McGrath RentCorp (MGRC) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		24,476,738
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
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Rental	$ 110,247	$ 90,050
Rental related services	27,132	19,032
Rental operations	137,379	109,082
Total revenues	163,718	125,053
Direct costs of rental operations:
Depreciation of rental equipment	21,833	19,862
Rental related services	19,268	13,760
Other	31,135	24,854
Total direct costs of rental operations	72,236	58,476
Costs of sales	14,115	8,542
Total costs of revenues	86,351	67,018
Gross profit	77,367	58,035
Selling and administrative expenses	57,498	32,605
Income from operations	19,869	25,430
Other (expense) income:
Interest expense	(7,464)	(2,276)
Foreign currency exchange gain	226	13
Income from continuing operations before provision for income taxes	12,631	23,167
Provision for income taxes	1,113	5,489
Income from continuing operations	11,518	17,678
Discontinued operations:
Income from discontinued operations before provision for income taxes	1,709	1,388
Provision for income taxes from discontinued operations	453	273
Gain on sale of discontinued operations, net of tax	58,883
Income from discontinued operations	60,139	1,115
Net income	$ 71,657	$ 18,793
Earnings per share from continuing operations:
Basic	$ 0.47	$ 0.73
Diluted	0.47	0.72
Earnings Per Share from Discontinued Operations [Abstract]
Basic	2.46	0.05
Diluted	2.45	0.05
Earnings per share:
Basic	2.93	0.77
Diluted	$ 2.92	$ 0.77
Shares used in per share calculation:
Basic	24,416	24,285
Diluted	24,542	24,534
Cash dividends declared per share	$ 0.465	$ 0.455
Sales [Member]
Revenues
Revenues	$ 23,660	$ 15,219
Other [Member]
Revenues
Revenues	$ 2,679	$ 752

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 71,657	$ 18,793
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of tax impact	(18)	3
Comprehensive income	$ 71,639	$ 18,796

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash	$ 690	$ 957
Accounts receivable, net of allowance for credit losses of $2,300 in 2023 and $2,300 in 2022	177,006	169,937
Rental equipment, at cost:
Relocatable modular buildings	1,412,084	1,123,268
Electronic test equipment	401,801	398,267
Rental equipment, gross	1,813,885	1,521,535
Less: accumulated depreciation	(546,617)	(531,218)
Rental equipment, net	1,267,268	990,317
Property, plant and equipment, net	144,295	138,713
Prepaid expenses and other assets	80,490	69,837
Intangible assets, net	68,055	35,431
Goodwill	323,799	106,403
Assets of discontinued operations		196,249
Total assets	2,061,603	1,707,844
Liabilities:
Notes payable	658,777	413,742
Accounts payable and accrued liabilities	219,260	151,208
Deferred income	100,289	82,417
Deferred income taxes, net	223,739	203,361
Liabilities of discontinued operations		53,171
Total liabilities	1,202,065	903,899
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,388 shares as of March 31, 2023 and 24,388 shares as of December 31, 2022	105,487	110,080
Retained earnings	754,147	693,943
Accumulated other comprehensive income (loss)	(96)	(78)
Total shareholders’ equity	859,538	803,945
Total liabilities and shareholders’ equity	$ 2,061,603	$ 1,707,844

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Allowance for credit losses	$ 2,612	$ 2,300
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,466,000	24,388,000
Common Stock, shares outstanding	24,466,000	24,388,000

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, 2021	$ 732,021	$ 108,610	$ 623,465	$ (54)
Balance, Shares at Dec. 31, 2021		24,260,000
Net income	18,793		18,793
Share-based compensation	1,760	$ 1,760
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		75,000
Taxes paid related to net share settlement of stock awards	(3,605)	$ (3,605)
Dividends accrued of $0.465 and $0.455 per share for three months ended March 31, 2023, and three months ended March 31, 2022	(11,084)		(11,084)
Other comprehensive income (loss)	3			3
Balance at Mar. 31, 2022	737,888	$ 106,765	631,174	(51)
Balance, Shares at Mar. 31, 2022		24,335,000
Balance at Dec. 31, 2022	$ 803,945	$ 110,080	693,943	(78)
Balance, Shares at Dec. 31, 2022	24,388,000	24,388,000
Net income	$ 71,657		71,657
Share-based compensation	1,493	$ 1,493
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		78,000
Taxes paid related to net share settlement of stock awards	(6,086)	$ (6,086)
Dividends accrued of $0.465 and $0.455 per share for three months ended March 31, 2023, and three months ended March 31, 2022	(11,453)		(11,453)
Other comprehensive income (loss)	(18)			(18)
Balance at Mar. 31, 2023	$ 859,538	$ 105,487	$ 754,147	$ (96)
Balance, Shares at Mar. 31, 2023	24,466,000	24,466,000

Condensed Consolidated Statem_4

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

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net income	$ 71,657	$ 18,793
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,590	27,584
Deferred income taxes	(45,496)	(3,676)
Provision for credit losses	744	13
Share-based compensation	1,493	1,760
Gain on sale of discontinued operations	(58,883)
Gain on sale of used rental equipment	(3,089)	(5,364)
Foreign currency exchange gain	(226)	(13)
Amortization of debt issuance costs	2	4
Change in:
Accounts receivable	16,209	7,922
Prepaid expenses and other assets	(7,345)	4,213
Accounts payable and accrued liabilities	29,837	(4,716)
Deferred income	3,218	5,223
Net cash provided by operating activities	35,711	51,743
Cash Flows from Investing Activities:
Proceeds from sale of discontinued operations	262,454	0
Purchases of rental equipment	(77,731)	(39,430)
Purchases of property, plant and equipment	(6,857)	(5,417)
Cash paid for acquisition of businesses	(453,592)
Proceeds from sales of used rental equipment	12,197	10,308
Net cash used in investing activities	(263,529)	(34,539)
Cash Flows from Financing Activities:
Net borrowings (payments) under bank lines of credit	245,033	(2,482)
Taxes paid related to net share settlement of stock awards	(6,086)	(3,605)
Payment of dividends	(11,400)	(11,006)
Net cash provided by (used in) financing activities	227,547	(17,093)
Effect of foreign currency exchange rate changes on cash	4	1
Net (decrease) increase in cash	(267)	112
Cash balance, beginning of period	957	1,491
Cash balance, end of period	690	1,603
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	7,817	2,137
Net income taxes paid, during the period	413	420
Dividends accrued during the period, not yet paid	11,851	11,357
Rental equipment acquisitions, not yet paid	$ 5,697	$ 12,869

Condensed Consolidated Financia

Condensed Consolidated Financial Information	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Condensed Consolidated Financial Information	NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION The condensed consolidated financial statements for the three months ended March 31, 2023 and 2022 have not been audited, but in the opinion of management, all adjustments (consisting of normal recurring accruals, consolidating and eliminating entries) necessary for the fair presentation of the consolidated financial position, results of operations and cash flows of McGrath RentCorp (the “Company”) have been made. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. The consolidated results for the three months ended March 31, 2023 should not be considered as necessarily indicative of the consolidated results for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s latest Annual Report on Form 10-K, filed with the SEC on February 22, 2023 for the year ended December 31, 2022 (the “2022 Annual Report”).

