Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | May. 05, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GFN | |
Entity Registrant Name | General Finance CORP | |
Entity Central Index Key | 1,342,287 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,087,294 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Assets | ||
Cash and cash equivalents | $ 7,046 | $ 3,716 |
Trade and other receivables, net of allowance for doubtful accounts of $6,663 and $8,197 at June 30, 2015 and March 31, 2016, respectively | 39,720 | 47,641 |
Inventories | 39,874 | 36,875 |
Prepaid expenses and other | 10,322 | 7,763 |
Property, plant and equipment, net | 27,625 | 39,452 |
Lease fleet, net | 423,169 | 410,985 |
Goodwill | 102,332 | 99,344 |
Other intangible assets, net | 37,761 | 41,394 |
Total assets | 687,849 | 687,170 |
Liabilities | ||
Trade payables and accrued liabilities | 41,946 | 37,590 |
Income taxes payable | 125 | 1,291 |
Unearned revenue and advance payments | 15,249 | 13,958 |
Senior and other debt | 359,412 | 356,733 |
Deferred tax liabilities | 41,218 | 43,242 |
Total liabilities | $ 457,950 | $ 452,814 |
Commitments and contingencies (Note 9) | ||
Equity | ||
Cumulative preferred stock, $.0001 par value: 1,000,000 shares authorized; 400,100 shares issued and outstanding (in series) and liquidation value of $40,722 and 40,712 at June 30, 2015 and March 31, 2016, respectively | $ 40,100 | $ 40,100 |
Common stock, $.0001 par value: 100,000,000 shares authorized; 26,008,878 and 26,074,294 shares issued and outstanding at June 30, 2015 and March 31, 2016, respectively | 3 | 3 |
Additional paid-in capital | 123,309 | 124,288 |
Accumulated other comprehensive loss | (12,976) | (12,873) |
Accumulated deficit | (7,092) | (4,653) |
Total General Finance Corporation stockholders' equity | 143,344 | 146,865 |
Equity of noncontrolling interests | 86,555 | 87,491 |
Total equity | 229,899 | 234,356 |
Total liabilities and equity | $ 687,849 | $ 687,170 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts on trade and other receivables | $ 8,197 | $ 6,663 |
Cumulative preferred stock, par value | $ 0.0001 | $ 0.0001 |
Cumulative preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Cumulative preferred stock, shares issued | 400,100 | 400,100 |
Cumulative preferred stock, shares outstanding | 400,100 | 400,100 |
Cumulative preferred stock, liquidation value | $ 40,712 | $ 40,722 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 26,074,294 | 26,008,878 |
Common stock, shares outstanding | 26,074,294 | 26,008,878 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Sales: | ||||
Lease inventories and fleet | $ 23,381 | $ 19,923 | $ 80,408 | $ 67,326 |
Manufactured units | 1,230 | 3,452 | 5,852 | 12,531 |
Total sales revenue | 24,611 | 23,375 | 86,260 | 79,857 |
Leasing | 41,858 | 46,011 | 127,262 | 158,678 |
Total revenues | 66,469 | 69,386 | 213,522 | 238,535 |
Costs and expenses | ||||
Lease inventories and fleet (exclusive of the items shown separately below) | 17,136 | 14,246 | 59,720 | 48,342 |
Manufactured units | 1,869 | 2,779 | 8,202 | 8,806 |
Direct costs of leasing operations | 17,490 | 18,992 | 51,687 | 59,327 |
Selling and general expenses | 16,757 | 17,367 | 49,695 | 54,233 |
Impairment of goodwill | 2,681 | 2,681 | ||
Depreciation and amortization | 9,583 | 9,475 | 27,897 | 28,119 |
Operating income | 953 | 6,527 | 13,640 | 39,708 |
Interest income | 35 | 28 | 72 | 52 |
Interest expense (includes ineffective portion of cash flow hedge reclassifications from AOCI of an unrealized loss of $0 and $(11) in the quarter and nine months ended March 31, 2015, respectively) | (4,838) | (5,179) | (14,818) | (16,006) |
Foreign currency exchange gain (loss) and other | 59 | (374) | (444) | (219) |
Total costs and expenses | (4,744) | (5,525) | (15,190) | (16,173) |
Income (loss) before provision for income taxes | (3,791) | 1,002 | (1,550) | 23,535 |
Provision (benefit) for income taxes (includes benefit from AOCI reclassifications of $0 and $(4) in the quarter and nine months ended March 31, 2015, respectively) | (1,516) | 401 | (620) | 9,414 |
Net income (loss) | (2,275) | 601 | (930) | 14,121 |
Preferred stock dividends | (922) | (922) | (2,766) | (2,766) |
Noncontrolling interests | (85) | (1,420) | (1,509) | (4,787) |
Net income (loss) attributable to common stockholders | $ (3,282) | $ (1,741) | $ (5,205) | $ 6,568 |
Net income (loss) per common share: | ||||
Basic | $ (0.13) | $ (0.07) | $ (0.20) | $ 0.25 |
Diluted | $ (0.13) | $ (0.07) | $ (0.20) | $ 0.25 |
Weighted average shares outstanding: | ||||
Basic | 26,074,556 | 25,862,668 | 26,037,382 | 25,774,758 |
Diluted | 26,074,556 | 25,862,668 | 26,037,382 | 26,467,138 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2015 | Mar. 31, 2015 | |
Loss on ineffective portion of cash flow hedge | $ 0 | $ (11) |
Provision (benefit) for income taxes, AOCI reclassifications | 0 | (4) |
Reclassifications out of Accumulated Other Comprehensive Income [Member] | ||
Loss on ineffective portion of cash flow hedge | 0 | (11) |
Provision (benefit) for income taxes, AOCI reclassifications | $ 0 | $ (4) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income/Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (2,275) | $ 601 | $ (930) | $ 14,121 |
Other comprehensive income (loss): | ||||
Fair value change in derivative, net of related tax effect | 222 | (175) | 340 | (483) |
Cumulative translation adjustment | 5,315 | (7,065) | (142) | (26,051) |
Total comprehensive income (loss) | 3,262 | (6,639) | (732) | (12,413) |
Allocated to noncontrolling interests | (2,715) | 2,000 | (1,810) | 7,895 |
Comprehensive income (loss) allocable to General Finance Corporation stockholders | $ 547 | $ (4,639) | $ (2,542) | $ (4,518) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Comprehensive Income/Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Loss on ineffective portion of cash flow hedge | $ 0 | $ (11) | ||
Benefit for income taxes, AOCI reclassifications | 0 | (4) | ||
Fair value change in derivative, income tax provision (benefit) | $ 82 | $ 59 | $ 321 | $ 200 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Equity (Unaudited) - 9 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Cumulative Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Accumulated Deficit) [Member] | Total General Finance Corporation Stockholders' Equity [Member] | Equity of Noncontrolling Interests [Member] |
Beginning Balance at Jun. 30, 2015 | $ 234,356 | $ 40,100 | $ 3 | $ 124,288 | $ (12,873) | $ (4,653) | $ 146,865 | $ 87,491 |
Share-based compensation | 2,122 | 1,787 | 1,787 | 335 | ||||
Preferred stock dividends | (2,766) | (2,766) | (2,766) | |||||
Dividends and distributions by subsidiaries | (3,081) | (3,081) | ||||||
Grant of net 65,416 shares of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | (930) | (2,439) | (2,439) | 1,509 | ||||
Fair value change in derivative, net of related tax effect | 340 | 173 | 173 | 167 | ||||
Cumulative translation adjustment | (142) | (276) | (276) | 134 | ||||
Total comprehensive loss | (732) | (2,542) | 1,810 | |||||
Ending Balance at Mar. 31, 2016 | $ 229,899 | $ 40,100 | $ 3 | $ 123,309 | $ (12,976) | $ (7,092) | $ 143,344 | $ 86,555 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) | 9 Months Ended |
Mar. 31, 2016shares | |
Statement of Stockholders' Equity [Abstract] | |
Restricted stock granted | 65,416 |
Condensed Consolidated Statem10
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities (Note 10) | $ 35,192 | $ 22,503 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (15,903) | (33,913) |
Proceeds from sales of property, plant and equipment | 10,540 | 162 |
Purchases of property, plant and equipment | (3,272) | (16,018) |
Proceeds from sales of lease fleet | 21,125 | 17,110 |
Purchases of lease fleet | (40,674) | (67,833) |
Other intangible assets | (264) | (555) |
Net cash used in investing activities | (28,448) | (101,047) |
Cash flows from financing activities: | ||
Net proceeds from (repayments of) equipment financing activities | (525) | 706 |
Proceeds from senior and other debt borrowings, net | 3,325 | 91,153 |
Deferred financing costs | (158) | (154) |
Proceeds from issuances of common stock | 526 | |
Purchases of subsidiary capital stock | (3,386) | |
Dividends and distributions by subsidiaries | (1,949) | (2,409) |
Preferred stock dividends | (2,766) | (2,766) |
Net cash provided by (used in) financing activities | (2,073) | 83,670 |
Net increase in cash | 4,671 | 5,126 |
Cash and equivalents at beginning of period | 3,716 | 5,846 |
The effect of foreign currency translation on cash | (1,341) | (2,421) |
Cash and equivalents at end of period | $ 7,046 | $ 8,551 |
Condensed Consolidated Statem11
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) AUD in Thousands, $ in Thousands | 9 Months Ended | |||
Mar. 31, 2016AUD | Mar. 31, 2016USD ($) | Mar. 31, 2015AUD | Mar. 31, 2015USD ($) | |
Statement of Cash Flows [Abstract] | ||||
Common stock issued related to consideration for business acquisition | $ 156 | |||
Business acquisition cost holdback | $ 1,839 | 3,371 | ||
Dividend to noncontrolling interest | AUD 1,476 | $ 1,132 | AUD 1,968 | $ 1,513 |
Organization and Business Opera
Organization and Business Operations | 9 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | Note 1. Organization and Business Operations General Finance Corporation (“GFN”) was incorporated in Delaware in October 2005. References to the “Company” in these Notes are to GFN and its consolidated subsidiaries. These subsidiaries include GFN U.S. Australasia Holdings, Inc., a Delaware corporation (“GFN U.S.”); GFN North America Leasing Corporation, a Delaware corporation (“GFNNA Leasing”); GFN North America Corp., a Delaware corporation (“GFNNA”); GFN Realty Company, LLC, a Delaware limited liability company (“GFNRC”); GFN Manufacturing Corporation, a Delaware corporation (“GFNMC”), and its 90%-owned subsidiary, Southern Frac, LLC, a Texas limited liability company (collectively “Southern Frac”); over 50%-owned Royal Wolf Holdings Limited, an Australian corporation publicly traded on the Australian Securities Exchange (“RWH”), and its Australian and New Zealand subsidiaries (collectively, “Royal Wolf”); Pac-Van, Inc., an Indiana corporation, and its Canadian subsidiary, PV Acquisition Corp., an Alberta corporation (collectively “Pac-Van”); and Lone Star Tank Rental Inc., a Delaware corporation (“Lone Star”). The Company does business in three distinct, but related industries, mobile storage, modular space and liquid containment (which are collectively referred to as the “portable services industry”), in two geographic areas; the Asia-Pacific (or Pan-Pacific) area, consisting of Royal Wolf (which leases and sells storage containers, portable container buildings and freight containers in Australia and New Zealand) and North America, consisting of Pac-Van (which leases and sells storage, office and portable liquid storage tank containers, modular buildings and mobile offices) and Lone Star (which leases portable liquid storage tank containers and containment products, as well as provides certain fluid management services, to the oil and gas industry in the Permian and Eagle Ford basins of Texas), which are combined to form our North American leasing operations, and Southern Frac (which manufactures portable liquid storage tank containers). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements, although the Condensed Consolidated Balance Sheet at June 30, 2015 was derived from the audited Consolidated Balance Sheet at that date. In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The accompanying results of operations are not necessarily indicative of the operating results that may be expected for the entire fiscal year ending June 30, 2016. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes thereto of the Company, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 filed with the Securities and Exchange Commission (“SEC”). Unless otherwise indicated, references to “FY 2015” and “FY 2016” are to the nine months ended March 31, 2015 and 2016, respectively. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include assumptions used in assigning value to identifiable intangible assets at the acquisition date, the assessment for impairment of goodwill, the assessment for impairment of other intangible assets, the allowance for doubtful accounts, share-based compensation expense, residual value of the lease fleet and deferred tax assets and liabilities. Assumptions and factors used in the estimates are evaluated on an annual basis or whenever events or changes in circumstances indicate that the previous assumptions and factors have changed. The results of the analysis could result in adjustments to estimates. Inventories Inventories are comprised of the following (in thousands): June 30, March 31, 2015 2016 Finished goods $ 30,428 $ 34,287 Work in progress 3,678 2,743 Raw materials 2,769 2,844 $ 36,875 $ 39,874 Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, March 31, 2015 2016 Land — $ 9,656 $ 2,168 Building and improvements 10 — 40 years 6,580 4,887 Transportation and plant equipment (including capital lease assets) 3 — 20 years 37,362 37,876 Furniture, fixtures and office equipment 3 — 10 years 8,613 9,296 Construction in-process 4 — 62,215 54,227 Less accumulated depreciation and amortization (22,763 ) (26,602 ) $ 39,452 $ 27,625 Lease Fleet The Company has a fleet of storage, portable building, office and portable liquid storage tank containers, mobile offices, modular buildings and steps that it primarily leases to customers under operating lease agreements with varying terms. Units in the lease fleet are also available for sale. The cost of sales of a unit in the lease fleet is recognized at the carrying amount at the date of sale. At June 30, 2015 and March 31, 2016, the gross costs of the lease fleet were $478,416,000 and $503,657,000, respectively. Goodwill and Other Intangible Assets The purchase consideration of acquired businesses have been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates (see Note 4). Based on these values, the excess purchase consideration over the fair value of the net assets acquired was allocated to goodwill. The Company accounts for goodwill and other intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, Intangibles — Goodwill and Other. Other intangible assets include those with indefinite (trademark and trade name) and finite (primarily customer base and lists, non-compete agreements and deferred financing costs) useful lives, as follows (in thousands): June 30, March 31, 2015 2016 Trademark and trade name $ 5,875 $ 5,873 Customer base and lists 49,141 51,957 Non-compete agreements 13,902 14,361 Deferred financing costs 7,305 6,188 Other 2,839 3,213 79,062 81,592 Less accumulated amortization (37,668 ) (43,831 ) $ 41,394 $ 37,761 Net Income per Common Share Basic net income per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the periods. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential dilutive securities (common stock equivalents) the Company had outstanding were stock options. The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: Quarter Ended March 31, Nine Months Ended March 31, 2015 2016 2015 2016 Basic 25,862,668 26,074,556 25,774,758 26,037,382 Assumed exercise of stock options — — 692,380 — Diluted 25,862,668 26,074,556 26,467,138 26,037,382 Potential common stock equivalents totaling 1,900,273 and 1,207,893 for the quarter ended March 31, 2015 and FY 2015, respectively, and 1,727,213 for both the quarter ended March 31, 2016 and FY 2016 have been excluded from the computation of diluted earnings per share because the effect is anti-dilutive. Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09 , Revenue from Contracts with Customers Topic 606) In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued two updates relating to Derivatives and Hedging (Topic 815) Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships Contingent Out and Call Options in Debt Instruments In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting |
