McGrath RentCorp (MGRC) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 26, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		24,484,993
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Rental	$ 117,840	$ 94,667	$ 228,087	$ 184,717
Rental related services	33,857	22,046	60,989	41,078
Rental operations	151,697	116,713	289,076	225,795
Total revenues	203,030	153,368	366,748	278,421
Direct costs of rental operations:
Depreciation of rental equipment	22,597	20,082	44,430	39,944
Rental related services	23,825	15,780	43,093	29,540
Other	30,560	29,516	61,695	54,370
Total direct costs of rental operations	76,982	65,378	149,218	123,854
Costs of sales	31,438	21,034	45,553	29,576
Total costs of revenues	108,420	86,412	194,771	153,430
Gross profit	94,610	66,956	171,977	124,991
Selling and administrative expenses	47,026	33,809	104,524	66,414
Income from operations	47,584	33,147	67,453	58,577
Other (expense) income:
Interest expense	(9,945)	(2,426)	(17,409)	(4,702)
Foreign currency exchange (loss) gain	(18)	(181)	208	(168)
Income from continuing operations before provision for income taxes	37,621	30,540	50,252	53,707
Provision for income taxes	9,669	6,996	10,782	12,505
Income from continuing operations	27,952	23,544	39,470	41,202
Discontinued operations:
Income from discontinued operations before provision for income taxes		3,327	1,709	4,715
Provision for income taxes from discontinued operations		734	453	987
Gain on sale of discontinued operations, net of tax	2,630		61,513
Income from discontinued operations	2,630	2,593	62,769	3,728
Net income	$ 30,582	$ 26,137	$ 102,239	$ 44,930
Earnings per share from continuing operations:
Basic	$ 1.14	$ 0.96	$ 1.61	$ 1.68
Diluted	1.14	0.96	1.61	1.68
Earnings Per Share from Discontinued Operations [Abstract]
Basic	0.11	0.11	2.57	0.15
Diluted	0.11	0.11	2.56	0.15
Earnings per share:
Basic	1.25	1.07	4.18	1.83
Diluted	$ 1.25	$ 1.07	$ 4.17	$ 1.83
Shares used in per share calculation:
Basic	24,479	24,360	24,448	24,323
Diluted	24,512	24,509	24,527	24,522
Cash dividends declared per share	$ 0.465	$ 0.455	$ 0.93	$ 0.91
Sales [Member]
Revenues
Revenues	$ 47,801	$ 35,870	$ 71,461	$ 51,089
Other [Member]
Revenues
Revenues	$ 3,532	$ 785	$ 6,211	$ 1,537

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 30,582	$ 26,137	$ 102,239	$ 44,930
Other comprehensive income:
Foreign currency translation adjustment, net of tax impact	43	61	25	64
Comprehensive income	$ 30,625	$ 26,198	$ 102,264	$ 44,994

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash	$ 2,205	$ 957
Accounts receivable, net of allowance for credit losses of $2,600 in 2023 and $2,300 in 2022	191,676	169,937
Rental equipment, at cost:
Relocatable modular buildings	1,457,984	1,123,268
Electronic test equipment	390,832	398,267
Rental equipment, gross	1,848,816	1,521,535
Less: accumulated depreciation	(553,166)	(531,218)
Rental equipment, net	1,295,650	990,317
Property, plant and equipment, net	146,624	138,713
Prepaid expenses and other assets	81,967	69,837
Intangible assets, net	65,607	35,431
Goodwill	325,354	106,403
Assets of discontinued operations		196,249
Total assets	2,109,083	1,707,844
Liabilities:
Notes payable	672,631	413,742
Accounts payable and accrued liabilities	219,611	151,208
Deferred income	106,523	82,417
Deferred income taxes, net	229,749	203,361
Liabilities of discontinued operations		53,171
Total liabilities	1,228,514	903,899
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,485 shares as of June 30, 2023 and 24,388 shares as of December 31, 2022	107,362	110,080
Retained earnings	773,260	693,943
Accumulated other comprehensive income (loss)	(53)	(78)
Total shareholders’ equity	880,569	803,945
Total liabilities and shareholders’ equity	$ 2,109,083	$ 1,707,844