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Accounting Changes And Error Corrections [Abstract]
New Accounting Pronouncements	NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS On March 27, 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-01, Leases (Topic 842): Common Control Arrangements, which requires a lessee involved in a common control lease agreement to amortize leasehold improvements over the useful life of the improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset. If the lessor obtains the right to control the use of the underlying asset through a lease with another entity not within the same control group, the amortization period cannot exceed the period of the common control group. Furthermore, the ASU requires the accounting for a transfer between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. The ASU is effective for fiscal years beginning after December 15, 2023. The Company does not expect the adoption of this ASU will have a material impact on the Company's consolidated financial statements.

Implemented Accounting Pronounc

Implemented Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Accounting Changes And Error Corrections [Abstract]
Implemented Accounting Pronouncements	NOTE 3. IMPLEMENTED ACCOUNTING PRONOUNCEMENTS Effective January 1, 2023, the Company adopted the ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the separate recognition and measurement guidance for troubled debt restructurings by creditors. In addition, the ASU requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of FASB ASC 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Acquisitions	NOTE 4. ACQUISITIONS On February 1, 2023, the Company completed the acquisition of Vesta Housing Solutions Holdings, Inc. (“Vesta Modular”), a portfolio company of Kinderhook Industries, for $ 437.2 million cash consideration on the closing date, which included certain adjustments, including net working capital and certain qualified capital expenditures. In connection with the acquisition, the Company purchased a representation and warranty insurance policy to provide certain recourse in the event of breaches of representations and warranties of Vesta Modular and the seller of Vesta Modular under the stock purchase agreement. Vesta Modular is a leading provider of temporary and permanent modular space solutions serving customers between its modular leasing and modular construction divisions. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805, Business Combinations , using the purchase method of accounting. Under the purchase method of accounting, the total purchase price is assigned to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values on the closing date. The excess of the purchase price over those fair values is recorded as goodwill. The financial results of Vesta Modular were a part of the Mobile Modular segment since February 1, 2023, including $ 9.5 million of transaction costs. On March 1, 2023, the Company completed the purchase of assets of Jerald R. Brekke, Inc., DBA Brekke Storage ("Brekke Storage"), for a total purchase price of $ 16.4 million. Brekke Storage is a regional provider of portable storage solutions in the Colorado market. The acquisition expanded the Mobile Modular Portable Storage fleet by approximately 2,700 units and provided a new regional operation to serve the Colorado market. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805 using the purchase method of accounting. The financial results of Brekke Storage were a part of the Mobile Modular segment since March 1, 2023, including $ 0.2 million of transaction costs. The following tables summarize the preliminary purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Vesta Modular and Brekke Storage acquisitions, with excess amounts allocated to goodwill. The estimated fair values of the assets acquired and liabilities assumed at the acquisition date are determined based on preliminary valuations and analyses. Accordingly, the Company has made provisional estimates for the assets acquired and liabilities assumed. The valuation of intangible assets acquired is based on certain valuation assumptions including cash flow projections, discount rates, contributory asset charges and other valuation model inputs. The valuation of tangible long-lived assets acquired is dependent upon various analyses including an analysis of the condition and estimated remaining economic lives of the assets acquired. Vesta Modular: (dollar amounts in thousands) Rental equipment $ 226,753 Intangible assets: Goodwill 213,313 Customer relationships 26,000 Non-compete 7,100 Trade name 800 Cash 11 Accounts receivable 22,401 Property, plant and equipment 1,437 Prepaid expenses and other assets 3,550 Accounts payable and accrued liabilities ( 27,558 ) Deferred income ( 14,273 ) Deferred income taxes ( 22,324 ) Total purchase price $ 437,210 Brekke Storage: (dollar amounts in thousands) Rental equipment $ 10,798 Intangible assets: Goodwill 4,083 Customer relationships 949 Non-compete 59 Property, plant and equipment 875 Deferred income ( 382 ) Total purchase price $ 16,382 The value assigned to identifiable intangible assets was determined based on discounted estimated future cash flows associated with such assets to their present value. The combined acquired goodwill of $ 217.4 million reflects the strategic fit of Vesta Modular and Brekke Storage with the Company’s modular and portable storage business operations. The Company amortizes the acquired customer relationships over their expected useful lives of 11 years for Vesta Modular and 8 years for Brekke Storage. The expected useful life for the non-compete agreements is 5 years. The trade name intangible acquired from the Vesta Modular acquisition will be amortized over it's useful life of nine months . Goodwill is expected to have an indefinite life and will be subject to future impairment testing. The goodwill is deductible for tax purposes over 15 years. The following unaudited pro forma financial information shows the combined results of continuing operations of the Company and Vesta Modular as if the acquisition occurred as of the beginning of the periods presented. The pro forma results include the effects of the amortization of the purchased intangible assets and depreciation expense of acquired rental equipment valuation step up, interest expense on the debt incurred to finance the acquisitions. A pro forma adjustment has been made to reflect the income taxes that would have been recorded at the combined federal and state statutory rate of 26.5 % on the acquisitions’ combined net income. The pro forma results for the three months ended March 31, 2023 and 2022, have been adjusted to include transaction related costs. This pro forma data is presented for informational purposes only and does not purport to be indicative of the results of the future operations or the results that would have occurred had the acquisitions taken place in the periods noted below: (Unaudited) Three months ended March 31, (dollar amounts in thousands, except for per share amounts) 2023 2022 Pro-forma total revenues $ 171,361 $ 148,551 Pro-forma net income $ 11,222 $ 10,276 Pro-forma basic earnings per share $ 0.46 $ 0.42 Pro-forma diluted earnings per share $ 0.46 $ 0.42 Vesta Modular Actual total revenues $ 17,584 Actual net income $ 3,679 Actual basic earnings per share $ 0.15 Actual diluted earnings per share $ 0.15