Equity Transactions
Equity Transactions | 9 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Equity Transactions | Note 3. Equity Transactions Preferred Stock Upon issuance of shares of preferred stock, the Company records the liquidation value as the preferred equity in the consolidated balance sheet, with any underwriting discount and issuance or offering costs recorded as a reduction in additional paid-in capital. Series B Preferred Stock The Company has outstanding privately-placed 8.00% Series B Cumulative Preferred Stock, par value of $0.0001 per share and liquidation value of $1,000 per share (“Series B Preferred Stock”). The Series B Preferred Stock is offered primarily in connection with business combinations. At June 30, 2015 and March 31, 2016, the Company had outstanding 100 shares of Series B Preferred Stock with an aggregate liquidation preference totaling $100,000. The Series B Preferred Stock is not convertible into GFN common stock, has no voting rights, except as required by Delaware law, and is redeemable after February 1, 2014; at which time it may be redeemed at any time, in whole or in part, at the Company’s option. Holders of the Series B Preferred Stock are entitled to receive, when declared by the Company’s Board of Directors, annual dividends payable quarterly in arrears on the 31 st th Series C Preferred Stock The Company has outstanding publicly-traded 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock, liquidation preference $100.00 per share (the “Series C Preferred Stock”). At June 30, 2015 and March 31, 2016, the Company had outstanding 400,000 shares of Series C Preferred Stock with an aggregate liquidation preference totaling approximately $40,700,000. Dividends on the Series C Preferred Stock are cumulative from the date of original issue and will be payable on the 31 st th Dividends As of March 31, 2016, since issuance, dividends paid or payable totaled $75,000 for the Series B Preferred Stock and dividends paid totaled $9,890,000 for the Series C Preferred Stock. The characterization of dividends to the recipients for Federal income tax purposes is made based upon the earnings and profits of the Company, as defined by the Internal Revenue Code. Royal Wolf Dividends On August 12, 2014, the Board of Directors of Royal Wolf declared a dividend of AUS$0.055 per RWH share payable on October 3, 2014 to shareholders of record on September 18, 2014; and on February 10, 2015, the Board of Directors of Royal Wolf declared a dividend of AUS$0.04 per RWH share payable on April 2, 2015 to shareholders of record on March 18, 2015. On August 12, 2015, the Board of Directors of Royal Wolf declared a dividend of AUS$0.05 per RWH share payable on October 2, 2015 to shareholders of record on September 17, 2015; and on February 8, 2016, the Board of Directors of Royal Wolf declared a dividend of AUS$0.03 per RWH share payable on April 4, 2016 to shareholders of record on March 16, 2016, respectively. The consolidated financial statements reflect the amount of the dividends pertaining to the noncontrolling interest. |
Acquisitions
Acquisitions | 9 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4. Acquisitions The Company can enhance its business and market share by entering into new markets in various ways, including starting up a new location or acquiring a business consisting of container, modular unit or mobile office assets of another entity. An acquisition generally provides the Company with operations that enables it to at least cover existing overhead costs and is preferable to a start-up or greenfield location. The businesses discussed below were acquired primarily to expand the Company’s container lease fleet. The accompanying consolidated financial statements include the operations of the acquired businesses from the dates of acquisition. On August 28, 2015, the Company, through Pac-Van, purchased the business of Mobile Storage Solutions of Mo., LLC (“MSS”) for $1,497,000, which included a deferred purchase price promissory note of $613,000, bearing interest at 2.00% per annum and due in January 2016, and a holdback amount of $139,000. MSS leased and sold storage and office containers and storage trailers in Springfield, Missouri. On October 16, 2015, the Company, through Pac-Van, purchased the container business of McKinney Trailer Rentals, Inc., d/b/a McKinney Container Rentals & Sales (“McKinney”), for $15,254,000, which included holdback and other adjustment amounts totaling $930,000. McKinney leased and sold storage (including refrigerated) containers and chassis and other units in the Seattle and Tacoma area. On October 29, 2015, the Company, through Royal Wolf, purchased the container business of Spacewise (Aust) Pty Limited (“Spacewise”), for $281,000 (AUS$390,000), which included holdback and other adjustment amounts totaling $56,000 (AUS$78,000). Spacewise is based in Sydney, New South Wales. On December 23, 2015, the Company, through Royal Wolf, purchased the container business of W.A. Container Services Pty Limited (“W.A. Container”), for $321,000 (AUS$439,000), which included holdback and other adjustment amounts totaling $66,000 (AUS$90,000). W.A. Container is based in Perth, West Australia. On February 19, 2016, the Company, through Pac-Van, purchased the container business of Box Service Company, Inc. (“BSC”) for $461,000, which included a holdback of $35,000. BSC is based in Houston, Texas. The preliminary allocation for the acquisitions in FY 2016 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values was as follows (in thousands): MSS August 28, 2015 McKinney October 16, 2015 Other Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ — $ 1,613 $ — $ 1,613 Inventories — — 23 23 Prepaid expenses and other — 8 — 8 Property, plant and equipment 60 531 77 668 Lease fleet 933 6,325 730 7,988 Accounts payables and accrued liabilities — (982 ) (22 ) (1,004 ) Unearned revenue and advance payments (27 ) (2 ) (56 ) (85 ) Total net tangible assets acquired and liabilities assumed 966 7,493 752 9,211 Fair value of intangible assets acquired: Non-compete agreement 132 239 76 447 Customer lists/relationships 226 2,433 104 2,763 Other — 89 — 89 Goodwill 173 5,000 131 5,304 Total intangible assets acquired 531 7,761 311 8,603 Total purchase consideration $ 1,497 $ 15,254 $ 1,063 $ 17,814 Goodwill recognized is attributable primarily to expected corporate synergies, the assembled workforce and other factors. The goodwill recognized in the MSS, McKinney and BSC acquisitions is deductible for U.S. income tax purposes. The estimated fair value of the tangible and intangible assets acquired and liabilities assumed exceeded the purchase prices of Spacewise resulting in estimated bargain purchase gain of $72,000. This gain has been recorded as non-operating income in the accompanying consolidated statements of operations. The Company incurred approximately $94,000 and $243,000 and $28,000 and $137,000 during the quarter ended March 31, 2015 and FY 2015 and during the quarter ended March 31, 2016 and FY 2016, respectively, of incremental transaction costs associated with acquisition-related activity that were expensed as incurred and are included in selling and general expenses in the accompanying consolidated statements of operations. |
Senior and Other Debt
Senior and Other Debt | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Senior and Other Debt | Note 5. Senior and Other Debt Asia-Pacific Leasing Senior Credit Facility Royal Wolf has a $134,220,000 (AUS$175,000,000) secured senior credit facility, as amended, under a common terms deed arrangement with the Australia and New Zealand Banking Group Limited (“ANZ”) and Commonwealth Bank of Australia (“CBA”) (the “ANZ/CBA Credit Facility”). Under the common deed arrangement of the ANZ/CBA Credit Facility, ANZ’s proportionate share of the borrowing capacity is $80,532,000 (AUS$105,000,000) and CBA’s proportionate share is $53,688,000 (AUS$70,000,000). The ANZ/CBA Credit Facility has $95,871,000 (AUS$125,000,000) maturing on July 31, 2017 (Facility A), and $38,349,000 (AUS$50,000,000) maturing on July 31, 2019 (Facility B). Borrowings under the ANZ/CBA Credit Facility bear interest at the bank bill swap interest rate in Australia (“BBSY”) or New Zealand (“BKBM”), plus a margin of 1.10% - 2.10% per annum on Facility A and 1.35% - 2.40% on Facility B, depending on the net debt leverage ratio (“NDLR”), as defined. The CBA proportionate share has a minimum margin that is 0.10% higher than the ANZ proportionate share. At March 31, 2016, the 30-day and 90-day BBSY and BKBM were 2.140% and 2.362% and 2.335% and 2.390%, respectively. The ANZ/CBA Credit Facility also includes a $2,301,000 (AUS$3,000,000) sub-facility to, among other things, facilitate direct and global payments using electronic banking services. The ANZ/CBA Credit Facility, as amended, is subject to certain financial and other customary covenants, including, among other things, compliance with specified interest coverage and net debt ratios based on earnings before interest, income taxes, impairment, depreciation and amortization and other non-operating costs and income (“EBITDA”) on a semi-annual basis and that borrowings may not exceed a multiple of 3.5 times EBITDA, as defined, through June 30, 2016, and 3.25 times EBITDA thereafter. At March 31, 2016, total borrowings and availability under the ANZ/CBA Credit Facility totaled $84,660,000 (AUS$110,383,000) and $25,237,000 (AUS$32,905,000), respectively. Of the total borrowings, $77,749,000 (AUS$101,372,000) is drawn under Facility A and $6,911,000 (AUS$9,011,000) is drawn under Facility B. The above amounts were translated based upon the exchange rate of one Australian dollar to $0.76697 U.S. dollar at March 31, 2016. North America Senior Credit Facility The North America leasing (Pac-Van and Lone Star) and manufacturing operations (Southern Frac) have a combined $232,000,000 senior secured revolving credit facility, as amended, with a syndicate led by Wells Fargo Bank, National Association (“Wells Fargo”) that also includes HSBC Bank USA, NA, the Private Bank and Trust Company, Capital One Business Credit Corp. and OneWest Bank N.A. (the “Wells Fargo Credit Facility”). The Wells Fargo Credit Facility, which matures on September 7, 2017, effectively not only finances the Company’s North American operations, but also the funding requirements for the Series C Preferred Stock (see Note 3), the term loan with Credit Suisse (“Credit Suisse”) and the publicly-traded unsecured senior notes (see below). The Wells Fargo Credit Facility includes a $20,000,000 real estate sub-facility to allow the borrowers (including GFNRC) to acquire real estate as collateral. In addition, subject to certain conditions, the amount that may be borrowed under the Wells Fargo Credit Facility may increase by $20,000,000 to a maximum of $252,000,000. The maximum amount of intercompany dividends that Pac-Van and Lone Star are allowed to pay in each fiscal year to GFN for the funding requirements of GFN’s senior and other debt and the Series C Preferred Stock are (a) the lesser of $5,000,000 for the Series C Preferred Stock or the amount equal to the dividend rate of the Series C Preferred Stock and its aggregate liquidation preference and the actual amount of dividends required to be paid to the Series C Preferred Stock; (b) the lesser of $3,125,000 for the term loan with Credit Suisse or the actual annual interest to be paid; and (c) $6,120,000 for the public offering of unsecured senior notes or the actual amount of annual interest required to be paid; provided that (i) the payment of such dividends does not cause a default or event of default; (ii) each of Pac-Van and Lone Star is solvent; (iii) excess availability, as defined, is $5,000,000 or more under the Wells Fargo Credit Facility; (iv) the fixed charge coverage ratio, as defined, will be greater than 1.25 to 1.00; and (v) the dividends are paid no earlier than ten business days prior to the date they are due. Borrowings under the Wells Fargo Credit Facility accrue interest, at the Company’s option, either at the base rate, plus 0.5% and a range of 1.00% to 1.50%, or the LIBOR rate, plus 1.0% and a range of 2.50% to 3.00%. Borrowings under the $20,000,000 real estate sub-facility accrue interest, at the Company’s option, either at the base rate, plus a range of 1.50% to 2.00%, or the LIBOR rate, plus a range of 3.0% to 3.50%. The Wells Fargo Credit Facility contains, among other things, certain financial covenants, including fixed charge coverage ratios, and other covenants, representations, warranties, indemnification provisions, and events of default that are customary for senior secured credit facilities; including a covenant that would