Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2017 | Feb. 02, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
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 | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,721,974 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Assets | ||
Cash and cash equivalents | $ 5,507 | $ 7,792 |
Trade and other receivables, net of allowance for doubtful accounts of $6,387 and $6,200 at June 30, 2017 and December 31, 2017, respectively | 54,689 | 44,390 |
Inventories | 32,801 | 29,648 |
Prepaid expenses and other | 8,563 | 8,923 |
Property, plant and equipment, net | 23,316 | 23,388 |
Lease fleet, net | 436,585 | 427,275 |
Goodwill | 109,989 | 105,129 |
Other intangible assets, net | 26,794 | 28,769 |
Total assets | 698,244 | 675,314 |
Liabilities | ||
Trade payables and accrued liabilities | 47,012 | 42,774 |
Unearned revenue and advance payments | 17,066 | 15,548 |
Senior and other debt, net | 440,071 | 355,638 |
Fair value of embedded derivative in Convertible Note | 3,581 | |
Deferred tax liabilities | 36,901 | 38,106 |
Total liabilities | 544,631 | 452,066 |
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 at June 30, 2017 and December 31, 2017 | 40,100 | 40,100 |
Common stock, $.0001 par value: 100,000,000 shares authorized; 26,611,688 shares issued and outstanding at June 30, 2017 and 26,669,618 at December 31, 2017 | 3 | 3 |
Additional paid-in capital | 138,333 | 120,370 |
Accumulated other comprehensive loss | (15,286) | (12,355) |
Accumulated deficit | (10,041) | (12,972) |
Total General Finance Corporation stockholders' equity | 153,109 | 135,146 |
Equity of noncontrolling interests | 504 | 88,102 |
Total equity | 153,613 | 223,248 |
Total liabilities and equity | $ 698,244 | $ 675,314 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts on trade and other receivables | $ 6,200 | $ 6,387 |
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 | $ 40,722 | $ 40,722 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 26,669,618 | 26,611,688 |
Common stock, shares outstanding | 26,669,618 | 26,611,688 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sales: | ||||
Lease inventories and fleet | $ 36,065 | $ 25,387 | $ 61,447 | $ 45,759 |
Manufactured units | 2,080 | 1,663 | 3,983 | 2,757 |
Total sales revenue | 38,145 | 27,050 | 65,430 | 48,516 |
Leasing | 53,985 | 45,277 | 103,617 | 86,609 |
Total revenues | 92,130 | 72,327 | 169,047 | 135,125 |
Costs and expenses | ||||
Lease inventories and fleet (exclusive of the items shown separately below) | 25,900 | 18,140 | 44,310 | 31,972 |
Manufactured units | 1,964 | 2,115 | 4,140 | 3,527 |
Direct costs of leasing operations | 21,951 | 18,658 | 43,006 | 36,518 |
Selling and general expenses | 17,725 | 16,429 | 37,228 | 32,957 |
Depreciation and amortization | 9,531 | 9,888 | 19,657 | 19,391 |
Operating income | 15,059 | 7,097 | 20,706 | 10,760 |
Interest income | 23 | 13 | 38 | 36 |
Interest expense | (9,447) | (5,016) | (15,269) | (9,847) |
Foreign currency exchange and other gain (loss) | (1,852) | 189 | (3,054) | 94 |
Total costs and expenses | (11,276) | (4,814) | (18,285) | (9,717) |
Income before provision for income taxes | 3,783 | 2,283 | 2,421 | 1,043 |
Provision for income taxes | 809 | 913 | 291 | 417 |
Net income | 2,974 | 1,370 | 2,130 | 626 |
Preferred stock dividends | (922) | (922) | (1,844) | (1,844) |
Noncontrolling interests | (1,087) | 801 | (1,558) | |
Net income (loss) attributable to common stockholders | $ 2,052 | $ (639) | $ 1,087 | $ (2,776) |
Net income (loss) per common share: | ||||
Basic | $ 0.08 | $ (0.02) | $ 0.04 | $ (0.11) |
Diluted | $ 0.08 | $ (0.02) | $ 0.04 | $ (0.11) |
Weighted average shares outstanding: | ||||
Basic | 26,636,594 | 26,300,061 | 26,624,141 | 26,259,433 |
Diluted | 27,311,401 | 26,300,061 | 27,297,266 | 26,259,433 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income/Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,974 | $ 1,370 | $ 2,130 | $ 626 |
Other comprehensive income (loss): | ||||
Change in fair value change of interest rate swap, net of income tax effect | (41) | 149 | 84 | 278 |
Cumulative translation adjustment | (249) | (6,483) | 3,629 | (3,644) |
Total comprehensive income (loss) | 2,684 | (4,964) | 5,843 | (2,740) |
Allocated to noncontrolling interests | 2,353 | (1,095) | 11 | |
Comprehensive income (loss) allocable to General Finance Corporation stockholders | $ 2,684 | $ (2,611) | $ 4,748 | $ (2,729) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income/Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Change in fair value change of interest rate swap, income tax provision (benefit) | $ 6 | $ 6 | $ 44 | $ (6) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Equity (Unaudited) - 6 months ended Dec. 31, 2017 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Total General Finance Corporation Stockholders' Equity [Member] | Equity of Noncontrolling Interests [Member] | Cumulative Preferred Stock [Member] |
Balance at Jun. 30, 2017 | $ 223,248 | $ 3 | $ 120,370 | $ (12,355) | $ (12,972) | $ 135,146 | $ 88,102 | $ 40,100 |
Share-based compensation | 2,097 | 1,506 | 1,506 | 591 | ||||
Preferred stock dividends | (1,844) | (1,844) | (1,844) | |||||
Dividends and distributions by subsidiaries | (1,038) | (1,038) | ||||||
Issuance of shares of common stock on exercises of stock options | 34 | 34 | 34 | |||||
Grant of shares, restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income | 2,130 | 2,931 | 2,931 | (801) | ||||
Fair value change in derivative, net of related tax effect | 84 | 23 | 23 | 61 | ||||
Cumulative translation adjustment | 3,629 | 1,794 | 1,794 | 1,835 | ||||
Total comprehensive income (loss) | 5,843 | 4,748 | 1,095 | |||||
Acquistion of noncontrolling interest in Royal Wolf | (74,727) | 18,267 | (4,748) | 13,519 | (88,246) | |||
Balance at Dec. 31, 2017 | $ 153,613 | $ 3 | $ 138,333 | $ (15,286) | $ (10,041) | $ 153,109 | $ 504 | $ 40,100 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) | 6 Months Ended |
Dec. 31, 2017shares | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of shares of common stock on exercises of stock options | 22,500 |
Restricted stock granted | 35,430 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities (Note 10) | $ 14,615 | $ 10,911 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (11,335) | (4,993) |
Acquistion of the noncontrolling interest in Royal Wolf | (73,251) | |
Proceeds from sales of property, plant and equipment | 34 | 165 |
Purchases of property, plant and equipment | (2,154) | (1,727) |
Proceeds from sales of lease fleet | 12,784 | 10,964 |
Purchases of lease fleet | (25,702) | (26,057) |
Other intangible assets | (89) | (345) |
Net cash used in investing activities | (99,713) | (21,993) |
Cash flows from financing activities: | ||
Repayments of equipment financing activities | (251) | (253) |
Repayment of Credit Suisse Term Loan | (10,000) | |
Repayment of ANZ/CBA Credit Facility | (81,521) | |
Proceeds from issuance of Bison Capital Notes | 80,000 | |
Proceeds from senior and other debt borrowings, net | 102,235 | 11,762 |
Deferred financing costs | (3,819) | (260) |
Proceeds from issuances of common stock | 34 | 20 |
Dividends and distributions by subsidiaries | (1,038) | (939) |
Preferred stock dividends | (1,844) | (1,844) |
Net cash provided by financing activities | 83,796 | 8,486 |
Net decrease in cash | (1,302) | (2,596) |
Cash and equivalents at beginning of period | 7,792 | 9,342 |
The effect of foreign currency translation on cash | (983) | (358) |
Cash and equivalents at end of period | $ 5,507 | $ 6,388 |
Condensed Consolidated Statem10
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Cash Flows [Abstract] | ||
Business acquisitions, non-cash holdback and other adjustment | $ 612 | $ 376 |
Organization and Business Opera
Organization and Business Operations | 6 Months Ended |
Dec. 31, 2017 | |
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 Insurance Corporation, an Arizona corporation (“GFNI”); 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 subsidiary, Southern Frac, LLC, a Texas limited liability company (collectively “Southern Frac”); Pac-Van, “Pac-Van”); 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) Pac-Van |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2017 | |
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 Regulation S-X. 10-K for Unless otherwise indicated, references to “FY 2017” and “FY 2018” are to the six months ended December 31, 2016 and 2017, 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, December 31, 2017 2017 Finished goods $ 25,564 $ 27,405 Work in progress 1,844 3,224 Raw materials 2,240 2,172 $ 29,648 $ 32,801 Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, December 31, 2017 2017 Land — $ 2,168 $ 2,168 Building and improvements 10 — 40 years 4,890 4,890 Transportation and plant equipment (including capital lease assets) 3 — 20 years 39,899 42,749 Furniture, fixtures and office equipment 3 — 10 years 10,683 11,177 57,640 60,984 Less accumulated depreciation and amortization (34,252) (37,668) $ 23,388 $ 23,316 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, 2017 and December 31, 2017, the gross costs of the lease fleet were $534,197,000 and $554,706,000, 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 in accordance with FASB ASC Topic 350, Intangibles — Goodwill and Other. Pac-Van, Other intangible assets include those with indefinite (trademark and trade name) and finite (primarily customer base and lists, non-compete June 30, 2017 December 31, 2017 Gross Accumulated Net Carrying Gross Accumulated Net Carrying Trademark and trade name $ 5,486 $ (453 ) $ 5,033 $ 5,486 $ (453 ) $ 5,033 Customer base and lists 47,647 (31,223 ) 16,424 48,943 (33,227 ) 15,716 Non-compete 9,622 (6,678 ) 2,944 9,833 (7,352 ) 2,481 Deferred financing costs 4,855 (2,250 ) 2,605 3,522 (1,688 ) 1,834 Other 4,006 (2,243 ) 1,763 4,404 (2,674 ) 1,730 $ 71,616 $ (42,847 ) $ 28,769 $ 72,188 $ (45,394 ) $ 26,794 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 and convertible debt. The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: Quarter Ended December 31, Six Months Ended December 31, 2016 2017 2016 2017 Basic 26,300,061 26,636,594 26,259,433 26,624,141 Assumed exercise of stock options — 674,807 — 673,125 Assumed conversion of convertible debt — — — — Diluted 26,300,061 27,311,401 26,259,433 27,297,266 Potential common stock equivalents totaling 1,460,862 for both the quarter ended December 31, 2016 and FY 2017 and 4,415,574 and 4,417,256 for the quarter ended December 31, 2017 and FY 2018, respectively, have been excluded from the computation of diluted earnings per share because the effect is anti-dilutive. Recently Enacted U.S. Federal Tax Legislation Introduced initially as the Tax Cuts and Jobs Act, the Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the “Act”) was enacted on December 22, 2017. The Act applies to corporations generally beginning with taxable years starting after December 31, 2017, or the fiscal year ending June 30, 2019 for the Company, and reduces the corporate tax rate from a graduated set of rates with a maximum 35% tax rate to a flat 21% tax rate. Additionally, the Act introduces other changes that impact corporations, including a net operating loss (“NOL”) deduction annual limitation, an interest expense deduction annual limitation, elimination of the alternative minimum tax, and immediate expensing of the full cost of qualified property. The Act also introduces an international tax reform that moves the U.S. toward a territorial system, in which income earned in other countries will generally not be subject to U.S. taxation. However, the accumulated foreign earnings of certain foreign corporations will be subject to a one-time In accordance with ASC Topic 740, Income Taxes re-measured re-measurement Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09 , Revenue from Contracts with Customers Topic 606) 2014-09 2014-09 2014-09 2015-14 No. 2016-08 2014-09 2014-09 ASU-204.09, 2014-09 2014-09, In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) off-balance No. 2016-02, “right-of-use” right-of-use No. 2016-02 No. 2016-02 In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718) No. 2016-09, No. 2016-09 No. 2016-09 tax-effect In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities No. 2017-12 non-financial No. 2017-12 No. 2017-12 |
Equity Transactions
Equity Transactions | 6 Months Ended |
Dec. 31, 2017 | |