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 2,600	$ 2,300
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,485,000	24,388,000
Common Stock, shares outstanding	24,485,000	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 Loss [Member]
Balance at Dec. 31, 2021	$ 732,021	$ 108,610	$ 623,465	$ (54)
Balance, Shares at Dec. 31, 2021		24,260,000
Net income	18,793		18,793
Share-based compensation	1,760	$ 1,760
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		75,000
Taxes paid related to net share settlement of stock awards	(3,605)	$ (3,605)
Dividends accrued of $0.465, $0.465, $0.455, $0.455 per share for three months ended March 31, 2023, June 30, 2023, and three months ended March 31, 2022, June 30, 2022	(11,084)		(11,084)
Other comprehensive income (loss)	3			3
Balance at Mar. 31, 2022	737,888	$ 106,765	631,174	(51)
Balance, Shares at Mar. 31, 2022		24,335,000
Balance at Dec. 31, 2021	732,021	$ 108,610	623,465	(54)
Balance, Shares at Dec. 31, 2021		24,260,000
Net income	44,930
Balance at Jun. 30, 2022	752,034	$ 105,894	646,130	10
Balance, Shares at Jun. 30, 2022		24,378,000
Balance at Mar. 31, 2022	737,888	$ 106,765	631,174	(51)
Balance, Shares at Mar. 31, 2022		24,335,000
Net income	26,137		26,137
Share-based compensation	1,652	$ 1,652
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		43,000
Taxes paid related to net share settlement of stock awards	(2,523)	$ (2,523)
Dividends accrued of $0.465, $0.465, $0.455, $0.455 per share for three months ended March 31, 2023, June 30, 2023, and three months ended March 31, 2022, June 30, 2022	(11,181)		(11,181)
Other comprehensive income (loss)	61			61
Balance at Jun. 30, 2022	752,034	$ 105,894	646,130	10
Balance, Shares at Jun. 30, 2022		24,378,000
Balance at Dec. 31, 2022	$ 803,945	$ 110,080	693,943	(78)
Balance, Shares at Dec. 31, 2022	24,388,000	24,388,000
Net income	$ 71,657		71,657
Share-based compensation	1,493	$ 1,493
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		78,000
Taxes paid related to net share settlement of stock awards	(6,086)	$ (6,086)
Dividends accrued of $0.465, $0.465, $0.455, $0.455 per share for three months ended March 31, 2023, June 30, 2023, and three months ended March 31, 2022, June 30, 2022	(11,453)		(11,453)
Other comprehensive income (loss)	(18)			(18)
Balance at Mar. 31, 2023	859,538	$ 105,487	754,147	(96)
Balance, Shares at Mar. 31, 2023		24,466,000
Balance at Dec. 31, 2022	$ 803,945	$ 110,080	693,943	(78)
Balance, Shares at Dec. 31, 2022	24,388,000	24,388,000
Net income	$ 102,239
Balance at Jun. 30, 2023	$ 880,569	$ 107,362	773,260	(53)
Balance, Shares at Jun. 30, 2023	24,485,000	24,485,000
Balance at Mar. 31, 2023	$ 859,538	$ 105,487	754,147	(96)
Balance, Shares at Mar. 31, 2023		24,466,000
Net income	30,582		30,582
Share-based compensation	1,889	$ 1,889
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		19,000
Taxes paid related to net share settlement of stock awards	(14)	$ (14)
Dividends accrued of $0.465, $0.465, $0.455, $0.455 per share for three months ended March 31, 2023, June 30, 2023, and three months ended March 31, 2022, June 30, 2022	(11,469)		(11,469)
Other comprehensive income (loss)	43			43
Balance at Jun. 30, 2023	$ 880,569	$ 107,362	$ 773,260	$ (53)
Balance, Shares at Jun. 30, 2023	24,485,000	24,485,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Cash dividends declared per share	$ 0.465		$ 0.455
Retained Earnings [Member]
Cash dividends declared per share	$ 0.465	$ 0.465	$ 0.455	$ 0.455

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 102,239	$ 44,930
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54,958	55,355
Deferred income taxes	(39,486)	(5,815)
Provision for credit losses	1,400	49
Share-based compensation	3,382	3,412
Gain on sale of discontinued operations	(61,513)
Gain on sale of used rental equipment	(14,250)	(16,093)
Foreign currency exchange (gain) loss	(208)	168
Amortization of debt issuance costs	4	9
Change in:
Accounts receivable	(1,116)	(7,879)
Prepaid expenses and other assets	(8,504)	10,855
Accounts payable and accrued liabilities	25,255	(73)
Deferred income	9,290	18,835
Net cash provided by operating activities	71,451	82,043
Cash Flows from Investing Activities:
Proceeds from sale of discontinued operations	268,012
Purchases of rental equipment	(128,088)	(94,820)
Purchases of property, plant and equipment	(11,229)	(6,594)
Cash paid for acquisition of businesses	(456,312)
Proceeds from sales of used rental equipment	27,410	31,830
Net cash used in investing activities	(300,207)	(69,584)
Cash Flows from Financing Activities:
Net borrowings under bank lines of credit	258,885	15,000
Taxes paid related to net share settlement of stock awards	(6,100)	(6,128)
Payment of dividends	(22,782)	(22,083)
Net cash provided by (used in) financing activities	230,003	(13,211)
Effect of foreign currency exchange rate changes on cash	1	135
Net increase (decrease) in cash	1,248	(617)
Cash balance, beginning of period	957	1,491
Cash balance, end of period	2,205	874
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	16,802	5,821
Net income taxes paid, during the period	6,931	17,078
Dividends accrued during the period, not yet paid	11,937	11,009
Rental equipment acquisitions, not yet paid	$ 7,612	$ 6,906

Condensed Consolidated Financia

Condensed Consolidated Financial Information	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Condensed Consolidated Financial Information	NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION The condensed consolidated financial statements for the six months ended June 30, 2023 and 2022 have not been audited, but in the opinion of management, all adjustments (consisting of normal recurring accruals, consolidating and eliminating entries) necessary for the fair presentation of the consolidated financial position, results of operations and cash flows of McGrath RentCorp (the “Company”) have been made. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. The consolidated results for the three and six months ended June 30, 2023, should not be considered as necessarily indicative of the consolidated results for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s latest Annual Report on Form 10-K, filed with the SEC on February 22, 2023 for the year ended December 31, 2022 (the “2022 Annual Report”).

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS On March 27, 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-01, Leases (Topic 842): Common Control Arrangements, which requires a lessee involved in a common control lease agreement to amortize leasehold improvements over the useful life of the improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset. If the lessor obtains the right to control the use of the underlying asset through a lease with another entity not within the same control group, the amortization period cannot exceed the period of the common control group. Furthermore, the ASU requires the accounting for a transfer between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. The ASU is effective for fiscal years beginning after December 15, 2023. The Company does not expect the adoption of this ASU to have a material impact on the Company's consolidated financial statements.