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	NOTE 5. DISCONTINUED OPERATIONS On February 1, 2023, the Company completed the sale of Adler Tank Rentals, LLC to Ironclad Environmental Solutions, Inc. ("Ironclad"), a portfolio company of Kinderhook Industries, for a sale price of $ 264.5 million. The divestiture of the Company's Adler Tanks business represents the Company's strategic shift to concentrate its operations on its core modular and storage businesses. The sale price was subject to certain adjustments, including net working capital, certain qualified capital expenditures and certain transaction expenses to be borne by the Company. In connection with the sale, the Company entered into a number of ancillary agreements, including an escrow agreement associated with net working capital adjustments, a restricted covenant agreement, a transition services agreement, and a number of leases whereby Ironclad or one of its affiliates would be a lessee to certain properties owned by the Company that the Adler Tanks business would continue to utilize after the sale. These ancillary agreements do not provide for continued involvement by the Company in Adler Tanks. In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations and ASC 360 , Property, Plant and Equipment, the Company determined that the criteria for the presentation of discontinued operations and held-for-sale, respectively, were met during the first quarter of 2023. The following table presents the results of Adler Tanks as reported in income from discontinued operations within the condensed consolidated statements of income for the three months ended March 31, 2023 and 2022: (dollar amounts in thousands) Three Months Ended 2023 2022 Revenues Rental $ 6,520 $ 14,191 Rental related services 2,584 5,285 Rental operations 9,104 19,476 Sales 269 657 Other 65 187 Total revenues 9,438 20,320 Costs and Expenses Direct costs of rental operations: Depreciation of rental equipment 1,325 4,012 Rental related services 2,020 4,383 Other 1,270 2,969 Total direct costs of rental operations 4,614 11,364 Costs of sales 159 502 Total costs of revenues 4,773 11,866 Gross Profit Rental 3,926 7,210 Rental related services 564 902 Rental operations 4,490 8,112 Sales 110 155 Other 65 187 Total gross profit 4,665 8,454 Selling and administrative expenses 2,582 6,522 Operating income 2,083 1,932 Interest expense allocation ( 374 ) ( 544 ) Income from discontinued operations before provision for income taxes 1,709 1,388 Provision for income taxes from discontinued operations 453 273 Income from discontinued operations $ 1,256 $ 1,115 Other Selected Information Adjusted EBITDA $ 3,682 $ 6,707 The following table presents the carrying value of the divested business' assets and liabilities as presented within assets and liabilities of discontinued operations on the condensed consolidated balance sheets as of December 31, 2022: December 31, (in thousands) 2022 Assets Accounts receivable, net of allowance for credit losses of $ 450 $ 20,086 Rental equipment, net 137,738 Property, plant and equipment, net 6,632 Prepaid expenses and other assets 191 Intangible assets, net 5,700 Goodwill 25,902 Total assets of discontinued operations $ 196,249 Liabilities Accounts payable and accrued liabilities $ 9,621 Deferred income taxes, net 43,550 Total liabilities of discontinued operations $ 53,171 For the three months ended March 31, 2023 and 2022, significant operating and investing items related to Adler Tanks were as follows: March 31, March 31, (in thousands) 2023 2022 Operating activities of discontinued operations: Depreciation and amortization $ 1,457 $ 4,450 Gain on sale of used rental equipment ( 111 ) ( 155 ) Investing activities of discontinued operations: Proceeds from sales of used rental equipment 269 657 Purchases of rental equipment ( 25 ) ( 108 ) Purchases of property, plant and equipment ( 40 ) ( 12 ) The following table presents the reconciliation of income from discontinued operations to Adjusted EBITDA for the three months ended March 31, 2023 and 2022: March 31, March 31, (in thousands) 2023 2022 Income from discontinued operations $ 1,256 $ 1,115 Provision for income taxes from discontinued operations 453 273 Interest expense 374 544 Depreciation and amortization 1,457 4,450 EBITDA 3,540 6,382 Share-based compensation 118 248 Transaction costs 24 — Adjusted EBITDA from discontinued operations $ 3,682 $ 6,630