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 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, 2017 and December 31, 2017, the Company had outstanding 100 shares of Series B Preferred Stock with an aggregate liquidation preference totaling $102,000. 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, 2017 and December 31, 2017, the Company had outstanding 400,000 shares of Series C Preferred Stock with an aggregate liquidation preference totaling $40,620,000. Dividends on the Series C Preferred Stock are cumulative from the date of original issue and will be payable on the 31 st th non-consecutive Dividends As of December 31, 2017, since issuance, dividends paid or payable totaled $89,000 for the Series B Preferred Stock and dividends paid totaled $16,280,000 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 10, 2016, the Board of Directors of Royal Wolf declared a dividend of AUS$0.025 per RWH share payable on October 4, 2016 to shareholders of record on September 16, 2016. On August 2, 2017, Royal Wolf paid a special dividend of AUS$0.0265 per RWH share to shareholders of record on July 18, 2017 (see Note 4). The consolidated financial statements reflect the amount of the dividend pertaining to the noncontrolling interest. |
Acquisitions
Acquisitions | 6 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4. Acquisitions Acquistion of Noncontrolling Interest of Royal Wolf On July 12, 2017, the Company announced that it commenced, through GFNAPH, an off-market The accounting for the purchase consideration and total transaction-related costs of $70,402,000 and $2,312,000 (net of income tax effect of $537,000), respectively, as well as the adjustment to the accumulated other comprehensive income (loss) and reclassification of the noncontrolling interest of Royal Wolf to the Company’s equity accounts, have been recorded as equity transactions in the accompanying consolidated balance sheet in FY 2018. FY 2018 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 On September 1, 2017, the Company, through Pac-Van, On December 1, 2017, the Company, through Pac-Van, The preliminary allocation for the acquisition in FY 2018 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values was as follows (in thousands): Advantage September 1, 2017 Gauthier December 1, 2017 Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ — $ 390 Inventories 234 444 Property, plant and equipment 55 339 Lease fleet 558 4,216 Unearned revenue and advance payments (25) (237) Total net tangible assets acquired and liabilities assumed 822 5,152 Fair value of intangible assets acquired: Non-compete 56 143 Customer lists/relationships 97 1,085 Other — 250 Goodwill 601 3,741 Total intangible assets acquired 754 5,219 Total purchase consideration $ 1,576 $ 10,371 The FY 2018 operating results prior to and since the respective date of acquisition were not considered significant. Goodwill recognized is attributable primarily to expected corporate synergies, the assembled workforce and other factors. The goodwill recognized in the FY 2018 acquisitions is deductible for U.S. income tax purposes. The Company incurred approximately $20,000 and $37,000 during the quarter ended December 31, 2016 and FY 2017, respectively, and $53,000 and $64,000 during the quarter ended December 31, 2017 and FY 2018, 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 | 6 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Senior and Other Debt | Note 5. Senior and Other Debt Asia-Pacific Leasing Senior Credit Facility The Company’s operations in the Asia-Pacific area had an AUS$150,000,000 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”). On October 26, 2017, RWH and its subsidiaries, Deutsche Bank AG, Sydney Branch (“Deutsche Bank”), CSL Fund (PB) Lux Sarl II, Aiguilles Rouges Lux Sarl II, Perpetual Corporate Trust Limited and P.T. Limited entered into a Syndicated Facility Agreement (the “Syndicated Facility Agreement”). Pursuant to the Syndicated Facility Agreement, the parties entered into a three-year, $97,586,000 (AUS$125,000,000) senior secured credit facility (the “Deutsche Bank Credit Facility”) and repaid the ANZ/CBA Credit Facility on November 3, 2017. The Deutsche Bank Credit Facility consists of a $15,614,000 (AUS$20,000,000) Facility A that will amortize semi-annually; a $66,358,000 (AUS$85,000,000) Facility B that has no scheduled amortization; and a $15,614,000 (AUS$20,000,000) revolving Facility C that is used for working capital, capital expenditures and general corporate purposes. The amounts borrowed bear interest at the rate of 5.0% per annum until delivery of the first compliance certificate and thereafter at the bank bill swap interest rate in Australia (“BBSY”), plus a margin of 4.25% to 5.50% per annum, as determined by net leverage. The Deutsche Bank Credit Facility is secured by substantially all of the assets and by the pledge of all capital stock of RWH and its subsidiaries and matures on November 3, 2020, at which time an exit fee of up to $878,000 (A$1,125,000) is owed depending on the final amounts borrowed. In addition, the Deutsche Bank Credit Facility is subject to certain financial and other customary covenants, including, among other things, compliance with specified net leverage and debt requirement or fixed charge ratios based on earnings before interest, income taxes, impairment, depreciation and amortization and other non-operating The above amounts were translated based upon the exchange rate of one Australian dollar to $0.780683 U.S. dollar at December 31, 2017. Bison Capital Notes General On September 19, 2017, Bison Capital, GFN, GFN U.S., GFNAPH and GFNAPF, entered into that certain Amended and Restated Securities Purchase Agreement dated September 19, 2017 (the “Amended Securities Purchase Agreement”). On September 25, 2017, pursuant to the Amended Securities Purchase Agreement, GFNAPH and GFNAPF issued and sold to Bison an 11.9% secured senior convertible promissory note dated September 25, 2017 in the original principal amount of $26,000,000 (the “Convertible Note”) and an 11.9% secured senior promissory note dated September 25, 2017 in the original principal amount of $54,000,000 (the “Senior Term Note” and collectively with the Convertible Note, the “Bison Capital Notes”). Net proceeds from the sale of the Bison Capital Notes were used to repay in full all principal, interest and other amounts due under the term loan to Credit Suisse (see below), to acquire the 49,188,526 publicly-traded shares of RWH not owned by the Company and to pay all related fees and expenses. The Bison Capital Notes have a maturity of five years and bear interest from the date of issuance, payable quarterly in arrears beginning on January 2, 2018. The Bison Capital Notes may be prepaid at 102% of the original principal amount, plus accrued interest, after the first anniversary and prior to the second anniversary of issuance, at 101% of the original principal amount, plus accrued interest, after the second anniversary and prior to the third anniversary of issuance and with no prepayment premium after the third anniversary of issuance. The Company may elect to defer interest under the Bison Capital Notes until the second anniversary of issuance. Interest on the Bison Capital Notes are payable in Australian dollars, but the principal must be repaid in U.S. dollars. The Bison Capital Notes are secured by a first priority security interest over all of the assets of GFN U.S., GFNAPH and GFNAPF, by the pledge by GFN U.S. of the capital stock of GFNAPH and GFNAPF and by of all of the capital stock of RWH. The Bison Capital Notes are subject to all terms, conditions and covenants set forth in the Amended Securities Purchase Agreement. The Amended Securities Purchase Agreement contains certain financial and other customary and restrictive covenants, including, among other things, a minimum EBITDA requirement to equal or exceed AUS$30,000,000 per trailing 12-month Convertible Note At any time prior to maturity, Bison Capital may convert unpaid principal and interest under the Convertible Note into shares of GFN common stock based upon a price of $8.50 per share, subject to adjustment as described in the Convertible Note. If GFN common stock trades above 150% of the conversion price over 30 consecutive trading days and the aggregate dollar value of all GFN common stock traded on NASDAQ exceed $600,000 over a period of 20 consecutive days, GFN may force Bison Capital to convert all or a portion of the Convertible Note. The Convertible Note also provides that Bison Capital shall not be entitled, and GFN shall not be obligated, to convert the Convertible Note into shares of GFN common stock if such conversion would result in holders of the Convertible Note beneficially owning in excess of 5,200,000 shares of GFN common stock, or approximately 19.5% of the number of shares of GFN common stock outstanding immediately prior to issuance of the Convertible Note. The Convertible Note grants Bison Capital and holders of the Convertible Note a preemptive right to invest in any issuance GFN equity securities, options or warrants to maintain its proportionate interest in GFN common stock, after giving effect to the conversion of the entire Convertible Note. In addition, the Convertible Note includes a provision which requires GFNAPH and GFNAPF to pay Bison Capital, via the payment of principal, interest and the value of GFN common stock received upon conversion of all or a portion of the Convertible Note, a minimum return of 1.75 times the original $26,000,000 principal amount. This minimum rate of return will be recorded at $806,000 per year, or $201,500 per quarter, as an accretion in the accompanying consolidated statements of operations. The Convertible Note must also be repaid upon a change of control, as defined. In the event that Bison Capital or holders of the Convertible Note receive aggregate proceeds in excess of $48,900,000 from the sale of GFN common stock received from conversion of the Convertible Note, then 50% of the interest accrued and actually paid to Bison Capital (such amount, the “Price Increase”) shall be repaid by Bison Capital or holders of the Convertible Note by either (i) paying such Price Increase to GFNAPH or GFNAPF in the form of cash, (ii) returning to GFN shares of GFN Common Stock with a value equal to the Price Increase or (iii) any combination of (i) or (ii) above that if the aggregate equals the Price Increase. The value of the GFN common stock for purposes of the return of shares to GFN by the shall be deemed to be the average price per share of GFN common stock realized by the Convertible Note holder in the sale of such shares. The Convertible Note holder may satisfy such obligations by returning to GFN shares of GFN common stock with an aggregate value equivalent to the Price Increase. The Company evaluated the Convertible Note and determined that certain conversion rights were an embedded derivative that required bifurcation because they were not deemed to be clearly and closely related to the Convertible Note. As a result, the Company separately accounts for these conversion rights as a standalone derivative. As of the date of issuance on September 25, 2017, the fair value of this standalone derivative was determined to be $1,864,000, resulting in a principal balance of $24,136,000 for the Convertible Note. The Company determines the fair value of the embedded derivative using a valuation model and market prices and reassesses the fair value of the embedded derivative at the end of each reporting period or more frequently as deemed necessary, with any changes in value reported in the accompanying consolidated statements of operations. At December 31, 2017, the fair value of this standalone derivative was $3,581,000. North America Senior Credit Facility The North America leasing (Pac-Van The Wells Fargo Credit Facility is secured by substantially all of the rental fleet, inventory and other assets of the Company’s North American leasing and manufacturing operations. The FILO Term Loan also contains a first priority lien on the same collateral, but on a “last out basis,” after all of the outstanding obligations to the primary lenders in the Wells Fargo Credit Facility have been satisfied. The Wells Fargo Credit Facility effectively not only finances the North American operations, but also the funding requirements for the Series C Preferred Stock (see Note 3) and the publicly-traded unsecured senior notes. The maximum amount of intercompany dividends that Pac-Van Pac-Van 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%. The FILO Term Loan within the Wells Fargo Credit Facility bears interest at 11.00% above the LIBOR rate, with a LIBOR rate floor of 1.00%. 