McGrath RentCorp (MGRC) 10-Q 27 Oct 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	MGRC
Security Exchange Name	NASDAQ
Entity Registrant Name	McGRATH RENTCORP
Entity Central Index Key	0000752714
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Entity File Number	000-13292
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	94-2579843
Entity Address, Address Line One	5700 Las Positas Road
Entity Address, City or Town	Livermore
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94551-7800
City Area Code	925
Local Phone Number	606-9200
Entity Common Stock, Shares Outstanding		24,382,445
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Rental	$ 118,361	$ 103,269	$ 333,226	$ 283,937
Rental related services	35,361	31,513	88,497	73,870
Rental operations	153,722	134,782	421,723	357,807
Revenues			101,217	83,115
Total revenues	200,536	173,292	522,940	440,922
Direct costs of rental operations:
Depreciation of rental equipment	24,176	23,802	72,114	68,216
Rental related services	25,971	24,356	64,967	56,236
Other	31,708	24,711	92,356	67,696
Total direct costs of rental operations	81,855	72,869	229,437	192,148
Costs of sales	29,241	24,618	59,737	50,021
Total costs of revenues	111,096	97,487	289,174	242,169
Gross profit	89,440	75,805	233,766	198,753
Selling and administrative expenses	44,095	39,907	124,010	109,305
Income from operations	45,345	35,898	109,756	89,448
Other expense:
Interest expense	(4,177)	(3,168)	(9,998)	(7,208)
Foreign currency exchange loss	(236)	(128)	(404)	(185)
Income before provision for income taxes	40,932	32,602	99,354	82,055
Provision for income taxes	10,365	9,350	23,857	20,797
Net income	$ 30,567	$ 23,252	$ 75,497	$ 61,258
Earnings per share:
Basic	$ 1.25	$ 0.96	$ 3.10	$ 2.53
Diluted	$ 1.25	$ 0.95	$ 3.08	$ 2.50
Shares used in per share calculation:
Basic	24,379	24,245	24,342	24,209
Diluted	24,504	24,507	24,516	24,506
Cash dividends declared per share	$ 0.455	$ 0.435	$ 1.365	$ 1.305
Sales [Member]
Revenues
Revenues	$ 45,391	$ 37,636	$ 97,738	$ 80,503
Other [Member]
Revenues
Revenues	$ 1,423	$ 874	$ 3,479	$ 2,612

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 30,567	$ 23,252	$ 75,497	$ 61,258
Other comprehensive income:
Foreign currency translation adjustment, net of tax impact	65	27	129	63
Comprehensive income	$ 30,632	$ 23,279	$ 75,626	$ 61,321

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash	$ 1,561	$ 1,491
Accounts receivable, net of allowance for credit losses of $2,125 in 2022 and 2021	189,959	159,499
Rental equipment, at cost:
Relocatable modular buildings	1,085,060	1,040,094
Electronic test equipment	396,068	361,391
Liquid and solid containment tanks and boxes	309,607	309,908
Rental equipment, gross	1,790,735	1,711,393
Less: accumulated depreciation	(690,913)	(646,169)
Rental equipment, net	1,099,822	1,065,224
Property, plant and equipment, net	139,203	135,325
Prepaid expenses and other assets	72,258	54,945
Intangible assets, net	42,607	47,049
Goodwill	132,305	132,393
Total assets	1,677,715	1,595,926
Liabilities:
Notes payable	419,464	426,451
Accounts payable and accrued liabilities	154,942	136,313
Deferred income	92,115	58,716
Deferred income taxes, net	238,126	242,425
Total liabilities	904,647	863,905
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,382 shares as of September 30, 2022 and 24,260 shares as of December 31, 2021	107,463	108,610
Retained earnings	665,530	623,465
Accumulated other comprehensive income (loss)	75	(54)
Total shareholders’ equity	773,068	732,021
Total liabilities and shareholders’ equity	$ 1,677,715	$ 1,595,926

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Allowance for credit losses	$ 2,125	$ 2,125
Common stock, par value
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,382,000	24,260,000
Common Stock, shares outstanding	24,382,000	24,260,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2020	$ 682,604	$ 106,289	$ 576,419	$ (104)
Balance, Shares at Dec. 31, 2020		24,128,000
Net income	17,398		17,398
Share-based compensation	1,777	$ 1,777
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		78,000
Taxes paid related to net share settlement of stock awards	(3,482)	$ (3,482)
Dividends accrued of $0.455, $0.455, $0.455, $0.435, $0.435 and $0.435 per share for three months ended March 31, 2022, June 30,2022, September 30, 2022 and three months ended March 31, 2021, June 30, 2021, September 30, 2021	(10,650)		(10,650)
Other comprehensive income (loss)	38			38
Balance at Mar. 31, 2021	687,685	$ 104,584	583,167	(66)
Balance, Shares at Mar. 31, 2021		24,206,000
Balance at Dec. 31, 2020	682,604	$ 106,289	576,419	(104)
Balance, Shares at Dec. 31, 2020		24,128,000
Net income	61,258
Balance at Sep. 30, 2021	712,456	$ 106,744	605,754	(42)
Balance, Shares at Sep. 30, 2021		24,247,000
Balance at Mar. 31, 2021	687,685	$ 104,584	583,167	(66)
Balance, Shares at Mar. 31, 2021		24,206,000
Net income	20,608		20,608
Share-based compensation	1,820	$ 1,820
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		39,000
Taxes paid related to net share settlement of stock awards	(1,346)	$ (1,346)
Dividends accrued of $0.455, $0.455, $0.455, $0.435, $0.435 and $0.435 per share for three months ended March 31, 2022, June 30,2022, September 30, 2022 and three months ended March 31, 2021, June 30, 2021, September 30, 2021	(10,643)		(10,643)
Other comprehensive income (loss)	(3)			(3)
Balance at Jun. 30, 2021	698,121	$ 105,058	593,132	(69)
Balance, Shares at Jun. 30, 2021		24,245,000
Net income	23,252		23,252
Share-based compensation	1,705	$ 1,705
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		2,000
Taxes paid related to net share settlement of stock awards	(19)	$ 19
Dividends accrued of $0.455, $0.455, $0.455, $0.435, $0.435 and $0.435 per share for three months ended March 31, 2022, June 30,2022, September 30, 2022 and three months ended March 31, 2021, June 30, 2021, September 30, 2021	(10,630)		10,630
Other comprehensive income (loss)	27			27
Balance at Sep. 30, 2021	712,456	$ 106,744	605,754	(42)
Balance, Shares at Sep. 30, 2021		24,247,000
Balance at Dec. 31, 2021	$ 732,021	$ 108,610	623,465	(54)
Balance, Shares at Dec. 31, 2021	24,260,000	24,260,000
Net income	$ 18,793		18,793
Share-based compensation	1,760	$ 1,760
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		75,000
Taxes paid related to net share settlement of stock awards	(3,605)	$ (3,605)
Dividends accrued of $0.455, $0.455, $0.455, $0.435, $0.435 and $0.435 per share for three months ended March 31, 2022, June 30,2022, September 30, 2022 and three months ended March 31, 2021, June 30, 2021, September 30, 2021	(11,084)		(11,084)
Other comprehensive income (loss)	3			3
Balance at Mar. 31, 2022	737,888	$ 106,765	631,174	(51)
Balance, Shares at Mar. 31, 2022		24,335,000
Balance at Dec. 31, 2021	$ 732,021	$ 108,610	623,465	(54)
Balance, Shares at Dec. 31, 2021	24,260,000	24,260,000
Net income	$ 75,497
Balance at Sep. 30, 2022	$ 773,068	$ 107,463	665,530	75
Balance, Shares at Sep. 30, 2022	24,382,000	24,382,000
Balance at Mar. 31, 2022	$ 737,888	$ 106,765	631,174	(51)
Balance, Shares at Mar. 31, 2022		24,335,000
Net income	26,137		26,137
Share-based compensation	1,652	$ 1,652
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		43,000
Taxes paid related to net share settlement of stock awards	(2,523)	$ (2,523)
Dividends accrued of $0.455, $0.455, $0.455, $0.435, $0.435 and $0.435 per share for three months ended March 31, 2022, June 30,2022, September 30, 2022 and three months ended March 31, 2021, June 30, 2021, September 30, 2021	(11,181)		(11,181)
Other comprehensive income (loss)	61			61
Balance at Jun. 30, 2022	752,034	$ 105,894	646,130	10
Balance, Shares at Jun. 30, 2022		24,378,000
Net income	30,567		30,567
Share-based compensation	1,694	$ 1,694
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		4,000
Taxes paid related to net share settlement of stock awards	(125)	$ (125)
Dividends accrued of $0.455, $0.455, $0.455, $0.435, $0.435 and $0.435 per share for three months ended March 31, 2022, June 30,2022, September 30, 2022 and three months ended March 31, 2021, June 30, 2021, September 30, 2021	(11,167)		11,167
Other comprehensive income (loss)	65			65
Balance at Sep. 30, 2022	$ 773,068	$ 107,463	$ 665,530	$ 75
Balance, Shares at Sep. 30, 2022	24,382,000	24,382,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Cash dividends declared per share	$ 0.455			$ 0.435
Retained Earnings [Member]
Cash dividends declared per share	$ 0.455	$ 0.455	$ 0.455	$ 0.435	$ 0.435	$ 0.435