require repayment upon a change in control, as defined. At March 31, 2016, borrowings and availability under the Wells Fargo Credit Facility totaled $182,461,000 and $25,790,000, respectively. Credit Suisse Term Loan On March 31, 2014, the Company entered into a $25,000,000 facility agreement, as amended, with Credit Suisse (“Credit Suisse Term Loan”) as part of the financing for the acquisition of Lone Star and, on April 3, 2014, the Company borrowed the $25,000,000 available to it. The Credit Suisse Term Loan provides that the amount borrowed will bear interest at LIBOR plus 7.50% per year, will be payable quarterly and that all principal and interest will mature on July 1, 2017. In addition, the Credit Suisse Term Loan is secured by a first ranking pledge over substantially all shares of RWH owned by GFN U.S., requires a certain coverage maintenance ratio in U.S. dollars based on the value of the RWH shares and, among other things, that an amount equal to six-months interest be deposited in an interest reserve account pledged to secure repayment of all amounts borrowed. The Company has repaid, prior to maturity, $15,000,000 of the outstanding borrowings of the Credit Suisse Term Loan and, as of March 31, 2016, there remains $10,000,000 outstanding. Senior Notes The Company has outstanding publicly-traded senior notes (the “Senior Notes”) in an aggregate principal amount of $72,000,000. The Senior Notes were issued in minimum denominations of $25 and integral multiples of $25 in excess thereof and pursuant to the First Supplemental Indenture (the “First Supplemental Indenture”) dated as of June 18, 2014 by and between the Company and Wells Fargo, as trustee (the “Trustee”). The First Supplemental Indenture supplements the Indenture entered into by and between the Company and the Trustee dated as of June 18, 2014 (the “Base Indenture” and, together with the First Supplemental Indenture, the “Indenture”). The Senior Notes bear interest at the rate of 8.125% per annum, mature on July 31, 2021 and are not subject to any sinking fund. Interest on the Senior Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31, commencing on July 31, 2014. The Senior Notes rank equally in right of payment with all of the Company’s existing and future unsecured senior debt and senior in right of payment to all of its existing and future subordinated debt. The Senior Notes are effectively subordinated to any of the Company’s existing and future secured debt, to the extent of the value of the assets securing such debt. The Senior Notes are structurally subordinated to all existing and future liabilities of the Company’s subsidiaries and are not guaranteed by any of the Company’s subsidiaries. The Company may, at its option, prior to July 31, 2017, redeem the Senior Notes in whole or in part upon the payment of 100% of the principal amount of the Senior Notes being redeemed plus any additional amount required by the Indenture. In addition, the Company may from time to time redeem up to 35% of the aggregate outstanding principal amount of the Senior Notes before July 31, 2017 with the net cash proceeds from certain equity offerings at a redemption price of 108.125% of the principal amount plus accrued and unpaid interest. If the Company sells certain of its assets or experiences specific kinds of changes in control, as defined, it must offer to redeem the Senior Notes. The Company may, at its option, at any time and from time to time, on or after July 31, 2017, redeem the Senior Notes in whole or in part. The Senior Notes will be redeemable at a redemption price initially equal to 106.094% of the principal amount of the Senior Notes (and which declines each year on July 31) plus accrued and unpaid interest to the date of redemption. On and after any redemption date, interest will cease to accrue on the redeemed Senior Notes. The Indenture contains covenants which, among other things, limit the Company’s ability to make certain payments, to pay dividends and to incur additional indebtedness if the incurrence of such indebtedness would cause the company’s consolidated fixed charge coverage ratio, as defined in the Indenture, to be below 2.0 to 1.0. The Senior Notes are listed on NASDAQ under the symbol “GFNSL.” Other At March 31, 2016, other debt totaled $10,291,000. The Company was in compliance with the financial covenants under all its credit facilities as of March 31, 2016. The weighted-average interest rate in the Asia-Pacific area was 4.7% and 4.9% and 5.2% and 5.3% in the quarter ended March 31, 2015 and 2016 and in FY 2015 and FY 2016, respectively; which does not include the effect of translation, interest rate swap contracts and options and the amortization of deferred financing costs. The weighted-average interest rate in North America was 5.0% and 4.9% and 5.4% and 4.9% in the quarter ended March 31, 2015 and 2016 and in FY 2015 and FY 2016, respectively, which does not include the effect of the amortization of deferred financing costs and accretion of interest. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 6. Financial Instruments Fair Value Measurements FASB ASC Topic 820, Fair Value Measurements and Disclosures Level 1 - Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2 - Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company’s derivative instruments are not traded on a market exchange; therefore, the fair values are determined using valuation models that include assumptions about yield curve at the reporting dates as well as counter-party credit risk. The assumptions are generally derived from market-observable data. The Company has consistently applied these calculation techniques to all periods presented, which are considered Level 2. Derivative instruments measured at fair value and their classification in the consolidated balances sheets and statements of operations are as follows (in thousands): Derivative - Fair Value (Level 2) Type of Derivative Contract Balance Sheet Classification June 30, 2015 March 31, 2016 Swap Contracts and Options (Caps and Collars) Trade payables and accrued liabilities $ 1,429 $ 982 Forward Exchange Contracts Trade and other receivables 120 — Forward Exchange Contracts Trade payables and accrued liabilities — 551 Quarter Ended March 31, Nine Months Ended March 31, Type of Derivative Contract Statement of Operations Classification 2015 2016 2015 2016 Swap Contracts and Options (Caps and Collars) Unrealized gain (loss) included in interest expense $ — $ — $ (11 ) $ — Forward Exchange Contracts Unrealized foreign currency exchange gain (loss) and other (286 ) (323 ) 492 (646 ) Interest Rate Swap Contracts The Company’s exposure to market risk for changes in interest rates relates primarily to its senior and other debt obligations. The Company’s policy is to manage its interest expense by using a mix of fixed and variable rate debt. To manage its exposure to variable interest rates in a cost-efficient manner, the Company enters into interest rate swaps and interest rate options, in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount. These swaps and options are designated to hedge changes in the interest rate of a portion of the outstanding borrowings in the Asia-Pacific area. The Company believes that financial instruments designated as interest rate hedges were highly effective; however, prior to August 2012, documentation of such, as required by FASB ASC Topic 815 , Derivatives and Hedging, The Company’s interest rate derivative instruments are not traded on a market exchange; therefore, the fair values are determined using valuation models which include assumptions about the interest rate yield curve at the reporting dates (Level 2 fair value measurement). As of June 30, 2015 and March 31, 2016, there was one open interest rate swap contract that was designated as a cash flow hedge and matures in June 2017, as follows (dollars in thousands): June 30, 2015 March 31, 2016 Swap Option (Cap) Swap Option Notional amounts $ 38,290 $ — $ 38.349 $ — Fixed/Strike Rates 3.98 % — 3.98 % — Floating Rates 2.09 % — 2.14 % — Fair Value of Combined Contracts $ (1,429 ) $ — $ (982 ) $ — Foreign Currency Risk The Company has transactional currency exposures. Such exposure arises from sales or purchases in currencies other than the functional currency. The currency giving rise to this risk is primarily U.S. dollars. Royal Wolf has a bank account denominated in U.S. dollars into which a small number of customers pay their debts. This is a natural hedge against fluctuations in the exchange rate. The funds are then used to pay suppliers, avoiding the need to convert to Australian dollars. Royal Wolf uses forward currency and participating forward contracts to eliminate the currency exposures on the majority of its transactions denominated in foreign currencies, either by transaction if the amount is significant, or on a general cash flow hedge basis. The forward currency and participating forward contracts are always in the same currency as the hedged item. The Company believes that financial instruments designated as foreign currency hedges are highly effective. However documentation of such as required by ASC Topic 815 does not exist. Therefore, all movements in the fair values of these hedges are reported in the statement of operations in the period in which fair values change. As of June 30, 2015, there were 27 open forward exchange contracts that mature between July 2015 and December 2015; and as of March 31, 2016, there were 55 open forward exchange contracts that mature between April 2016 and September 2016, as follows (dollars in thousands): June 30, 2015 March 31, 2016 Forward Exchange Participating Forward Exchange Participating Notional amounts $ 9,540 $ — $ 9,372 $ — Exchange/Strike Rates (AUD to USD) 0.7506 - 1.0286 — 0.6460 – 0.7843 — Fair Value of Combined Contracts $ 120 $ — $ (551 ) $ — For the quarters ended March 31, 2015 and 2016, net unrealized and realized foreign exchange gains (losses) totaled $(7,000) and $(67,000), and $349,000 and $44,000, respectively. In FY 2015 and FY 2016, net unrealized and realized foreign exchange gains (losses) totaled $(712,000) Fair Value of Other Financial Instruments The fair value of the Company’s borrowings under the Senior Notes was determined based on a Level 1 input and for borrowings under its senior credit facilities and Credit Suisse Term Loan determined based on Level 3 inputs; including a comparison to a group of comparable industry debt issuances (“Industry Comparable Debt Issuances”) and a study of credit (“Credit Spread Analysis”). Under the Industry Comparable Debt Issuance method, the Company compared the debt facilities to several industry comparable debt issuances. This method consisted of an analysis of the offering yields compared to the current yields on publicly traded debt securities. Under the Credit Spread Analysis, the Company first examined the implied credit spreads of the United States Federal Reserve. Based on this analysis the Company was able to assess the credit market. The fair value of the Company’s senior credit facilities as of June 30, 2015 was determined to be approximately $345,534,000. The Company also determined that the fair value of its other debt of $9,893,000 at June 30, 2015, approximated or would not vary significantly from their carrying values. The Company believes that market conditions for its senior credit facilities, Credit Suisse Term Loan and other debt at March 31, 2016 have not changed significantly from June 30, 2015. Therefore, the proportion of the fair value to the carrying value of the Company’s senior credit facilities and other debt at March 31, 2016 would not vary significantly from the proportion determined at June 30, 2015. Under the provisions of FASB ASC Topic 825, Financial Instruments, |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 7. Related-Party Transactions Effective January 31, 2008, the Company entered into a lease with an affiliate of Ronald F. Valenta for its corporate headquarters in Pasadena, California. The rent is $7,393 per month, effective March 1, 2009, plus allocated charges for common area maintenance, real property taxes and insurance, for approximately 3,000 square feet of office space. The term of the lease is five years, with two five-year renewal options, and the rent is adjusted yearly based on the consumer price index. On October 11, 2012, the Company exercised its option to renew the lease for an additional five-year term commencing February 1, 2013. Rental payments were $27,000 in both the quarters ended March 31, 2015 and 2016 and $83,000 in both FY 2015 and FY 2016. The premises of Pac-Van’s Las Vegas branch is owned by and leased from the acting branch manager through December 31, 2014, with the right for an additional two-year extension through December 31, 2016. On December 29, 2014, the Company extended the lease for the additional two years. Rental payments on this lease totaled $30,000 during both the quarter ended March 31, 2015 and 2016 and $89,000 in both FY 2015 and FY 2016. |
Equity Plans