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 December 31, 2017, borrowings and availability under the Wells Fargo Credit Facility totaled $195,030,000 and $33,970,000, 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 provided that the amount borrowed would bear interest at LIBOR plus 7.50% per year, would be payable quarterly and that all principal and interest would mature on July 1, 2018. In addition, the Credit Suisse Term Loan was secured by a first ranking pledge over substantially all shares of RWH owned by GFN U.S., required 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 had repaid, prior to maturity, $15,000,000 of the outstanding borrowings of the Credit Suisse Term Loan and, as of June 30, 2017, $9,920,000 remained outstanding, net of unamortized debt issuance costs of $80,000. On September 25, 2017, in connection with the acquisition of the noncontrolling interest of Royal Wolf (see Note 4), the Credit Suisse Term Loan was fully repaid. Senior Notes On June 18, 2014, the Company completed the sale of unsecured senior notes (the “Senior Notes”) in a public offering for an aggregate principal amount of $72,000,000. On April 24, 2017, the Company completed the sale of a “tack-on” Pac-Van Pac-Van ‘tack-on” 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 had an option, prior to July 31, 2017, to 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 have redeemed 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. The Company has not redeemed any of its Senior Notes as July 31, 2017. 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 December 31, 2017, other debt totaled $9,207,000. The Company was in compliance with the financial covenants under all its credit facilities as of December 31, 2017. The weighted-average interest rate in the Asia-Pacific area was 4.9% and 10.0% and 4.9% and 7.4% in the quarter ended December 31, 2016 and 2017 and in FY 2017 and FY 2018, respectively; which does not include the effect of translation, derivative valuation, amortization of deferred financing costs and accretion. The weighted-average interest rate in North America was 5.0% and 5.9% and 5.0% and 6.0% in the quarter ended December 31, 2016 and 2017 and in FY 2017 and FY 2018, respectively, which does not include the effect of amortization of deferred financing costs and accretion. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Dec. 31, 2017 | |
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, 2017 December 31, 2017 Swap Contracts Trade payables and accrued liabilities $ 96 $ — Forward-Exchange Contracts Trade and other receivables — 13 Forward-Exchange Contracts Trade payables and accrued liabilities 299 11 Quarter Ended December 31, Six Months Ended Type of Derivative Contract Statement of Operations Classification 2016 2017 2016 2017 Swap Contracts Unrealized gain (loss) included in interest expense $ — $ (3) $ — $ — Forward Exchange Contracts Unrealized foreign currency exchange gain and other $ 354 $ 182 $ 435 $ 392 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 has entered into interest rate swaps and interest rate options, in which the Company agreed 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 were designated to hedge changes in the interest rate of a portion of the outstanding borrowings in the Asia-Pacific area. The Company entered into two interest rate swap contracts in FY 2017 that have been designated as cash flow hedges. The Company expected these derivatives to remain effective during the remaining term of the swaps; however, any changes in the portion of the hedges considered ineffective was recorded in interest expense in the consolidated statement of operations. There was no ineffective portion recorded in FY 2017. In FY 2018 the two interest rate swap contracts were closed, with the Company incurring break costs of $148,000. The Company’s interest rate derivative instruments were not traded on a market exchange; therefore, the fair values were 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, 2017, the two open interest rate swap contracts were as follows (dollars in thousands): June 30, 2017 Notional amounts $ 30,748 Fixed/Strike Rates 2.0025% - 2.2900% Floating Rates 1.6650% Fair Value of Combined Contracts $ (96) 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, 2017, there were 16 open forward exchange contracts that mature between July 2017 and December 2017; and as of December 31, 2017, there were 19 open forward exchange that mature between January 2018 and April 2018, as follows (dollars in thousands): June 30, December 31, 2017 2017 Notional amounts $ 7,687 $ 3,898 Exchange/Strike Rates (AUD to USD) 0.69304 – 0.75650 0.68667 – 0.80335 Fair Value of Combined Contracts $ (299) $ 2 For the quarter ended December 31, 2016 and 2017, net unrealized and realized foreign exchange gains (losses) totaled $(392,000) and $134,000 and $(348,000) and $24,000, respectively. In FY 2017 and FY 2018, net unrealized and realized foreign exchange gains (losses) totaled $(545,000) 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, 2017 was determined to be approximately $347,236,000. The Company also determined that the fair value of its other debt of $8,402,000 at June 30, 2017 approximated or would not vary significantly from their carrying values. The Company believes that market conditions at December 31, 2017 have not changed significantly from June 30, 2017. Therefore, the proportion of the fair value to the carrying value of the Company’s senior credit facilities and other debt at December 31, 2017 would not vary significantly from the proportion determined at June 30, 2017. Under the provisions of FASB ASC Topic 825, Financial Instruments, |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Dec. 31, 2017 | |
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 the Company’s chief executive officer 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 the first option to renew the lease for an additional five-year term commencing February 1, 2013 and on August 7, 2017, it exercised its second option for an additional five-year term commencing on February 1, 2018. Rental payments were $28,000 and $29,000 during the quarter ended December 31, 2016 and 2017, respectively, and $56,000 during both FY 2017 and FY 2018. The premises of Pac-Van’s month-to-month two-year |
Equity Plans
Equity Plans | 6 Months Ended |
Dec. 31, 2017 | |
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 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 non-qualified non-qualified non-vested On December 15, 2017 (the “December 2017 Grant”), the Company granted time-based options to an officer of GFN to purchase 225,000 shares of common stock at an exercise price equal to the closing market price of the Company’s common stock as of that date, or $6.25 per share. The options under the December 2017 Grant vest over 36 months from the date of grant. The weighted-average fair value of the stock options in the December 2017 Grant was $3.45, determined using the Black-Scholes option-pricing model using the following assumptions: a risk-free interest rate of 2.26% , Since inception, the range of the fair value of the stock options granted (other than to non-employee 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 December 31, 2017, there were no significant outstanding stock options held by non-employee Number of Options (Shares) Weighted- Weighted- Outstanding at June 30, 2017 2,061,057 $ 4.92 Granted 225,000 6.25 Exercised (22,500) 1.53 Forfeited or expired (232,000) 9.03 Outstanding at December 31, 2017 2,031,557 $ 4.64 5.5 Vested and expected to vest at December 31, 2017 2,031,557 $ 4.64 5.5 Exercisable at December 31, 2017 1,419,256 $ 4.26 4.0 At December 31, 2017, outstanding time-based options and performance-based options totaled 1,330,347and 701,210, respectively. Also at that date, the Company’s market price for its common stock was $6.80 per share, which was at or below the exercise prices of 7.2% of the outstanding stock options. The intrinsic value of the outstanding stock options at that date was $4,690,000. Share-based compensation of $7,691,000 related to stock options has been recognized in the consolidated statements of operations, with a corresponding benefit to equity, from inception through December 31, 2017. At that date, there remains $1,582,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining weighted-average vesting period of 1.5 years. A deduction is not allowed for U.S. income tax purposes with respect to non-qualified A summary of the Company’s non-vested Shares Weighted-Average Nonvested at June 30, 2017 480,310 $ 4.54 Granted 35,430 6.35 Vested (77,667) 4.16 Forfeited — — Nonvested at December 31, 2017 438,073 $ 4.76 Share-based compensation of $2,659,000 related to non-vested of operations, with a corresponding benefit to equity, from inception through December 31, 2017. At that date, there remains $1,735,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining vesting period of over approximately 0.79 year – 2.50 years for the non-vested 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 have granted, 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 were up to four years and, generally, were 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 determined otherwise, if an option, performance right or restricted share had not lapsed or been forfeited earlier, it would have terminated at the seventh anniversary from the date of grant. It was intended that up to one percent of RWH’s outstanding capital stock would be reserved for grant under the LTI Plan and a trust was established to hold RWH shares for this purpose. However, since the Company held more than 50% of the outstanding shares of RWH capital stock, RWH shares reserved for grant under the LTI Plan were purchased in the open market. The LTI Plan, among other provisions, did 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, would have determined whether, and how many, unvested options, performance rights and restricted shares would have vested. In addition, if, in the RWH Board’s opinion, a participant acted fraudulently or dishonestly or was in breach of his obligations to Royal Wolf, the RWH Board may have deemed any options, performance rights and restricted shares held by or reserved for the participant to have lapsed or been forfeited. With the Company’s acquisition of the noncontrolling interest of Royal Wolf (see Note 4), the LTI Plan was terminated in September 2017 and the RWH Board determined that 582,370 performance rights were deemed vested, resulting in payments totaling A$1,066,000 ($835,000) to participants. At the date of its termination, Royal Wolf had granted, net of forfeitures, 2,582,723 performance rights to key management personnel under the LTI Plan. Also, through the date of termination, 677,953 of the performance rights had been converted into RWH capital stock through purchases in the open market. In FY 2017 and FY 2018, share-based compensation of $(522,000) and $1,207,000, respectively, related to the LTI Plan had been recognized in the consolidated statements of operations, with a corresponding benefit to equity. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Self-Insurance The Company has insurance policies to cover auto liability, general liability, directors and officers liability and workers compensation-related claims. Effective on February 1, 2017, the Company became self-insured for auto liability and general liability through GFNI, a wholly-owned captive insurance company, up to a maximum of $1,200,000 per policy period. Claims and expenses are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. These losses include an estimate of claims that have been incurred but not reported. At June 30, 2017 and December 31, 2017, reported liability totaled $129,000 and $291,000, respectively, and has been recorded in the caption “Trade payables and accrued liabilities” in the accompanying consolidated balance sheets. Other Matters 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 |
Cash Flows from Operating Activ
Cash Flows from Operating Activities and Other Financial Information | 6 Months Ended |
Dec. 31, 2017 | |
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): Six Months Ended December 31, 2016 2017 Cash flows from operating activities Net income $ 626 $ 2,130 Adjustments to reconcile net income (loss) to cash flows from operating activities: Gain on sales and disposals of property, plant and equipment (61) (5) Gain on sales of lease fleet (428) (3,746) Unrealized foreign exchange loss 545 1,332 Unrealized gain on forward exchange contracts (435) (392) Change in valuation of bifurcated derivative in Convertible Note — 1,717 Depreciation and amortization 19,787 19,992 Amortization of deferred financing costs 700 1,302 Accretion of interest 135 344 Share-based compensation expense 191 2,097 Deferred income taxes (482) (1,402) Changes in operating assets and liabilities (excluding assets and liabilities from acquisitions): Trade and other receivables, net (7,034) (10,424) Inventories 2,829 (2,731) Prepaid expenses and other (2) 562 Trade payables, accrued liabilities and unearned revenues (4,243) 3,038 Income taxes (1,217) 801 Net cash provided by operating activities $ 10,911 $ 14,615 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Dec. 31, 2017 | |