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities:
Net income	$ 75,497	$ 61,258
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	83,272	79,047
Deferred income taxes	(4,299)	15,403
Provision for doubtful accounts	307	193
Share-based compensation	5,106	5,302
Gain on sale of used rental equipment	(26,705)	(17,788)
Foreign currency exchange loss	404	185
Amortization of debt issuance costs	13	11
Change in:
Accounts receivable	(30,767)	(33,471)
Prepaid expenses and other assets	(17,313)	(11,409)
Accounts payable and accrued liabilities	14,384	17,428
Deferred income	33,399	20,128
Net cash provided by operating activities	133,298	136,287
Cash Flows from Investing Activities:
Purchases of rental equipment	(130,395)	(90,379)
Purchases of property, plant and equipment	(10,594)	(969)
Cash paid for acquisition of businesses		(285,624)
Proceeds from sales of used rental equipment	54,193	41,556
Net cash used in investing activities	(86,796)	(335,416)
Cash Flows from Financing Activities:
Net (payments) borrowings under bank lines of credit	(7,000)	176,758
Borrowings under note purchase agreement		100,000
Principal payment of Series B senior notes		(40,000)
Taxes paid related to net share settlement of stock awards	(6,253)	(4,847)
Payment of dividends	(33,175)	(31,635)
Net cash (used in) provided by financing activities	(46,428)	200,276
Effect of foreign currency exchange rate changes on cash	(4)	(5)
Net increase in cash	70	1,142
Cash balance, beginning of period	1,491	1,238
Cash balance, end of period	1,561	2,380
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	8,982	6,477
Net income taxes paid, during the period	24,885	8,074
Dividends accrued during the period, not yet paid	11,167	10,002
Rental equipment acquisitions, not yet paid	$ 9,555	$ 2,199

Condensed Consolidated Financia

Condensed Consolidated Financial Information	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Condensed Consolidated Financial Information	NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION The condensed consolidated financial statements for the three and nine months ended September 30, 2022 and 2021 have not been audited, but in the opinion of management, all adjustments (consisting of normal recurring accruals, consolidating and eliminating entries) necessary for the fair presentation of the consolidated financial position, results of operations and cash flows of McGrath RentCorp (the “Company”) have been made. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. The consolidated results for the three and nine months ended September 30, 2022 should not be considered as necessarily indicative of the consolidated results for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s latest Annual Report on Form 10-K, filed with the SEC on February 23, 2022 for the year ended December 31, 2021 (the “2021 Annual Report”).