Implemented Accounting Pronounc

Implemented Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Implemented Accounting Pronouncements	NOTE 3. IMPLEMENTED ACCOUNTING PRONOUNCEMENTS Effective January 1, 2023, the Company adopted the ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the separate recognition and measurement guidance for troubled debt restructurings by creditors. In addition, the ASU requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of FASB ASC 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Acquisitions	NOTE 4. ACQUISITIONS On February 1, 2023, the Company completed the acquisition of Vesta Housing Solutions Holdings, Inc. (“Vesta Modular”), a portfolio company of Kinderhook Industries, for $ 437.2 million cash consideration on the closing date, which included certain adjustments, including net working capital and certain qualified capital expenditures. In connection with the acquisition, the Company purchased a representation and warranty insurance policy to provide certain recourse in the event of breaches of representations and warranties of Vesta Modular and the seller of Vesta Modular under the stock purchase agreement. Vesta Modular is a leading provider of temporary and permanent modular space solutions serving customers between its modular leasing and modular construction divisions. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805, Business Combinations , using the purchase method of accounting. Under the purchase method of accounting, the total purchase price is assigned to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values on the closing date. The excess of the purchase price over those fair values is recorded as goodwill. The financial results of Vesta Modular were a part of the Mobile Modular segment since February 1, 2023, including $ 9.5 million of transaction costs. On March 1, 2023, the Company completed the purchase of assets of Jerald R. Brekke, Inc., DBA Brekke Storage ("Brekke Storage"), for a total purchase price of $ 16.4 million. Brekke Storage is a regional provider of portable storage solutions in the Colorado market. The acquisition expanded the Mobile Modular Portable Storage fleet by approximately 2,700 units and provided a new regional operation to serve the Colorado market. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805 using the purchase method of accounting. The financial results of Brekke Storage were a part of the Mobile Modular segment since March 1, 2023, including $ 0.2 million of transaction costs. On April 1, 2023, the Company completed the purchase of assets of Dixie Temporary Storage, LLC ("Dixie Storage"), for a purchase price of $ 4.9 million. Dixie Storage is a regional provider of portable storage solutions in the South Carolina market and is highly complementary to the Company's portable storage business segment. The acquisition expanded the Mobile Modular Portable Storage fleet by approximately 800 units and provided a new regional operation to serve the South Carolina market. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805, Business Combinations , using the purchase method of accounting. The financial results of Dixie Storage were a part of the Mobile Modular segment since April 1, 2023, including $ 0.1 million of transaction costs. The following tables summarize the preliminary purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Vesta Modular, Brekke Storage and Dixie Storage 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 Dixie Storage: (dollar amounts in thousands) Rental equipment $ 2,758 Intangible assets: Goodwill 1,555 Customer relationships 259 Non-compete 22 Property, plant and equipment 318 Deferred income ( 161 ) Total purchase price $ 4,751 The value assigned to identifiable intangible assets was determined based on discounted estimated future cash flows associated with such assets to their present value. The combined acquired goodwill of $ 219.0 million reflects the strategic fit of Vesta Modular, Brekke Storage and Dixie Storage with the Company’s modular and portable storage business operations. The Company amortizes the acquired customer relationships over their expected useful lives of 11 years for Vesta Modular, 8 years for Brekke Storage and 9 years for Dixie Storage. The expected useful life for the non-compete agreements is 5 years. The trade name intangible acquired from the Vesta Modular acquisition will be amortized over it's useful life of nine months . Goodwill is expected to have an indefinite life and will be subject to future impairment testing. The goodwill is deductible for tax purposes over 15 years. The following unaudited pro forma financial information shows the combined results of continuing operations of the Company and Vesta Modular as if the acquisition occurred as of the beginning of the periods presented. The pro forma results include the effects of the amortization of the purchased intangible assets and depreciation expense of acquired rental equipment valuation step up, interest expense on the debt incurred to finance the acquisitions. A pro forma adjustment has been made to reflect the income taxes that would have been recorded at the combined federal and state statutory rate of 26.5 % on the acquisitions’ combined net income. The pro forma results for the six months ended June 30, 2023 and 2022, have been adjusted to include transaction related costs. This pro forma data is presented for informational purposes only and does not purport to be indicative of the results of the future operations or the results that would have occurred had the acquisitions taken place in the periods noted below: (Unaudited) Six months ended June 30, (dollar amounts in thousands, except for per share amounts) 2023 2022 Pro-forma total revenues $ 374,391 $ 339,638 Pro-forma net income $ 39,174 $ 34,781 Pro-forma basic earnings per share $ 1.60 $ 1.43 Pro-forma diluted earnings per share $ 1.60 $ 1.42 Vesta Modular Actual total revenues $ 47,257 Actual net income $ 9,016 Actual basic earnings per share $ 0.37 Actual diluted earnings per share $ 0.37

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	NOTE 5. DISCONTINUED OPERATIONS On February 1, 2023, the Company completed the sale of Adler Tank Rentals, LLC to Ironclad Environmental Solutions, Inc. ("Ironclad"), a portfolio company of Kinderhook Industries, for a sale price of $ 268.0 million, which included an additional payment of $ 3.6 million for the final net working capital purchase price adjustment during the quarter ended June 30, 2023. The total transaction costs incurred from the divestiture was $ 8.9 million, with $ 6.7 million incurred during the six months ended June 2023, and $ 2.2 million incurred during the year ended December 31, 2022. The divestiture of the Company's Adler Tanks business represents the Company's strategic shift to concentrate its operations on its core modular and storage businesses. The sale price was subject to certain adjustments, including net working capital, certain qualified capital expenditures and certain transaction expenses to be borne by the Company. In connection with the sale, the Company entered into a number of ancillary agreements, including an escrow agreement associated with net working capital adjustments, a restricted covenant agreement, a transition services agreement, and a number of leases whereby Ironclad or one of its affiliates would be a lessee to certain properties owned by the Company that the Adler Tanks business would continue to utilize after the sale. These ancillary agreements do not provide for continued involvement by the Company in Adler Tanks. In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations and ASC 360 , Property, Plant and Equipment, the Company determined that the criteria for the presentation of discontinued operations and held-for-sale, respectively, were met during the first quarter of 2023. 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 six months ended June 30, 2023 and 2022: (dollar amounts in thousands) Six Months Ended 2023 2022 Revenues Rental $ 6,520 $ 30,148 Rental related services 2,584 12,058 Rental operations 9,104 42,206 Sales 269 1,258 Other 65 519 Total revenues 9,438 43,983 Costs and Expenses Direct costs of rental operations: Depreciation of rental equipment 1,325 7,994 Rental related services 2,020 9,456 Other 1,270 6,278 Total direct costs of rental operations 4,614 23,728 Costs of sales 159 920 Total costs of revenues 4,773 24,648 Gross Profit Rental 3,926 15,876 Rental related services 564 2,602 Rental operations 4,490 18,478 Sales 110 338 Other 65 519 Total gross profit 4,665 19,335 Selling and administrative expenses 2,583 13,501 Income from operations 2,082 5,834 Interest expense allocation ( 374 ) ( 1,119 ) Income from discontinued operations before provision for income taxes 1,709 4,715 Provision for income taxes from discontinued operations 453 987 Income from discontinued operations $ 1,256 $ 3,728 Other Selected Information Adjusted EBITDA $ 3,682 $ 15,327 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 six months ended June 30, 2023 and 2022, significant operating and investing items related to Adler Tanks were as follows: June 30, June 30, (in thousands) 2023 2022 Operating activities of discontinued operations: Depreciation and amortization $ 1,457 $ 8,864 Gain on sale of used rental equipment ( 111 ) ( 338 ) Investing activities of discontinued operations: Proceeds from sales of used rental equipment 269 1,258 Purchases of rental equipment ( 25 ) ( 1,410 ) Purchases of property, plant and equipment ( 40 ) ( 83 ) The following table presents the reconciliation of income from discontinued operations to Adjusted EBITDA for the six months ended June 30, 2023 and 2022: June 30, June 30, (in thousands) 2023 2022 Income from discontinued operations $ 1,256 $ 3,728 Provision for income taxes from discontinued operations 453 987 Interest expense 374 1,119 Depreciation and amortization 1,457 8,864 EBITDA 3,540 14,698 Share-based compensation 118 629 Transaction costs 24 — Adjusted EBITDA from discontinued operations $ 3,682 $ 15,327