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE 6. REVENUE RECOGNITION The Company’s accounting for revenues is governed by two accounting standards. The majority of the Company’s revenues are considered lease or lease related and are accounted for in accordance with Accounting Standards Codification (ASC) 842, Leases. Revenues determined to be non-lease related are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. The Company accounts for revenues when approval and commitment from both parties have been obtained, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company typically recognizes non-lease related revenues at a point in time because the customer does not simultaneously consume the benefits of the Company’s promised goods and services, or performance obligations, and obtains control when delivery and installation are complete. For contracts that have multiple performance obligations, the transaction price is allocated to each performance obligation in the contract based on the Company’s best estimate of the standalone selling prices of each distinct performance obligation in the contract. The standalone selling price is typically determined based upon the expected cost plus an estimated margin of each performance obligation. Revenue from contracts that satisfies the criteria for over time recognition is recognized as work is performed by using the ratio of costs incurred to estimated total contract costs for each contract. The majority of revenue for these contracts is derived from long-term projects which typically span multiple quarters . The timing of revenue recognition, billings, and cash collections results in billed contract receivables and contract assets on the Company's consolidated balance sheet. In the Company’s contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. Billings can occur subsequent to revenue recognition, resulting in contract assets, or in advance, resulting in contract liabilities. These contract assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period . The contract liabilities included in Deferred income on the Company’s consolidated balance sheet totaled $ 46.2 million and $ 27.4 million at March 31, 2023 and December 31, 2022, respectively. Sales revenues totaling $ 4.4 million were recognized during the three months ended March 31, 2023, which were included in the contract liability balance at December 31, 2022. For certain modular building sales, the customer retains a small portion of the contract price until full completion of the contract, or revenue is recognizable prior to customer billing, which results in revenue earned in excess of billings. These unbilled contract assets are included in Accounts receivable on the Company’s consolidated balance sheet and totaled $ 4.4 million and $ 0.6 million at March 31, 2023 and December 31, 2022, respectively. The Company generally rents and sells to customers on 30 day payment terms. The Company does not typically offer variable payment terms or accept non-monetary consideration. Amounts billed and due from the Company’s customers are classified as Accounts receivable on the Company’s consolidated balance sheet. For certain sales of modular buildings, progress payments from the customer are received during the manufacturing of new equipment, or the preparation of used equipment. The advance payments are not considered a significant financing component because the payments are used to meet working capital needs during the contract and to protect the Company from the customer failing to adequately complete their obligations under the contract. Lease Revenues Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating segments. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized in the period earned. Rental related services revenues are primarily associated with relocatable modular buildings. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as finance leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on finance leases and rental income on facility leases. In the three months ended March 31, 2023, the Company’s lease revenues were $ 136.6 million, consisting of $ 136.0 million of operating lease revenues and $ 0.6 million of finance lease revenues. 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 months ended March 31, 2023 include $ 0.5 million of sales revenues and $ 0.1 million of interest income. 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 months ended March 31, 2023 and 2022: (in thousands) Mobile TRS- Enviroplex Adler Consolidated Three Months Ended March 31, 2023 Leasing $ 99,659 $ 30,322 $ — $ 6,612 $ 136,593 Non-lease: Rental related services 8,974 726 — 2,557 12,257 Sales 17,605 4,623 941 269 23,438 Other 419 449 — — 868 Total non-lease 26,998 5,798 941 2,826 36,563 Total revenues $ 126,657 $ 36,120 $ 941 $ 9,438 $ 173,156 2022 Leasing $ 74,595 $ 29,411 $ — $ 14,478 $ 118,484 Non-lease: Rental related services 5,650 551 — 5,185 11,386 Sales 10,375 3,278 917 657 15,227 Other 25 251 — — 276 Total non-lease 16,050 4,080 917 5,842 26,889 Total revenues $ 90,645 $ 33,491 $ 917 $ 20,320 $ 145,373 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	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 7. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed as net income divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effect of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended (in thousands) 2023 2022 Weighted-average number of shares of common stock for 24,416 24,285 Effect of potentially dilutive securities from equity-based 126 249 Weighted-average number of shares of common stock for 24,542 24,534 There were 96,241 anti-dilutive securities excluded from the computation of diluted earnings per share for the three months ended March 31, 2023 and no anti-dilutive securities excluded from the computation of diluted earnings per share for the same period in 2022. The Company has in the past made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the “Repurchase Plan”). The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased, and the Repurchase Plan may be modified, extended or terminated by the Company’s Board of Directors at any time. There were no shares repurchased during the three months ended March 31, 2023 and 2022. As of March 31, 2023, 1,309,805 shares remained authorized for repurchase under the Repurchase Plan.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	NOTE 8. GOODWILL AND INTANGIBLE ASSETS Changes in the carrying amount of goodwill were as follows: (dollar amounts in thousands) Mobile Modular Adler Tanks (Discontinued) Total Balance at December 31, 2021 $ 106,491 $ 25,902 $ 132,393 Changes to Design Space purchase accounting ( 88 ) — ( 88 ) Balance at December 31, 2022 106,403 25,902 132,305 Goodwill acquired through business combination 217,396 — 217,396 Derecognition of goodwill divested — ( 25,902 ) ( 25,902 ) Balance at March 31, 2023 $ 323,799 $ — $ 323,799 Intangible assets consist of the following: (dollar amounts in thousands) Estimated Average remaining life in years Cost Accumulated amortization Net book value March 31, 2023 Customer relationships 8 to 11 7.6 $ 68,419 $ ( 10,951 ) $ 57,468 Non-compete agreements 5 4.3 10,455 ( 1,561 ) 8,894 Trade name 0.75 to 8 1.3 2,000 ( 478 ) 1,522 Total amortizing 80,874 ( 12,990 ) 67,884 Trade name - non-amortizing Indefinite 171 — 171 Total $ 81,045 $ ( 12,990 ) $ 68,055 December 31, 2022 Customer relationships 8 to 11 6.3 $ 50,284 $ ( 18,098 ) $ 32,186 Non-compete agreements 5 3.2 3,296 ( 1,159 ) 2,137 Customer backlog — — 1,900 ( 1,900 ) — Trade name 8 6.3 1,200 ( 263 ) 937 Total amortizing 56,680 ( 21,420 ) 35,260 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,551 $ ( 21,420 ) $ 41,131 The Company assesses potential impairment of its goodwill and intangible assets when there is evidence that events or circumstances have occurred that would indicate the recovery of an asset’s carrying value is unlikely. The Company also assesses potential impairment of its goodwill and intangible assets with indefinite lives on an annual basis regardless of whether there is evidence of impairment. If indicators of impairment were to be present in intangible assets used in operations and future discounted cash flows were not expected to be sufficient to recover the asset’s carrying amount, an impairment loss would be charged to expense in the period identified. The amount of an impairment loss that would be recognized is the excess of the asset’s carrying value over its fair value. Factors the Company considers important, which may cause impairment include, among others, significant changes in the manner of use of the acquired asset, negative industry or economic trends, and significant underperformance relative to historical or projected operating results. The Company last conducted a qualitative analysis of its goodwill and intangible assets in the fourth quarter 2022, with no indicators of impairment. In addition, no impairment triggering events occurred during the three months ended March 31, 2023. Determining fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The Company bases its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions. Intangible assets with finite useful lives are amortized over their respective useful lives. Amortization expense in the three months ended March 31, 2023 and 2022, was $ 2.3 million and $ 1.5 million, respectively. Based on the carrying values at March 31, 2023 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $ 8.0 million for the remainder of fiscal year 2023, $ 9.8 million in 2024, $ 9.7 million in 2025, $ 9.3 million in 2026, $ 9.1 million in 2027 and $ 7.8 million in 2028.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	NOTE 9. SEGMENT REPORTING The Company historically operated four reportable segments and divested it's Adler Tanks business segment on February 1, 2023, see Note 5 to the consolidated financial statements for more information on the divestiture of Adler Tanks. The three reportable segments from continuing operations are (1) its modular building and portable storage container rental segment (“Mobile Modular”); (2) its electronic test equipment segment (“TRS-RenTelco”); and (3) its classroom manufacturing segment selling modular buildings used primarily as classrooms in California (“Enviroplex”). The operations of each of these segments are described in Part I – Item 1, “Business,” and the accounting policies of the segments are described in “Note 1 – Summary of Significant Accounting Policies” in the Company’s 2022 Annual Report. Management focuses on several key measures to evaluate and assess each segment’s performance, including rental revenue growth, gross profit and gross margins, income from operations, income before provision for income taxes and adjusted EBITDA. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular and TRS-RenTelco based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular and TRS-RenTelco based on their pro-rata share of average rental equipment at cost, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. Summarized financial information for the three months ended March 31, 2023 and 2022 for the Company’s reportable segments and discontinued operations are shown in the following table: (dollar amounts in thousands) Mobile TRS- Enviroplex 1 Adler 3 Consolidated Three Months Ended March 31, 2023 Rental revenues $ 81,113 $ 29,134 $ — $ 6,520 $ 116,767 Rental related services revenues 26,252 880 — 2,584 29,716 Sales and other revenues 19,292 6,106 941 334 26,673 Total revenues 126,657 36,120 941 9,438 173,156 Depreciation of rental equipment 9,444 12,389 — 1,325 23,158 Gross profit 61,622 15,620 125 4,665 82,032 Selling and administrative expenses 46,514 9,451 1,533 2,582 60,080 Income (loss) from operations 15,108 6,169 ( 1,408 ) 2,083 21,952 Interest (expense) income allocation ( 6,271 ) ( 1,742 ) 549 ( 374 ) ( 7,838 ) Income (loss) before provision for income taxes 8,837 4,653 ( 859 ) 1,709 14,340 Adjusted EBITDA 42,445 20,635 ( 1,330 ) 3,682 65,432 Rental equipment acquisitions 60,117 10,112 — — 70,229 Accounts receivable, net (period end) 148,880 24,493 3,633 — 177,006 Rental equipment, at cost (period end) 1,412,084 401,801 — — 1,813,885 Rental equipment, net book value (period end) 1,096,164 171,104 — — 1,267,268 Utilization (period end) 2 78.9 % 59.0 % Average utilization 2 79.6 % 59.2 % 2022 Rental revenues $ 61,538 $ 28,512 $ — $ 14,191 $ 104,241 Rental related services revenues 18,361 671 — 5,285 24,317 Sales and other revenues 10,746 4,308 917 844 16,815 Total revenues 90,645 33,491 917 20,320 145,373 Depreciation of rental equipment 7,833 12,029 — 4,012 23,874 Gross profit 43,141 14,690 204 8,454 66,489 Selling and administrative expenses 24,692 6,590 1,323 6,522 39,127 Income (loss) from operations 18,449 8,100 ( 1,119 ) 1,932 27,362 Interest (expense) income allocation ( 1,821 ) ( 586 ) 131 ( 544 ) ( 2,820 ) Income (loss) before provision for income taxes 16,628 7,527 ( 988 ) 1,388 24,555 Adjusted EBITDA 30,405 20,653 ( 1,046 ) 6,707 56,719 Rental equipment acquisitions 23,088 23,351 — 109 46,548 Accounts receivable, net (period end) 106,682 25,124 4,970 14,788 151,564 Rental equipment, at cost (period end) 1,059,030 378,766 — 308,790 1,746,586 Rental equipment, net book value (period end) 763,710 171,863 — 147,382 1,082,955 Utilization (period end) 2 77.6 % 64.7 % 50.4 % Average utilization 2 77.1 % 64.6 % 48.3 % 1. Gross Enviroplex sales revenues were $ 941 and $ 917 for the three months ended March 31, 2023 and 2022, respectively. There were no inter-segment sales to Mobile Modular in the three months ended March 31, 2023 and 2022, 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 new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment. 3. The financial results of Adler Tanks included in this table are through the date of the business divestiture, which occurred on February 1, 2023. No single customer accounted for more than 10% of total revenues for the three months ended March 31, 2023 and 2022. Revenues from foreign country customers accounted for 3 % and 4 % of the Company’s total revenues for the same periods, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	NOTE 10. SUBSEQUENT EVENT On April 1, 2023, the Company completed the purchase of assets of Dixie Temporary Storage, LLC ("Dixie Storage"), for a purchase price of $ 4.9 million. Dixie Storage is a regional provider of portable storage solutions in the South Carolina market and is highly complementary to the Company's portable storage business segment. The acquisition grew the Mobile Modular Portable Storage fleet by approximately 800 units and provided a new regional operation to serve the South Carolina market. The acquisition will be accounted for as a purchase of a “business” in accordance with criteria in ASC 805, Business Combinations , using the purchase method of accounting.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following tables summarize the preliminary purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Vesta Modular and Brekke Storage acquisitions, with excess amounts allocated to goodwill. Vesta Modular: (dollar amounts in thousands) Rental equipment $ 226,753 Intangible assets: Goodwill 213,313 Customer relationships 26,000 Non-compete 7,100 Trade name 800 Cash 11 Accounts receivable 22,401 Property, plant and equipment 1,437 Prepaid expenses and other assets 3,550 Accounts payable and accrued liabilities ( 27,558 ) Deferred income ( 14,273 ) Deferred income taxes ( 22,324 ) Total purchase price $ 437,210 Brekke Storage: (dollar amounts in thousands) Rental equipment $ 10,798 Intangible assets: Goodwill 4,083 Customer relationships 949 Non-compete 59 Property, plant and equipment 875 Deferred income ( 382 ) Total purchase price $ 16,382
Summary of Pro Forma Data	(Unaudited) Three months ended March 31, (dollar amounts in thousands, except for per share amounts) 2023 2022 Pro-forma total revenues $ 171,361 $ 148,551 Pro-forma net income $ 11,222 $ 10,276 Pro-forma basic earnings per share $ 0.46 $ 0.42 Pro-forma diluted earnings per share $ 0.46 $ 0.42 Vesta Modular Actual total revenues $ 17,584 Actual net income $ 3,679 Actual basic earnings per share $ 0.15 Actual diluted earnings per share $ 0.15