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2022
Accounting Changes And Error Corrections [Abstract]
New Accounting Pronouncements	NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS In March 2022, the FASB issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the separate recognition and measurement guidance for troubled debt restructurings by creditors. In addition, the ASU requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of FASB ASC 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2022
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE 3. REVENUE RECOGNITION The Company’s accounting for revenues is governed by two accounting standards. The majority of the Company’s revenues are considered lease or lease related and are accounted for in accordance with Accounting Standards Codification (ASC) 842, Leases. Revenues determined to be non-lease related are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. The Company accounts for revenues when approval and commitment from both parties have been obtained, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company typically recognizes non-lease related revenues at a point in time because the customer does not simultaneously consume the benefits of the Company’s promised goods and services, or performance obligations, and obtains control when delivery and installation are complete. For contracts that have multiple performance obligations, the transaction price is allocated to each performance obligation in the contract based on the Company’s best estimate of the standalone selling prices of each distinct performance obligation in the contract. The standalone selling price is typically determined based upon the expected cost plus an estimated margin of each performance obligation. The Company generally rents and sells to customers on 30 day payment terms. The Company does not typically offer variable payment terms or accept non-monetary consideration. Amounts billed and due from the Company’s customers are classified as Accounts receivable on the Company’s consolidated balance sheet. For certain sales of modular buildings, progress payments from the customer are received during the manufacturing of new equipment, or the preparation of used equipment. The advance payments are not considered a significant financing component because the payments are used to meet working capital needs during the contract and to protect the Company from the customer failing to adequately complete their obligations under the contract. These contract liabilities are included in Deferred income on the Company’s consolidated balance sheet and totaled $ 35.8 million and $ 16.8 million at September 30, 2022 and December 31, 2021, respectively. Sales revenues totaling $ 2.4 million and $ 8.8 million were recognized during the three and nine months ended September 30, 2022, which were included in the contract liability balance at December 31, 2021. For certain modular building sales, the customer retains a small portion of the contract price until full completion of the contract, which results in revenue earned in excess of billings. These unbilled contract assets are included in Accounts receivable on the Company’s consolidated balance sheet and totaled $ 1.0 million and $ 1.3 million at September 30, 2022 and December 31, 2021, respectively. Lease Revenues Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating segments. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized in the period earned. Rental related services revenues are primarily associated with relocatable modular buildings and liquid and solid containment tanks and boxes leases. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as finance leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on finance leases and rental income on facility leases. In the three and nine months ended September 30, 2022, the Company’s lease revenues were $ 136.5 million and $ 381.8 million, respectively, consisting of $ 136.2 million and $ 379.7 million of operating lease revenues, respectively, and $ 0.3 million and $ 2.1 million of finance lease revenues, respectively. The Company has entered into finance leases to finance certain equipment sales to customers. The lease agreements have a bargain purchase option at the end of the lease term. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a straight-line basis, which results in a constant rate of return on the unrecovered lease investment. The Company’s finance lease revenues for the three and nine months ended September 30, 2022 include $ 0.2 million and $ 1.8 million of sales revenues, respectively, and $ 0.1 million and $ 0.3 million of interest income, respectively. Non-Lease Revenues Non-lease revenues are recognized in the period when control of the performance obligation is transferred, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For liquid and solid containment solutions, portable storage containers and electronic test equipment, rental related services revenues for delivery and return delivery are considered non-lease revenues. Sales revenues are typically recognized at a point in time, which occurs upon the completion of delivery, installation and acceptance of the equipment by the customer. Accounting for non-lease revenues requires judgment in determining the point in time the customer gains control of the equipment and the appropriate accounting period to recognize revenue. Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses. The following table disaggregates the Company’s revenues by lease (within the scope of ASC 842) and non-lease revenues (within the scope of ASC 606) and the underlying service provided for the three and nine months ended September 30, 2022 and 2021: (in thousands) Mobile TRS- Adler Enviroplex Consolidated Three Months Ended September 30, 2022 Leasing $ 86,428 $ 32,265 $ 17,825 $ — $ 136,518 Non-lease: Rental related services 10,427 684 7,069 — 18,180 Sales 28,922 5,291 976 9,978 45,167 Other 61 287 323 — 671 Total non-lease 39,410 6,262 8,368 9,978 64,018 Total revenues $ 125,838 $ 38,527 $ 26,193 $ 9,978 $ 200,536 2021 Leasing $ 73,375 $ 29,692 $ 15,011 $ — $ 118,078 Non-lease: Rental related services 10,628 591 6,239 — 17,458 Sales 26,362 4,502 960 5,541 37,365 Other 29 289 73 — 391 Total non-lease 37,019 5,382 7,272 5,541 55,214 Total revenues $ 110,394 $ 35,074 $ 22,283 $ 5,541 $ 173,292 Nine Months Ended September 30, 2022 Leasing $ 240,693 $ 92,585 $ 48,548 $ — $ 381,826 Non-lease: Rental related services 22,960 1,919 18,890 — 43,769 Sales 64,113 14,031 2,234 15,545 95,923 Other 94 824 504 — 1,422 Total non-lease 87,167 16,774 21,628 15,545 141,114 Total revenues $ 327,860 $ 109,359 $ 70,176 $ 15,545 $ 522,940 2021 Leasing $ 196,362 $ 86,223 $ 40,958 $ — $ 323,543 Non-lease: Rental related services 18,418 1,821 16,713 — 36,952 Sales 48,766 13,485 2,161 14,897 79,309 Other 68 931 119 — 1,118 Total non-lease 67,252 16,237 18,993 14,897 117,379 Total revenues $ 263,614 $ 102,460 $ 59,951 $ 14,897 $ 440,922 Customer returns of rental equipment prior to the end of the rental contract term are typically billed a cancellation fee, which is recorded as rental revenue in the period billed. Sales of new relocatable modular buildings, portable storage containers, electronic test equipment and related accessories and liquid and solid containment tanks and boxes not manufactured by the Company are typically covered by warranties provided by the manufacturer of the products sold. The Company typically provides limited 90 -day warranties for certain sales of used rental equipment and one-year warranties on equipment manufactured by Enviroplex. Although the Company’s policy is to provide reserves for warranties when required for specific circumstances, warranty costs have not been significant to date. The Company’s incremental cost of obtaining lease contracts, which consists of salesperson commissions, are deferred and amortized over the initial lease term for modular leases. Incremental costs for obtaining a contract for all other operating segments are expensed in the period incurred because the lease term is typically less than 12 months.