Equity Plans | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Plans | Note 8. Equity Plans On September 11, 2014, the Board of Directors of the Company adopted the 2014 Stock Incentive Plan (the “2014 Plan”), which was approved by the stockholders at the Company’s annual meeting on December 4, 2014 and amended and restated by the stockholders at the annual meeting on December 3, 2015. The 2014 Plan is an “omnibus” incentive plan permitting a variety of equity programs designed to provide flexibility in implementing equity and cash awards, including incentive stock options, nonqualified stock options, restricted stock grants (“non-vested equity shares”), restricted stock units, stock appreciation rights, performance stock, performance units and other stock-based awards. Participants in the 2014 Plan may be granted any one of the equity awards or any combination of them, as determined by the Board of Directors or the Compensation Committee. Upon the approval of the 2014 Plan by the stockholders, the Company suspended further grants under its previous equity plans, the General Finance Corporation 2006 Stock Option Plan (the “2006 Plan”) and the 2009 Stock Incentive Plan (the “2009 Plan”) (collectively the “Predecessor Plans”), which had a total of 2,500,000 shares reserved for grant. Any stock options which are forfeited under the Predecessor Plans will become available for grant under the 2014 Plan, but the total number of shares available under the 2014 Plan will not exceed the 1,500,000 shares reserved for grant under the 2014 Plan, plus any options which were forfeited or are available for grant under the Predecessor Plans. If not sooner terminated by the Board of Directors, the 2014 Plan will expire on December 4, 2024, which is the tenth anniversary of the date it was approved by the Company’s stockholders. The 2006 Plan will expire on June 30, 2016 and the 2009 Plan will expire on December 10, 2019. The Predecessor Plans and the 2014 Plan are referred to collectively as the “Stock Incentive Plan.” There have been no grants or awards of restricted stock units, stock appreciation rights, performance stock or performance units under the Stock Incentive Plan. All grants to-date consist of incentive and non-qualified stock options that vest over a period of up to five years (“time-based”), non-qualified stock options that vest over varying periods that are dependent on the attainment of certain defined EBITDA and other targets (“performance-based”) and non-vested equity shares. At March 31, 2016, 1,276,788 shares remain available for grant. Since inception, the range of the fair value of the stock options granted (other than to non-employee consultants) and the assumptions used are as follows: Fair value of stock options $0.81 - $6.35 Assumptions used: Risk-free interest rate 1.19% - 4.8% Expected life (in years) 7.5 Expected volatility 26.5% - 84.6% Expected dividends — At March 31, 2016, there were no significant outstanding stock options held by non-employee consultants that were not fully vested. A summary of the Company’s stock option activity and related information for FY 2016 follows: Number of Weighted- Weighted- Outstanding at June 30, 2015 2,110,191 $ 5.35 Granted — — Exercised — — Forfeited or expired (13,334 ) 6.41 Outstanding at March 31, 2016 2,096,857 $ 5.35 4.6 Vested and expected to vest at March 31, 2016 2,096,857 $ 5.35 4.6 Exercisable at March 31, 2016 1,726,553 $ 5.24 3.7 At March 31, 2016, outstanding time-based options and performance-based options totaled 1,312,147 A deduction is not allowed for U.S. income tax purposes with respect to non-qualified options granted in the United States until the stock options are exercised or, with respect to incentive stock options issued in the United States, unless the optionee makes a disqualifying disposition of the underlying shares. The amount of any deduction will be the difference between the fair value of the Company’s common stock and the exercise price at the date of exercise. Accordingly, there is a deferred tax asset recorded for the U.S. tax effect of the financial statement expense recorded related to stock option grants in the United States. The tax effect of the U.S. income tax deduction in excess of the financial statement expense, if any, will be recorded as an increase to additional paid-in capital. A summary of the Company’s non-vested equity share activity follows: Shares Weighted- Nonvested at June 30, 2015 293,983 $ 6.18 Granted 66,498 4.06 Vested (27,370 ) 8.22 Forfeited (1,082 ) 9.25 Nonvested at March 31, 2016 332,029 $ 5.58 Share-based compensation of $1,690,000 related to non-vested equity shares has been recognized in the consolidated statements of operations, with a corresponding benefit to equity, from inception through March 31, 2016. At that date, there remains $699,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining vesting period of over approximately 0.25 year – 0.75 year for the non-vested equity shares. Royal Wolf Long Term Incentive Plan Royal Wolf established the Royal Wolf Long Term Incentive Plan (the “LTI Plan”) in conjunction with its initial public offering in May 2011. Under the LTI Plan, the RWH Board of Directors may grant, at its discretion, options, performance rights and/or restricted shares of RWH capital stock to Royal Wolf employees and executive directors. Vesting terms and conditions may be up to four years and, generally, will be subject to performance criteria based primarily on enhancing shareholder returns using a number of key financial benchmarks, including EBITDA. In addition, unless the RWH Board determines otherwise, if an option, performance right or restricted share has not lapsed or been forfeited earlier, it will terminate at the seventh anniversary from the date of grant. It is intended that up to one percent of RWH’s outstanding capital stock will be reserved for grant under the LTI Plan and a trust will be established to hold RWH shares for this purpose. However, so long as the Company holds more than 50% of the outstanding shares of RWH capital stock, RWH shares reserved for grant under the LTI Plan are required to be purchased in the open market unless the Company agrees otherwise. The LTI Plan, among other provisions, does not permit the transfer, sale, mortgage or encumbering of options, performance rights and restricted shares without the prior approval of the RWH Board. In the event of a change of control, the RWH Board, at its discretion, will determine whether, and how many, unvested options, performance rights and restricted shares will vest. In addition, if, in the RWH Board’s opinion, a participant acts fraudulently or dishonestly or is in breach of his obligations to Royal Wolf, the RWH Board may deem any options, performance rights and restricted shares held by or reserved for the participant to have lapsed or been forfeited. As of March 31, 2016, Royal Wolf has granted, net of forfeitures, 2,515,423 performance rights to key management personnel under the LTI Plan, which includes a special incentive grant of 106,112 performance rights to the RWH chief executive officer in FY 2015 that generally will vest ratably each year over the three years commencing on July 1, 2016. Also, as of March 31, 2016, 607,211 of the performance rights have been converted into RWH capital stock through purchases in the open market. In FY 2015 and FY 2016, share-based compensation of $614,000 and $663,000, respectively, related to the LTI Plan has been recognized in the consolidated statements of operations, with a corresponding benefit to equity. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies The Company is not involved in any material lawsuits or claims arising out of the normal course of business. The nature of its business is such that disputes can occasionally arise with employees, vendors (including suppliers and subcontractors) and customers over warranties, contract specifications and contract interpretations among other things. The Company assesses these matters on a case-by-case basis as they arise. Reserves are established, as required, based on its assessment of its exposure. The Company has insurance policies to cover general liability and workers compensation-related claims. In the opinion of management, the ultimate amount of liability not covered by insurance under pending litigation and claims, if any, will not have a material adverse effect on our financial position, operating results or cash flows. In conjunction with the acquisition of Southern Frac on October 1, 2012, GFNMC entered into an agreement with the 10% noncontrolling interest holder for a call option that provides that for the period commencing on April 1, 2013 through October 1, 2017, GFNMC may purchase the noncontrolling interest for an initial price of $1,500,000, with incremental increases of $250,000 for each of the subsequent seven six-month periods. |
Cash Flows from Operating Activ
Cash Flows from Operating Activities and Other Financial Information | 9 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Cash Flows from Operating Activities and Other Financial Information | Note 10. Cash Flows from Operating Activities and Other Financial Information The following table provides a detail of cash flows from operating activities (in thousands): Nine Months Ended March 31, 2015 2016 Cash flows from operating activities Net income (loss) $ 14,121 $ (930 ) Adjustments to reconcile net income to cash flows from operating activities: Gain on sales and disposals of property, plant and equipment (90 ) (110 ) Gain on sales of lease fleet (4,747 ) (5,076 ) Gain on bargain purchase of business — (72 ) Unrealized foreign exchange loss 712 19 Unrealized loss (gain) on forward exchange contracts (492 ) 646 Unrealized loss on interest rate swaps and options 11 — Impairment of goodwill — 2,681 Depreciation and amortization 28,752 28,509 Amortization of deferred financing costs and accretion of interest 2,499 1,535 Share-based compensation expense 1,454 2,122 Deferred income taxes 7,036 (1,844 ) Changes in operating assets and liabilities (excluding assets and liabilities from acquisitions): Trade and other receivables, net 10,515 8,579 Inventories (14,726 ) 214 Prepaid expenses and other (1,710 ) (2,626 ) Trade payables, accrued liabilities and unearned revenues (21,040 ) 2,645 Income taxes 208 (1,100 ) Net cash provided by operating activities $ 22,503 $ 35,192 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 11. Segment Reporting We have two geographic areas that include four operating segments; the Asia-Pacific area, consisting of the leasing operations of Royal Wolf, and, as discussed above, North America, consisting of the combined leasing operations of Pac-Van and Lone Star, and the manufacturing operations of Southern Frac. Discrete financial data on each of the Company’s products is not available and it would be impractical to collect and maintain financial data in such a manner. In managing the Company’s business, senior management focuses on primarily growing its leasing revenues and operating cash flow (EBITDA), and investing in its lease fleet through capital purchases and acquisitions. Transactions between reportable segments included in the tables below are recorded on an arms-length basis at market in conformity with U.S. GAAP and the Company’s significant accounting policies (see Note 2). The tables below represent the Company’s revenues from external customers, share-based compensation expense, depreciation and amortization, operating income, interest income and expense, expenditures for additions to long-lived assets (consisting of lease fleet and property, plant and equipment), long-lived assets and goodwill; as attributed to its geographic and operating segments (in thousands): Quarter Ended March 31, 2016 North America Leasing Pac-Van Lone Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 12,411 $ — $ 12,411 $ 1,652 $ (422 ) $ 13,641 $ 10,970 $ 24,611 Leasing 22,517 5,533 28,050 — (33 ) 28,017 13,841 41,858 $ 34,928 $ 5,533 $ 40,461 $ 1,652 $ (455 ) $ 41,658 $ 24,811 $ 66,469 Share-based compensation $ 89 $ 10 $ 99 $ 27 $ 357 $ 483 $ 286 $ 769 Impairment of goodwill $ — $ — $ — $ 2,681 $ — $ 2,681 $ — $ 2,681 Depreciation and amortization $ 3,516 $ 2,611 $ 6,127 $ 263 $ (187 ) $ 6,203 $ 3,584 $ 9,787 Operating income (loss) $ 3,823 $ (630 ) $ 3,193 $ (3,663 ) $ (1,230 ) $ (1,700 ) $ 2,653 $ 953 Interest income $ — $ — $ — $ — $ — $ — $ 35 $ 35 Interest expense $ 1,510 $ 375 $ 1,885 $ 90 $ 1,825 $ 3,800 $ 1,038 $ 4,838 Nine Months Ended March 31, 2016 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 35,430 $ — $ 35,430 $ 6,434 $ (582 ) $ 41,282 $ 44,978 $ 86,260 Leasing 66,403 19,212 85,615 — (99 ) 85,516 41,746 127,262 $ 101,833 $ 19,212 $ 121,045 $ 6,434 $ (681 ) $ 126,798 $ 86,724 $ 213,522 Impairment of goodwill $ — $ — $ — $ 2,681 $ — $ 2,681 $ — $ 2,681 Share-based compensation $ 288 $ 30 $ 318 $ 101 $ 1,040 $ 1,459 $ 663 $ 2,122 Depreciation and amortization $ 9,866 $ 7,910 $ 17,776 $ 789 $ (559 ) $ 18,006 $ 10,503 $ 28,509 Operating income (loss) $ 14,116 $ (134 ) $ 13,982 $ (6,161 ) $ (3,655 ) $ 4,166 $ 9,474 $ 13,640 Interest income $ — $ — $ — $ — $ 1 $ 1 $ 71 $ 72 Interest expense $ 4,250 $ 1,155 $ 5,405 $ 218 $ 5,667 $ 11,290 $ 3,528 $ 14,818 Additions to long-lived assets $ 25,771 $ 245 $ 26,016 $ 182 $ 2 $ 26,200 $ 17,746 $ 43,946 At March 31, 2016 Long-lived assets $ 236,129 $ 60,156 $ 296,285 $ 3,517 $ (11,063 ) $ 288,739 $ 162,055 $ 450,794 Goodwill $ 54,058 $ 20,782 $ 74,840 $ — $ — $ 74,840 $ 27,492 $ 102,332 At June 30, 2015 Long-lived assets $ 222,445 $ 65,099 $ 287,544 $ 3,944 $ (11,624 ) $ 279,864 $ 170,573 $ 450,437 Goodwill $ 48,484 $ 20,782 $ 69,266 $ 2,681 $ — $ 71,947 $ 27,397 $ 99,344 Quarter Ended March 31, 2015 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 7,760 $ 25 $ 7,785 $ 4,916 $ (1,464 ) $ 11,237 $ 12,138 $ 23,375 Leasing 20,330 9,362 29,692 — (33 ) 29,659 16,352 46,011 $ 28,090 $ 9,387 $ 37,477 $ 4,916 $ (1,497 ) $ 40,896 $ 28,490 $ 69,386 Share-based compensation $ 69 $ 2 $ 71 $ 28 $ 187 $ 286 $ 254 $ 540 Depreciation and amortization $ 2,949 $ 2,806 $ 5,755 $ 266 $ (184 ) $ 5,837 $ 3,845 $ 9,682 Operating income (loss) $ 3,906 $ (1,045 ) $ 2,861 $ 123 $ (1,485 ) $ 1,499 $ 5,028 $ 6,527 Interest income $ — $ — $ — $ — $ — $ — $ 28 $ 28 Interest expense $ 1,135 $ 585 $ 1,720 $ 70 $ 2,058 $ 3,848 $ 1,331 $ 5,179 Nine Months Ended March 31, 2015 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 26,268 $ 25 $ 26,293 $ 32,824 $ (20,293 ) $ 38,824 $ 41,033 $ 79,857 Leasing 60,736 44,487 105,223 — (55 ) 105,168 53,510 158,678 $ 87,004 $ 44,512 $ 131,516 $ 32,824 $ (20,348 ) $ 143,992 $ 94,543 $ 238,535 Share-based compensation $ 219 $ 7 $ 226 $ 84 $ 526 $ 836 $ 618 $ 1,454 Depreciation and amortization $ 8,103 $ 8,502 $ 16,605 $ 810 $ (492 ) $ 16,923 $ 11,829 $ 28,752 Operating income $ 15,209 $ 10,613 $ 25,822 $ 5,453 $ (7,676 ) $ 23,599 $ 16,109 $ 39,708 Interest income $ — $ — $ — $ — $ — $ — $ 52 $ 52 Interest expense $ 2,945 $ 1,998 $ 4,943 $ 243 $ 6,372 $ 11,558 $ 4,448 $ 16,006 Additions to long-lived assets $ 36,005 $ 18,529 $ 54,534 $ 371 $ (5,071 ) $ 49,834 $ 34,017 $ 83,851 Intersegment net revenues related to sales of primarily portable liquid storage containers from Southern Frac to the North American leasing operations totaled and $1,464,000 and $20,293,000 during the quarter ended March 31, 2015 and FY 2015 and $422,000 and $582,000 during the quarter ended March 31, 2016 and FY 2016, respectively. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events On April 4, 2016, the Company, through Pac-Van, purchased the container business of Aran Trading, Ltd. (“Aran”), for approximately $4,930,000, which included holdback and other adjustment amounts totaling approximately $500,000. Aran, which is located in Salisbury, Massachusetts, leases and sells storage containers and trailers in the New England area. On April 15, 2016, the Company announced that its Board of Directors declared a cash dividend of $2.25 per share on the Series C Preferred Stock (see Note 3). The dividend is for the period commencing on January 31, 2016 through April 29, 2016, and is payable on May 2, 2016 to holders of record as of April 29, 2016. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements, although the Condensed Consolidated Balance Sheet at June 30, 2015 was derived from the audited Consolidated Balance Sheet at that date. In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The accompanying results of operations are not necessarily indicative of the operating results that may be expected for the entire fiscal year ending June 30, 2016. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes thereto of the Company, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 filed with the Securities and Exchange Commission (“SEC”). Unless otherwise indicated, references to “FY 2015” and “FY 2016” are to the nine months ended March 31, 2015 and 2016, respectively. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include assumptions used in assigning value to identifiable intangible assets at the acquisition date, the assessment for impairment of goodwill, the assessment for impairment of other intangible assets, the allowance for doubtful accounts, share-based compensation expense, residual value of the lease fleet and deferred tax assets and liabilities. Assumptions and factors used in the estimates are evaluated on an annual basis or whenever events or changes in circumstances indicate that the previous assumptions and factors have changed. The results of the analysis could result in adjustments to estimates. |