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	NOTE 6. REVENUE RECOGNITION The Company’s accounting for revenues is governed by two accounting standards. The majority of the Company’s revenues are considered lease or lease related and are accounted for in accordance with Accounting Standards Codification (ASC) 842, Leases. Revenues determined to be non-lease related are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. The Company accounts for revenues when approval and commitment from both parties have been obtained, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company typically recognizes non-lease related revenues at a point in time because the customer does not simultaneously consume the benefits of the Company’s promised goods and services, or performance obligations, and obtains control when delivery and installation are complete. For contracts that have multiple performance obligations, the transaction price is allocated to each performance obligation in the contract based on the Company’s best estimate of the standalone selling prices of each distinct performance obligation in the contract. The standalone selling price is typically determined based upon the expected cost plus an estimated margin of each performance obligation. Revenue from contracts that satisfies the criteria for over time recognition is recognized as work is performed by using the ratio of costs incurred to estimated total contract costs for each contract. The majority of revenue for these contracts is derived from long-term projects which typically span multiple quarters . The timing of revenue recognition, billings, and cash collections results in billed contract receivables and contract assets on the Company's consolidated balance sheet. In the Company’s contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. Billings can occur subsequent to revenue recognition, resulting in contract assets, or in advance, resulting in contract liabilities. These contract assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period . The contract liabilities included in Deferred income on the Company’s consolidated balance sheet totaled $ 49.0 million and $ 27.4 million at June 30, 2023 and December 31, 2022. Sales revenues totaling $ 6.6 million and $ 11.0 million were recognized during the three and six months ended June 30, 2023, respectively, which were included in the contract liability balance at December 31, 2022. For certain modular building sales, the customer retains a small portion of the contract price until full completion of the contract, or revenue is recognizable prior to customer billing, which results in revenue earned in excess of billings. These unbilled contract assets are included in Accounts receivable on the Company’s consolidated balance sheet and totaled $ 5.7 million and $ 0.6 million at June 30, 2023 and December 31, 2022, respectively. The Company generally rents and sells to customers on 30 day payment terms. The Company does not typically offer variable payment terms or accept non-monetary consideration. Amounts billed and due from the Company’s customers are classified as Accounts receivable on the Company’s consolidated balance sheet. For certain sales of modular buildings, progress payments from the customer are received during the manufacturing of new equipment, or the preparation of used equipment. The advance payments are not considered a significant financing component because the payments are used to meet working capital needs during the contract and to protect the Company from the customer failing to adequately complete their obligations under the contract. Lease Revenues Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating segments. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized in the period earned. Rental related services revenues are primarily associated with relocatable modular buildings. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as finance leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. As of the six months ended June 30, 2023, the Company’s future minimum lease payments to be received under non-cancelable finance leases was $ 4.4 million. Of the total investment in sales-type leases, non-current future minimum lease payments are expected to be $ 1.1 million in 2024, $ 0.7 million in 2025, and $ 0.2 million in 2026. The Company’s assessment of current expected losses on these receivables was not material and no credit loss expense was provided as of the six months ended June 30, 2023. Other revenues include interest income on finance leases and rental income on facility leases. In the three and six months ended June 30, 2023, the Company’s lease revenues were $ 140.8 million and $ 277.4 million, respectively, consisting of $ 139.7 million and $ 275.8 million of operating lease revenues, respectively, and $ 1.1 million and $ 1.6 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 six months ended June 30, 2023 include $ 1.0 million and $ 1.4 million of sales revenues, respectively, and $ 0.1 million and $ 0.2 million of interest income, respectively. Non-Lease Revenues Non-lease revenues are recognized in the period when control of the performance obligation is transferred, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For portable storage containers and electronic test equipment, rental related services revenues for delivery and return delivery are considered non-lease revenues. Sales revenues are typically recognized at a point in time, which occurs upon the completion of delivery, installation and acceptance of the equipment by the customer. Accounting for non-lease revenues requires judgment in determining the point in time the customer gains control of the equipment and the appropriate accounting period to recognize revenue. Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses. 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 six months ended June 30, 2023 and 2022: (in thousands) Mobile TRS- Enviroplex Adler Consolidated Three Months Ended June 30, 2023 Leasing $ 110,419 $ 30,337 $ — $ — $ 140,756 Non-lease: Rental related services 13,908 563 — — 14,471 Sales 39,356 6,581 923 — 46,860 Other 579 364 — — 943 Total non-lease 53,843 7,508 923 — 62,274 Total revenues $ 164,262 $ 37,845 $ 923 $ — $ 203,030 2022 Leasing $ 79,671 $ 30,909 $ — $ 16,244 $ 126,824 Non-lease: Rental related services 6,883 683 — 6,636 14,202 Sales 24,816 5,462 4,650 601 35,529 Other 7 287 — 182 476 Total non-lease 31,706 6,432 4,650 7,419 50,207 Total revenues $ 111,377 $ 37,341 $ 4,650 $ 23,663 $ 177,031 Six Months Ended June 30, 2023 Leasing $ 210,078 $ 60,677 $ — $ 6,612 $ 277,367 Non-lease: Rental related services 22,882 1,289 — 2,557 26,728 Sales 56,961 11,204 1,864 269 70,298 Other 998 795 — — 1,793 Total non-lease 80,841 13,288 1,864 2,826 98,819 Total revenues $ 290,919 $ 73,965 $ 1,864 $ 9,438 $ 376,186 2022 Leasing $ 154,265 $ 60,319 $ — $ 30,723 $ 245,307 Non-lease: Rental related services 12,533 1,235 — 11,821 25,589 Sales 35,191 8,741 5,567 1,258 50,757 Other 33 537 — 181 751 Total non-lease 47,757 10,513 5,567 13,260 77,097 Total revenues $ 202,022 $ 70,832 $ 5,567 $ 43,983 $ 322,404 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	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 7. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed as net income divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effect of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Weighted-average number of shares of common stock for 24,479 24,360 24,448 24,323 Effect of potentially dilutive securities from equity-based 33 149 79 199 Weighted-average number of shares of common stock for 24,512 24,509 24,527 24,522 There were 697 anti-dilutive securities excluded from the computation of diluted earnings per share for the six months ended June 30, 2023, and 7,315 anti-dilutive securities excluded from the computation of diluted earnings per share for the same period in 2022. The Company has in the past made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the “Repurchase Plan”). The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased, and the Repurchase Plan may be modified, extended or terminated by the Company’s Board of Directors at any time. There were no shares repurchased during the three and six months ended June 30, 2023 and 2022. As of June 30, 2023, 1,309,805 shares remained authorized for repurchase under the Repurchase Plan.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	NOTE 8. GOODWILL AND INTANGIBLE ASSETS Changes in the carrying amount of goodwill were as follows: (dollar amounts in thousands) Mobile Modular Adler Tanks (Discontinued) Total Balance at December 31, 2021 $ 106,491 $ 25,902 $ 132,393 Changes to Design Space purchase accounting ( 88 ) — ( 88 ) Balance at December 31, 2022 106,403 25,902 132,305 Goodwill acquired through business combination 218,951 — 218,951 Derecognition of goodwill divested — ( 25,902 ) ( 25,902 ) Balance at June 30, 2023 $ 325,354 $ — $ 325,354 Intangible assets consist of the following: (dollar amounts in thousands) Estimated Average remaining life in years Cost Accumulated amortization Net book value June 30, 2023 Customer relationships 8 to 11 7.4 $ 68,678 $( 12,852 ) $ 55,826 Non-compete agreements 5 4.0 10,477 ( 2,085 ) 8,392 Trade name 0.75 to 8 4.2 2,000 ( 782 ) 1,218 Total amortizing 81,155 ( 15,719 ) 65,436 Trade name - non-amortizing Indefinite 171 — 171 Total $ 81,326 $( 15,719 ) $ 65,607 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 six months ended June 30, 2023. Determining fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The Company bases its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions. Intangible assets with finite useful lives are amortized over their respective useful lives. Amortization expense in the six months ended June 30, 2023 and 2022, was $ 5.0 million and $ 3.0 million, respectively. Based on the carrying values at June 30, 2023 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $ 5.3 million for the remainder of fiscal year 2023, $ 9.8 million in 2024 and 2025, $ 9.3 million in 2026, $ 9.1 million in 2027 and $ 7.8 million in 2028.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 Six Months Ended June 30, 2023 Rental revenues $ 170,370 $ 57,717 $ — $ 6,520 $ 234,607 Rental related services revenues 59,442 1,547 — 2,584 63,573 Sales and other revenues 61,107 14,701 1,864 334 78,006 Total revenues 290,919 73,965 1,864 9,438 376,186 Depreciation of rental equipment 19,729 24,701 — 1,325 45,755 Gross profit 140,226 31,503 248 4,665 176,642 Selling and administrative expenses 84,810 16,577 3,137 2,583 107,106 Income (loss) from operations 55,416 14,926 ( 2,889 ) 2,082 69,536 Interest (expense) income allocation ( 14,718 ) ( 3,801 ) 1,110 ( 374 ) ( 17,783 ) Income (loss) before provision for income taxes 40,698 11,333 ( 1,779 ) 1,709 51,961 Adjusted EBITDA 99,269 42,173 ( 2,724 ) 3,682 142,400 Rental equipment acquisitions 105,575 16,906 — — 122,481 Accounts receivable, net (period end) 161,927 26,138 3,611 — 191,676 Rental equipment, at cost (period end) 1,457,984 390,832 — — 1,848,816 Rental equipment, net book value (period end) 1,132,778 162,872 — — 1,295,650 Utilization (period end) 2 78.8 % 58.3 % Average utilization 2 79.4 % 58.7 % 2022 Rental revenues $ 126,487 $ 58,230 $ — $ 30,148 $ 214,865 Rental related services revenues 39,594 1,484 — 12,058 53,136 Sales and other revenues 35,941 11,118 5,567 1,777 54,403 Total revenues 202,022 70,832 5,567 43,983 322,404 Depreciation of rental equipment 15,582 24,362 — 7,994 47,938 Gross profit 92,820 30,826 1,345 19,335 144,326 Selling and administrative expenses 50,447 13,204 2,763 13,501 79,915 Income (loss) from operations 42,373 17,622 ( 1,418 ) 5,834 64,411 Interest (expense) income allocation ( 3,821 ) ( 1,232 ) 351 ( 1,119 ) ( 5,821 ) Income (loss) before provision for income taxes 38,552 16,222 ( 1,067 ) 4,715 58,422 Adjusted EBITDA 66,178 42,781 ( 1,276 ) 15,327 123,010 Rental equipment acquisitions 51,575 42,791 — 1,610 95,976 Accounts receivable, net (period end) 118,865 24,796 6,420 17,248 167,329 Rental equipment, at cost (period end) 1,075,898 389,383 — 309,010 1,774,291 Rental equipment, net book value (period end) 776,003 177,038 — 144,484 1,097,525 Utilization (period end) 2 78.6 % 65.3 % Average utilization 2 77.6 % 64.6 % 1. Gross Enviroplex sales revenues were $ 1,871 and $ 6,423 for the six months ended June 30, 2023 and 2022, respectively. There were $ 7 inter-segment sales to Mobile Modular in the six months ended June 30, 2023 and $ 856 inter-segment sales during the same period in 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 six months ended June 30, 2023 and 2022. Revenues from foreign country customers accounted for 3 % and 4 % of the Company’s total revenues for the same periods, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	NOTE 10. SUBSEQUENT EVENT On July 1, 2023, the Company completed the purchase of assets of Inland Leasing and Storage ("Inland Leasing"), for a purchase price of $ 3.8 million. Inland Leasing is a regional provider of portable storage solutions in the Colorado market and is highly complementary to the Company's portable storage business segment. The acquisition grew the Mobile Modular Portable Storage fleet by approximately 600 units, which will further support the new regional operation acquired from the Brekke Storage acquisition. The acquisition will be accounted for as a purchase of "assets" in accordance with criteria in ASC 805, Business Combinations. Incremental transaction costs associated with the asset purchase were not significant.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 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, Brekke Storage and Dixie 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 Dixie Storage: (dollar amounts in thousands) Rental equipment $ 2,758 Intangible assets: Goodwill 1,555 Customer relationships 259 Non-compete 22 Property, plant and equipment 318 Deferred income ( 161 ) Total purchase price $ 4,751
Summary of Pro Forma Data	(Unaudited) Six months ended June 30, (dollar amounts in thousands, except for per share amounts) 2023 2022 Pro-forma total revenues $ 374,391 $ 339,638 Pro-forma net income $ 39,174 $ 34,781 Pro-forma basic earnings per share $ 1.60 $ 1.43 Pro-forma diluted earnings per share $ 1.60 $ 1.42 Vesta Modular Actual total revenues $ 47,257 Actual net income $ 9,016 Actual basic earnings per share $ 0.37 Actual diluted earnings per share $ 0.37