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 North America, consisting of the combined leasing operations of Pac-Van 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 December 31, 2017 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Pacific Consolidated Revenues: Sales $ 13,510 $ - $ 13,510 $ 3,505 $ (1,425 ) $ 15,590 $ 22,555 $ 38,145 Leasing 28,308 9,559 37,867 - (277 ) 37,590 16,395 53,985 $ 41,818 $ 9,559 $ 51,377 $ 3,505 $ (1,702 ) $ 53,180 $ 38,950 $ 92,130 Share-based compensation $ 77 $ 10 $ 87 $ 13 $ 339 $ 439 $ - $ 439 Depreciation and amortization $ 3,485 $ 2,293 $ 5,778 $ 137 $ (183 ) $ 5,732 $ 3,936 $ 9,668 Operating income $ 8,151 $ 1,942 $ 10,093 $ (77 ) $ (1,208 ) $ 8,808 $ 6,251 $ 15,059 Interest income $ - $ - $ - $ - $ 1 $ 1 $ 22 $ 23 Interest expense $ 2,188 $ 472 $ 2,660 $ 94 $ 1,700 $ 4,454 $ 4,993 $ 9,447 Six Months Ended December 31, 2017 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 25,338 $ - $ 25,338 $ 6,584 $ (2,601 ) $ 29,321 $ 36,109 $ 65,430 Leasing 54,347 17,908 72,255 - (493 ) 71,762 31,855 103,617 $ 79,685 $ 17,908 $ 97,593 $ 6,584 $ (3,094 ) $ 101,083 $ 67,964 $ 169,047 Share-based compensation $ 173 $ 20 $ 193 $ 26 $ 671 $ 890 $ 1,207 $ 2,097 Depreciation and amortization $ 6,996 $ 4,531 $ 11,527 $ 335 $ (365 ) $ 11,497 $ 8,495 $ 19,992 Operating income $ 14,016 $ 2,640 $ 16,656 $ (663 ) $ (2,341 ) $ 13,652 $ 7,054 $ 20,706 Interest income $ - $ - $ - $ - $ 6 $ 6 $ 32 $ 38 Interest expense $ 4,251 $ 920 $ 5,171 $ 200 $ 3,893 $ 9,264 $ 6,005 $ 15,269 Additions to long-lived assets $ 17,041 $ 2,439 $ 19,480 $ - $ (181 ) $ 19,299 $ 8,557 $ 27,856 At December 31, 2017 Long-lived assets $ 257,757 $ 51,853 $ 309,610 $ 2,192 $ (10,325 ) $ 301,477 $ 158,424 $ 459,901 Goodwill $ 60,268 $ 20,782 $ 81,050 $ - $ - $ 81,050 $ 28,939 $ 109,989 At June 30, 2017 Long-lived assets $ 244,973 $ 52,158 $ 297,131 $ 2,526 $ (10,521 ) $ 289,136 $ 161,527 $ 450,663 Goodwill $ 55,882 $ 20,782 $ 76,664 $ - $ - $ 76,664 $ 28,465 $ 105,129 Quarter Ended December 31, 2016 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Pacific Leasing Consolidated Revenues: Sales $ 11,781 $ - $ 11,781 $ 1,933 $ (270 ) $ 13,444 $ 13,606 $ 27,050 Leasing 24,757 4,176 28,933 - (43 ) 28,890 16,387 45,277 $ 36,538 $ 4,176 $ 40,714 $ 1,933 $ (313 ) $ 42,334 $ 29,993 $ 72,327 Share-based compensation $ 72 $ 10 $ 82 $ 22 $ 298 $ 402 $ 194 $ 596 Depreciation and amortization $ 3,429 $ 2,422 $ 5,851 $ 198 $ (181 ) $ 5,868 $ 4,218 $ 10,086 Operating income $ 6,195 $ (1,231) $ 4,964 $ (733 ) $ (1,090 ) $ 3,141 $ 3,956 $ 7,097 Interest income $ - $ - $ - $ - $ 1 $ 1 $ 12 $ 13 Interest expense $ 1,726 $ 294 $ 2,020 $ 94 $ 1,819 $ 3,933 $ 1,083 $ 5,016 Six Months Ended December 31, 2016 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 22,211 $ - $ 22,211 $ 3,584 $ (827 ) $ 24,968 $ 23,548 $ 48,516 Leasing 48,106 7,996 56,102 - (96 ) 56,006 30,603 86,609 $ 70,317 $ 7,996 $ 78,313 $ 3,584 $ (923) $ 80,974 $54,151 $ 135,125 Share-based compensation $ 147 $ 20 $ 167 $ 44 $ 502 $ 713 $ (522) $ 191 Depreciation and amortization $ 6,885 $ 4,847 $ 11,732 $ 396 $ (367 ) $ 11,761 $ 8,026 $ 19,787 Operating income $ 10,247 $ (2,677 ) $ 7,570 $ (1,351 ) $ (2,278 ) $ 3,941 $ 6,819 $ 10,760 Interest income $ - $ - $ - $ - $ 9 $ 9 $ 27 $ 36 Interest expense $ 3,370 $ 575 $ 3,945 $ 175 $ 3,628 $ 7,748 $ 2,099 $ 9,847 Additions to long- lived assets $ 14,475 $ 47 $ 14,522 $ - $ (150 ) $ 14,372 $ 13,412 $ 27,784 Intersegment net revenues from Southern Frac to the North American leasing operations totaled $270,000 and $827,000 during the quarter ended December 31, 2016 and FY 2017, respectively, and $1,425,000 and $2,601,000 during the quarter ended December 31, 2017 and FY 2018, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events On January 17, 2018, the Company announced that its Board of Directors declared a cash dividend of $2.30 per share on the Series C Preferred Stock (see Note 3). The dividend is for the period commencing on October 31, 2017 through January 30, 2018, and is payable on January 31, 2018 to holders of record as of January 30, 2018. On January 26, 2018, the Company, through Pac-Van, |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2017 | |
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 Regulation S-X. 10-K for Unless otherwise indicated, references to “FY 2017” and “FY 2018” are to the six months ended December 31, 2016 and 2017, 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, December 31, 2017 2017 Finished goods $ 25,564 $ 27,405 Work in progress 1,844 3,224 Raw materials 2,240 2,172 $ 29,648 $ 32,801 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, December 31, 2017 2017 Land — $ 2,168 $ 2,168 Building and improvements 10 — 40 years 4,890 4,890 Transportation and plant equipment (including capital lease assets) 3 — 20 years 39,899 42,749 Furniture, fixtures and office equipment 3 — 10 years 10,683 11,177 57,640 60,984 Less accumulated depreciation and amortization (34,252) (37,668) $ 23,388 $ 23,316 |
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, 2017 and December 31, 2017, the gross costs of the lease fleet were $534,197,000 and $554,706,000, 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 in accordance with FASB ASC Topic 350, Intangibles — Goodwill and Other. Pac-Van, Other intangible assets include those with indefinite (trademark and trade name) and finite (primarily customer base and lists, non-compete June 30, 2017 December 31, 2017 Gross Accumulated Net Carrying Gross Accumulated Net Carrying Trademark and trade name $ 5,486 $ (453 ) $ 5,033 $ 5,486 $ (453 ) $ 5,033 Customer base and lists 47,647 (31,223 ) 16,424 48,943 (33,227 ) 15,716 Non-compete 9,622 (6,678 ) 2,944 9,833 (7,352 ) 2,481 Deferred financing costs 4,855 (2,250 ) 2,605 3,522 (1,688 ) 1,834 Other 4,006 (2,243 ) 1,763 4,404 (2,674 ) 1,730 $ 71,616 $ (42,847 ) $ 28,769 $ 72,188 $ (45,394 ) $ 26,794 |
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 and convertible debt. The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: Quarter Ended December 31, Six Months Ended December 31, 2016 2017 2016 2017 Basic 26,300,061 26,636,594 26,259,433 26,624,141 Assumed exercise of stock options — 674,807 — 673,125 Assumed conversion of convertible debt — — — — Diluted 26,300,061 27,311,401 26,259,433 27,297,266 Potential common stock equivalents totaling 1,460,862 for both the quarter ended December 31, 2016 and FY 2017 and 4,415,574 and 4,417,256 for the quarter ended December 31, 2017 and FY 2018, respectively, have been excluded from the computation of diluted earnings per share because the effect is anti-dilutive. |
Recently Enacted U.S. Federal Tax Legislation | Recently Enacted U.S. Federal Tax Legislation Introduced initially as the Tax Cuts and Jobs Act, the Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the “Act”) was enacted on December 22, 2017. The Act applies to corporations generally beginning with taxable years starting after December 31, 2017, or the fiscal year ending June 30, 2019 for the Company, and reduces the corporate tax rate from a graduated set of rates with a maximum 35% tax rate to a flat 21% tax rate. Additionally, the Act introduces other changes that impact corporations, including a net operating loss (“NOL”) deduction annual limitation, an interest expense deduction annual limitation, elimination of the alternative minimum tax, and immediate expensing of the full cost of qualified property. The Act also introduces an international tax reform that moves the U.S. toward a territorial system, in which income earned in other countries will generally not be subject to U.S. taxation. However, the accumulated foreign earnings of certain foreign corporations will be subject to a one-time In accordance with ASC Topic 740, Income Taxes re-measured re-measurement |
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) 2014-09 2014-09 2014-09 2015-14 No. 2016-08 2014-09 2014-09 ASU-204.09, 2014-09 2014-09, In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) off-balance No. 2016-02, “right-of-use” right-of-use No. 2016-02 No. 2016-02 In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718) No. 2016-09, No. 2016-09 No. 2016-09 tax-effect In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities No. 2017-12 non-financial No. 2017-12 No. 2017-12 |
Preferred Stock | 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 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories are comprised of the following (in thousands): June 30, December 31, 2017 2017 Finished goods $ 25,564 $ 27,405 Work in progress 1,844 3,224 Raw materials 2,240 2,172 $ 29,648 $ 32,801 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, December 31, 2017 2017 Land — $ 2,168 $ 2,168 Building and improvements 10 — 40 years 4,890 4,890 Transportation and plant equipment (including capital lease assets) 3 — 20 years 39,899 42,749 Furniture, fixtures and office equipment 3 — 10 years 10,683 11,177 57,640 60,984 Less accumulated depreciation and amortization (34,252) (37,668) $ 23,388 $ 23,316 |
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 June 30, 2017 December 31, 2017 Gross Accumulated Net Carrying Gross Accumulated Net Carrying Trademark and trade name $ 5,486 $ (453 ) $ 5,033 $ 5,486 $ (453 ) $ 5,033 Customer base and lists 47,647 (31,223 ) 16,424 48,943 (33,227 ) 15,716 Non-compete 9,622 (6,678 ) 2,944 9,833 (7,352 ) 2,481 Deferred financing costs 4,855 (2,250 ) 2,605 3,522 (1,688 ) 1,834 Other 4,006 (2,243 ) 1,763 4,404 (2,674 ) 1,730 $ 71,616 $ (42,847 ) $ 28,769 $ 72,188 $ (45,394 ) $ 26,794 |
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 December 31, Six Months Ended December 31, 2016 2017 2016 2017 Basic 26,300,061 26,636,594 26,259,433 26,624,141 Assumed exercise of stock options — 674,807 — 673,125 Assumed conversion of convertible debt — — — — Diluted 26,300,061 27,311,401 26,259,433 27,297,266 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Fair Market Values of Tangible and Intangible Assets and Liabilities | The preliminary allocation for the acquisition in FY 2018 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values was as follows (in thousands): Advantage September 1, 2017 Gauthier December 1, 2017 Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ — $ 390 Inventories 234 444 Property, plant and equipment 55 339 Lease fleet 558 4,216 Unearned revenue and advance payments (25) (237) Total net tangible assets acquired and liabilities assumed 822 5,152 Fair value of intangible assets acquired: Non-compete 56 143 Customer lists/relationships 97 1,085 Other — 250 Goodwill 601 3,741 Total intangible assets acquired 754 5,219 Total purchase consideration $ 1,576 $ 10,371 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
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, 2017 December 31, 2017 Swap Contracts Trade payables and accrued liabilities $ 96 $ — Forward-Exchange Contracts Trade and other receivables — 13 Forward-Exchange Contracts Trade payables and accrued liabilities 299 11 |
Derivative Instruments at Fair Value, Statements of Operations | Quarter Ended December 31, Six Months Ended Type of Derivative Contract Statement of Operations Classification 2016 2017 2016 2017 Swap Contracts Unrealized gain (loss) included in interest expense $ — $ (3) $ — $ — Forward Exchange Contracts Unrealized foreign currency exchange gain and other $ 354 $ 182 $ 435 $ 392 |
Open Interest Rate Swap Contract | As of June 30, 2017, the two open interest rate swap contracts were as follows (dollars in thousands): June 30, 2017 Notional amounts $ 30,748 Fixed/Strike Rates 2.0025% - 2.2900% Floating Rates 1.6650% Fair Value of Combined Contracts $ (96) |
Open Forward Exchange and Participating Forward Contracts | As of June 30, 2017, there were 16 open forward exchange contracts that mature between July 2017 and December 2017; and as of December 31, 2017, there were 19 open forward exchange that mature between January 2018 and April 2018, as follows (dollars in thousands): June 30, December 31, 2017 2017 Notional amounts $ 7,687 $ 3,898 Exchange/Strike Rates (AUD to USD) 0.69304 – 0.75650 0.68667 – 0.80335 Fair Value of Combined Contracts $ (299) $ 2 |
Equity Plans (Tables)
Equity Plans (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