Inventories | Inventories Inventories are comprised of the following (in thousands): June 30, March 31, 2015 2016 Finished goods $ 30,428 $ 34,287 Work in progress 3,678 2,743 Raw materials 2,769 2,844 $ 36,875 $ 39,874 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, March 31, 2015 2016 Land — $ 9,656 $ 2,168 Building and improvements 10 — 40 years 6,580 4,887 Transportation and plant equipment (including capital lease assets) 3 — 20 years 37,362 37,876 Furniture, fixtures and office equipment 3 — 10 years 8,613 9,296 Construction in-process 4 — 62,215 54,227 Less accumulated depreciation and amortization (22,763 ) (26,602 ) $ 39,452 $ 27,625 |
Lease Fleet | Lease Fleet The Company has a fleet of storage, portable building, office and portable liquid storage tank containers, mobile offices, modular buildings and steps that it primarily leases to customers under operating lease agreements with varying terms. Units in the lease fleet are also available for sale. The cost of sales of a unit in the lease fleet is recognized at the carrying amount at the date of sale. At June 30, 2015 and March 31, 2016, the gross costs of the lease fleet were $478,416,000 and $503,657,000, respectively. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The purchase consideration of acquired businesses have been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates (see Note 4). Based on these values, the excess purchase consideration over the fair value of the net assets acquired was allocated to goodwill. The Company accounts for goodwill and other intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, Intangibles — Goodwill and Other. Other intangible assets include those with indefinite (trademark and trade name) and finite (primarily customer base and lists, non-compete agreements and deferred financing costs) useful lives, as follows (in thousands): June 30, March 31, 2015 2016 Trademark and trade name $ 5,875 $ 5,873 Customer base and lists 49,141 51,957 Non-compete agreements 13,902 14,361 Deferred financing costs 7,305 6,188 Other 2,839 3,213 79,062 81,592 Less accumulated amortization (37,668 ) (43,831 ) $ 41,394 $ 37,761 |
Net Income per Common Share | Net Income per Common Share Basic net income per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the periods. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential dilutive securities (common stock equivalents) the Company had outstanding were stock options. The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: Quarter Ended March 31, Nine Months Ended March 31, 2015 2016 2015 2016 Basic 25,862,668 26,074,556 25,774,758 26,037,382 Assumed exercise of stock options — — 692,380 — Diluted 25,862,668 26,074,556 26,467,138 26,037,382 Potential common stock equivalents totaling 1,900,273 and 1,207,893 for the quarter ended March 31, 2015 and FY 2015, respectively, and 1,727,213 for both the quarter ended March 31, 2016 and FY 2016 have been excluded from the computation of diluted earnings per share because the effect is anti-dilutive. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09 , Revenue from Contracts with Customers Topic 606) In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued two updates relating to Derivatives and Hedging (Topic 815) Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships Contingent Out and Call Options in Debt Instruments In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting |
Segment Reporting | We have two geographic areas that include four operating segments; the Asia-Pacific area, consisting of the leasing operations of Royal Wolf, and, as discussed above, North America, consisting of the combined leasing operations of Pac-Van and Lone Star, and the manufacturing operations of Southern Frac. Discrete financial data on each of the Company’s products is not available and it would be impractical to collect and maintain financial data in such a manner. In managing the Company’s business, senior management focuses on primarily growing its leasing revenues and operating cash flow (EBITDA), and investing in its lease fleet through capital purchases and acquisitions. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories are comprised of the following (in thousands): June 30, March 31, 2015 2016 Finished goods $ 30,428 $ 34,287 Work in progress 3,678 2,743 Raw materials 2,769 2,844 $ 36,875 $ 39,874 |
Property, Plant and Equipment | Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, March 31, 2015 2016 Land — $ 9,656 $ 2,168 Building and improvements 10 — 40 years 6,580 4,887 Transportation and plant equipment (including capital lease assets) 3 — 20 years 37,362 37,876 Furniture, fixtures and office equipment 3 — 10 years 8,613 9,296 Construction in-process 4 — 62,215 54,227 Less accumulated depreciation and amortization (22,763 ) (26,602 ) $ 39,452 $ 27,625 |
Schedule of Other Intangible Assets | Other intangible assets include those with indefinite (trademark and trade name) and finite (primarily customer base and lists, non-compete agreements and deferred financing costs) useful lives, as follows (in thousands): June 30, March 31, 2015 2016 Trademark and trade name $ 5,875 $ 5,873 Customer base and lists 49,141 51,957 Non-compete agreements 13,902 14,361 Deferred financing costs 7,305 6,188 Other 2,839 3,213 79,062 81,592 Less accumulated amortization (37,668 ) (43,831 ) $ 41,394 $ 37,761 |
Reconciliation of Weighted Average Shares Outstanding | The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: Quarter Ended March 31, Nine Months Ended March 31, 2015 2016 2015 2016 Basic 25,862,668 26,074,556 25,774,758 26,037,382 Assumed exercise of stock options — — 692,380 — Diluted 25,862,668 26,074,556 26,467,138 26,037,382 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Fair Market Values of Tangible and Intangible Assets and Liabilities | The preliminary allocation for the acquisitions in FY 2016 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values was as follows (in thousands): MSS August 28, 2015 McKinney October 16, 2015 Other Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ — $ 1,613 $ — $ 1,613 Inventories — — 23 23 Prepaid expenses and other — 8 — 8 Property, plant and equipment 60 531 77 668 Lease fleet 933 6,325 730 7,988 Accounts payables and accrued liabilities — (982 ) (22 ) (1,004 ) Unearned revenue and advance payments (27 ) (2 ) (56 ) (85 ) Total net tangible assets acquired and liabilities assumed 966 7,493 752 9,211 Fair value of intangible assets acquired: Non-compete agreement 132 239 76 447 Customer lists/relationships 226 2,433 104 2,763 Other — 89 — 89 Goodwill 173 5,000 131 5,304 Total intangible assets acquired 531 7,761 311 8,603 Total purchase consideration $ 1,497 $ 15,254 $ 1,063 $ 17,814 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments at Fair Value, Classification in Consolidated Balances Sheets | Derivative instruments measured at fair value and their classification in the consolidated balances sheets and statements of operations are as follows (in thousands): Derivative - Fair Value (Level 2) Type of Derivative Contract Balance Sheet Classification June 30, 2015 March 31, 2016 Swap Contracts and Options (Caps and Collars) Trade payables and accrued liabilities $ 1,429 $ 982 Forward Exchange Contracts Trade and other receivables 120 — Forward Exchange Contracts Trade payables and accrued liabilities — 551 |
Derivative Instruments at Fair Value, Statements of Operations | Quarter Ended March 31, Nine Months Ended March 31, Type of Derivative Contract Statement of Operations Classification 2015 2016 2015 2016 Swap Contracts and Options (Caps and Collars) Unrealized gain (loss) included in interest expense $ — $ — $ (11 ) $ — Forward Exchange Contracts Unrealized foreign currency exchange gain (loss) and other (286 ) (323 ) 492 (646 ) |
Open Interest Rate Swap Contract | As of June 30, 2015 and March 31, 2016, there was one open interest rate swap contract that was designated as a cash flow hedge and matures in June 2017, as follows (dollars in thousands): June 30, 2015 March 31, 2016 Swap Option (Cap) Swap Option Notional amounts $ 38,290 $ — $ 38.349 $ — Fixed/Strike Rates 3.98 % — 3.98 % — Floating Rates 2.09 % — 2.14 % — Fair Value of Combined Contracts $ (1,429 ) $ — $ (982 ) $ — |
Open Forward Exchange and Participating Forward Contracts | As of June 30, 2015, there were 27 open forward exchange contracts that mature between July 2015 and December 2015; and as of March 31, 2016, there were 55 open forward exchange contracts that mature between April 2016 and September 2016, as follows (dollars in thousands): June 30, 2015 March 31, 2016 Forward Exchange Participating Forward Exchange Participating Notional amounts $ 9,540 $ — $ 9,372 $ — Exchange/Strike Rates (AUD to USD) 0.7506 - 1.0286 — 0.6460 – 0.7843 — Fair Value of Combined Contracts $ 120 $ — $ (551 ) $ — |
Equity Plans (Tables)
Equity Plans (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Fair Value of Stock Options Granted | Since inception, the range of the fair value of the stock options granted (other than to non-employee consultants) and the assumptions used are as follows: Fair value of stock options $0.81 - $6.35 Assumptions used: Risk-free interest rate 1.19% - 4.8% Expected life (in years) 7.5 Expected volatility 26.5% - 84.6% Expected dividends — |
Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information for FY 2016 follows: Number of Weighted- Weighted- Outstanding at June 30, 2015 2,110,191 $ 5.35 Granted — — Exercised — — Forfeited or expired (13,334 ) 6.41 Outstanding at March 31, 2016 2,096,857 $ 5.35 4.6 Vested and expected to vest at March 31, 2016 2,096,857 $ 5.35 4.6 Exercisable at March 31, 2016 1,726,553 $ 5.24 3.7 |
Summary of Non-Vested Equity Share Activity | A summary of the Company’s non-vested equity share activity follows: Shares Weighted- Nonvested at June 30, 2015 293,983 $ 6.18 Granted 66,498 4.06 Vested (27,370 ) 8.22 Forfeited (1,082 ) 9.25 Nonvested at March 31, 2016 332,029 $ 5.58 |
Cash Flows from Operating Act29
Cash Flows from Operating Activities and Other Financial Information (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Summary of Cash Flows from Operating Activities | The following table provides a detail of cash flows from operating activities (in thousands): Nine Months Ended March 31, 2015 2016 Cash flows from operating activities Net income (loss) $ 14,121 $ (930 ) Adjustments to reconcile net income to cash flows from operating activities: Gain on sales and disposals of property, plant and equipment (90 ) (110 ) Gain on sales of lease fleet (4,747 ) (5,076 ) Gain on bargain purchase of business — (72 ) Unrealized foreign exchange loss 712 19 Unrealized loss (gain) on forward exchange contracts (492 ) 646 Unrealized loss on interest rate swaps and options 11 — Impairment of goodwill — 2,681 Depreciation and amortization 28,752 28,509 Amortization of deferred financing costs and accretion of interest 2,499 1,535 Share-based compensation expense 1,454 2,122 Deferred income taxes 7,036 (1,844 ) Changes in operating assets and liabilities (excluding assets and liabilities from acquisitions): Trade and other receivables, net 10,515 8,579 Inventories (14,726 ) 214 Prepaid expenses and other (1,710 ) (2,626 ) Trade payables, accrued liabilities and unearned revenues (21,040 ) 2,645 Income taxes 208 (1,100 ) Net cash provided by operating activities $ 22,503 $ 35,192 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information | The tables below represent the Company’s revenues from external customers, share-based compensation expense, depreciation and amortization, operating income, interest income and expense, expenditures for additions to long-lived assets (consisting of lease fleet and property, plant and equipment), long-lived assets and goodwill; as attributed to its geographic and operating segments (in thousands): Quarter Ended March 31, 2016 North America Leasing Pac-Van Lone Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 12,411 $ — $ 12,411 $ 1,652 $ (422 ) $ 13,641 $ 10,970 $ 24,611 Leasing 22,517 5,533 28,050 — (33 ) 28,017 13,841 41,858 $ 34,928 $ 5,533 $ 40,461 $ 1,652 $ (455 ) $ 41,658 $ 24,811 $ 66,469 Share-based compensation $ 89 $ 10 $ 99 $ 27 $ 357 $ 483 $ 286 $ 769 Impairment of goodwill $ — $ — $ — $ 2,681 $ — $ 2,681 $ — $ 2,681 Depreciation and amortization $ 3,516 $ 2,611 $ 6,127 $ 263 $ (187 ) $ 6,203 $ 3,584 $ 9,787 Operating income (loss) $ 3,823 $ (630 ) $ 3,193 $ (3,663 ) $ (1,230 ) $ (1,700 ) $ 2,653 $ 953 Interest income $ — $ — $ — $ — $ — $ — $ 35 $ 35 Interest expense $ 1,510 $ 375 $ 1,885 $ 90 $ 1,825 $ 