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Summary of Results of Discontinued Operations Reported in Consolidated Statements of Income and Balance Sheets	The following table presents the results of Adler Tanks as reported in income from discontinued operations within the condensed consolidated statements of income for the six months ended June 30, 2023 and 2022: (dollar amounts in thousands) Six Months Ended 2023 2022 Revenues Rental $ 6,520 $ 30,148 Rental related services 2,584 12,058 Rental operations 9,104 42,206 Sales 269 1,258 Other 65 519 Total revenues 9,438 43,983 Costs and Expenses Direct costs of rental operations: Depreciation of rental equipment 1,325 7,994 Rental related services 2,020 9,456 Other 1,270 6,278 Total direct costs of rental operations 4,614 23,728 Costs of sales 159 920 Total costs of revenues 4,773 24,648 Gross Profit Rental 3,926 15,876 Rental related services 564 2,602 Rental operations 4,490 18,478 Sales 110 338 Other 65 519 Total gross profit 4,665 19,335 Selling and administrative expenses 2,583 13,501 Income from operations 2,082 5,834 Interest expense allocation ( 374 ) ( 1,119 ) Income from discontinued operations before provision for income taxes 1,709 4,715 Provision for income taxes from discontinued operations 453 987 Income from discontinued operations $ 1,256 $ 3,728 Other Selected Information Adjusted EBITDA $ 3,682 $ 15,327 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 six months ended June 30, 2023 and 2022, significant operating and investing items related to Adler Tanks were as follows: June 30, June 30, (in thousands) 2023 2022 Operating activities of discontinued operations: Depreciation and amortization $ 1,457 $ 8,864 Gain on sale of used rental equipment ( 111 ) ( 338 ) Investing activities of discontinued operations: Proceeds from sales of used rental equipment 269 1,258 Purchases of rental equipment ( 25 ) ( 1,410 ) Purchases of property, plant and equipment ( 40 ) ( 83 )
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 six months ended June 30, 2023 and 2022: June 30, June 30, (in thousands) 2023 2022 Income from discontinued operations $ 1,256 $ 3,728 Provision for income taxes from discontinued operations 453 987 Interest expense 374 1,119 Depreciation and amortization 1,457 8,864 EBITDA 3,540 14,698 Share-based compensation 118 629 Transaction costs 24 — Adjusted EBITDA from discontinued operations $ 3,682 $ 15,327