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 4. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed as net income divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effect of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Weighted-average number of shares of common stock for 24,379 24,245 24,342 24,209 Effect of potentially dilutive securities from equity-based 125 262 174 297 Weighted-average number of shares of common stock for 24,504 24,507 24,516 24,506 There were no anti-dilutive securities excluded from the computation of diluted earnings per share for the three months ended September 30, 2022, and 7,315 anti-dilutive securities in the form of common stock excluded for the nine months ended September 30, 2022. There were no anti-dilutive securities excluded for the same periods in 2021. The Company has in the past made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the “Repurchase Plan”). The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased, and the Repurchase Plan may be modified, extended or terminated by the Company’s Board of Directors at any time. There were no shares repurchased during the three and nine months ended September 30, 2022 and 2021. As of September 30, 2022, 1,309,805 shares remained authorized for repurchase under the Repurchase Plan.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 5. INTANGIBLE ASSETS Intangible assets consist of the following: (dollar amounts in thousands) Estimated Average remaining life in years Cost Accumulated amortization Net book value September 30, 2022 Customer relationships 8 to 11 6.6 $ 50,285 $ ( 16,826 ) $ 33,459 Non-compete agreements 5 3.5 3,296 ( 994 ) 2,302 Customer backlog — — 1,900 ( 1,900 ) — Trade name 8 6.5 1,200 ( 225 ) 975 Total amortizing 56,681 ( 19,945 ) 36,736 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,552 $ ( 19,945 ) $ 42,607 December 31, 2021 Customer relationships 8 to 11 7.3 $ 50,285 $ ( 12,991 ) $ 37,294 Non-compete agreements 5 4.2 3,296 ( 499 ) 2,797 Customer backlog 0.5 — 1,900 ( 1,900 ) — Trade name 8 7.3 1,200 ( 113 ) 1,087 Total amortizing 56,681 ( 15,503 ) 41,178 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,552 $ ( 15,503 ) $ 47,049 The Company assesses potential impairment of its goodwill and intangible assets when there is evidence that events or circumstances have occurred that would indicate the recovery of an asset’s carrying value is unlikely. The Company also assesses potential impairment of its goodwill and intangible assets with indefinite lives on an annual basis regardless of whether there is evidence of impairment. If indicators of impairment were to be present in intangible assets used in operations and future discounted cash flows were not expected to be sufficient to recover the asset’s carrying amount, an impairment loss would be charged to expense in the period identified. The amount of an impairment loss that would be recognized is the excess of the asset’s carrying value over its fair value. Factors the Company considers important, which may cause impairment include, among others, significant changes in the manner of use of the acquired asset, negative industry or economic trends, and significant underperformance relative to historical or projected operating results. The Company last conducted a qualitative analysis of its goodwill and intangible assets in the fourth quarter 2021, with no indicators of impairment. In addition, no impairment triggering events occurred during the nine months ended September 30, 2022. Determining fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The Company bases its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions. Intangible assets with finite useful lives are amortized over their respective useful lives. Amortization expense in the nine months ended September 30, 2022 and 2021, was $ 4.4 million and $ 4.2 million, respectively. Based on the carrying values at September 30, 2022 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $ 1.5 million for the remainder of fiscal year 2022, $ 5.9 million annually in 2023 through 2025, $ 5.4 million in 2026 and $ 5.2 million in 2027.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	NOTE 6. SEGMENT REPORTING The Company’s four reportable segments are (1) its modular building and portable storage container rental segment (“Mobile Modular”); (2) its electronic test equipment segment (“TRS-RenTelco”); (3) its containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (“Adler Tanks”); and (4) its classroom manufacturing segment selling modular buildings used primarily as classrooms in California (“Enviroplex”). The operations of each of these segments are described in Part I – Item 1, “Business,” and the accounting policies of the segments are described in “Note 1 – Summary of Significant Accounting Policies” in the Company’s 2021 Annual Report. Management focuses on several key measures to evaluate and assess each segment’s performance, including rental revenue growth, gross profit and gross margins, income from operations, income before provision for income taxes and adjusted EBITDA. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. Summarized financial information for the nine months ended September 30, 2022 and 2021 for the Company’s reportable segments is shown in the following table: (dollar amounts in thousands) Mobile TRS- Adler Enviroplex 1 Consolidated Nine Months Ended September 30, 2022 Rental revenues $ 195,598 $ 89,990 $ 47,638 $ — $ 333,226 Rental related services revenues 66,947 2,329 19,221 — 88,497 Sales and other revenues 65,315 17,040 3,317 15,545 101,217 Total revenues 327,860 109,359 70,176 15,545 522,940 Depreciation of rental equipment 23,329 36,789 11,996 — 72,114 Gross profit 149,405 48,824 31,933 3,604 233,766 Selling and administrative expenses 79,245 19,930 20,642 4,193 124,010 Income (loss) from operations 70,160 28,894 11,291 ( 589 ) 109,756 Interest (expense) income allocation ( 6,616 ) ( 2,160 ) ( 1,941 ) 719 ( 9,998 ) Income before provision for income taxes 63,544 26,330 9,350 130 99,354 Adjusted EBITDA 105,912 66,675 25,520 ( 377 ) 197,730 Rental equipment acquisitions 73,895 57,169 3,067 — 134,131 Accounts receivable, net (period end) 139,730 24,353 18,185 7,691 189,959 Rental equipment, at cost (period end) 1,085,060 396,068 309,607 — 1,790,735 Rental equipment, net book value (period end) 780,939 177,221 141,662 — 1,099,822 Utilization (period end) 2 81.2 % 65.2 % 58.3 % Average utilization 2 78.5 % 64.8 % 51.7 % 2021 Rental revenues $ 159,118 $ 84,340 $ 40,479 $ — $ 283,937 Rental related services revenues 54,726 2,149 16,995 — 73,870 Sales and other revenues 49,770 15,971 2,477 14,897 83,115 Total revenues 263,614 102,460 59,951 14,897 440,922 Depreciation of rental equipment 20,437 35,429 12,350 — 68,216 Gross profit 125,357 44,867 24,167 4,362 198,753 Selling and administrative expenses 67,977 18,381 18,853 4,094 109,305 Income from operations 57,380 26,486 5,314 268 89,448 Interest (expense) income allocation ( 4,401 ) ( 1,588 ) ( 1,560 ) 341 ( 7,208 ) Income before provision for income taxes 52,979 24,713 3,754 609 82,055 Adjusted EBITDA 89,634 63,378 20,144 456 173,612 Rental equipment acquisitions 162,579 53,161 164 — 215,904 Accounts receivable, net (period end) 118,467 24,854 16,062 9,448 168,831 Rental equipment, at cost (period end) 1,023,344 363,799 311,677 — 1,698,820 Rental equipment, net book value (period end) 737,807 169,250 156,405 — 1,063,462 Utilization (period end) 2 76.7 % 66.9 % 50.4 % Average utilization 2 76.0 % 67.4 % 44.0 % 1. Gross Enviroplex sales revenues were $ 16,401 and $ 15,909 for the nine months ended September 30, 2022 and 2021, respectively. There were $ 856 and $ 1,012 inter-segment sales to Mobile Modular in the nine months ended September 30, 2022 and 2021, respectively, which required elimination in consolidation. 2. Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment, excluding accessory equipment, and for Mobile Modular and Adler Tanks, excluding new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment. No single customer accounted for more than 10% of total revenues for the nine months ended September 30, 2022 and 2021. Revenues from foreign country customers accounted for 4 % of the Company’s total revenues for the same periods.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Acquisitions	NOTE 7. ACQUISITIONS On May 17, 2021, the Company completed the purchase of substantially all of the assets of Design Space Modular Buildings PNW, LP (“Design Space”) for $ 267.3 million in cash consideration on the closing date. Design Space provides modular buildings and portable storage containers rental and sale solutions to customers in the West and Pacific Northwest states in the U.S. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805, Business Combinations, using the purchase method of accounting. Under the purchase method of accounting, the total purchase price is assigned to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values on the closing date. The excess of the purchase price over those fair values is recorded as goodwill. The financial results of Design Space were a part of the Mobile Modular segment since May 17, 2021, including $ 1.7 million of transaction costs. On April 1, 2021 the Company completed the purchase of assets of GRS Holding LLC, DBA Kitchens To Go (“Kitchens To Go”) for $ 18.3 million in cash consideration. Kitchens To Go provides interim and permanent modular kitchen solutions for foodservice providers that require flexible facilities to continue or expand operations. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805 using the purchase method of accounting. The financial results of Kitchens To Go were a part of the Mobile Modular segment since April 1, 2021, including $ 0.3 million of transaction costs. The following tables summarize the purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Design Space and Kitchens To Go acquisitions, with excess amounts allocated to goodwill. The valuation of intangible assets acquired is based on certain valuation assumptions including cash flow projections, discount rates, contributory asset charges and other valuation model inputs. The valuation of tangible long-lived assets acquired is dependent upon various analyses including an analysis of the condition and estimated remaining economic lives of the assets acquired. Design Space: (dollar amounts in thousands) Rental equipment $ 116,272 Intangible assets: Goodwill 101,874 Customer relationships 37,900 Non-compete 2,500 Customer backlog 1,600 Accounts receivable 12,025 Property, plant and equipment 4,139 Prepaid expenses and other assets 5,366 Accounts payable and accrued liabilities ( 11,613 ) Deferred income ( 2,784 ) Total purchase price $ 267,279 Kitchens To Go: (dollar amounts in thousands) Rental equipment $ 12,853 Intangible assets: Goodwill 2,322 Customer relationships 1,700 Trade name 1,200 Non-compete 600 Customer backlog 300 Accounts receivable 212 Property, plant and equipment 365 Prepaid expenses and other assets 1,199 Accounts payable and accrued liabilities ( 1,659 ) Deferred income ( 747 ) Total purchase price $ 18,345 The value assigned to identifiable intangible assets was determined based on discounted estimated future cash flows associated with such assets to their present value. The combined acquired goodwill of $ 104,196 reflects the strategic fit of Design Space and Kitchens to Go with the Company’s modular business operations. The Company amortizes the acquired customer relationships, tradename and non-compete over their expected useful lives of 8 years , 8 years and 5 years , respectively. As of the nine months ended September 30, 2022, the customer backlog has been amortized in full. Goodwill is expected to have an indefinite life and will be subject to future impairment testing. The goodwill is deductible for tax purposes over 15 years. The following unaudited pro forma financial information shows the combined results of operations of the Company, Design Space and Kitchens To Go as if the acquisitions occurred as of the beginning of the periods presented. The pro forma results include the effects of the amortization of the purchased intangible assets and depreciation expense of acquired rental equipment valuation step up, interest expense on the debt incurred to finance the acquisitions. A pro forma adjustment has been made to reflect the income taxes that would have been recorded at the combined federal and state statutory rate of 28 % on the acquisitions’ combined net income. The pro forma results for the nine months ended September 30, 2021 have been adjusted to include transaction related costs. This pro forma data is presented for informational purposes only and does not purport to be indicative of the results of the future operations or the results that would have occurred had the acquisitions taken place in the periods noted below: (Unaudited) Nine months ended September 30, (dollar amounts in thousands, except for per share amounts) 2022 2021 Pro-forma total revenues $ 522,940 $ 471,955 Pro-forma net income $ 75,497 $ 64,618 Pro-forma basic earnings per share $ 3.10 $ 2.67 Pro-forma diluted earnings per share $ 3.08 $ 2.64 Design Space and Kitchens To Go Actual total revenues $ 56,227 Actual net income $ 6,231 Actual basic earnings per share $ 0.26 Actual diluted earnings per share $ 0.25 On December 31, 2021 the Company completed the purchase of the assets of Titan Storage Containers, LLC (“Titan”) for $ 6.9 million in cash consideration. The acquisition was accounted for as a purchase of “assets” in accordance with criteria in ASC 805 and the assessment of the fair value of the purchased assets was allocated primarily to rental equipment totaling $ 6.2 million and rolling stock assets totaling $ 0.8 million, partially offset by accrued liabilities of $ 0.2 million. The rolling stock assets included delivery trucks, delivery trailers, trucks and forklifts. Supplemental pro forma prior year information has not been provided as the historical financial results of Titan were not significant. Incremental transaction costs associated with the asset purchase were not significant.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2022
Disaggregation Of Revenue [Abstract]
Summary of Disaggregates the Company's Revenue by Lease and Non Lease	The following table disaggregates the Company’s revenues by lease (within the scope of ASC 842) and non-lease revenues (within the scope of ASC 606) and the underlying service provided for the three and nine months ended September 30, 2022 and 2021: (in thousands) Mobile TRS- Adler Enviroplex Consolidated Three Months Ended September 30, 2022 Leasing $ 86,428 $ 32,265 $ 17,825 $ — $ 136,518 Non-lease: Rental related services 10,427 684 7,069 — 18,180 Sales 28,922 5,291 976 9,978 45,167 Other 61 287 323 — 671 Total non-lease 39,410 6,262 8,368 9,978 64,018 Total revenues $ 125,838 $ 38,527 $ 26,193 $ 9,978 $ 200,536 2021 Leasing $ 73,375 $ 29,692 $ 15,011 $ — $ 118,078 Non-lease: Rental related services 10,628 591 6,239 — 17,458 Sales 26,362 4,502 960 5,541 37,365 Other 29 289 73 — 391 Total non-lease 37,019 5,382 7,272 5,541 55,214 Total revenues $ 110,394 $ 35,074 $ 22,283 $ 5,541 $ 173,292 Nine Months Ended September 30, 2022 Leasing $ 240,693 $ 92,585 $ 48,548 $ — $ 381,826 Non-lease: Rental related services 22,960 1,919 18,890 — 43,769 Sales 64,113 14,031 2,234 15,545 95,923 Other 94 824 504 — 1,422 Total non-lease 87,167 16,774 21,628 15,545 141,114 Total revenues $ 327,860 $ 109,359 $ 70,176 $ 15,545 $ 522,940 2021 Leasing $ 196,362 $ 86,223 $ 40,958 $ — $ 323,543 Non-lease: Rental related services 18,418 1,821 16,713 — 36,952 Sales 48,766 13,485 2,161 14,897 79,309 Other 68 931 119 — 1,118 Total non-lease 67,252 16,237 18,993 14,897 117,379 Total revenues $ 263,614 $ 102,460 $ 59,951 $ 14,897 $ 440,922