3,800 $ 1,038 $ 4,838 Nine Months Ended March 31, 2016 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 35,430 $ — $ 35,430 $ 6,434 $ (582 ) $ 41,282 $ 44,978 $ 86,260 Leasing 66,403 19,212 85,615 — (99 ) 85,516 41,746 127,262 $ 101,833 $ 19,212 $ 121,045 $ 6,434 $ (681 ) $ 126,798 $ 86,724 $ 213,522 Impairment of goodwill $ — $ — $ — $ 2,681 $ — $ 2,681 $ — $ 2,681 Share-based compensation $ 288 $ 30 $ 318 $ 101 $ 1,040 $ 1,459 $ 663 $ 2,122 Depreciation and amortization $ 9,866 $ 7,910 $ 17,776 $ 789 $ (559 ) $ 18,006 $ 10,503 $ 28,509 Operating income (loss) $ 14,116 $ (134 ) $ 13,982 $ (6,161 ) $ (3,655 ) $ 4,166 $ 9,474 $ 13,640 Interest income $ — $ — $ — $ — $ 1 $ 1 $ 71 $ 72 Interest expense $ 4,250 $ 1,155 $ 5,405 $ 218 $ 5,667 $ 11,290 $ 3,528 $ 14,818 Additions to long-lived assets $ 25,771 $ 245 $ 26,016 $ 182 $ 2 $ 26,200 $ 17,746 $ 43,946 At March 31, 2016 Long-lived assets $ 236,129 $ 60,156 $ 296,285 $ 3,517 $ (11,063 ) $ 288,739 $ 162,055 $ 450,794 Goodwill $ 54,058 $ 20,782 $ 74,840 $ — $ — $ 74,840 $ 27,492 $ 102,332 At June 30, 2015 Long-lived assets $ 222,445 $ 65,099 $ 287,544 $ 3,944 $ (11,624 ) $ 279,864 $ 170,573 $ 450,437 Goodwill $ 48,484 $ 20,782 $ 69,266 $ 2,681 $ — $ 71,947 $ 27,397 $ 99,344 Quarter Ended March 31, 2015 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 7,760 $ 25 $ 7,785 $ 4,916 $ (1,464 ) $ 11,237 $ 12,138 $ 23,375 Leasing 20,330 9,362 29,692 — (33 ) 29,659 16,352 46,011 $ 28,090 $ 9,387 $ 37,477 $ 4,916 $ (1,497 ) $ 40,896 $ 28,490 $ 69,386 Share-based compensation $ 69 $ 2 $ 71 $ 28 $ 187 $ 286 $ 254 $ 540 Depreciation and amortization $ 2,949 $ 2,806 $ 5,755 $ 266 $ (184 ) $ 5,837 $ 3,845 $ 9,682 Operating income (loss) $ 3,906 $ (1,045 ) $ 2,861 $ 123 $ (1,485 ) $ 1,499 $ 5,028 $ 6,527 Interest income $ — $ — $ — $ — $ — $ — $ 28 $ 28 Interest expense $ 1,135 $ 585 $ 1,720 $ 70 $ 2,058 $ 3,848 $ 1,331 $ 5,179 Nine Months Ended March 31, 2015 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 26,268 $ 25 $ 26,293 $ 32,824 $ (20,293 ) $ 38,824 $ 41,033 $ 79,857 Leasing 60,736 44,487 105,223 — (55 ) 105,168 53,510 158,678 $ 87,004 $ 44,512 $ 131,516 $ 32,824 $ (20,348 ) $ 143,992 $ 94,543 $ 238,535 Share-based compensation $ 219 $ 7 $ 226 $ 84 $ 526 $ 836 $ 618 $ 1,454 Depreciation and amortization $ 8,103 $ 8,502 $ 16,605 $ 810 $ (492 ) $ 16,923 $ 11,829 $ 28,752 Operating income $ 15,209 $ 10,613 $ 25,822 $ 5,453 $ (7,676 ) $ 23,599 $ 16,109 $ 39,708 Interest income $ — $ — $ — $ — $ — $ — $ 52 $ 52 Interest expense $ 2,945 $ 1,998 $ 4,943 $ 243 $ 6,372 $ 11,558 $ 4,448 $ 16,006 Additions to long-lived assets $ 36,005 $ 18,529 $ 54,534 $ 371 $ (5,071 ) $ 49,834 $ 34,017 $ 83,851 |
Organization and Business Ope31
Organization and Business Operations - Additional Information (Detail) | 9 Months Ended |
Mar. 31, 2016Segment | |
Organization And Business Operations [Line Items] | |
Number of distinct business units | 3 |
Number of geographic units | 2 |
GFN U.S. [Member] | |
Organization And Business Operations [Line Items] | |
Percentage in owned subsidiary | 90.00% |
Majority interest owned | 50.00% |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Accounting Policies [Abstract] | ||
Finished goods | $ 34,287 | $ 30,428 |
Work in progress | 2,743 | 3,678 |
Raw materials | 2,844 | 2,769 |
Total | $ 39,874 | $ 36,875 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 54,227 | $ 62,215 |
Less accumulated depreciation and amortization | (26,602) | (22,763) |
Property, plant and equipment, net | 27,625 | 39,452 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,168 | 9,656 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,887 | 6,580 |
Building and improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Building and improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 40 years | |
Transportation and plant equipment (including capital lease assets) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 37,876 | 37,362 |
Transportation and plant equipment (including capital lease assets) [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Transportation and plant equipment (including capital lease assets) [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 20 years | |
Furniture, fixtures and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 9,296 | 8,613 |
Furniture, fixtures and office equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Furniture, fixtures and office equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Construction in-process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |||||
Gross costs of the lease fleet | $ 503,657,000 | $ 503,657,000 | $ 478,416,000 | ||
Fair value of the reporting unit | 50.00% | ||||
Potential common stock equivalents excluded from computation of diluted earnings per share | 1,727,213 | 1,900,273 | 1,207,893 | ||
Scenario, Forecast [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Potential common stock equivalents excluded from computation of diluted earnings per share | 1,727,213 | ||||
Pac-Van [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Percentage of fair value in excess of carrying amount | 29.00% | ||||
Lone Star [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Percentage of fair value in excess of carrying amount | 11.00% | 11.00% | 31.00% | ||
Southern Frac [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Percentage of fair value in excess of carrying amount | 33.00% | ||||
Impairment of goodwill | $ 2,681,000 | $ 2,681,000 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Schedule of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Regulatory Assets [Abstract] | ||
Trademark and trade name | $ 5,873 | $ 5,875 |
Customer base and lists | 51,957 | 49,141 |
Non-compete agreements | 14,361 | 13,902 |
Deferred financing costs | 6,188 | 7,305 |
Other | 3,213 | 2,839 |
Intangible assets, gross | 81,592 | 79,062 |
Less accumulated amortization | (43,831) | (37,668) |
Other intangible assets, net | $ 37,761 | $ 41,394 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Outstanding (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||||
Basic | 26,074,556 | 25,862,668 | 26,037,382 | 25,774,758 |
Assumed exercise of stock options | 692,380 | |||
Diluted | 26,074,556 | 25,862,668 | 26,037,382 | 26,467,138 |
Equity Transactions - Additiona
Equity Transactions - Additional Information (Detail) | Mar. 31, 2016USD ($)$ / sharesshares | Feb. 08, 2016AUD / shares | Aug. 12, 2015AUD / shares | Feb. 10, 2015AUD / shares | Aug. 12, 2014AUD / shares | Mar. 31, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares |
Subsidiary or Equity Method Investee [Line Items] | |||||||
Preferred Stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Preferred Stock, outstanding | shares | 400,100 | 400,100 | 400,100 | ||||
Preferred Stock, aggregate liquidation preference | $ | $ 40,712,000 | $ 40,712,000 | $ 40,722,000 | ||||
Dividend declared | AUD / shares | AUD 0.03 | AUD 0.05 | AUD 0.04 | AUD 0.055 | |||
Dividend payable date | Apr. 4, 2016 | Oct. 2, 2015 | Apr. 2, 2015 | Oct. 3, 2014 | |||
Dividend payable record date | Mar. 16, 2016 | Sep. 17, 2015 | Mar. 18, 2015 | Sep. 18, 2014 | |||
Series B Preferred Stock [Member] | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Preferred Stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||
Cumulative Preferred Stock, liquidation preference | $ / shares | $ 1,000 | $ 1,000 | |||||
Preferred Stock, outstanding | shares | 100 | 100 | 100 | ||||
Preferred Stock, aggregate liquidation preference | $ | $ 100,000 | $ 100,000 | $ 100,000 | ||||
Cumulative Preferred Stock, dividend percentage | 8.00% | ||||||
Preferred stock, voting rights | No voting rights | ||||||
Dividend on Preferred Stock | $ | $ 75,000 | ||||||
Series C Preferred Stock [Member] | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Preferred Stock, par value | $ / shares | $ 2 | $ 2 | |||||
Cumulative Preferred Stock, liquidation preference | $ / shares | $ 100 | $ 100 | |||||
Preferred Stock, outstanding | shares | 400,000 | 400,000 | 400,000 | ||||
Preferred Stock, aggregate liquidation preference | $ | $ 40,700,000 | $ 40,700,000 | $ 40,700,000 | ||||
Cumulative Preferred Stock, dividend percentage | 9.00% | ||||||
Preferred stock, voting rights | No voting rights | ||||||
Preferred Stock redemption price per share | $ / shares | $ 100 | $ 100 | |||||
Preferred Stock, dividend rate | 2.00% | 2.00% | |||||
Stated liquidation value for every increase in dividend rate | $ | $ 100 | $ 100 | |||||
Dividend on Preferred Stock | $ | $ 9,890,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | Feb. 19, 2016USD ($) | Dec. 23, 2015AUD | Dec. 23, 2015USD ($) | Oct. 29, 2015AUD | Oct. 29, 2015USD ($) | Oct. 16, 2015USD ($) | Aug. 28, 2015USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Business acquisition cost holdback | $ 1,839,000 | $ 3,371,000 | $ 1,839,000 | |||||||||
Bargain purchase gains | 72,000 | |||||||||||
Transaction costs | $ 28,000 | $ 94,000 | $ 243,000 | |||||||||
Scenario, Forecast [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Transaction costs | $ 137,000 | |||||||||||
Mobile Storage Solutions of Mo., LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, gross | $ 1,497,000 | |||||||||||
Business acquisition cost holdback | 139,000 | |||||||||||
Spacewise (Aust) Pty Limited [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, gross | AUD 390,000 | $ 281,000 | ||||||||||
Business acquisition cost holdback and other adjustment | AUD 78,000 | $ 56,000 | ||||||||||
Bargain purchase gains | $ 72,000 | |||||||||||
McKinney Trailer Rentals Inc [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, gross | $ 15,254,000 | |||||||||||
Business acquisition cost holdback and other adjustment | $ 930,000 | |||||||||||
W.A. Container Services Pty Limited [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, gross | AUD 439,000 | $ 321,000 | ||||||||||
Business acquisition cost holdback and other adjustment | AUD 90,000 | $ 66,000 | ||||||||||
Box Service Company, Inc. [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, gross | $ 461,000 | |||||||||||
Business acquisition cost holdback and other adjustment | $ 35,000 | |||||||||||
Promissory Notes [Member] | Mobile Storage Solutions of Mo., LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Promissory note | $ 613,000 | |||||||||||
Promissory Notes [Member] | Mobile Storage Solutions of Mo., LLC [Member] | Notes Payable, Other Payables [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Annual interest rate on promissory note | 2.00% | |||||||||||
Maturity date of promissory note | 2016-01 |
Acquisitions - Fair Market Valu
Acquisitions - Fair Market Values of Tangible and Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Oct. 29, 2015 | Oct. 16, 2015 | Aug. 28, 2015 | Jun. 30, 2015 |
Fair value of the net tangible assets acquired and liabilities assumed: | |||||
Trade and other receivables | $ 1,613 | ||||
Inventories | 23 | ||||
Prepaid expenses and other | 8 | ||||
Property, plant and equipment | 668 | ||||
Lease fleet | 7,988 | ||||
Accounts payables and accrued liabilities | (1,004) | ||||
Unearned revenue and advance payments | (85) | ||||
Total net tangible assets acquired and liabilities assumed | 9,211 | ||||
Fair value of intangible assets acquired: | |||||
Goodwill | 102,332 | $ 99,344 | |||
Total intangible assets acquired | 8,603 | ||||
Total purchase consideration | 17,814 | ||||
Other [Member] | |||||
Fair value of intangible assets acquired: | |||||
Total intangible assets acquired | 89 | ||||
Mobile Storage Solutions of Mo., LLC [Member] | |||||
Fair value of the net tangible assets acquired and liabilities assumed: | |||||
Property, plant and equipment | $ 60 | ||||
Lease fleet | 933 | ||||
Unearned revenue and advance payments | (27) | ||||
Total net tangible assets acquired and liabilities assumed | 966 | ||||
Fair value of intangible assets acquired: | |||||
Goodwill | 173 | ||||
Total intangible assets acquired | 531 | ||||
Total purchase consideration | 1,497 | ||||
McKinney Trailer Rentals Inc [Member] | |||||
Fair value of the net tangible assets acquired and liabilities assumed: | |||||
Trade and other receivables | $ 1,613 | ||||
Prepaid expenses and other | 8 | ||||
Property, plant and equipment | 531 | ||||
Lease fleet | 6,325 | ||||
Accounts payables and accrued liabilities | (982) | ||||
Unearned revenue and advance payments | (2) | ||||
Total net tangible assets acquired and liabilities assumed | 7,493 | ||||
Fair value of intangible assets acquired: | |||||
Goodwill | 5,000 | ||||
Total intangible assets acquired | 7,761 | ||||
Total purchase consideration | 15,254 | ||||
McKinney Trailer Rentals Inc [Member] | Other [Member] | |||||
Fair value of intangible assets acquired: | |||||
Total intangible assets acquired | 89 | ||||
Other [Member] | |||||
Fair value of the net tangible assets acquired and liabilities assumed: | |||||
Inventories | $ 23 | ||||
Property, plant and equipment | 77 | ||||
Lease fleet | 730 | ||||
Accounts payables and accrued liabilities | (22) | ||||
Unearned revenue and advance payments | (56) | ||||
Total net tangible assets acquired and liabilities assumed | 752 | ||||
Fair value of intangible assets acquired: | |||||
Goodwill | 131 | ||||
Total intangible assets acquired | 311 | ||||
Total purchase consideration | 1,063 | ||||
Non-compete Agreement [Member] | |||||
Fair value of intangible assets acquired: | |||||
Total intangible assets acquired | 447 | ||||
Non-compete Agreement [Member] | Mobile Storage Solutions of Mo., LLC [Member] | |||||
Fair value of intangible assets acquired: | |||||
Total intangible assets acquired | 132 | ||||
Non-compete Agreement [Member] | McKinney Trailer Rentals Inc [Member] | |||||
Fair value of intangible assets acquired: | |||||
Total intangible assets acquired | 239 | ||||
Non-compete Agreement [Member] | Other [Member] | |||||
Fair value of intangible assets acquired: | |||||
Total intangible assets acquired | 76 | ||||
Customer lists/relationships [Member] | |||||
Fair value of intangible assets acquired: | |||||
Total intangible assets acquired | $ 2,763 | ||||
Customer lists/relationships [Member] | Mobile Storage Solutions of Mo., LLC [Member] | |||||
Fair value of intangible assets acquired: | |||||
Total intangible assets acquired | $ 226 | ||||
Customer lists/relationships [Member] | McKinney Trailer Rentals Inc [Member] | |||||
Fair value of intangible assets acquired: | |||||