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2023
Disaggregation of Revenue [Abstract]
Summary of Disaggregates the Company's Revenue by Lease and Non Lease	The following table disaggregates the Company’s revenues by lease (within the scope of ASC 842) and non-lease revenues (within the scope of ASC 606) and the underlying service provided for the three and six months ended June 30, 2023 and 2022: (in thousands) Mobile TRS- Enviroplex Adler Consolidated Three Months Ended June 30, 2023 Leasing $ 110,419 $ 30,337 $ — $ — $ 140,756 Non-lease: Rental related services 13,908 563 — — 14,471 Sales 39,356 6,581 923 — 46,860 Other 579 364 — — 943 Total non-lease 53,843 7,508 923 — 62,274 Total revenues $ 164,262 $ 37,845 $ 923 $ — $ 203,030 2022 Leasing $ 79,671 $ 30,909 $ — $ 16,244 $ 126,824 Non-lease: Rental related services 6,883 683 — 6,636 14,202 Sales 24,816 5,462 4,650 601 35,529 Other 7 287 — 182 476 Total non-lease 31,706 6,432 4,650 7,419 50,207 Total revenues $ 111,377 $ 37,341 $ 4,650 $ 23,663 $ 177,031 Six Months Ended June 30, 2023 Leasing $ 210,078 $ 60,677 $ — $ 6,612 $ 277,367 Non-lease: Rental related services 22,882 1,289 — 2,557 26,728 Sales 56,961 11,204 1,864 269 70,298 Other 998 795 — — 1,793 Total non-lease 80,841 13,288 1,864 2,826 98,819 Total revenues $ 290,919 $ 73,965 $ 1,864 $ 9,438 $ 376,186 2022 Leasing $ 154,265 $ 60,319 $ — $ 30,723 $ 245,307 Non-lease: Rental related services 12,533 1,235 — 11,821 25,589 Sales 35,191 8,741 5,567 1,258 50,757 Other 33 537 — 181 751 Total non-lease 47,757 10,513 5,567 13,260 77,097 Total revenues $ 202,022 $ 70,832 $ 5,567 $ 43,983 $ 322,404