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 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 2018 follows: Number of Options (Shares) Weighted- Weighted- Outstanding at June 30, 2017 2,061,057 $ 4.92 Granted 225,000 6.25 Exercised (22,500) 1.53 Forfeited or expired (232,000) 9.03 Outstanding at December 31, 2017 2,031,557 $ 4.64 5.5 Vested and expected to vest at December 31, 2017 2,031,557 $ 4.64 5.5 Exercisable at December 31, 2017 1,419,256 $ 4.26 4.0 |
Summary of Non-Vested Equity Share Activity | A summary of the Company’s non-vested Shares Weighted-Average Nonvested at June 30, 2017 480,310 $ 4.54 Granted 35,430 6.35 Vested (77,667) 4.16 Forfeited — — Nonvested at December 31, 2017 438,073 $ 4.76 |
Cash Flows from Operating Act28
Cash Flows from Operating Activities and Other Financial Information (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Summary of Cash Flows from Operating Activities | The following table provides a detail of cash flows from operating activities (in thousands): Six Months Ended December 31, 2016 2017 Cash flows from operating activities Net income $ 626 $ 2,130 Adjustments to reconcile net income (loss) to cash flows from operating activities: Gain on sales and disposals of property, plant and equipment (61) (5) Gain on sales of lease fleet (428) (3,746) Unrealized foreign exchange loss 545 1,332 Unrealized gain on forward exchange contracts (435) (392) Change in valuation of bifurcated derivative in Convertible Note — 1,717 Depreciation and amortization 19,787 19,992 Amortization of deferred financing costs 700 1,302 Accretion of interest 135 344 Share-based compensation expense 191 2,097 Deferred income taxes (482) (1,402) Changes in operating assets and liabilities (excluding assets and liabilities from acquisitions): Trade and other receivables, net (7,034) (10,424) Inventories 2,829 (2,731) Prepaid expenses and other (2) 562 Trade payables, accrued liabilities and unearned revenues (4,243) 3,038 Income taxes (1,217) 801 Net cash provided by operating activities $ 10,911 $ 14,615 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2017 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Pacific Consolidated Revenues: Sales $ 13,510 $ - $ 13,510 $ 3,505 $ (1,425 ) $ 15,590 $ 22,555 $ 38,145 Leasing 28,308 9,559 37,867 - (277 ) 37,590 16,395 53,985 $ 41,818 $ 9,559 $ 51,377 $ 3,505 $ (1,702 ) $ 53,180 $ 38,950 $ 92,130 Share-based compensation $ 77 $ 10 $ 87 $ 13 $ 339 $ 439 $ - $ 439 Depreciation and amortization $ 3,485 $ 2,293 $ 5,778 $ 137 $ (183 ) $ 5,732 $ 3,936 $ 9,668 Operating income $ 8,151 $ 1,942 $ 10,093 $ (77 ) $ (1,208 ) $ 8,808 $ 6,251 $ 15,059 Interest income $ - $ - $ - $ - $ 1 $ 1 $ 22 $ 23 Interest expense $ 2,188 $ 472 $ 2,660 $ 94 $ 1,700 $ 4,454 $ 4,993 $ 9,447 Six Months Ended December 31, 2017 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 25,338 $ - $ 25,338 $ 6,584 $ (2,601 ) $ 29,321 $ 36,109 $ 65,430 Leasing 54,347 17,908 72,255 - (493 ) 71,762 31,855 103,617 $ 79,685 $ 17,908 $ 97,593 $ 6,584 $ (3,094 ) $ 101,083 $ 67,964 $ 169,047 Share-based compensation $ 173 $ 20 $ 193 $ 26 $ 671 $ 890 $ 1,207 $ 2,097 Depreciation and amortization $ 6,996 $ 4,531 $ 11,527 $ 335 $ (365 ) $ 11,497 $ 8,495 $ 19,992 Operating income $ 14,016 $ 2,640 $ 16,656 $ (663 ) $ (2,341 ) $ 13,652 $ 7,054 $ 20,706 Interest income $ - $ - $ - $ - $ 6 $ 6 $ 32 $ 38 Interest expense $ 4,251 $ 920 $ 5,171 $ 200 $ 3,893 $ 9,264 $ 6,005 $ 15,269 Additions to long-lived assets $ 17,041 $ 2,439 $ 19,480 $ - $ (181 ) $ 19,299 $ 8,557 $ 27,856 At December 31, 2017 Long-lived assets $ 257,757 $ 51,853 $ 309,610 $ 2,192 $ (10,325 ) $ 301,477 $ 158,424 $ 459,901 Goodwill $ 60,268 $ 20,782 $ 81,050 $ - $ - $ 81,050 $ 28,939 $ 109,989 At June 30, 2017 Long-lived assets $ 244,973 $ 52,158 $ 297,131 $ 2,526 $ (10,521 ) $ 289,136 $ 161,527 $ 450,663 Goodwill $ 55,882 $ 20,782 $ 76,664 $ - $ - $ 76,664 $ 28,465 $ 105,129 Quarter Ended December 31, 2016 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Pacific Leasing Consolidated Revenues: Sales $ 11,781 $ - $ 11,781 $ 1,933 $ (270 ) $ 13,444 $ 13,606 $ 27,050 Leasing 24,757 4,176 28,933 - (43 ) 28,890 16,387 45,277 $ 36,538 $ 4,176 $ 40,714 $ 1,933 $ (313 ) $ 42,334 $ 29,993 $ 72,327 Share-based compensation $ 72 $ 10 $ 82 $ 22 $ 298 $ 402 $ 194 $ 596 Depreciation and amortization $ 3,429 $ 2,422 $ 5,851 $ 198 $ (181 ) $ 5,868 $ 4,218 $ 10,086 Operating income $ 6,195 $ (1,231) $ 4,964 $ (733 ) $ (1,090 ) $ 3,141 $ 3,956 $ 7,097 Interest income $ - $ - $ - $ - $ 1 $ 1 $ 12 $ 13 Interest expense $ 1,726 $ 294 $ 2,020 $ 94 $ 1,819 $ 3,933 $ 1,083 $ 5,016 Six Months Ended December 31, 2016 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 22,211 $ - $ 22,211 $ 3,584 $ (827 ) $ 24,968 $ 23,548 $ 48,516 Leasing 48,106 7,996 56,102 - (96 ) 56,006 30,603 86,609 $ 70,317 $ 7,996 $ 78,313 $ 3,584 $ (923) $ 80,974 $54,151 $ 135,125 Share-based compensation $ 147 $ 20 $ 167 $ 44 $ 502 $ 713 $ (522) $ 191 Depreciation and amortization $ 6,885 $ 4,847 $ 11,732 $ 396 $ (367 ) $ 11,761 $ 8,026 $ 19,787 Operating income $ 10,247 $ (2,677 ) $ 7,570 $ (1,351 ) $ (2,278 ) $ 3,941 $ 6,819 $ 10,760 Interest income $ - $ - $ - $ - $ 9 $ 9 $ 27 $ 36 Interest expense $ 3,370 $ 575 $ 3,945 $ 175 $ 3,628 $ 7,748 $ 2,099 $ 9,847 Additions to long- lived assets $ 14,475 $ 47 $ 14,522 $ - $ (150 ) $ 14,372 $ 13,412 $ 27,784 |
Organization and Business Ope30
Organization and Business Operations - Additional Information (Detail) | 6 Months Ended |
Dec. 31, 2017Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of distinct business units | 3 |
Number of geographic units | 2 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Accounting Policies [Abstract] | ||
Finished goods | $ 27,405 | $ 25,564 |
Work in progress | 3,224 | 1,844 |
Raw materials | 2,172 | 2,240 |
Total | $ 32,801 | $ 29,648 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 60,984 | $ 57,640 |
Less accumulated depreciation and amortization | (37,668) | (34,252) |
Property, plant and equipment, net | 23,316 | 23,388 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,168 | 2,168 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,890 | 4,890 |
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 | $ 42,749 | 39,899 |
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 | $ 11,177 | $ 10,683 |
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 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2017USD ($)Lease | Dec. 31, 2016USD ($) | Jun. 30, 2019 | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($)shares | Jul. 01, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||
Gross costs of the lease fleet | $ 554,706,000 | $ 554,706,000 | $ 534,197,000 | |||||
Fair value of the reporting unit | 50.00% | |||||||
Potential common stock equivalents excluded from computation of diluted earnings per share | shares | 4,415,574 | 1,460,862 | 1,460,862 | |||||
Recognized income tax, net of federal benefit | $ 6,500,000 | |||||||
Estimated transition tax and valuation allowance offsets estimated tax benefit | $ 5,200,000 | 5,200,000 | ||||||
Deferred tax assets liabilities other adjustments | 550,000 | $ 550,000 | ||||||
Number of Real Estate Leases | Lease | 100 | |||||||
Lease fleet, net | 436,585,000 | $ 436,585,000 | $ 427,275,000 | |||||
Income tax expense (benefit) | $ 809,000 | $ 913,000 | $ 291,000 | $ 417,000 | ||||
Scenario, Forecast [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Potential common stock equivalents excluded from computation of diluted earnings per share | shares | 4,417,256 | |||||||
Deferred Tax Asset, Temporary Differences Roll-off [Member] | Scenario, Forecast [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Corporate tax rate | 28.00% | |||||||
Deferred Tax Asset, Temporary Differences And NOL Carryforwards Remain [Member] | Scenario, Forecast [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Corporate tax rate | 21.00% | |||||||
Minimum [Member] | Scenario, Forecast [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Corporate tax rate | 21.00% | |||||||
Maximum [Member] | Scenario, Forecast [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Corporate tax rate | 35.00% | |||||||
Accounting Standards Update 2016-02 [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Lease fleet, net | $ 34,000,000 | |||||||
Operating lease, liability | 35,000,000 | |||||||
Accounting Standards Update 2016-02 [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Lease fleet, net | 37,000,000 | |||||||
Operating lease, liability | $ 39,000,000 | |||||||
Accounting Standards Update 2016-09 [Member] | Scenario, Forecast [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Unrecognized tax benefits | $ 89,000 | |||||||
Income tax expense (benefit) | $ 202,000 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Schedule of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 72,188 | $ 71,616 |
Accumulated Amortization | (45,394) | (42,847) |
Net Carrying Amount | 26,794 | 28,769 |
Trademark and Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,486 | 5,486 |
Accumulated Amortization | (453) | (453) |
Net Carrying Amount | 5,033 | 5,033 |
Customer Base and Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 48,943 | 47,647 |
Accumulated Amortization | (33,227) | (31,223) |
Net Carrying Amount | 15,716 | 16,424 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 9,833 | 9,622 |
Accumulated Amortization | (7,352) | (6,678) |
Net Carrying Amount | 2,481 | 2,944 |
Deferred Financing Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,522 | 4,855 |
Accumulated Amortization | (1,688) | (2,250) |
Net Carrying Amount | 1,834 | 2,605 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,404 | 4,006 |
Accumulated Amortization | (2,674) | (2,243) |
Net Carrying Amount | $ 1,730 | $ 1,763 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Outstanding (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||||
Basic | 26,636,594 | 26,300,061 | 26,624,141 | 26,259,433 |
Assumed exercise of stock options | 674,807 | 673,125 | ||
Assumed conversion of convertible debt | 0 | 0 | 0 | 0 |
Diluted | 27,311,401 | 26,300,061 | 27,297,266 | 26,259,433 |
Equity Transactions - Additiona
Equity Transactions - Additional Information (Detail) | Dec. 31, 2017USD ($)$ / sharesshares | Aug. 02, 2017AUD / shares | Jul. 12, 2017AUD / shares | Dec. 31, 2017USD ($)$ / sharesshares | Jun. 30, 2017USD ($)$ / sharesshares | Aug. 10, 2016AUD / shares |
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 | $ | $ 40,722,000 | $ 40,722,000 | $ 40,722,000 | |||
Royal Wolf Holdings [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Dividend declared | AUD / shares | AUD 0.025 | |||||
Royal Wolf Holdings [Member] | Special Dividend [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Dividend declared | AUD / shares | AUD 0.0265 | AUD 0.0265 | ||||
Dividend payable record date | Jul. 18, 2017 | |||||
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 | $ | $ 102,000 | $ 102,000 | $ 102,000 | |||
Cumulative Preferred Stock, dividend percentage | 8.00% | |||||
Preferred stock, voting rights | No voting rights | |||||
Dividend on Preferred Stock | $ | $ 89,000 | |||||
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 | $ | $ 40,620,000 | $ 40,620,000 | $ 40,620,000 | |||
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 | $ | $ 16,280,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | Oct. 31, 2017shares | Sep. 29, 2017shares | Sep. 08, 2017shares | Aug. 02, 2017AUD / shares | Jul. 12, 2017USD ($)shares | Jul. 12, 2017AUDAUD / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2018USD ($) | Sep. 19, 2017shares | Jul. 12, 2017AUDAUD / sharesshares |
Business Acquisition [Line Items] | |||||||||||||
Proceed from financing from bison capital | $ 80,000,000 | ||||||||||||
Repayments of debt | 10,000,000 | ||||||||||||
Income tax expense (benefit) | $ 809,000 | $ 913,000 | $ 291,000 | $ 417,000 | |||||||||
Royal Wolf Holdings [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Ordinary common shares | shares | 49,200,000 | 49,200,000 | |||||||||||
Common per share | AUD / shares | AUD 1.83 | ||||||||||||
Purchase price consideration | $ 70,401,000 | AUD 88,712,000 | |||||||||||
Purchase Price Consideration Per Share | AUD / shares | AUD 1.8035 | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 99.00% | ||||||||||||
Shares previously owned | shares | 51,200,000 | ||||||||||||
Shares accepting take over bid | shares | 48,100,000 | ||||||||||||
Shares paid under business acquisition | shares | 1,100,000 | 48,100,000 | |||||||||||
Royal Wolf Holdings [Member] | Bison Capital Notes [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Ordinary common shares | shares | 49,188,526 | ||||||||||||
Proceed from financing from bison capital | 80,000,000 | ||||||||||||
Royal Wolf Holdings [Member] | Bison Capital Notes [Member] | Credit Suisse [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Repayments of debt | 10,000,000 | ||||||||||||