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Summary of Results of Discontinued Operations Reported in Consolidated Statements of Income and Balance Sheets	The following table presents the results of Adler Tanks as reported in income from discontinued operations within the condensed consolidated statements of income for the three months ended March 31, 2023 and 2022: (dollar amounts in thousands) Three Months Ended 2023 2022 Revenues Rental $ 6,520 $ 14,191 Rental related services 2,584 5,285 Rental operations 9,104 19,476 Sales 269 657 Other 65 187 Total revenues 9,438 20,320 Costs and Expenses Direct costs of rental operations: Depreciation of rental equipment 1,325 4,012 Rental related services 2,020 4,383 Other 1,270 2,969 Total direct costs of rental operations 4,614 11,364 Costs of sales 159 502 Total costs of revenues 4,773 11,866 Gross Profit Rental 3,926 7,210 Rental related services 564 902 Rental operations 4,490 8,112 Sales 110 155 Other 65 187 Total gross profit 4,665 8,454 Selling and administrative expenses 2,582 6,522 Operating income 2,083 1,932 Interest expense allocation ( 374 ) ( 544 ) Income from discontinued operations before provision for income taxes 1,709 1,388 Provision for income taxes from discontinued operations 453 273 Income from discontinued operations $ 1,256 $ 1,115 Other Selected Information Adjusted EBITDA $ 3,682 $ 6,707 The following table presents the carrying value of the divested business' assets and liabilities as presented within assets and liabilities of discontinued operations on the condensed consolidated balance sheets as of December 31, 2022: December 31, (in thousands) 2022 Assets Accounts receivable, net of allowance for credit losses of $ 450 $ 20,086 Rental equipment, net 137,738 Property, plant and equipment, net 6,632 Prepaid expenses and other assets 191 Intangible assets, net 5,700 Goodwill 25,902 Total assets of discontinued operations $ 196,249 Liabilities Accounts payable and accrued liabilities $ 9,621 Deferred income taxes, net 43,550 Total liabilities of discontinued operations $ 53,171
Schedule of Operating and Investing Items Related to Discontinued Operations	For the three months ended March 31, 2023 and 2022, significant operating and investing items related to Adler Tanks were as follows: March 31, March 31, (in thousands) 2023 2022 Operating activities of discontinued operations: Depreciation and amortization $ 1,457 $ 4,450 Gain on sale of used rental equipment ( 111 ) ( 155 ) Investing activities of discontinued operations: Proceeds from sales of used rental equipment 269 657 Purchases of rental equipment ( 25 ) ( 108 ) Purchases of property, plant and equipment ( 40 ) ( 12 )
Reconciliation of Income from Discontinued Operations to Adjusted EBITDA	The following table presents the reconciliation of income from discontinued operations to Adjusted EBITDA for the three months ended March 31, 2023 and 2022: March 31, March 31, (in thousands) 2023 2022 Income from discontinued operations $ 1,256 $ 1,115 Provision for income taxes from discontinued operations 453 273 Interest expense 374 544 Depreciation and amortization 1,457 4,450 EBITDA 3,540 6,382 Share-based compensation 118 248 Transaction costs 24 — Adjusted EBITDA from discontinued operations $ 3,682 $ 6,630

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 months ended March 31, 2023 and 2022: (in thousands) Mobile TRS- Enviroplex Adler Consolidated Three Months Ended March 31, 2023 Leasing $ 99,659 $ 30,322 $ — $ 6,612 $ 136,593 Non-lease: Rental related services 8,974 726 — 2,557 12,257 Sales 17,605 4,623 941 269 23,438 Other 419 449 — — 868 Total non-lease 26,998 5,798 941 2,826 36,563 Total revenues $ 126,657 $ 36,120 $ 941 $ 9,438 $ 173,156 2022 Leasing $ 74,595 $ 29,411 $ — $ 14,478 $ 118,484 Non-lease: Rental related services 5,650 551 — 5,185 11,386 Sales 10,375 3,278 917 657 15,227 Other 25 251 — — 276 Total non-lease 16,050 4,080 917 5,842 26,889 Total revenues $ 90,645 $ 33,491 $ 917 $ 20,320 $ 145,373