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share	The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Weighted-average number of shares of common stock for 24,479 24,360 24,448 24,323 Effect of potentially dilutive securities from equity-based 33 149 79 199 Weighted-average number of shares of common stock for 24,512 24,509 24,527 24,522

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill were as follows: (dollar amounts in thousands) Mobile Modular Adler Tanks (Discontinued) Total Balance at December 31, 2021 $ 106,491 $ 25,902 $ 132,393 Changes to Design Space purchase accounting ( 88 ) — ( 88 ) Balance at December 31, 2022 106,403 25,902 132,305 Goodwill acquired through business combination 218,951 — 218,951 Derecognition of goodwill divested — ( 25,902 ) ( 25,902 ) Balance at June 30, 2023 $ 325,354 $ — $ 325,354
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 June 30, 2023 Customer relationships 8 to 11 7.4 $ 68,678 $( 12,852 ) $ 55,826 Non-compete agreements 5 4.0 10,477 ( 2,085 ) 8,392 Trade name 0.75 to 8 4.2 2,000 ( 782 ) 1,218 Total amortizing 81,155 ( 15,719 ) 65,436 Trade name - non-amortizing Indefinite 171 — 171 Total $ 81,326 $( 15,719 ) $ 65,607 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)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the six months ended June 30, 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 Six Months Ended June 30, 2023 Rental revenues $ 170,370 $ 57,717 $ — $ 6,520 $ 234,607 Rental related services revenues 59,442 1,547 — 2,584 63,573 Sales and other revenues 61,107 14,701 1,864 334 78,006 Total revenues 290,919 73,965 1,864 9,438 376,186 Depreciation of rental equipment 19,729 24,701 — 1,325 45,755 Gross profit 140,226 31,503 248 4,665 176,642 Selling and administrative expenses 84,810 16,577 3,137 2,583 107,106 Income (loss) from operations 55,416 14,926 ( 2,889 ) 2,082 69,536 Interest (expense) income allocation ( 14,718 ) ( 3,801 ) 1,110 ( 374 ) ( 17,783 ) Income (loss) before provision for income taxes 40,698 11,333 ( 1,779 ) 1,709 51,961 Adjusted EBITDA 99,269 42,173 ( 2,724 ) 3,682 142,400 Rental equipment acquisitions 105,575 16,906 — — 122,481 Accounts receivable, net (period end) 161,927 26,138 3,611 — 191,676 Rental equipment, at cost (period end) 1,457,984 390,832 — — 1,848,816 Rental equipment, net book value (period end) 1,132,778 162,872 — — 1,295,650 Utilization (period end) 2 78.8 % 58.3 % Average utilization 2 79.4 % 58.7 % 2022 Rental revenues $ 126,487 $ 58,230 $ — $ 30,148 $ 214,865 Rental related services revenues 39,594 1,484 — 12,058 53,136 Sales and other revenues 35,941 11,118 5,567 1,777 54,403 Total revenues 202,022 70,832 5,567 43,983 322,404 Depreciation of rental equipment 15,582 24,362 — 7,994 47,938 Gross profit 92,820 30,826 1,345 19,335 144,326 Selling and administrative expenses 50,447 13,204 2,763 13,501 79,915 Income (loss) from operations 42,373 17,622 ( 1,418 ) 5,834 64,411 Interest (expense) income allocation ( 3,821 ) ( 1,232 ) 351 ( 1,119 ) ( 5,821 ) Income (loss) before provision for income taxes 38,552 16,222 ( 1,067 ) 4,715 58,422 Adjusted EBITDA 66,178 42,781 ( 1,276 ) 15,327 123,010 Rental equipment acquisitions 51,575 42,791 — 1,610 95,976 Accounts receivable, net (period end) 118,865 24,796 6,420 17,248 167,329 Rental equipment, at cost (period end) 1,075,898 389,383 — 309,010 1,774,291 Rental equipment, net book value (period end) 776,003 177,038 — 144,484 1,097,525 Utilization (period end) 2 78.6 % 65.3 % Average utilization 2 77.6 % 64.6 % 1. Gross Enviroplex sales revenues were $ 1,871 and $ 6,423 for the six months ended June 30, 2023 and 2022, respectively. There were $ 7 inter-segment sales to Mobile Modular in the six months ended June 30, 2023 and $ 856 inter-segment sales during the same period in 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				6 Months Ended	12 Months Ended
	Apr. 01, 2023 USD ($) MobileModularPortableStorage	Mar. 01, 2023 USD ($) MobileModularPortableStorage	Feb. 01, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Combined acquired goodwill				$ 325,354	$ 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
Vesta Modular [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			11 years
Vesta Modular [Member] | Trade Name [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life				9 months
Brekke Storage [Member]
Business Acquisition [Line Items]
Business acquisition, transaction costs		$ 200
Increased number of mobile modular portable storage | MobileModularPortableStorage		2,700
Purchase price		$ 16,382
Combined acquired goodwill		$ 4,083
Brekke Storage [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life		8 years
Vesta Modular, Brekke Storage and Dixie Storage [Member]
Business Acquisition [Line Items]
Combined acquired goodwill				$ 219,000
Dixie Storage [Member]
Business Acquisition [Line Items]
Business acquisition, transaction costs	$ 100
Increased number of mobile modular portable storage | MobileModularPortableStorage	800
Purchase price	$ 4,751
Purchase price including acquisition costs	4,900
Combined acquired goodwill	$ 1,555
Dixie Storage [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life	9 years