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share	The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Weighted-average number of shares of common stock for 24,379 24,245 24,342 24,209 Effect of potentially dilutive securities from equity-based 125 262 174 297 Weighted-average number of shares of common stock for 24,504 24,507 24,516 24,506

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Intangible assets consist of the following: (dollar amounts in thousands) Estimated Average remaining life in years Cost Accumulated amortization Net book value September 30, 2022 Customer relationships 8 to 11 6.6 $ 50,285 $ ( 16,826 ) $ 33,459 Non-compete agreements 5 3.5 3,296 ( 994 ) 2,302 Customer backlog — — 1,900 ( 1,900 ) — Trade name 8 6.5 1,200 ( 225 ) 975 Total amortizing 56,681 ( 19,945 ) 36,736 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,552 $ ( 19,945 ) $ 42,607 December 31, 2021 Customer relationships 8 to 11 7.3 $ 50,285 $ ( 12,991 ) $ 37,294 Non-compete agreements 5 4.2 3,296 ( 499 ) 2,797 Customer backlog 0.5 — 1,900 ( 1,900 ) — Trade name 8 7.3 1,200 ( 113 ) 1,087 Total amortizing 56,681 ( 15,503 ) 41,178 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,552 $ ( 15,503 ) $ 47,049

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the nine months ended September 30, 2022 and 2021 for the Company’s reportable segments is shown in the following table: (dollar amounts in thousands) Mobile TRS- Adler Enviroplex 1 Consolidated Nine Months Ended September 30, 2022 Rental revenues $ 195,598 $ 89,990 $ 47,638 $ — $ 333,226 Rental related services revenues 66,947 2,329 19,221 — 88,497 Sales and other revenues 65,315 17,040 3,317 15,545 101,217 Total revenues 327,860 109,359 70,176 15,545 522,940 Depreciation of rental equipment 23,329 36,789 11,996 — 72,114 Gross profit 149,405 48,824 31,933 3,604 233,766 Selling and administrative expenses 79,245 19,930 20,642 4,193 124,010 Income (loss) from operations 70,160 28,894 11,291 ( 589 ) 109,756 Interest (expense) income allocation ( 6,616 ) ( 2,160 ) ( 1,941 ) 719 ( 9,998 ) Income before provision for income taxes 63,544 26,330 9,350 130 99,354 Adjusted EBITDA 105,912 66,675 25,520 ( 377 ) 197,730 Rental equipment acquisitions 73,895 57,169 3,067 — 134,131 Accounts receivable, net (period end) 139,730 24,353 18,185 7,691 189,959 Rental equipment, at cost (period end) 1,085,060 396,068 309,607 — 1,790,735 Rental equipment, net book value (period end) 780,939 177,221 141,662 — 1,099,822 Utilization (period end) 2 81.2 % 65.2 % 58.3 % Average utilization 2 78.5 % 64.8 % 51.7 % 2021 Rental revenues $ 159,118 $ 84,340 $ 40,479 $ — $ 283,937 Rental related services revenues 54,726 2,149 16,995 — 73,870 Sales and other revenues 49,770 15,971 2,477 14,897 83,115 Total revenues 263,614 102,460 59,951 14,897 440,922 Depreciation of rental equipment 20,437 35,429 12,350 — 68,216 Gross profit 125,357 44,867 24,167 4,362 198,753 Selling and administrative expenses 67,977 18,381 18,853 4,094 109,305 Income from operations 57,380 26,486 5,314 268 89,448 Interest (expense) income allocation ( 4,401 ) ( 1,588 ) ( 1,560 ) 341 ( 7,208 ) Income before provision for income taxes 52,979 24,713 3,754 609 82,055 Adjusted EBITDA 89,634 63,378 20,144 456 173,612 Rental equipment acquisitions 162,579 53,161 164 — 215,904 Accounts receivable, net (period end) 118,467 24,854 16,062 9,448 168,831 Rental equipment, at cost (period end) 1,023,344 363,799 311,677 — 1,698,820 Rental equipment, net book value (period end) 737,807 169,250 156,405 — 1,063,462 Utilization (period end) 2 76.7 % 66.9 % 50.4 % Average utilization 2 76.0 % 67.4 % 44.0 % 1. Gross Enviroplex sales revenues were $ 16,401 and $ 15,909 for the nine months ended September 30, 2022 and 2021, respectively. There were $ 856 and $ 1,012 inter-segment sales to Mobile Modular in the nine months ended September 30, 2022 and 2021, respectively, which required elimination in consolidation. 2. Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment, excluding accessory equipment, and for Mobile Modular and Adler Tanks, excluding new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following tables summarize the purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Design Space and Kitchens To Go acquisitions, with excess amounts allocated to goodwill. Design Space: (dollar amounts in thousands) Rental equipment $ 116,272 Intangible assets: Goodwill 101,874 Customer relationships 37,900 Non-compete 2,500 Customer backlog 1,600 Accounts receivable 12,025 Property, plant and equipment 4,139 Prepaid expenses and other assets 5,366 Accounts payable and accrued liabilities ( 11,613 ) Deferred income ( 2,784 ) Total purchase price $ 267,279 Kitchens To Go: (dollar amounts in thousands) Rental equipment $ 12,853 Intangible assets: Goodwill 2,322 Customer relationships 1,700 Trade name 1,200 Non-compete 600 Customer backlog 300 Accounts receivable 212 Property, plant and equipment 365 Prepaid expenses and other assets 1,199 Accounts payable and accrued liabilities ( 1,659 ) Deferred income ( 747 ) Total purchase price $ 18,345
Summary of Pro Forma Data	This pro forma data is presented for informational purposes only and does not purport to be indicative of the results of the future operations or the results that would have occurred had the acquisitions taken place in the periods noted below: (Unaudited) Nine months ended September 30, (dollar amounts in thousands, except for per share amounts) 2022 2021 Pro-forma total revenues $ 522,940 $ 471,955 Pro-forma net income $ 75,497 $ 64,618 Pro-forma basic earnings per share $ 3.10 $ 2.67 Pro-forma diluted earnings per share $ 3.08 $ 2.64 Design Space and Kitchens To Go Actual total revenues $ 56,227 Actual net income $ 6,231 Actual basic earnings per share $ 0.26 Actual diluted earnings per share $ 0.25

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Period for credit risk identified		30 days
Sales revenues totaling	$ 2.4	$ 8.8
Lease revenue	136.5	381.8
Operating lease revenue	136.2	379.7
Finance lease revenue	0.3	2.1
Finance lease revenue, sales revenue	0.2	1.8
Finance lease revenue, interest income	0.1	$ 0.3
Period for warranties for rental equipment		90 days
Period for warranties for equipment manufactured		1 year
Deferred Income [Member]
Disaggregation Of Revenue [Line Items]
Customer contract liability	35.8	$ 35.8	$ 16.8
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 1	$ 1	$ 1.3