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share	The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended (in thousands) 2023 2022 Weighted-average number of shares of common stock for 24,416 24,285 Effect of potentially dilutive securities from equity-based 126 249 Weighted-average number of shares of common stock for 24,542 24,534

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill were as follows: (dollar amounts in thousands) Mobile Modular Adler Tanks (Discontinued) Total Balance at December 31, 2021 $ 106,491 $ 25,902 $ 132,393 Changes to Design Space purchase accounting ( 88 ) — ( 88 ) Balance at December 31, 2022 106,403 25,902 132,305 Goodwill acquired through business combination 217,396 — 217,396 Derecognition of goodwill divested — ( 25,902 ) ( 25,902 ) Balance at March 31, 2023 $ 323,799 $ — $ 323,799
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 March 31, 2023 Customer relationships 8 to 11 7.6 $ 68,419 $ ( 10,951 ) $ 57,468 Non-compete agreements 5 4.3 10,455 ( 1,561 ) 8,894 Trade name 0.75 to 8 1.3 2,000 ( 478 ) 1,522 Total amortizing 80,874 ( 12,990 ) 67,884 Trade name - non-amortizing Indefinite 171 — 171 Total $ 81,045 $ ( 12,990 ) $ 68,055 December 31, 2022 Customer relationships 8 to 11 6.3 $ 50,284 $ ( 18,098 ) $ 32,186 Non-compete agreements 5 3.2 3,296 ( 1,159 ) 2,137 Customer backlog — — 1,900 ( 1,900 ) — Trade name 8 6.3 1,200 ( 263 ) 937 Total amortizing 56,680 ( 21,420 ) 35,260 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,551 $ ( 21,420 ) $ 41,131

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the three months ended March 31, 2023 and 2022 for the Company’s reportable segments and discontinued operations are shown in the following table: (dollar amounts in thousands) Mobile TRS- Enviroplex 1 Adler 3 Consolidated Three Months Ended March 31, 2023 Rental revenues $ 81,113 $ 29,134 $ — $ 6,520 $ 116,767 Rental related services revenues 26,252 880 — 2,584 29,716 Sales and other revenues 19,292 6,106 941 334 26,673 Total revenues 126,657 36,120 941 9,438 173,156 Depreciation of rental equipment 9,444 12,389 — 1,325 23,158 Gross profit 61,622 15,620 125 4,665 82,032 Selling and administrative expenses 46,514 9,451 1,533 2,582 60,080 Income (loss) from operations 15,108 6,169 ( 1,408 ) 2,083 21,952 Interest (expense) income allocation ( 6,271 ) ( 1,742 ) 549 ( 374 ) ( 7,838 ) Income (loss) before provision for income taxes 8,837 4,653 ( 859 ) 1,709 14,340 Adjusted EBITDA 42,445 20,635 ( 1,330 ) 3,682 65,432 Rental equipment acquisitions 60,117 10,112 — — 70,229 Accounts receivable, net (period end) 148,880 24,493 3,633 — 177,006 Rental equipment, at cost (period end) 1,412,084 401,801 — — 1,813,885 Rental equipment, net book value (period end) 1,096,164 171,104 — — 1,267,268 Utilization (period end) 2 78.9 % 59.0 % Average utilization 2 79.6 % 59.2 % 2022 Rental revenues $ 61,538 $ 28,512 $ — $ 14,191 $ 104,241 Rental related services revenues 18,361 671 — 5,285 24,317 Sales and other revenues 10,746 4,308 917 844 16,815 Total revenues 90,645 33,491 917 20,320 145,373 Depreciation of rental equipment 7,833 12,029 — 4,012 23,874 Gross profit 43,141 14,690 204 8,454 66,489 Selling and administrative expenses 24,692 6,590 1,323 6,522 39,127 Income (loss) from operations 18,449 8,100 ( 1,119 ) 1,932 27,362 Interest (expense) income allocation ( 1,821 ) ( 586 ) 131 ( 544 ) ( 2,820 ) Income (loss) before provision for income taxes 16,628 7,527 ( 988 ) 1,388 24,555 Adjusted EBITDA 30,405 20,653 ( 1,046 ) 6,707 56,719 Rental equipment acquisitions 23,088 23,351 — 109 46,548 Accounts receivable, net (period end) 106,682 25,124 4,970 14,788 151,564 Rental equipment, at cost (period end) 1,059,030 378,766 — 308,790 1,746,586 Rental equipment, net book value (period end) 763,710 171,863 — 147,382 1,082,955 Utilization (period end) 2 77.6 % 64.7 % 50.4 % Average utilization 2 77.1 % 64.6 % 48.3 % 1. Gross Enviroplex sales revenues were $ 941 and $ 917 for the three months ended March 31, 2023 and 2022, respectively. There were no inter-segment sales to Mobile Modular in the three months ended March 31, 2023 and 2022, 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 new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment. 3. The financial results of Adler Tanks included in this table are through the date of the business divestiture, which occurred on February 1, 2023.

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands			3 Months Ended	12 Months Ended
	Mar. 01, 2023 USD ($) MobileModularPortableStorage	Feb. 01, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Combined acquired goodwill			$ 323,799	$ 106,403
Goodwill deductible for tax purpose, period			15 years
Combined federal and state tax rate			26.50%
Trade Name [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life				8 years
Non-compete Agreements [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			5 years	5 years
Vesta Modular [Member]
Business Acquisition [Line Items]
Purchase of assets		$ 437,200
Business acquisition, transaction costs		9,500
Purchase price		437,210
Combined acquired goodwill		213,313
Rental equipment		$ 226,753
Vesta Modular [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life		11 years
Vesta Modular [Member] | Trade Name [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			9 months
Brekke Storage [Member]
Business Acquisition [Line Items]
Business acquisition, transaction costs	$ 200
Increased number of mobile modular portable storage | MobileModularPortableStorage	2,700
Purchase price	$ 16,382
Combined acquired goodwill	4,083
Rental equipment	$ 10,798
Brekke Storage [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life	8 years
Vesta Modular And Brekke Storage [Member]
Business Acquisition [Line Items]
Combined acquired goodwill			$ 217,400

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	Mar. 31, 2023	Mar. 01, 2023	Feb. 01, 2023	Dec. 31, 2022
Intangible assets:
Goodwill	$ 323,799			$ 106,403
Vesta Modular [Member]
Business Acquisition [Line Items]
Rental equipment			$ 226,753
Intangible assets:
Goodwill			213,313
Cash			11
Accounts receivable			22,401
Property, plant and equipment			1,437
Prepaid expenses and other assets			3,550
Accounts payable and accrued liabilities			(27,558)
Deferred income			(14,273)
Deferred income taxes			(22,324)
Total purchase price			437,210
Vesta Modular [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets			26,000
Vesta Modular [Member] | Trade Name
Intangible assets:
Intangible assets			800
Vesta Modular [Member] | Non-compete [Member]
Intangible assets:
Intangible assets			$ 7,100
Brekke Storage [Member]
Business Acquisition [Line Items]
Rental equipment		$ 10,798
Intangible assets:
Goodwill		4,083
Property, plant and equipment		875
Deferred income		(382)
Total purchase price		16,382
Brekke Storage [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets		949
Brekke Storage [Member] | Non-compete [Member]
Intangible assets:
Intangible assets		$ 59

