

4,807

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

80,927

39,410

161,768

87,167

TRS-RenTelco [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

39,109

38,527

113,074

109,359

TRS-RenTelco [Member] | Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

29,711

32,265

90,388

92,585

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

664

684

1,952

1,919

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

8,341

5,291

19,545

14,031

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

393

287

1,189

824

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

9,398

6,262

22,686

16,774

Adler Tanks (Discontinued) [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

26,193

9,438

^[1]

70,176

^[1]

Adler Tanks (Discontinued) [Member] | Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

17,825

6,612

48,548

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

7,069

2,557

18,890

Adler Tanks (Discontinued) [Member] | Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

976

269

2,234

Adler Tanks (Discontinued) [Member] | Non-lease Other [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

323

504

Adler Tanks (Discontinued) [Member] | Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

8,368

2,826

21,628

Enviroplex [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

9,515

9,978

11,379

^[2]

15,545

^[2]

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

9,515

9,978

11,379

15,545

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

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

$ 9,515

$ 9,978

$ 11,379

$ 15,545

[1]	The financial results of Adler Tanks included in this table are through the date of the business divestiture, which occurred on February 1, 2023.
[2]	Gross Enviroplex sales revenues were $11,597 and $16,401 for the nine months ended September 30, 2023 and 2022, respectively. There were $218 inter-segment sales to Mobile Modular in the nine months ended September 30, 2023 and $856 inter-segment sales during the same period in 2022, which required elimination in consolidation.

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

Discontinued Operations - Additional information (Detail) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Feb. 01, 2023	Sep. 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
Total transaction costs	$ 8,900	$ 6,700	$ 2,200

Implemented Accounting Pronouncements

9 Months Ended

Sep. 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.

Effective January 1, 2023, the Company adopted the ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. Additionally, the ASU requires revenue contracts, including contract assets and liabilities, to be evaluated on the acquisition date and reported as if the contracts had originated with the acquirer, resulting in a measurement consistent with the recognition on the acquiree's financial statements. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements.

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 243,506	$ 174,343	$ 610,254	$ 452,764
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues	$ 77,115	$ 44,414	148,576	95,503
Operating Segments [Member] \| Enviroplex [Member] \| Sales [Member]
Segment Reporting Information [Line Items]
Revenues			11,597	16,401
Inter-segment Eliminations [Member] \| Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues			$ 218	$ 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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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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+ 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

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 40,366	$ 30,567	$ 142,605	$ 75,497
Other comprehensive income:
Foreign currency translation adjustment, net of tax impact	11	65	36	129
Comprehensive income	$ 40,377	$ 30,632	$ 142,641	$ 75,626

- Definition

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

+ References

+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Weighted-average number of shares of common stock for calculating basic earnings per share		24,487		24,379		24,461		24,342
Effect of potentially dilutive securities from equity-based compensation		38		125		66		174
Weighted-average number of shares of common stock for calculating diluted earnings per share		24,525		24,504		24,527		24,516

Segment Reporting

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

NOTE 9. SEGMENT REPORTING

The Company historically operated four reportable segments and divested its 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 nine months ended September 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
Nine Months Ended September 30,
2023
Rental revenues	$	264,398		$	86,375		$ —			$	6,520		$	357,293
Rental related services revenues		99,158			2,323		—				2,584			104,065
Sales and other revenues		122,245			24,376			11,379			334			158,334
Total revenues		485,801			113,074			11,379			9,438			619,692
Depreciation of rental equipment		29,766			36,733		—				1,325			67,824
Gross profit		233,970			47,184			2,357			4,665			288,176
Selling and administrative expenses		124,642			23,576			4,814			2,582			155,614
Other income		(2,740	)		(819	)		—			—			(3,559	)
Income (loss) from operations		112,068			24,427			(2,457	)		2,083			136,121
Interest (expense) income allocation		(24,129	)		(6,008	)		1,703			(374	)		(28,808	)
Income (loss) before provision for income taxes		87,939			18,585			(754	)		1,709			107,479
Adjusted EBITDA		172,222			64,031			(2,207	)		3,682			237,728
Rental equipment acquisitions		142,067			21,801		—				—			163,868
Accounts receivable, net (period end)		186,354			29,086			8,829			—			224,269
Rental equipment, at cost (period end)		1,474,359			383,006		—				—			1,857,365
Rental equipment, net book value (period end)		1,141,194			150,674		—				—			1,291,868
Utilization (period end) 2		79.7	%		60.3	%
Average utilization 2		79.5	%		59.0	%
2022
Rental revenues	$	195,598		$	89,990		$ —			$	47,638		$	333,226
Rental related services revenues		66,947			2,329		—				19,221			88,497
Sales and other revenues		65,315			17,040			15,545			3,317			101,217
Total revenues		327,860			109,359			15,545			70,176			522,940
Depreciation of rental equipment		23,329			36,789		—				11,996			72,114
Gross profit		149,405			48,824			3,604			31,933			233,766
Selling and administrative expenses		79,245			19,930			4,193			20,642			124,010
Other income		—			—			—			—			—
Income (loss) from operations		70,160			28,894			(589	)		11,291			109,756
Interest (expense) income allocation		(6,616	)		(2,160	)		719			(1,941	)		(9,998	)
Income before provision for income taxes		63,544			26,330			130			9,350			99,354
Adjusted EBITDA		106,156			66,675			(377	)		25,443			197,897
Rental equipment acquisitions		73,895			57,169		—				3,067			134,131
Accounts receivable, net (period end)		139,730			24,353			7,691			18,185			189,959
Rental equipment, at cost (period end)		1,085,060			396,068		—				309,607			1,790,735
Rental equipment, net book value (period end)		780,939			177,221		—				141,662			1,099,822
Utilization (period end) 2		81.2	%		65.2	%
Average utilization 2		78.5	%		64.8	%

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 nine months ended September 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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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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