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregates the Company's Revenue by Lease and Non Lease (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Leasing revenues		$ 136,500		$ 381,800
Total non-lease revenues				101,217		$ 83,115
Total revenues		200,536	$ 173,292	522,940		440,922
Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		136,518	118,078	381,826		323,543
Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		18,180	17,458	43,769		36,952
Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		45,167	37,365	95,923		79,309
Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		671	391	1,422		1,118
Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		64,018	55,214	141,114		117,379
Mobile Modular [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				65,315		49,770
Total revenues		125,838	110,394	327,860		263,614
Mobile Modular [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		86,428	73,375	240,693		196,362
Mobile Modular [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		10,427	10,628	22,960		18,418
Mobile Modular [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		28,922	26,362	64,113		48,766
Mobile Modular [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		61	29	94		68
Mobile Modular [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		39,410	37,019	87,167		67,252
TRS-RenTelco [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				17,040		15,971
Total revenues		38,527	35,074	109,359		102,460
TRS-RenTelco [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		32,265	29,692	92,585		86,223
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		684	591	1,919		1,821
TRS-RenTelco [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		5,291	4,502	14,031		13,485
TRS-RenTelco [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		287	289	824		931
TRS-RenTelco [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		6,262	5,382	16,774		16,237
Adler Tanks [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				3,317		2,477
Total revenues		26,193	22,283	70,176		59,951
Adler Tanks [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		17,825	15,011	48,548		40,958
Adler Tanks [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		7,069	6,239	18,890		16,713
Adler Tanks [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		976	960	2,234		2,161
Adler Tanks [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		323	73	504		119
Adler Tanks [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		8,368	7,272	21,628		18,993
Enviroplex [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	[1]			15,545		14,897
Total revenues		9,978	5,541	15,545	[1]	14,897	[1]
Enviroplex [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		9,978	5,541	15,545		14,897
Enviroplex [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		$ 9,978	$ 5,541	$ 15,545		$ 14,897
[1] Gross Enviroplex sales revenues were $ 16,401 and $ 15,909 for the nine months ended September 30, 2022 and 2021, respectively. There were $ 856 and $ 1,012 inter-segment sales to Mobile Modular in the nine months ended September 30, 2022 and 2021, respectively, which required elimination in consolidation.

Earnings Per Share - Weighted-A

Earnings Per Share - Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,379	24,245	24,342	24,209
Effect of potentially dilutive securities from equity-based compensation	125	262	174	297
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,504	24,507	24,516	24,506

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Aug. 31, 2015
Earnings Per Share Basic [Line Items]
Anti-dilutive securities in the form of common stock excluded from computation of diluted earnings per share		0	7,315	0
Shares repurchased	0	0	0	0
Shares remain authorized for repurchase	1,309,805		1,309,805
Maximum [Member]
Earnings Per Share Basic [Line Items]
Common stock shares authorized for repurchase					2,000,000

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Cost	$ 56,681	$ 56,681
Accumulated amortization	(19,945)	(15,503)
Net book value	36,736	41,178
Indefinite, cost	5,871	5,871
Indefinite, net book value	5,871	5,871
Total, cost	62,552	62,552
Total, accumulated amortization	(19,945)	(15,503)
Total, net book value	$ 42,607	$ 47,049
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years
Average remaining life in years	6 years 7 months 6 days	7 years 3 months 18 days
Cost	$ 50,285	$ 50,285
Accumulated amortization	(16,826)	(12,991)
Net book value	$ 33,459	$ 37,294
Customer Relationships [Member] | Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years
Customer Relationships [Member] | Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	11 years	11 years
Non-compete Agreements [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	5 years	5 years
Average remaining life in years	3 years 6 months	4 years 2 months 12 days
Cost	$ 3,296	$ 3,296
Accumulated amortization	(994)	(499)
Net book value	2,302	$ 2,797
Customer Backlog [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years		6 months
Cost	1,900	$ 1,900
Accumulated amortization	$ (1,900)	$ (1,900)
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years
Average remaining life in years	6 years 6 months	7 years 3 months 18 days
Cost	$ 1,200	$ 1,200
Accumulated amortization	(225)	(113)
Net book value	$ 975	$ 1,087

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 0	$ 0
Amortization expense		4,400,000	$ 4,200,000
Subsequent impairment of the underlying assets		0
Expected annual amortization expense for 2022		1,500,000
Expected annual amortization expense for 2023		5,900,000
Expected annual amortization expense for 2024		5,900,000
Expected annual amortization expense for 2025		5,900,000
Expected annual amortization expense for 2026		5,400,000
Expected annual amortization expense for 2027		$ 5,200,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022 Segment Customer	Sep. 30, 2021 Customer
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	4
Customer Concentration Risk [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Number of major customer | Customer	0	0
Geographic Concentration Risk [Member] | Sales [Member] | Foreign Country Customers [Member]
Segment Reporting Information [Line Items]
Revenues from customers	4%	4%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021		Dec. 31, 2021
Segment Reporting Information [Line Items]
Rental revenues		$ 118,361	$ 103,269	$ 333,226		$ 283,937
Rental related services revenues		35,361	31,513	88,497		73,870
Sales and other revenues				101,217		83,115
Total revenues		200,536	173,292	522,940		440,922
Depreciation of rental equipment		24,176	23,802	72,114		68,216
Gross profit		89,440	75,805	233,766		198,753
Selling and administrative expenses		44,095	39,907	124,010		109,305
Income from operations		45,345	35,898	109,756		89,448
Interest (expense) income allocation				(9,998)		(7,208)
Income (loss) before provision for income taxes		40,932	32,602	99,354		82,055
Adjusted EBITDA				197,730		173,612
Rental equipment acquisitions				134,131		215,904
Accounts receivable, net (period end)		189,959	168,831	189,959		168,831		$ 159,499
Rental equipment, at cost (period end)		1,790,735	1,698,820	1,790,735		1,698,820		1,711,393
Rental equipment, net book value (period end)		1,099,822	1,063,462	1,099,822		1,063,462		$ 1,065,224
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues				195,598		159,118
Rental related services revenues				66,947		54,726
Sales and other revenues				65,315		49,770
Total revenues		125,838	110,394	327,860		263,614
Depreciation of rental equipment				23,329		20,437
Gross profit				149,405		125,357
Selling and administrative expenses				79,245		67,977
Income from operations				70,160		57,380
Interest (expense) income allocation				(6,616)		(4,401)
Income (loss) before provision for income taxes				63,544		52,979
Adjusted EBITDA				105,912		89,634
Rental equipment acquisitions				73,895		162,579
Accounts receivable, net (period end)		139,730	118,467	139,730		118,467
Rental equipment, at cost (period end)		1,085,060	1,023,344	1,085,060		1,023,344
Rental equipment, net book value (period end)		780,939	737,807	$ 780,939		$ 737,807
Utilization (period end)	[1]			81.20%		76.70%
Average utilization	[1]			78.50%		76%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 89,990		$ 84,340
Rental related services revenues				2,329		2,149
Sales and other revenues				17,040		15,971
Total revenues		38,527	35,074	109,359		102,460
Depreciation of rental equipment				36,789		35,429
Gross profit				48,824		44,867
Selling and administrative expenses				19,930		18,381
Income from operations				28,894		26,486
Interest (expense) income allocation				(2,160)		(1,588)
Income (loss) before provision for income taxes				26,330		24,713
Adjusted EBITDA				66,675		63,378
Rental equipment acquisitions				57,169		53,161
Accounts receivable, net (period end)		24,353	24,854	24,353		24,854
Rental equipment, at cost (period end)		396,068	363,799	396,068		363,799
Rental equipment, net book value (period end)		177,221	169,250	$ 177,221		$ 169,250
Utilization (period end)	[1]			65.20%		66.90%
Average utilization	[1]			64.80%		67.40%
Adler Tanks [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 47,638		$ 40,479
Rental related services revenues				19,221		16,995
Sales and other revenues				3,317		2,477
Total revenues		26,193	22,283	70,176		59,951
Depreciation of rental equipment				11,996		12,350
Gross profit				31,933		24,167
Selling and administrative expenses				20,642		18,853
Income from operations				11,291		5,314
Interest (expense) income allocation				(1,941)		(1,560)
Income (loss) before provision for income taxes				9,350		3,754
Adjusted EBITDA				25,520		20,144
Rental equipment acquisitions				3,067		164
Accounts receivable, net (period end)		18,185	16,062	18,185		16,062
Rental equipment, at cost (period end)		309,607	311,677	309,607		311,677
Rental equipment, net book value (period end)		141,662	156,405	$ 141,662		$ 156,405
Utilization (period end)	[1]			58.30%		50.40%
Average utilization	[1]			51.70%		44%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	[2]			$ 15,545		$ 14,897
Total revenues		9,978	5,541	15,545	[2]	14,897	[2]
Gross profit	[2]			3,604		4,362
Selling and administrative expenses	[2]			4,193		4,094
Income from operations	[2]			(589)		268
Interest (expense) income allocation	[2]			719		341
Income (loss) before provision for income taxes	[2]			130		(609)
Adjusted EBITDA	[2]			(377)		456
Accounts receivable, net (period end)	[2]	$ 7,691	$ 9,448	$ 7,691		$ 9,448
[1] Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment, excluding accessory equipment, and for Mobile Modular and Adler Tanks, excluding new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment. Gross Enviroplex sales revenues were $ 16,401 and $ 15,909 for the nine months ended September 30, 2022 and 2021, respectively. There were $ 856 and $ 1,012 inter-segment sales to Mobile Modular in the nine months ended September 30, 2022 and 2021, respectively, which required elimination in consolidation.