Acquisitions - Summary of Pro F

Acquisitions - Summary of Pro Forma Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Pro-forma total revenues	$ 171,361	$ 148,551
Pro-forma net income	$ 11,222	$ 10,276
Pro-forma basic earnings per share	$ 0.46	$ 0.42
Pro-forma diluted earnings per share	$ 0.46	$ 0.42
Vesta Modular [Member]
Business Acquisition [Line Items]
Actual total revenues	$ 17,584
Actual net income	$ 3,679
Actual basic earnings per share	$ 0.15
Actual diluted earnings per share	$ 0.15

Discontinued Operations - Addit

Discontinued Operations - Additional information (Detail) $ in Millions	Feb. 01, 2023 USD ($)
Adler Tank Rentals, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price	$ 264.5

Discontinued Operations - Summa

Discontinued Operations - Summary of Results of Discontinued Operations Reported in Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Gross Profit
Interest expense allocation	$ (374)	$ (544)
Income from discontinued operations before provision for income taxes	1,709	1,388
Provision for income taxes from discontinued operations	453	273
Income from discontinued operations	60,139	1,115
Other Selected Information
Adjusted EBITDA	3,682	6,630
Sales [Member]
Revenues
Sales revenues	23,660	15,219
Other [Member]
Revenues
Sales revenues	2,679	752
Adler Tank Rentals, LLC
Revenues
Rental	6,520	14,191
Rental related services	2,584	5,285
Rental operations	9,104	19,476
Total revenues	9,438	20,320
Direct costs of rental operations:
Depreciation of rental equipment	1,325	4,012
Rental related services	2,020	4,383
Other	1,270	2,969
Total direct costs of rental operations	4,614	11,364
Costs of sales	159	502
Total costs of revenues	4,773	11,866
Gross Profit
Rental	3,926	7,210
Rental related services	564	902
Rental operations	4,490	8,112
Total gross profit	4,665	8,454
Selling and administrative expenses	2,582	6,522
Operating income	2,083	1,932
Interest expense allocation	(374)	(544)
Income from discontinued operations before provision for income taxes	1,709	1,388
Provision for income taxes from discontinued operations	453	273
Income from discontinued operations	1,256	1,115
Other Selected Information
Adjusted EBITDA	3,682	6,707
Adler Tank Rentals, LLC | Sales [Member]
Revenues
Sales revenues	269	657
Gross Profit
Total gross profit	110	155
Adler Tank Rentals, LLC | Other [Member]
Revenues
Sales revenues	65	187
Gross Profit
Total gross profit	$ 65	$ 187

Discontinued Operations - Sched

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

Discontinued Operations - Sch_2

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

Discontinued Operations - Sch_3

Discontinued Operations - Schedule of Operating and Investing Items Related to Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities of discontinued operations:
Depreciation and amortization	$ 1,457	$ 4,450
Investing activities of discontinued operations:
Purchases of rental equipment	(77,731)	(39,430)
Purchases of property, plant and equipment	(6,857)	(5,417)
Adler Tank Rentals, LLC
Operating activities of discontinued operations:
Depreciation and amortization	1,457	4,450
Gain on sale of used rental equipment	(111)	(155)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment	269	657
Purchases of rental equipment	(25)	(108)
Purchases of property, plant and equipment	$ (40)	$ (12)

Discontinued Operations - Recon

Discontinued Operations - Reconciliation of Income from Discontinued Operations to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations	$ 1,256	$ 1,115
Provision for income taxes from discontinued operations	453	273
Interest expense	374	544
Depreciation and amortization	1,457	4,450
EBITDA	3,540	6,382
Share-based compensation	118	248
Transaction costs	24
Adjusted EBITDA from discontinued operations	3,682	6,630
Adler Tank Rentals, LLC [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for income taxes from discontinued operations	453	273
Interest expense	374	544
Depreciation and amortization	1,457	4,450
Adjusted EBITDA from discontinued operations	$ 3,682	$ 6,707

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Period for credit risk identified	30 days
Revenue from contracts criteria over time	multiple quarters
Sales revenues totaling	$ 4.4
Lease revenue	136.6
Operating lease revenue	136
Finance lease revenue	0.6
Finance lease revenue, sales revenue	0.5
Finance lease revenue, interest income	$ 0.1
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	$ 46.2	$ 27.4
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 4.4	$ 0.6

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
		Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Leasing revenues		$ 136,600
Total revenues		173,156	$ 145,373
Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		136,593	118,484
Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		12,257	11,386
Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		23,438	15,227
Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		868	276
Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		36,563	26,889
Mobile Modular [Member]
Disaggregation Of Revenue [Line Items]
Total revenues		126,657	90,645
Mobile Modular [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		99,659	74,595
Mobile Modular [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		8,974	5,650
Mobile Modular [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		17,605	10,375
Mobile Modular [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		419	25
Mobile Modular [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		26,998	16,050
TRS-RenTelco [Member]
Disaggregation Of Revenue [Line Items]
Total revenues		36,120	33,491
TRS-RenTelco [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		30,322	29,411
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		726	551
TRS-RenTelco [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		4,623	3,278
TRS-RenTelco [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		449	251
TRS-RenTelco [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		5,798	4,080
Adler Tanks [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	[1]	9,438	20,320
Adler Tanks [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		6,612	14,478
Adler Tanks [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		2,557	5,185
Adler Tanks [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		269	657
Adler Tanks [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		2,826	5,842
Enviroplex [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	[2]	941	917
Enviroplex [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		941	917
Enviroplex [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		$ 941	$ 917
[1] The financial results of Adler Tanks included in this table are through the date of the business divestiture, which occurred on February 1, 2023. Gross Enviroplex sales revenues were $ 941 and $ 917 for the three months ended March 31, 2023 and 2022, respectively. There were no inter-segment sales to Mobile Modular in the three months ended March 31, 2023 and 2022, 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
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,416	24,285
Effect of potentially dilutive securities from equity-based compensation	126	249
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,542	24,534

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Aug. 31, 2015
Earnings Per Share Basic [Line Items]
Anti-dilutive securities in the form of common stock excluded from computation of diluted earnings per share	96,241	0
Shares repurchased	0	0
Shares remain authorized for repurchase	1,309,805
Maximum [Member]
Earnings Per Share Basic [Line Items]
Common stock shares authorized for repurchase			2,000,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Beginning Balance	$ 132,305	$ 132,393
Changes to Design Space purchase accounting		(88)
Goodwill acquired through business combination	217,396
Derecognition of goodwill divested	(25,902)
Ending Balance	323,799	132,305
Mobile Modular [Member]
Goodwill [Line Items]
Beginning Balance	106,403	106,491
Changes to Design Space purchase accounting		(88)
Goodwill acquired through business combination	217,396
Ending Balance	323,799	106,403
Adler Tanks (Disconitued) [Member]
Goodwill [Line Items]
Beginning Balance	25,902	25,902
Derecognition of goodwill divested	$ (25,902)
Ending Balance		$ 25,902