Royal Wolf Holdings [Member] | Senior Secured Revolving Credit Facility [Member] | North America [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition | $ 1,997,000 | AUD 2,516,000 | |||||||||||
Royal Wolf Holdings [Member] | Special Dividend [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Dividend declared per share | AUD / shares | AUD 0.0265 | AUD 0.0265 | |||||||||||
Royal Wolf Holdings [Member] | Scenario, Forecast [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition | $ 2,312,000 | ||||||||||||
Business Combination consideration | 70,402,000 | ||||||||||||
Income tax expense (benefit) | $ 537,000 |
Acquisitions - Additional Inf38
Acquisitions - Additional Information - 2018 Acquisitions (Detail) - USD ($) | Dec. 01, 2017 | Sep. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2018 | Jun. 30, 2017 |
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, gross | $ 73,251,000 | |||||||
Business acquisition cost holdback and other adjustment | $ 612,000 | $ 376,000 | ||||||
Transaction costs | $ 53,000 | $ 20,000 | $ 37,000 | |||||
Advantage Storage Trailer Llc and Big Star Container Llc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, gross | $ 1,576,000 | |||||||
Business acquisition cost holdback and other adjustment | $ 155,000 | |||||||
Gauthier Homes, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, gross | $ 10,371,000 | |||||||
Business acquisition cost holdback and other adjustment | $ 457,000 | |||||||
Scenario, Forecast [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Transaction costs | $ 64,000 |
Acquisitions - Fair Market Valu
Acquisitions - Fair Market Values of Tangible and Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 01, 2017 | Sep. 01, 2017 | Jun. 30, 2017 |
Fair value of intangible assets acquired: | ||||
Goodwill | $ 109,989 | $ 105,129 | ||
Advantage Storage Trailer Llc and Big Star Container Llc [Member] | ||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||
Inventories | $ 234 | |||
Property, plant and equipment | 55 | |||
Lease fleet | 558 | |||
Unearned revenue and advance payments | (25) | |||
Total net tangible assets acquired and liabilities assumed | 822 | |||
Fair value of intangible assets acquired: | ||||
Goodwill | 601 | |||
Total intangible assets acquired | 754 | |||
Total purchase consideration | 1,576 | |||
Advantage Storage Trailer Llc and Big Star Container Llc [Member] | Non-Compete Agreements [Member] | ||||
Fair value of intangible assets acquired: | ||||
Total intangible assets acquired | 56 | |||
Advantage Storage Trailer Llc and Big Star Container Llc [Member] | Customer Lists/Relationships [Member] | ||||
Fair value of intangible assets acquired: | ||||
Total intangible assets acquired | $ 97 | |||
Gauthier Homes, Inc. [Member] | ||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||
Trade and other receivables | $ 390 | |||
Inventories | 444 | |||
Property, plant and equipment | 339 | |||
Lease fleet | 4,216 | |||
Unearned revenue and advance payments | (237) | |||
Total net tangible assets acquired and liabilities assumed | 5,152 | |||
Fair value of intangible assets acquired: | ||||
Goodwill | 3,741 | |||
Total intangible assets acquired | 5,219 | |||
Total purchase consideration | 10,371 | |||
Gauthier Homes, Inc. [Member] | Non-Compete Agreements [Member] | ||||
Fair value of intangible assets acquired: | ||||
Total intangible assets acquired | 143 | |||
Gauthier Homes, Inc. [Member] | Customer Lists/Relationships [Member] | ||||
Fair value of intangible assets acquired: | ||||
Total intangible assets acquired | 1,085 | |||
Gauthier Homes, Inc. [Member] | Other [Member] | ||||
Fair value of intangible assets acquired: | ||||
Other | $ 250 |
Senior and Other Debt - ANZ_CBA
Senior and Other Debt - ANZ/CBA Credit Facility and North America Leasing Senior Credit Facility - Additional Information (Detail) | Oct. 01, 2018USD ($) | Oct. 26, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017AUD | Dec. 31, 2017AUD | Oct. 26, 2017AUD |
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; and (b) $6,300,000 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. | 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; and (b) $6,300,000 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. | ||||
Wells Fargo Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Payment of intercompany dividends from Pac-Van and Lone Star | $ 5,000,000 | |||||
Syndicated Facility Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Expiration Period | 3 years | |||||
Pac-Van [Member] | Wells Fargo Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings under credit facility | 195,030,000 | |||||
Availability under ANZ credit facility | $ 33,970,000 | |||||
Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Fixed charge coverage ratio | 1.25 | 1.25 | ||||
Series C Preferred Stock [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Payment of intercompany dividends from Pac-Van and Lone Star | $ 5,000,000 | |||||
North America [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility maximum borrowing capacity | $ 237,000,000 | |||||
North America [Member] | Wells Fargo Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility maturity date | Mar. 24, 2022 | Mar. 24, 2022 | ||||
Debt instrument maturity date | Jul. 31, 2021 | Jul. 31, 2021 | ||||
North America [Member] | Great American Capital Partners [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility maximum borrowing capacity | $ 20,000,000 | |||||
Interest payment terms | The FILO Term Loan has a prepayment fee of 3.00% of the prepaid amount if prepaid prior to the first anniversary, 2.00% of the prepaid amount if prepaid prior to the second anniversary and 1.00% of the prepaid amount if prepaid prior to the third anniversary | The FILO Term Loan has a prepayment fee of 3.00% of the prepaid amount if prepaid prior to the first anniversary, 2.00% of the prepaid amount if prepaid prior to the second anniversary and 1.00% of the prepaid amount if prepaid prior to the third anniversary | ||||
North America [Member] | Scenario, Forecast [Member] | Wells Fargo Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Frequency of interest payments | Quarterly | |||||
North America [Member] | Scenario, Forecast [Member] | Great American Capital Partners [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Principal amortization of debt amount | $ 500,000 | |||||
North America [Member] | Minimum [Member] | Wells Fargo Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument extended maturity period | 90 days | 90 days | ||||
North America [Member] | Prepayment Prior to First Anniversary [Member] | Great American Capital Partners [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Prepayment fee percentage | 3.00% | 3.00% | ||||
North America [Member] | Prepayment Prior to Second Anniversary [Member] | Great American Capital Partners [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Prepayment fee percentage | 2.00% | 2.00% | ||||
North America [Member] | Prepayment Prior to Third Anniversary [Member] | Great American Capital Partners [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Prepayment fee percentage | 1.00% | 1.00% | ||||
Unsecured senior notes [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Payment of intercompany dividends from Pac-Van and Lone Star | $ 6,300,000 | |||||
Base Rate [Member] | Wells Fargo Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 0.50% | 0.50% | ||||
Base Rate [Member] | Minimum [Member] | Wells Fargo Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 1.00% | 1.00% | ||||
Base Rate [Member] | Maximum [Member] | Wells Fargo Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 1.50% | 1.50% | ||||
Base Rate [Member] | First In Last Out Term Loan [Member] | Wells Fargo Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 11.00% | 11.00% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Wells Fargo Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 1.00% | 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% | 2.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Wells Fargo Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 3.00% | 3.00% | ||||
London Interbank Offered Rate (LIBOR) [Member] | First In Last Out Term Loan [Member] | Wells Fargo Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 1.00% | 1.00% | ||||
ANZ/CBA Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Foreign currency exchange rate, translation | 0.780683 | 0.780683 | ||||
ANZ/CBA Credit Facility [Member] | Asia-Pacific [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility maximum borrowing capacity | AUD | AUD 150,000,000 | |||||
Deutsche Bank Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit,Interest rate | 5.00% | 5.00% | ||||
Line of credit facility maturity date | Nov. 3, 2020 | Nov. 3, 2020 | ||||
Deferred financing cost | $ 2,404,000 | |||||
Deutsche Bank Credit Facility [Member] | Syndicated Facility Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings under credit facility | $ 97,586,000 | $ 83,063,000 | 106,398,000 | AUD 125,000,000 | ||
Deutsche Bank Credit Facility [Member] | Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 4.25% | 4.25% | ||||
Deutsche Bank Credit Facility [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 5.50% | 5.50% | ||||
Debt instrument, fee | $ 878,000 | AUD 1,125,000 | ||||
Deutsche Bank Credit Facility A [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings under credit facility | $ 15,614,000 | 20,000,000 | ||||
Line Of Credit Facility Amortization Description | Semi-annually | Semi-annually | ||||
Deutsche Bank Credit Facility B [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings under credit facility | $ 66,358,000 | 85,000,000 | ||||
Deutsche Bank Credit Facility C [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings under credit facility | 12,234,000 | 15,671,000 | ||||
Deutsche Bank Credit Facility C [Member] | Working Capital [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings under credit facility | $ 15,614,000 | AUD 20,000,000 |
Senior and Other Debt - Bison C
Senior and Other Debt - Bison Capital Notes and Credit Suisse Term Loan - Additional Information (Detail) | Apr. 03, 2014USD ($) | Dec. 31, 2017USD ($)dDays$ / sharesshares | Dec. 31, 2017AUDdDaysshares | Jun. 30, 2017USD ($) | Sep. 25, 2017USD ($) | Sep. 19, 2017USD ($)shares | Jul. 12, 2017shares |
Line of Credit Facility [Line Items] | |||||||
Long-term Debt | $ 440,071,000 | $ 355,638,000 | |||||
Debt instrument, convertible, terms of conversion feature | In the event that Bison Capital or holders of the Convertible Note receive aggregate proceeds in excess of $48,900,000 from the sale of GFN common stock received from conversion of the Convertible Note, then 50% of the interest accrued and actually paid to Bison Capital (such amount, the “Price Increase”) shall be repaid by Bison Capital or holders of the Convertible Note by either (i) paying such Price Increase to GFNAPH or GFNAPF in the form of cash, (ii) returning to GFN shares of GFN Common Stock with a value equal to the Price Increase or (iii) any combination of (i) or (ii) above that if the aggregate equals the Price Increase. | In the event that Bison Capital or holders of the Convertible Note receive aggregate proceeds in excess of $48,900,000 from the sale of GFN common stock received from conversion of the Convertible Note, then 50% of the interest accrued and actually paid to Bison Capital (such amount, the “Price Increase”) shall be repaid by Bison Capital or holders of the Convertible Note by either (i) paying such Price Increase to GFNAPH or GFNAPF in the form of cash, (ii) returning to GFN shares of GFN Common Stock with a value equal to the Price Increase or (iii) any combination of (i) or (ii) above that if the aggregate equals the Price Increase. | |||||
Fair value of embedded derivative | $ 3,581,000 | ||||||
Royal Wolf Holdings [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Business acquisition, shares to be acquired | shares | 49,200,000 | ||||||
Senior Secured Convertible Promissory Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate of senior notes | 11.90% | ||||||
Aggregate principal amount of senior notes issued | 26,000,000 | $ 24,136,000 | $ 26,000,000 | ||||
Fair value of embedded derivative | $ 3,581,000 | $ 1,864,000 | |||||
Senior Secured Convertible Promissory Notes [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, convertible, conversion ratio | 1.75 | 1.75 | |||||
Senior Secured Convertible Promissory Notes [Member] | Debt Instrument Minimum Rate of Return [Member] | Annually [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Accretion Expense | $ 806,000 | ||||||