Total intangible assets acquired | $ 2,433 | ||||
Customer lists/relationships [Member] | Other [Member] | |||||
Fair value of intangible assets acquired: | |||||
Total intangible assets acquired | $ 104 |
Senior and Other Debt - ANZ_CBA
Senior and Other Debt - ANZ/CBA Credit Facility and North America Leasing Senior Credit Facility - Additional Information (Detail) | Mar. 31, 2016AUDAUD / $ | Apr. 03, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($)AUD / $ | Dec. 31, 2015USD ($) | May. 08, 2014AUD | May. 08, 2014USD ($) |
Line of Credit Facility [Line Items] | |||||||
Intercompany dividend description | The maximum amount of intercompany dividends that Pac-Van and Lone Star are allowed to pay in each fiscal year to GFN for the funding requirements of GFN’s senior and other debt and the Series C Preferred Stock are (a) the lesser of $5,000,000 for the Series C Preferred Stock or the amount equal to the dividend rate of the Series C Preferred Stock and its aggregate liquidation preference and the actual amount of dividends required to be paid to the Series C Preferred Stock; (b) the lesser of $3,125,000 for the term loan with Credit Suisse or the actual annual interest to be paid; and (c) $6,120,000 for the public offering of unsecured senior notes or the actual amount of annual interest required to be paid; provided that (i) the payment of such dividends does not cause a default or event of default; (ii) each of Pac-Van and Lone Star is solvent; (iii) excess availability, as defined, is $5,000,000 or more under the Wells Fargo Credit Facility; (iv) the fixed charge coverage ratio, as defined, will be greater than 1.25 to 1.00; and (v) the dividends are paid no earlier than ten business days prior to the date they are due. | ||||||
Credit Suisse [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 25,000,000 | ||||||
Line of credit facility maturity date | Jul. 1, 2017 | ||||||
Borrowings under credit facility | $ 10,000,000 | ||||||
Payment of intercompany dividends from Pac-Van and Lone Star | $ 3,125,000 | ||||||
Series C Preferred Stock [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Payment of intercompany dividends from Pac-Van and Lone Star | 5,000,000 | ||||||
Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility additional borrowing capacity | 20,000,000 | ||||||
Borrowing capacity, additional increase authorized | $ 20,000,000 | ||||||
Borrowing capacity, after increase | 252,000,000 | ||||||
Payment of intercompany dividends from Pac-Van and Lone Star | 5,000,000 | ||||||
Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Fixed charge coverage ratio | 1.25 | 1.25 | |||||
Pac-Van [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowings under credit facility | $ 182,461,000 | ||||||
Availability under ANZ credit facility | 25,790,000 | ||||||
Unsecured senior notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Payment of intercompany dividends from Pac-Van and Lone Star | $ 6,120,000 | ||||||
North America [Member] | Senior Secured Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 232,000,000 | ||||||
ANZ/CBA Credit Facility A [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | AUD 125,000,000 | $ 95,871,000 | |||||
Line of credit facility maturity date | Jul. 31, 2017 | ||||||
Borrowings under credit facility | AUD 101,372,000 | 77,749,000 | |||||
ANZ/CBA Credit Facility A [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.10% | ||||||
ANZ/CBA Credit Facility A [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.10% | ||||||
ANZ/CBA Credit Facility B [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | 50,000,000 | 38,349,000 | |||||
Line of credit facility maturity date | Jul. 31, 2019 | ||||||
Borrowings under credit facility | AUD 9,011,000 | 6,911,000 | |||||
ANZ/CBA Credit Facility B [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.35% | ||||||
ANZ/CBA Credit Facility B [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.40% | ||||||
ANZ/CBA Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility base rate description | The 30-day and 90-day BBSY and BKBM were 2.140% and 2.362% and 2.335% and 2.390%, respectively. | ||||||
Borrowings under credit facility | AUD 110,383,000 | 84,660,000 | |||||
Availability under ANZ credit facility | AUD 32,905,000 | $ 25,237,000 | |||||
Foreign currency exchange rate, translation | AUD / $ | 0.76697 | 0.76697 | |||||
ANZ/CBA Credit Facility [Member] | Sub-Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | AUD 3,000,000 | $ 2,301,000 | |||||
ANZ/CBA Credit Facility [Member] | Commonwealth Bank of Australia [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | 70,000,000 | 53,688,000 | |||||
Interest rate | 0.10% | ||||||
ANZ/CBA Credit Facility [Member] | ANZ Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | AUD 105,000,000 | $ 80,532,000 | |||||
ANZ/CBA Credit Facility [Member] | Royal Wolf [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | AUD 175,000,000 | $ 134,220,000 | |||||
Base Rate [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 0.50% | ||||||
Base Rate [Member] | Minimum [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.00% | ||||||
Base Rate [Member] | Minimum [Member] | Real Estate Sub Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.50% | ||||||
Base Rate [Member] | Maximum [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.50% | ||||||
Base Rate [Member] | Maximum [Member] | Real Estate Sub Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Credit Suisse [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 7.50% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.50% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Real Estate Sub Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 3.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 3.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Real Estate Sub Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 3.50% |
Senior and Other Debt - Credit
Senior and Other Debt - Credit Suisse Term Loan - Additional Information (Detail) - Credit Suisse [Member] - USD ($) | Apr. 03, 2014 | Mar. 31, 2016 |
Line of Credit Facility [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 25,000,000 | |
Line of credit facility description | An amount equal to six-months interest be deposited in an interest reserve account pledged to secure repayment of all amounts borrowed. | |
Repayments of debt | $ 15,000,000 | |
Borrowings outstanding under credit facility | $ 10,000,000 | |
Line of credit facility maturity date | Jul. 1, 2017 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 7.50% |
Senior and Other Debt - Senior
Senior and Other Debt - Senior Notes and Other Debt - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($) | Mar. 31, 2015 | Mar. 31, 2016USD ($) | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 18, 2014USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Other debt | $ 10,291,000 | $ 10,291,000 | ||||
Other [Member] | Asia-Pacific [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Weighted-average interest rate | 4.90% | 4.70% | 5.20% | |||
Other [Member] | Asia-Pacific [Member] | Scenario, Forecast [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Weighted-average interest rate | 5.30% | |||||
Other [Member] | North America [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Weighted-average interest rate | 4.90% | 5.00% | 5.40% | |||
Other [Member] | North America [Member] | Scenario, Forecast [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Weighted-average interest rate | 4.90% | |||||
Senior Notes 8.125% [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Terms of principal amount redemption | The Company may, at its option, prior to July 31, 2017, redeem the Senior Notes in whole or in part upon the payment of 100% of the principal amount of the Senior Notes being redeemed plus any additional amount required by the Indenture. In addition, the Company may from time to time redeem up to 35% of the aggregate outstanding principal amount of the Senior Notes before July 31, 2017 with the net cash proceeds from certain equity offerings at a redemption price of 108.125% of the principal amount plus accrued and unpaid interest. | |||||
Senior notes redemption percentage on principal amount | 35.00% | |||||
Redemption price percentage on principal amount plus accrued and unpaid interest | 108.125% | |||||
Senior Notes 8.125% [Member] | Unsecured senior notes [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Aggregate principle amount of senior notes issued | $ 72,000,000 | |||||
Notes issued denominations and multiples of denominations | $ 25 | |||||
Interest rate of senior notes | 8.125% | |||||
Debt instrument maturity date | Jul. 31, 2021 | |||||
Frequency of interest payments | Quarterly | |||||
Interest payment terms | Interest on the Senior Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31, commencing on July 31, 2014. | |||||
Senior Notes 8.125% [Member] | On or after July 31, 2017 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Redemption price percentage on principal amount plus accrued and unpaid interest | 106.094% | |||||
Senior Notes 8.125% [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Senior notes redemption percentage on principal amount | 100.00% | |||||
Fixed charge coverage ratio | 2 | 2 |
Financial Instruments - Derivat
Financial Instruments - Derivative Instruments at Fair Value, Classification in Consolidated Balances Sheets (Detail) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Swap Contracts and Options (Caps and Collars) [Member] | Trade Payables and Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | $ 982 | $ 1,429 |
Forward-Exchange Contracts [Member] | Trade Payables and Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | $ 551 | |
Forward-Exchange Contracts [Member] | Trade and Other Receivables [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Forward-Exchange Contracts, Trade and other receivables | $ 120 |
Financial Instruments - Deriv44
Financial Instruments - Derivative Instruments at Fair Value, Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Swap Contracts and Options (Caps and Collars) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) in Income | $ (11) | |||
Swap Contracts and Options (Caps and Collars) [Member] | Unrealized gain (loss) included in interest expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) in Income | (11) | |||
Forward-Exchange Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) in Income | $ (646) | 492 | ||
Forward-Exchange Contracts [Member] | Unrealized foreign currency exchange gain (loss) and other [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) in Income | $ (323) | $ (286) | $ (646) | $ 492 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($)Contract | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)Contract | Mar. 31, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)Contract | |
Derivative [Line Items] | ||||||
Loss on ineffective portion of cash flow hedge | $ 0 | $ 11,000 | ||||
Unrealized foreign exchange gains (losses) | $ 349,000 | (7,000) | $ (19,000) | $ (712,000) | $ (712,000) | |
Realized foreign exchange gains (losses) | $ 44,000 | (67,000) | (49,000) | |||
Scenario, Forecast [Member] | ||||||
Derivative [Line Items] | ||||||
Unrealized foreign exchange gains (losses) | $ 19,000 | |||||
Realized foreign exchange gains (losses) | 74,000 | |||||
Senior credit facilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Derivative [Line Items] | ||||||
Fair value of borrowings | 345,534,000 | |||||
Other debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Derivative [Line Items] | ||||||
Fair value of borrowings | $ 9,893,000 | |||||
Interest rate swap contract [Member] | ||||||
Derivative [Line Items] | ||||||
Number of derivative contract | Contract | 1 | 1 | 1 | |||
Derivative maturity date | 2017-06 | |||||
Forward-Exchange [Member] | ||||||
Derivative [Line Items] | ||||||
Number of derivative contract | Contract | 55 | 55 | 27 | |||
Forward-Exchange [Member] | Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative maturity date | 2016-04 | 2015-07 | ||||
Forward-Exchange [Member] | Maximum [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative maturity date | 2016-07 | 2015-12 | ||||
Unrealized gain (loss) included in interest expense [Member] | Interest rate swap contract [Member] | ||||||
Derivative [Line Items] | ||||||
Loss on ineffective portion of cash flow hedge | $ 0 | $ 11,000 | ||||
Unrealized gain (loss) included in interest expense [Member] | Interest rate swap contract [Member] | Scenario, Forecast [Member] | ||||||
Derivative [Line Items] | ||||||
Loss on ineffective portion of cash flow hedge | $ 0 |
Financial Instruments - Open In
Financial Instruments - Open Interest Rate Swap Contract (Detail) - Interest rate swap contract [Member] - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Derivatives, Fair Value [Line Items] | ||
Notional amounts | $ 38,349,000 | $ 38,290,000 |
Fixed/Strike Rates | 3.98% | 3.98% |
Floating Rates | 2.14% | 2.09% |
Fair Value of Combined Contracts | $ (982,000) | $ (1,429,000) |
Financial Instruments - Open Fo
Financial Instruments - Open Forward Exchange and Participating Forward Contracts (Detail) - Forward-Exchange [Member] | Mar. 31, 2016USD ($)AUD / $ | Jun. 30, 2015USD ($)AUD / $ |
Derivatives, Fair Value [Line Items] | ||
Notional amounts | $ | $ 9,372,000 | $ 9,540,000 |
Fair Value of Combined Contracts | $ | $ (551,000) | $ 120,000 |
Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exchange/Strike Rates (AUD to USD) | AUD / $ | 0.6460 | 0.7506 |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exchange/Strike Rates (AUD to USD) | AUD / $ | 0.7843 | 1.0286 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) | Dec. 29, 2014 | Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)ft² | Jun. 30, 2015USD ($) |
Affiliate of Ronald F. Valenta [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Rental payment | $ 7,393 | $ 27,000 | $ 27,000 | $ 83,000 | $ 83,000 | |
Office space | ft² | 3,000 | |||||
Term of lease | 5 years | |||||
Renewal options of lease | 5 years | |||||
Pac Van Las Vegas [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Rental payment | $ 30,000 | $ 30,000 | $ 89,000 | $ 89,000 | ||
Renewal options of lease | 2 years | 2 years | ||||
Lease expiration date | Dec. 31, 2014 |
Equity Plans - Additional Infor