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Cost	$ 80,874	$ 56,680
Accumulated amortization	(12,990)	(21,420)
Net book value	67,884	35,260
Indefinite, cost	171	5,871
Indefinite, net book value	171	5,871
Total, cost	81,045	62,551
Total, accumulated amortization	(12,990)	(21,420)
Total, net book value	$ 68,055	$ 41,131
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Average remaining life in years	7 years 7 months 6 days	6 years 3 months 18 days
Cost	$ 68,419	$ 50,284
Accumulated amortization	(10,951)	(18,098)
Net book value	$ 57,468	$ 32,186
Customer Relationships [Member] | Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years
Customer Relationships [Member] | Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	11 years	11 years
Non-compete Agreements [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	5 years	5 years
Average remaining life in years	4 years 3 months 18 days	3 years 2 months 12 days
Cost	$ 10,455	$ 3,296
Accumulated amortization	(1,561)	(1,159)
Net book value	$ 8,894	2,137
Customer Backlog [Member]
Finite Lived Intangible Assets [Line Items]
Cost		1,900
Accumulated amortization		$ (1,900)
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years		8 years
Average remaining life in years	1 year 3 months 18 days	6 years 3 months 18 days
Cost	$ 2,000	$ 1,200
Accumulated amortization	(478)	(263)
Net book value	$ 1,522	$ 937
Trade Name [Member] | Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	9 months
Trade Name [Member] | Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 0	$ 0
Amortization expense	2,300,000		$ 1,500,000
Subsequent impairment of the underlying assets	0
Expected annual amortization expense for 2023	8,000,000
Expected annual amortization expense for 2024	9,800,000
Expected annual amortization expense for 2025	9,700,000
Expected annual amortization expense for 2026	9,300,000
Expected annual amortization expense for 2027	9,100,000
Expected annual amortization expense for 2028	$ 7,800,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)		3 Months Ended
	Feb. 01, 2023 Segment	Mar. 31, 2023 Segment Customer	Mar. 31, 2022 Customer
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	4	3
Customer Concentration Risk [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Number of major customer | Customer		0	0
Geographic Concentration Risk [Member] | Sales [Member] | Foreign Country Customers [Member]
Segment Reporting Information [Line Items]
Revenues from customers		3%	4%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Rental revenues		$ 116,767	$ 104,241
Rental related services revenues		29,716	24,317
Sales and other revenues		26,673	16,815
Total revenues		173,156	145,373
Depreciation of rental equipment		23,158	23,874
Gross profit		82,032	66,489
Selling and administrative expenses		60,080	39,127
Income (loss) from operations		21,952	27,362
Interest (expense) income allocation		(7,838)	(2,820)
Income (loss) before provision for income taxes		14,340	24,555
Adjusted EBITDA		65,432	56,719
Rental equipment acquisitions		70,229	46,548
Accounts receivable, net (period end)		177,006	151,564	$ 169,937
Rental equipment, at cost (period end)		1,813,885	1,746,586	1,521,535
Rental equipment, net book value (period end)		1,267,268	1,082,955	$ 990,317
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues		81,113	61,538
Rental related services revenues		26,252	18,361
Sales and other revenues		19,292	10,746
Total revenues		126,657	90,645
Depreciation of rental equipment		9,444	7,833
Gross profit		61,622	43,141
Selling and administrative expenses		46,514	24,692
Income (loss) from operations		15,108	18,449
Interest (expense) income allocation		(6,271)	(1,821)
Income (loss) before provision for income taxes		8,837	16,628
Adjusted EBITDA		42,445	30,405
Rental equipment acquisitions		60,117	23,088
Accounts receivable, net (period end)		148,880	106,682
Rental equipment, at cost (period end)		1,412,084	1,059,030
Rental equipment, net book value (period end)		$ 1,096,164	$ 763,710
Utilization (period end)	[1]	78.90%	77.60%
Average utilization	[1]	79.60%	77.10%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues		$ 29,134	$ 28,512
Rental related services revenues		880	671
Sales and other revenues		6,106	4,308
Total revenues		36,120	33,491
Depreciation of rental equipment		12,389	12,029
Gross profit		15,620	14,690
Selling and administrative expenses		9,451	6,590
Income (loss) from operations		6,169	8,100
Interest (expense) income allocation		(1,742)	(586)
Income (loss) before provision for income taxes		4,653	7,527
Adjusted EBITDA		20,635	20,653
Rental equipment acquisitions		10,112	23,351
Accounts receivable, net (period end)		24,493	25,124
Rental equipment, at cost (period end)		401,801	378,766
Rental equipment, net book value (period end)		$ 171,104	$ 171,863
Utilization (period end)	[1]	59%	64.70%
Average utilization	[1]	59.20%	64.60%
Adler Tanks [Member]
Segment Reporting Information [Line Items]
Rental revenues	[2]	$ 6,520	$ 14,191
Rental related services revenues	[2]	2,584	5,285
Sales and other revenues	[2]	334	844
Total revenues	[2]	9,438	20,320
Depreciation of rental equipment	[2]	1,325	4,012
Gross profit	[2]	4,665	8,454
Selling and administrative expenses	[2]	2,582	6,522
Income (loss) from operations	[2]	2,083	1,932
Interest (expense) income allocation	[2]	(374)	(544)
Income (loss) before provision for income taxes	[2]	1,709	1,388
Adjusted EBITDA	[2]	3,682	6,707
Rental equipment acquisitions	[2]		109
Accounts receivable, net (period end)	[2]		14,788
Rental equipment, at cost (period end)	[2]		308,790
Rental equipment, net book value (period end)	[2]		$ 147,382
Utilization (period end)	[1],[2]		50.40%
Average utilization	[1],[2]		48.30%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	[3]	941	$ 917
Total revenues	[3]	941	917
Gross profit	[3]	125	204
Selling and administrative expenses	[3]	1,533	1,323
Income (loss) from operations	[3]	(1,408)	(1,119)
Interest (expense) income allocation	[3]	549	131
Income (loss) before provision for income taxes	[3]	(859)	(988)
Adjusted EBITDA	[3]	(1,330)	(1,046)
Accounts receivable, net (period end)	[3]	$ 3,633	$ 4,970
[1] Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment, excluding accessory equipment, and new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment. The financial results of Adler Tanks included in this table are through the date of the business divestiture, which occurred on February 1, 2023. Gross Enviroplex sales revenues were $ 941 and $ 917 for the three months ended March 31, 2023 and 2022, respectively. There were no inter-segment sales to Mobile Modular in the three months ended March 31, 2023 and 2022, 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
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 163,718	$ 125,053
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues	23,660	15,219
Operating Segments [Member] | Enviroplex [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues	$ 941	$ 917

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Dixie Storage [Member] $ in Millions	Apr. 01, 2023 USD ($) MobileModularPortableStorage
Subsequent Event [Line Items]
Purchase price | $	$ 4.9
Increased number of mobile modular portable storage | MobileModularPortableStorage	800