Senior Secured Convertible Promissory Notes [Member] | Debt Instrument Minimum Rate of Return [Member] | Quarterly [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Accretion Expense | $ 201,500 | ||||||
Senior Secured Promissory Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate of senior notes | 11.90% | ||||||
Aggregate principal amount of senior notes issued | $ 54,000,000 | ||||||
Bison Capital Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, maturity period | 5 years | 5 years | |||||
Minimum EBITDA requirement | AUD | AUD 30,000,000 | ||||||
Long-term Debt | $ 77,201,000 | ||||||
Deferred financing costs | $ 1,137,000 | ||||||
Debt Instrument, convertible, stock price trigger | $ / shares | $ 8.50 | ||||||
Debt instrument, convertible, threshold percentage of stock price trigger | 150.00% | 150.00% | |||||
Debt instrument, convertible, threshold consecutive trading days | Days | 30 | 30 | |||||
Bison Capital Notes [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Prepayment as Percentage of outstanding principal balance plus accrued and unpaid interest | 102.00% | 102.00% | |||||
Bison Capital Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Prepayment as Percentage of outstanding principal balance plus accrued and unpaid interest | 101.00% | 101.00% | |||||
Bison Capital Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Prepayment as Percentage of outstanding principal balance plus accrued and unpaid interest | 0.00% | 0.00% | |||||
Bison Capital Notes [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, convertible, maximum number of shares owned for conversion not to be obligatory | shares | 5,200,000 | 5,200,000 | |||||
Debt instrument, convertible, maximum percentage of shares owned for conversion not to be obligatory | 19.50% | 19.50% | |||||
Bison Capital Notes [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Proceeds from convertible debt | $ 48,900,000 | ||||||
Bison Capital Notes [Member] | Royal Wolf Holdings [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Business acquisition, shares to be acquired | shares | 49,188,526 | ||||||
Bison Capital Notes [Member] | NASDAQ CAPITAL MARKET [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, convertible, threshold consecutive trading days | d | 20 | 20 | |||||
Debt instrument, convertible, converted value in excess of principal | $ 600,000 | ||||||
Credit Suisse [Member] | |||||||
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. | 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 | 9,920,000 | ||||||
Line of credit facility maturity date | Jul. 1, 2018 | Jul. 1, 2018 | |||||
Unamortized debt issuance costs | $ 80,000 | ||||||
Credit Suisse [Member] | 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) | Oct. 01, 2018 | Apr. 24, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016 | Dec. 31, 2017USD ($) | Jun. 30, 2018 | Jun. 30, 2017USD ($) | Jun. 18, 2014USD ($) |
Line of Credit Facility [Line Items] | ||||||||
Other debt | $ 9,207,000 | $ 9,207,000 | ||||||
Pac Van and Lone Star Leasing [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Intercompany dividends percentage on senior notes gross proceeds | 80.00% | |||||||
Wells Fargo Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Repayment of indebtedness | $ 4,303,376 | |||||||
Wells Fargo Credit Facility [Member] | North America [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument maturity date | Jul. 31, 2021 | |||||||
Wells Fargo Credit Facility [Member] | Scenario, Forecast [Member] | North America [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Frequency of interest payments | Quarterly | |||||||
Other [Member] | Asia-Pacific [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Weighted-average interest rate | 10.00% | 4.90% | 4.90% | |||||
Other [Member] | North America [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Weighted-average interest rate | 5.90% | 5.00% | 5.00% | |||||
Other [Member] | Scenario, Forecast [Member] | Asia-Pacific [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Weighted-average interest rate | 7.40% | |||||||
Other [Member] | Scenario, Forecast [Member] | North America [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Weighted-average interest rate | 6.00% | |||||||
Senior Notes 8.125% [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Terms of principal amount redemption | The Company had an option, prior to July 31, 2017, to 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 have redeemed 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 principal amount of senior notes issued | 5,390,000 | $ 77,390,000 | $ 72,000,000 | |||||
Notes issued denominations and multiples of denominations | $ 25 | |||||||
Notes issued denominations | 24.95 | |||||||
Aggregate principal amount of senior notes issued, net of unamortized debt issuance costs | $ 75,570,000 | $ 75,570,000 | 75,319,000 | |||||
Unamortized debt issuance costs | $ 1,820,000 | $ 1,820,000 | $ 2,071,000 | |||||
Proceeds from issuance of unsecured senior notes net off underwriting discounts and offering costs | 5,190,947 | |||||||
Debt instrument, aggregate original issue discount | 10,780 | |||||||
Underwriting discount | $ 188,273 | |||||||
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 | Dec. 31, 2017 | Jun. 30, 2017 |
Swap Contracts [Member] | Trade Payables and Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | $ 96 | |
Forward-Exchange Contracts [Member] | Trade Payables and Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | $ 11 | $ 299 |
Forward-Exchange Contracts [Member] | Trade and Other Receivables [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | $ 13 |
Financial Instruments - Deriv44
Financial Instruments - Derivative Instruments at Fair Value, Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Swap Contracts [Member] | Unrealized gain (loss) included in interest expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) in Income | $ (3) | |||
Forward-Exchange Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) in Income | $ 392 | $ 435 | ||
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 | $ 182 | $ 354 | $ 392 | $ 435 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($)Contract | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)Contract | Dec. 31, 2016USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($)Contract | |
Derivative [Line Items] | ||||||
Unrealized foreign exchange gains (losses) | $ (348,000) | $ (392,000) | $ (1,332,000) | $ (545,000) | $ (545,000) | |
Realized foreign exchange gains (losses) | $ 24,000 | $ 134,000 | $ 117,000 | |||
Scenario, Forecast [Member] | ||||||
Derivative [Line Items] | ||||||
Unrealized foreign exchange gains (losses) | $ (1,332,000) | |||||
Realized foreign exchange gains (losses) | (406,000) | |||||
Interest rate swap contract [Member] | ||||||
Derivative [Line Items] | ||||||
Number of derivative contract | Contract | 2 | |||||
Forward-Exchange [Member] | ||||||
Derivative [Line Items] | ||||||
Number of derivative contract | Contract | 19 | 19 | 16 | |||
Forward-Exchange [Member] | Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative maturity date | 2018-01 | 2017-07 | ||||
Forward-Exchange [Member] | Maximum [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative maturity date | 2018-04 | 2017-12 | ||||
Unrealized gain (loss) included in interest expense [Member] | Interest rate swap contract [Member] | ||||||
Derivative [Line Items] | ||||||
Gain on portion of cash flow hedge | $ 0 | |||||
Unrealized gain (loss) included in interest expense [Member] | Interest rate swap contract [Member] | Scenario, Forecast [Member] | ||||||
Derivative [Line Items] | ||||||
Debt break cost incurred | $ 148,000 | |||||
Senior credit facilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Derivative [Line Items] | ||||||
Fair value of borrowings | $ 347,236,000 | $ 347,236,000 | 347,236,000 | |||
Other debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Derivative [Line Items] | ||||||
Fair value of borrowings | $ 8,402,000 | $ 8,402,000 | $ 8,402,000 |
Financial Instruments - Open In
Financial Instruments - Open Interest Rate Swap Contract (Detail) - Interest rate swap contract [Member] | Jun. 30, 2017USD ($) |
Derivatives, Fair Value [Line Items] | |
Notional amounts | $ 30,748,000 |
Floating Rates | 1.665% |
Fair Value of Combined Contracts | $ (96,000) |
Minimum [Member] | |
Derivatives, Fair Value [Line Items] | |
Fixed/Strike Rates | 2.0025% |
Maximum [Member] | |
Derivatives, Fair Value [Line Items] | |
Fixed/Strike Rates | 2.29% |
Financial Instruments - Open Fo
Financial Instruments - Open Forward Exchange and Participating Forward Contracts (Detail) - Forward-Exchange [Member] | Dec. 31, 2017USD ($)AUD / $ | Jun. 30, 2017USD ($)AUD / $ |
Derivatives, Fair Value [Line Items] | ||
Notional amounts | $ | $ 3,898,000 | $ 7,687,000 |
Fair Value of Combined Contracts | $ | $ 2,000 | $ (299,000) |
Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exchange/Strike Rates (AUD to USD) | AUD / $ | 0.68667 | 0.69304 |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exchange/Strike Rates (AUD to USD) | AUD / $ | 0.80335 | 0.75650 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017ft² | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Affiliate of Chief Executive Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Rental payment | $ 7,393 | $ 29,000 | $ 28,000 | $ 56,000 | ||
Office space | ft² | 3,000 | |||||
Term of lease | 5 years | |||||
Renewal options of lease | 5 years | |||||
Affiliate of Chief Executive Officer [Member] | Scenario, Forecast [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Rental payment | $ 56,000 | |||||
Pac Van Las Vegas [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Rental payment | 10,876 | $ 33,000 | $ 30,000 | $ 59,000 | ||
Renewal options of lease | 2 years | |||||
Lease expiration date | Dec. 31, 2020 | |||||
Pac Van Las Vegas [Member] | Scenario, Forecast [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Rental payment | $ 65,000 | |||||
Pac Van Las Vegas [Member] | Minimum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Rental payment | 11,420 | |||||
Pac Van Las Vegas [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Rental payment | $ 12,590 |
Equity Plans - Additional Infor
Equity Plans - Additional Information (Detail) $ / shares in Units, AUD in Thousands | Dec. 15, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)shares | Sep. 30, 2017AUDshares | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($)shares | Dec. 07, 2017shares | Sep. 11, 2014shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of performance rights granted | 35,430 | ||||||||||
Shares available for grant | 225,000 | ||||||||||
Stock options granted exercise price | $ / shares | $ 6.25 | ||||||||||
Outstanding stock options | 2,031,557 | 2,031,557 | 2,061,057 | ||||||||
Market price of common stock | $ / shares | $ 6.80 | $ 6.80 | |||||||||
Intrinsic value of the outstanding stock options | $ | $ 4,690,000 | $ 4,690,000 | |||||||||
Minimum percentage of outstanding shares in capital stock | 50.00% | ||||||||||
Share-based compensation expense | $ | $ 439,000 | $ 596,000 | $ 2,097,000 | $ 191,000 | |||||||
Time-based options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Outstanding stock options | 1,330,347 | 1,330,347 | |||||||||
Performance-based options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Outstanding stock options | 701,210 | 701,210 | |||||||||
Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Maximum outstanding capital stock | 1.00% | ||||||||||
December 2017 Grant [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 36 months | ||||||||||
Shares available for grant | 225,000 | ||||||||||
Stock options granted exercise price | $ / shares | $ 6.25 | ||||||||||
Weighted average fair value of the options outstanding | $ / shares | $ 3.45 | ||||||||||
Risk-free interest rate | 2.26% | ||||||||||
Expected life (in years) | 7 years 6 months | ||||||||||
Expected volatility | 50.50% | ||||||||||
Expected dividend | $ | $ 0 | ||||||||||
Predecessor Plans [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of option granted | 2,500,000 | ||||||||||
2014 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of option granted | 1,500,000 | 1,500,000 | |||||||||
Stock option plan expiration date | Dec. 4, 2024 | ||||||||||
Number of shares reserved for issuance | 1,000,000 | ||||||||||
2014 Plan [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of option granted | 2,500,000 | ||||||||||
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 | $ | $ (522,000) | ||||||||||
Royal Wolf Long Term Incentive Plan [Member] | Scenario, Forecast [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation expense | $ | $ 1,207,000 | ||||||||||