Equity Plans - Additional Information (Detail) - USD ($) | Jul. 01, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | Sep. 11, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 1 year 4 months 17 days | ||||||
Number of performance rights granted | 65,416 | ||||||
Outstanding stock options | 2,096,857 | 2,096,857 | 2,110,191 | ||||
Market price of common stock | $ 4.70 | $ 4.70 | |||||
Intrinsic value of the outstanding stock options | $ 824,400 | $ 824,400 | |||||
Share-based compensation expense | 769,000 | $ 540,000 | 2,122,000 | $ 1,454,000 | |||
Unrecognized compensation expense to be recorded on a straight-line basis | $ 986,000 | $ 986,000 | |||||
Minimum percentage of outstanding shares in capital stock | 50.00% | ||||||
Time-based options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Outstanding stock options | 1,312,147 | 1,312,147 | |||||
Performance-based options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Outstanding stock options | 784,710 | 784,710 | |||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum outstanding capital stock | 1.00% | ||||||
2014 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of option granted | 1,500,000 | ||||||
Stock option plan expiration date | Dec. 4, 2024 | ||||||
2009 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock option plan expiration date | Dec. 10, 2019 | ||||||
Royal Wolf Long Term Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ 663,000 | $ 614,000 | |||||
Royal Wolf Long Term Incentive Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
Predecessor Plans [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of option granted | 2,500,000 | ||||||
2006 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock option plan expiration date | Jun. 30, 2016 | ||||||
Non-qualified stock options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares available for grant | 1,276,788 | 1,276,788 | |||||
Non-qualified stock options [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 5 years | ||||||
Restricted Stock Units [Member] | 2014 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance rights granted | 1,276,788 | ||||||
Stock Appreciation Rights [Member] | 2014 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance rights granted | 1,276,788 | ||||||
Performance rights [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance rights granted | 2,515,423 | ||||||
Performance shares converted to capital stock | 607,211 | ||||||
Performance rights [Member] | RWH [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance rights granted | 106,112 | ||||||
Performance rights [Member] | RWH [Member] | Scenario, Forecast [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Performance rights [Member] | 2014 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance rights granted | 1,276,788 | ||||||
Stock options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ 6,450,000 | ||||||
Non-vested equity shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance rights granted | 66,498 | ||||||
Unrecognized compensation expense to be recorded on a straight-line basis | $ 699,000 | $ 699,000 | |||||
Share-based compensation recognized in statements of operations | $ 1,690,000 | ||||||
Non-vested equity shares [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining vesting period | 3 months | ||||||
Non-vested equity shares [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining vesting period | 9 months | ||||||
Nonemployee Consultants [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Outstanding stock options | 0 | 0 |
Equity Plans - Fair Value of St
Equity Plans - Fair Value of Stock Options Granted (Detail) - Stock options [Member] | 9 Months Ended |
Mar. 31, 2016USD ($)$ / shares | |
Assumptions used: | |
Risk-free interest rate, minimum | 1.19% |
Risk-free interest rate, maximum | 4.80% |
Expected life (in years) | 7 years 6 months |
Expected volatility, minimum | 26.50% |
Expected volatility, maximum | 84.60% |
Expected dividends | $ 0 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of stock options | $ / shares | $ 0.81 |
Assumptions used: | |
Expected dividends | $ 0 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of stock options | $ / shares | $ 6.35 |
Assumptions used: | |
Expected dividends | $ 0 |
Equity Plans - Stock Option Act
Equity Plans - Stock Option Activity and Related Information (Detail) | 9 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Number of Options (Shares) | |
Outstanding beginning balance | shares | 2,110,191 |
Granted | shares | 0 |
Exercised | shares | 0 |
Forfeited or expired | shares | (13,334) |
Outstanding ending balance | shares | 2,096,857 |
Vested and expected to vest | shares | 2,096,857 |
Exercisable | shares | 1,726,553 |
Weighted-Average Exercise Price | |
Outstanding beginning balance | $ / shares | $ 5.35 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 0 |
Forfeited or expired | $ / shares | 6.41 |
Outstanding ending balance | $ / shares | 5.35 |
Vested and expected to vest | $ / shares | 5.35 |
Exercisable | $ / shares | $ 5.24 |
Weighted-Average Remaining Contractual Term (Years) | |
Outstanding | 4 years 7 months 6 days |
Vested and expected to vest | 4 years 7 months 6 days |
Exercisable | 3 years 8 months 12 days |
Equity Plans - Summary of Non-V
Equity Plans - Summary of Non-Vested Equity Share Activity (Detail) | 9 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted | 65,416 |
Non-vested equity shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested beginning balance | 293,983 |
Granted | 66,498 |
Vested | (27,370) |
Forfeited | (1,082) |
Non-vested ending balance | 332,029 |
Non-vested beginning balance | $ / shares | $ 6.18 |
Granted | $ / shares | 4.06 |
Vested | $ / shares | 8.22 |
Forfeited | $ / shares | 9.25 |
Non-vested ending balance | $ / shares | $ 5.58 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Southern Frac [Member] - GFNMC [Member] | 6 Months Ended |
Sep. 30, 2012USD ($) | |
Other Commitments [Line Items] | |
Noncontrolling interest | 10.00% |
Business acquisition cost | $ 1,500,000 |
Incremental increase on noncontrolling interest | $ 250,000 |
Cash Flows from Operating Act54
Cash Flows from Operating Activities and Other Financial Information - Summary of Cash Flows from Operating Activities (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Cash flows from operating activities | |||||
Net income (loss) | $ (2,275,000) | $ 601,000 | $ (930,000) | $ 14,121,000 | |
Adjustments to reconcile net income to cash flows from operating activities: | |||||
Gain on sales and disposals of property, plant and equipment | (110,000) | (90,000) | |||
Gain on sales of lease fleet | (5,076,000) | (4,747,000) | |||
Gain on bargain purchase of business | (72,000) | ||||
Unrealized foreign exchange loss | (349,000) | 7,000 | 19,000 | 712,000 | $ 712,000 |
Impairment of goodwill | 2,681,000 | 2,681,000 | |||
Depreciation and amortization | 9,787,000 | 9,682,000 | 28,509,000 | 28,752,000 | |
Amortization of deferred financing costs and accretion of interest | 1,535,000 | 2,499,000 | |||
Share-based compensation expense | $ 769,000 | $ 540,000 | 2,122,000 | 1,454,000 | |
Deferred income taxes | (1,844,000) | 7,036,000 | |||
Changes in operating assets and liabilities (excluding assets and liabilities from acquisitions): | |||||
Trade and other receivables, net | 8,579,000 | 10,515,000 | |||
Inventories | 214,000 | (14,726,000) | |||
Prepaid expenses and other | (2,626,000) | (1,710,000) | |||
Trade payables, accrued liabilities and unearned revenues | 2,645,000 | (21,040,000) | |||
Income taxes | (1,100,000) | 208,000 | |||
Net cash provided by operating activities | 35,192,000 | 22,503,000 | |||
Forward-Exchange Contracts [Member] | |||||
Adjustments to reconcile net income to cash flows from operating activities: | |||||
Unrealized loss (gain) on derivative Instruments | $ 646,000 | (492,000) | |||
Swap Contracts and Options (Caps and Collars) [Member] | |||||
Adjustments to reconcile net income to cash flows from operating activities: | |||||
Unrealized loss (gain) on derivative Instruments | $ 11,000 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)Segment | Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of geographic units | Segment | 2 | ||||
Number of operating segments | Segment | 4 | ||||
Sales revenue | $ 24,611,000 | $ 23,375,000 | $ 86,260,000 | $ 79,857,000 | |
North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenue | 13,641,000 | 11,237,000 | 41,282,000 | $ 38,824,000 | |
North America [Member] | Intersegment Adjustments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenue | $ 422,000 | $ 1,464,000 | $ 582,000 | $ 20,293,000 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Revenues: | |||||
Sales | $ 24,611 | $ 23,375 | $ 86,260 | $ 79,857 | |
Leasing | 41,858 | 46,011 | 127,262 | 158,678 | |
Total revenues | 66,469 | 69,386 | 213,522 | 238,535 | |
Impairment of goodwill | 2,681 | 2,681 | |||
Share-based compensation | 769 | 540 | 2,122 | 1,454 | |
Depreciation and amortization | 9,787 | 9,682 | 28,509 | 28,752 | |
Operating income (loss) | 953 | 6,527 | 13,640 | 39,708 | |
Interest income | 35 | 28 | 72 | 52 | |
Interest expense | 4,838 | 5,179 | 14,818 | 16,006 | |
Additions to long-lived assets | 43,946 | 83,851 | |||
Long-lived assets | 450,794 | 450,794 | $ 450,437 | ||
Goodwill | 102,332 | 102,332 | 99,344 | ||
North America [Member] | |||||
Revenues: | |||||
Sales | 13,641 | 11,237 | 41,282 | 38,824 | |
Leasing | 28,017 | 29,659 | 85,516 | 105,168 | |
Total revenues | 41,658 | 40,896 | 126,798 | 143,992 | |
Impairment of goodwill | 2,681 | 2,681 | |||
Share-based compensation | 483 | 286 | 1,459 | 836 | |
Depreciation and amortization | 6,203 | 5,837 | 18,006 | 16,923 | |
Operating income (loss) | (1,700) | 1,499 | 4,166 | 23,599 | |
Interest income | 1 | ||||
Interest expense | 3,800 | 3,848 | 11,290 | 11,558 | |
Additions to long-lived assets | 26,200 | 49,834 | |||
Long-lived assets | 288,739 | 288,739 | 279,864 | ||
Goodwill | 74,840 | 74,840 | 71,947 | ||
North America [Member] | Corporate and Intercompany Adjustments [Member] | |||||
Revenues: | |||||
Sales | (422) | (1,464) | (582) | (20,293) | |
Leasing | (33) | (33) | (99) | (55) | |
Total revenues | (455) | (1,497) | (681) | (20,348) | |
Share-based compensation | 357 | 187 | 1,040 | 526 | |
Depreciation and amortization | (187) | (184) | (559) | (492) | |
Operating income (loss) | (1,230) | (1,485) | (3,655) | (7,676) | |
Interest income | 1 | ||||
Interest expense | 1,825 | 2,058 | 5,667 | 6,372 | |
Additions to long-lived assets | 2 | (5,071) | |||
Long-lived assets | (11,063) | (11,063) | (11,624) | ||
North America [Member] | Pac-Van Leasing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 12,411 | 7,760 | 35,430 | 26,268 | |
Leasing | 22,517 | 20,330 | 66,403 | 60,736 | |
Total revenues | 34,928 | 28,090 | 101,833 | 87,004 | |
Share-based compensation | 89 | 69 | 288 | 219 | |
Depreciation and amortization | 3,516 | 2,949 | 9,866 | 8,103 | |
Operating income (loss) | 3,823 | 3,906 | 14,116 | 15,209 | |
Interest expense | 1,510 | 1,135 | 4,250 | 2,945 | |
Additions to long-lived assets | 25,771 | 36,005 | |||
Long-lived assets | 236,129 | 236,129 | 222,445 | ||
Goodwill | 54,058 | 54,058 | 48,484 | ||
North America [Member] | Lone Star Leasing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 25 | 25 | |||
Leasing | 5,533 | 9,362 | 19,212 | 44,487 | |
Total revenues | 5,533 | 9,387 | 19,212 | 44,512 | |
Share-based compensation | 10 | 2 | 30 | 7 | |
Depreciation and amortization | 2,611 | 2,806 | 7,910 | 8,502 | |
Operating income (loss) | (630) | (1,045) | (134) | 10,613 | |
Interest expense | 375 | 585 | 1,155 | 1,998 | |
Additions to long-lived assets | 245 | 18,529 | |||
Long-lived assets | 60,156 | 60,156 | 65,099 | ||
Goodwill | 20,782 | 20,782 | 20,782 | ||
North America [Member] | Pac Van and Lone Star Leasing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 12,411 | 7,785 | 35,430 | 26,293 | |
Leasing | 28,050 | 29,692 | 85,615 | 105,223 | |
Total revenues | 40,461 | 37,477 | 121,045 | 131,516 | |
Share-based compensation | 99 | 71 | 318 | 226 | |
Depreciation and amortization | 6,127 | 5,755 | 17,776 | 16,605 | |
Operating income (loss) | 3,193 | 2,861 | 13,982 | 25,822 | |
Interest expense | 1,885 | 1,720 | 5,405 | 4,943 | |
Additions to long-lived assets | 26,016 | 54,534 | |||
Long-lived assets | 296,285 | 296,285 | 287,544 | ||
Goodwill | 74,840 | 74,840 | 69,266 | ||
North America [Member] | Manufacturing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 1,652 | 4,916 | 6,434 | 32,824 | |
Total revenues | 1,652 | 4,916 | 6,434 | 32,824 | |
Impairment of goodwill | 2,681 | 2,681 | |||
Share-based compensation | 27 | 28 | 101 | 84 | |
Depreciation and amortization | 263 | 266 | 789 | 810 | |
Operating income (loss) | (3,663) | 123 | (6,161) | 5,453 | |
Interest expense | 90 | 70 | 218 | 243 | |
Additions to long-lived assets | 182 | 371 | |||
Long-lived assets | 3,517 | 3,517 | 3,944 | ||
Goodwill | 2,681 | ||||
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 10,970 | 12,138 | 44,978 | 41,033 | |
Leasing | 13,841 | 16,352 | 41,746 | 53,510 | |
Total revenues | 24,811 | 28,490 | 86,724 | 94,543 | |
Share-based compensation | 286 | 254 | 663 | 618 | |
Depreciation and amortization | 3,584 | 3,845 | 10,503 | 11,829 | |
Operating income (loss) | 2,653 | 5,028 | 9,474 | 16,109 | |
Interest income | 35 | 28 | 71 | 52 | |
Interest expense | 1,038 | $ 1,331 | 3,528 | 4,448 | |
Additions to long-lived assets | 17,746 | $ 34,017 | |||
Long-lived assets | 162,055 | 162,055 | 170,573 | ||
Goodwill | $ 27,492 | $ 27,492 | $ 27,397 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Apr. 15, 2016 | Apr. 04, 2016 | Feb. 08, 2016 | Aug. 12, 2015 | Feb. 10, 2015 | Aug. 12, 2014 |
Subsequent Event [Line Items] | ||||||
Dividend payable date | Apr. 4, 2016 | Oct. 2, 2015 | Apr. 2, 2015 | Oct. 3, 2014 | ||
Dividend payable record date | Mar. 16, 2016 | Sep. 17, 2015 | Mar. 18, 2015 | Sep. 18, 2014 | ||
Subsequent Events [Member] | Aran Trading Ltd [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Payments to acquire businesses, gross | $ 4,930,000 | |||||
Business acquisition cost holdback and other adjustment | $ 500,000 | |||||
Subsequent Events [Member] | Series C Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend, amount per share | $ 2.25 | |||||
Dividend declared date | Apr. 15, 2016 | |||||
Dividend payable date | May 2, 2016 | |||||
Dividend payable record date | Apr. 29, 2016 |