Segment Reporting - Summarize_2

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenues		$ 200,536	$ 173,292	$ 522,940		$ 440,922
Sales and other revenues				101,217		83,115
Sales [Member]
Segment Reporting Information [Line Items]
Sales and other revenues		45,391	37,636	97,738		80,503
Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues		9,978	5,541	15,545	[1]	14,897	[1]
Sales and other revenues	[1]			15,545		14,897
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Revenues		$ 125,838	$ 110,394	327,860		263,614
Sales and other revenues				65,315		49,770
Operating Segments [Member] | Enviroplex [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues				16,401		15,909
Inter-segment Eliminations [Member] | Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales and other revenues				$ 856		$ 1,012
[1] Gross Enviroplex sales revenues were $ 16,401 and $ 15,909 for the nine months ended September 30, 2022 and 2021, respectively. There were $ 856 and $ 1,012 inter-segment sales to Mobile Modular in the nine months ended September 30, 2022 and 2021, respectively, which required elimination in consolidation.

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)			9 Months Ended	12 Months Ended
	May 17, 2021	Apr. 01, 2021	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Combined acquired goodwill			$ 132,305,000	$ 132,393,000
Goodwill deductible for tax purpose, period			15 years
Combined federal and state tax rate			28%
Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			8 years
Trade Name
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			8 years	8 years
Non-compete [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			5 years
Customer Backlog [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life				6 months
Design Space Modular Buildings PNW, LP [Member]
Business Acquisition [Line Items]
Purchase of assets	$ 267,300,000
Business acquisition, transaction costs	1,700,000
Combined acquired goodwill	101,874,000
Rental equipment	$ 116,272,000
GRS Holding LLC, DBA Kitchens To Go [Member]
Business Acquisition [Line Items]
Purchase of assets		$ 18,300,000
Business acquisition, transaction costs		300,000
Combined acquired goodwill		2,322,000
Rental equipment		$ 12,853,000
Design Space and Kitchens To Go [Member]
Business Acquisition [Line Items]
Combined acquired goodwill			$ 104,196
Titan Storage Containers, LLC [Member]
Business Acquisition [Line Items]
Purchase of assets				$ 6,900,000
Rental equipment				6,200,000
Rolling stock assets				800,000
Accrued liabilities				$ 200,000

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	May 17, 2021	Apr. 01, 2021
Intangible assets:
Goodwill	$ 132,305	$ 132,393
Design Space Modular Buildings PNW, LP [Member]
Business Acquisition [Line Items]
Rental equipment			$ 116,272
Intangible assets:
Goodwill			101,874
Accounts receivable			12,025
Property, plant and equipment			4,139
Prepaid expenses and other assets			5,366
Accounts payable and accrued liabilities			(11,613)
Deferred income			(2,784)
Total purchase price			267,279
Design Space Modular Buildings PNW, LP [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets			37,900
Design Space Modular Buildings PNW, LP [Member] | Non-compete [Member]
Intangible assets:
Intangible assets			2,500
Design Space Modular Buildings PNW, LP [Member] | Customer Backlog [Member]
Intangible assets:
Intangible assets			$ 1,600
GRS Holding LLC, DBA Kitchens To Go [Member]
Business Acquisition [Line Items]
Rental equipment				$ 12,853
Intangible assets:
Goodwill				2,322
Accounts receivable				212
Property, plant and equipment				365
Prepaid expenses and other assets				1,199
Accounts payable and accrued liabilities				(1,659)
Deferred income				(747)
Total purchase price				18,345
GRS Holding LLC, DBA Kitchens To Go [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets				1,700
GRS Holding LLC, DBA Kitchens To Go [Member] | Trade Name
Intangible assets:
Intangible assets				1,200
GRS Holding LLC, DBA Kitchens To Go [Member] | Non-compete [Member]
Intangible assets:
Intangible assets				600
GRS Holding LLC, DBA Kitchens To Go [Member] | Customer Backlog [Member]
Intangible assets:
Intangible assets				$ 300

Acquisitions - Summary of Pro F

Acquisitions - Summary of Pro Forma Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Pro-forma total revenues	$ 522,940	$ 471,955
Pro-forma net income	$ 75,497	$ 64,618
Pro-forma basic earnings per share	$ 3.10	$ 2.67
Pro-forma diluted earnings per share	$ 3.08	$ 2.64
Design Space and Kitchens To Go [Member]
Business Acquisition [Line Items]
Actual total revenues	$ 56,227
Actual net income	$ 6,231
Actual basic earnings per share	$ 0.26
Actual diluted earnings per share	$ 0.25