Royal Wolf Long Term Incentive Plan [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 4 years | ||||||||||
2006 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock option plan expiration date | Jun. 30, 2016 | ||||||||||
Nonemployee Consultants [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Outstanding stock options | 0 | 0 | |||||||||
Non-qualified stock options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares available for grant | 1,296,764 | 1,296,764 | |||||||||
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 | 0 | ||||||||||
Stock Appreciation Rights [Member] | 2014 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of performance rights granted | 0 | ||||||||||
Performance rights [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of performance rights granted | 2,582,723 | 2,582,723 | |||||||||
Performance shares converted to capital stock | 677,953 | 677,953 | |||||||||
Performance rights [Member] | 2014 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of performance rights granted | 0 | ||||||||||
Performance rights [Member] | Royal Wolf Long Term Incentive Plan [Member] | Royal Wolf Holdings [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Long term incentive plan expiration month and year | 2017-09 | 2017-09 | |||||||||
Number of performance rights deemed vested | 582,370 | 582,370 | |||||||||
Payment of performance rights | $ 835,000 | AUD 1,066 | |||||||||
Stock options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 1 year 6 months | ||||||||||
Expected life (in years) | 7 years 6 months | ||||||||||
Expected dividend | $ | $ 0 | ||||||||||
Share-based compensation expense | $ | 7,691,000 | ||||||||||
Unrecognized compensation expense to be recorded on a straight-line basis | $ | $ 1,582,000 | $ 1,582,000 | |||||||||
Percentage of out-of-money stock options | 7.20% | 7.20% | |||||||||
Non-vested equity shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of performance rights granted | 35,430 | ||||||||||
Unrecognized compensation expense to be recorded on a straight-line basis | $ | $ 1,735,000 | $ 1,735,000 | |||||||||
Share-based compensation recognized in statements of operations | $ | $ 2,659,000 | ||||||||||
Number of performance rights deemed vested | 77,667 | ||||||||||
Non-vested equity shares [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Remaining vesting period | 2 years 6 months | ||||||||||
Non-vested equity shares [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Remaining vesting period | 9 months 14 days |
Equity Plans - Fair Value of St
Equity Plans - Fair Value of Stock Options Granted (Detail) - Stock options [Member] | 6 Months Ended |
Dec. 31, 2017USD ($)$ / 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 | $ 0.81 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of stock options | $ 6.35 |
Equity Plans - Stock Option Act
Equity Plans - Stock Option Activity and Related Information (Detail) | 6 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Number of Options (Shares) | |
Outstanding beginning balance | shares | 2,061,057 |
Granted | shares | 225,000 |
Exercised | shares | (22,500) |
Forfeited or expired | shares | (232,000) |
Outstanding ending balance | shares | 2,031,557 |
Vested and expected to vest | shares | 2,031,557 |
Exercisable | shares | 1,419,256 |
Weighted-Average Exercise Price | |
Outstanding beginning balance | $ / shares | $ 4.92 |
Granted | $ / shares | 6.25 |
Exercised | $ / shares | 1.53 |
Forfeited or expired | $ / shares | 9.03 |
Outstanding ending balance | $ / shares | 4.64 |
Vested and expected to vest | $ / shares | 4.64 |
Exercisable | $ / shares | $ 4.26 |
Weighted-Average Remaining Contractual Term (Years) | |
Outstanding | 5 years 6 months |
Vested and expected to vest | 5 years 6 months |
Exercisable | 4 years |
Equity Plans - Summary of Non-V
Equity Plans - Summary of Non-Vested Equity Share Activity (Detail) | 6 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted | 35,430 |
Non-vested equity shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested beginning balance | 480,310 |
Granted | 35,430 |
Vested | (77,667) |
Forfeited | 0 |
Non-vested ending balance | 438,073 |
Non-vested beginning balance | $ / shares | $ 4.54 |
Granted | $ / shares | 6.35 |
Vested | $ / shares | 4.16 |
Forfeited | $ / shares | 0 |
Non-vested ending balance | $ / shares | $ 4.76 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Feb. 01, 2017 | Dec. 31, 2017 | Jun. 30, 2017 |
Commitment And Contingencies [Line Items] | |||
Trade payables and accrued liabilities | $ 47,012,000 | $ 42,774,000 | |
Self Insured Liabilities [Member] | |||
Commitment And Contingencies [Line Items] | |||
Trade payables and accrued liabilities | $ 291,000 | $ 129,000 | |
Self Insured Liabilities [Member] | Maximum [Member] | |||
Commitment And Contingencies [Line Items] | |||
Insurance liabilities per policy period | $ 1,200,000 |
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 | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | |
Cash flows from operating activities | |||||
Net income | $ 2,974,000 | $ 1,370,000 | $ 2,130,000 | $ 626,000 | |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||||
Gain on sales and disposals of property, plant and equipment | (5,000) | (61,000) | |||
Gain on sales of lease fleet | (3,746,000) | (428,000) | |||
Unrealized foreign exchange loss | 348,000 | 392,000 | 1,332,000 | 545,000 | $ 545,000 |
Change in valuation of bifurcated derivative in Convertible Note | 1,717,000 | ||||
Depreciation and amortization | $ 9,668,000 | $ 10,086,000 | 19,992,000 | 19,787,000 | |
Amortization of deferred financing costs | 1,302,000 | 700,000 | |||
Accretion of interest | 344,000 | 135,000 | |||
Share-based compensation expense | 2,097,000 | 191,000 | |||
Deferred income taxes | (1,402,000) | (482,000) | |||
Changes in operating assets and liabilities (excluding assets and liabilities from acquisitions): | |||||
Trade and other receivables, net | (10,424,000) | (7,034,000) | |||
Inventories | (2,731,000) | 2,829,000 | |||
Prepaid expenses and other | 562,000 | (2,000) | |||
Trade payables, accrued liabilities and unearned revenues | 3,038,000 | (4,243,000) | |||
Income taxes | 801,000 | (1,217,000) | |||
Net cash provided by operating activities | 14,615,000 | 10,911,000 | |||
Forward-Exchange Contracts [Member] | |||||
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||||
Unrealized gain on forward exchange contracts | $ (392,000) | $ (435,000) |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)Segment | Dec. 31, 2016USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||||
Number of geographic units | Segment | 2 | |||||
Number of operating segments | Segment | 4 | |||||
Sales revenue | $ 38,145 | $ 27,050 | $ 65,430 | $ 48,516 | ||
North America [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales revenue | 15,590 | 13,444 | 29,321 | 24,968 | ||
North America [Member] | Corporate and Intercompany Adjustments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales revenue | $ (1,425) | $ (270) | $ (2,601) | $ (827) | $ (827) | |
North America [Member] | Corporate and Intercompany Adjustments [Member] | Scenario, Forecast [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales revenue | $ (2,601) |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | |
Revenues: | |||||
Sales | $ 38,145 | $ 27,050 | $ 65,430 | $ 48,516 | |
Leasing | 53,985 | 45,277 | 103,617 | 86,609 | |
Total revenues | 92,130 | 72,327 | 169,047 | 135,125 | |
Share-based compensation | 439 | 596 | 2,097 | 191 | |
Depreciation and amortization | 9,668 | 10,086 | 19,992 | 19,787 | |
Operating income | 15,059 | 7,097 | 20,706 | 10,760 | |
Interest income | 23 | 13 | 38 | 36 | |
Interest expense | 9,447 | 5,016 | 15,269 | 9,847 | |
Additions to long-lived assets | 27,856 | 27,784 | |||
Long-lived assets | 459,901 | 459,901 | $ 450,663 | ||
Goodwill | 109,989 | 109,989 | 105,129 | ||
North America [Member] | |||||
Revenues: | |||||
Sales | 15,590 | 13,444 | 29,321 | 24,968 | |
Leasing | 37,590 | 28,890 | 71,762 | 56,006 | |
Total revenues | 53,180 | 42,334 | 101,083 | 80,974 | |
Share-based compensation | 439 | 402 | 890 | 713 | |
Depreciation and amortization | 5,732 | 5,868 | 11,497 | 11,761 | |
Operating income | 8,808 | 3,141 | 13,652 | 3,941 | |
Interest income | 1 | 1 | 6 | 9 | |
Interest expense | 4,454 | 3,933 | 9,264 | 7,748 | |
Additions to long-lived assets | 19,299 | 14,372 | |||
Long-lived assets | 301,477 | 301,477 | 289,136 | ||
Goodwill | 81,050 | 81,050 | 76,664 | ||
North America [Member] | Corporate and Intercompany Adjustments [Member] | |||||
Revenues: | |||||
Sales | (1,425) | (270) | (2,601) | (827) | (827) |
Leasing | (277) | (43) | (493) | (96) | |
Total revenues | (1,702) | (313) | (3,094) | (923) | |
Share-based compensation | 339 | 298 | 671 | 502 | |
Depreciation and amortization | (183) | (181) | (365) | (367) | |
Operating income | (1,208) | (1,090) | (2,341) | (2,278) | |
Interest income | 1 | 1 | 6 | 9 | |
Interest expense | 1,700 | 1,819 | 3,893 | 3,628 | |
Additions to long-lived assets | (181) | (150) | |||
Long-lived assets | (10,325) | (10,325) | (10,521) | ||
North America [Member] | Pac-Van Leasing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 13,510 | 11,781 | 25,338 | 22,211 | |
Leasing | 28,308 | 24,757 | 54,347 | 48,106 | |
Total revenues | 41,818 | 36,538 | 79,685 | 70,317 | |
Share-based compensation | 77 | 72 | 173 | 147 | |
Depreciation and amortization | 3,485 | 3,429 | 6,996 | 6,885 | |
Operating income | 8,151 | 6,195 | 14,016 | 10,247 | |
Interest expense | 2,188 | 1,726 | 4,251 | 3,370 | |
Additions to long-lived assets | 17,041 | 14,475 | |||
Long-lived assets | 257,757 | 257,757 | 244,973 | ||
Goodwill | 60,268 | 60,268 | 55,882 | ||
North America [Member] | Lone Star Leasing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Leasing | 9,559 | 4,176 | 17,908 | 7,996 | |
Total revenues | 9,559 | 4,176 | 17,908 | 7,996 | |
Share-based compensation | 10 | 10 | 20 | 20 | |
Depreciation and amortization | 2,293 | 2,422 | 4,531 | 4,847 | |
Operating income | 1,942 | (1,231) | 2,640 | (2,677) | |
Interest expense | 472 | 294 | 920 | 575 | |
Additions to long-lived assets | 2,439 | 47 | |||
Long-lived assets | 51,853 | 51,853 | 52,158 | ||
Goodwill | 20,782 | 20,782 | 20,782 | ||
North America [Member] | Pac Van and Lone Star Leasing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 13,510 | 11,781 | 25,338 | 22,211 | |
Leasing | 37,867 | 28,933 | 72,255 | 56,102 | |
Total revenues | 51,377 | 40,714 | 97,593 | 78,313 | |
Share-based compensation | 87 | 82 | 193 | 167 | |
Depreciation and amortization | 5,778 | 5,851 | 11,527 | 11,732 | |
Operating income | 10,093 | 4,964 | 16,656 | 7,570 | |
Interest expense | 2,660 | 2,020 | 5,171 | 3,945 | |
Additions to long-lived assets | 19,480 | 14,522 | |||
Long-lived assets | 309,610 | 309,610 | 297,131 | ||
Goodwill | 81,050 | 81,050 | 76,664 | ||
North America [Member] | Manufacturing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 3,505 | 1,933 | 6,584 | 3,584 | |
Total revenues | 3,505 | 1,933 | 6,584 | 3,584 | |
Share-based compensation | 13 | 22 | 26 | 44 | |
Depreciation and amortization | 137 | 198 | 335 | 396 | |
Operating income | (77) | (733) | (663) | (1,351) | |
Interest expense | 94 | 94 | 200 | 175 | |
Long-lived assets | 2,192 | 2,192 | 2,526 | ||
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 22,555 | 13,606 | 36,109 | 23,548 | |
Leasing | 16,395 | 16,387 | 31,855 | 30,603 | |
Total revenues | 38,950 | 29,993 | 67,964 | 54,151 | |
Share-based compensation | 194 | 1,207 | (522) | ||
Depreciation and amortization | 3,936 | 4,218 | 8,495 | 8,026 | |
Operating income | 6,251 | 3,956 | 7,054 | 6,819 | |
Interest income | 22 | 12 | 32 | 27 | |
Interest expense | 4,993 | $ 1,083 | 6,005 | 2,099 | |
Additions to long-lived assets | 8,557 | $ 13,412 | |||
Long-lived assets | 158,424 | 158,424 | 161,527 | ||
Goodwill | $ 28,939 | $ 28,939 | $ 28,465 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Jan. 26, 2018 | Jan. 17, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||
Payments to acquire business, gross | $ 73,251,000 | |||
Business acquisition cost, holdback and other adjustment | $ 612,000 | $ 376,000 | ||
Subsequent Events [Member] | ||||
Subsequent Event [Line Items] | ||||
Business acquisition cost, holdback and other adjustment | $ 354,000 | |||
Subsequent Events [Member] | Lucky's Lease, Inc. [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments to acquire business, gross | $ 3,416,000 | |||
Subsequent Events [Member] | Series C Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividend, amount per share | $ 2.30 | |||
Dividend declared date | Jan. 17, 2018 | |||
Dividend payable date | Jan. 31, 2018 | |||
Dividend payable record date | Jan. 30, 2018 |