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	Jun. 30, 2023	Apr. 01, 2023	Mar. 01, 2023	Feb. 01, 2023	Dec. 31, 2022
Intangible assets:
Goodwill	$ 325,354				$ 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
Dixie Storage [Member]
Business Acquisition [Line Items]
Rental equipment		$ 2,758
Intangible assets:
Goodwill		1,555
Property, plant and equipment		318
Deferred income		(161)
Total purchase price		4,751
Dixie Storage [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets		259
Dixie Storage [Member] | Non-compete [Member]
Intangible assets:
Intangible assets		$ 22

Acquisitions - Summary of Pro F

Acquisitions - Summary of Pro Forma Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Pro-forma total revenues	$ 374,391	$ 339,638
Pro-forma net income	$ 39,174	$ 34,781
Pro-forma basic earnings per share	$ 1.6	$ 1.43
Pro-forma diluted earnings per share	$ 1.6	$ 1.42
Vesta Modular [Member]
Business Acquisition [Line Items]
Actual total revenues	$ 47,257
Actual net income	$ 9,016
Actual basic earnings per share	$ 0.37
Actual diluted earnings per share	$ 0.37

Discontinued Operations - Addit

Discontinued Operations - Additional information (Detail) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Feb. 01, 2023	Jun. 30, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total transaction costs		$ 24
Adler Tank Rentals, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price	$ 268,000
Additional payment for final net working capital purchase price adjustment	3,600
Total transaction costs	$ 8,900	$ 6,700	$ 2,200

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gross Profit
Interest expense allocation			$ (374)	$ (1,119)
Income from discontinued operations before provision for income taxes		$ 3,327	1,709	4,715
Provision for income taxes from discontinued operations		734	453	987
Income from discontinued operations	$ 2,630	2,593	62,769	3,728
Other Selected Information
Adjusted EBITDA			3,682	15,327
Sales [Member]
Revenues
Sales revenues	47,801	35,870	71,461	51,089
Other [Member]
Revenues
Sales revenues	$ 3,532	$ 785	6,211	1,537
Adler Tank Rentals, LLC
Revenues
Rental			6,520	30,148
Rental related services			2,584	12,058
Rental operations			9,104	42,206
Total revenues			9,438	43,983
Direct costs of rental operations:
Depreciation of rental equipment			1,325	7,994
Rental related services			2,020	9,456
Other			1,270	6,278
Total direct costs of rental operations			4,614	23,728
Costs of sales			159	920
Total costs of revenues			4,773	24,648
Gross Profit
Rental			3,926	15,876
Rental related services			564	2,602
Rental operations			4,490	18,478
Total gross profit			4,665	19,335
Selling and administrative expenses			2,583	13,501
Income from operations			2,082	5,834
Interest expense allocation			(374)	(1,119)
Income from discontinued operations before provision for income taxes			1,709	4,715
Provision for income taxes from discontinued operations			453	987
Income from discontinued operations			1,256	3,728
Other Selected Information
Adjusted EBITDA			3,682	15,327
Adler Tank Rentals, LLC | Sales [Member]
Revenues
Sales revenues			269	1,258
Gross Profit
Total gross profit			110	338
Adler Tank Rentals, LLC | Other [Member]
Revenues
Sales revenues			65	519
Gross Profit
Total gross profit			$ 65	$ 519

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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities of discontinued operations:
Depreciation and amortization	$ 1,457	$ 8,864
Investing activities of discontinued operations:
Purchases of rental equipment	(128,088)	(94,820)
Purchases of property, plant and equipment	(11,229)	(6,594)
Adler Tank Rentals, LLC
Operating activities of discontinued operations:
Depreciation and amortization	1,457	8,864
Gain on sale of used rental equipment	(111)	(338)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment	269	1,258
Purchases of rental equipment	(25)	(1,410)
Purchases of property, plant and equipment	$ (40)	$ (83)

Discontinued Operations - Recon

Discontinued Operations - Reconciliation of Income from Discontinued Operations to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Income from discontinued operations		$ 1,256	$ 3,728
Provision for income taxes from discontinued operations	$ 734	453	987
Interest expense		374	1,119
Depreciation and amortization		1,457	8,864
EBITDA		3,540	14,698
Share-based compensation		118	629
Transaction costs		24
Adjusted EBITDA from discontinued operations		$ 3,682	$ 15,327

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Period for credit risk identified		30 days
Revenue from contracts criteria over time		multiple quarters
Sales revenues totaling	$ 6.6	$ 11
Total Future minimum flease payments expected to be received	4.4	4.4
Future minimum flease payments expected to be received in 2024	1.1	1.1
Future minimum flease payments expected to be received in 2025	0.7	0.7
Future minimum flease payments expected to be received in 2026	0.2	0.2
Lease revenue	140.8	277.4
Operating lease revenue	139.7	275.8
Finance lease revenue	1.1	1.6
Finance lease revenue, sales revenue	1	1.4
Finance lease revenue, interest income	0.1	$ 0.2
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	49	$ 49	$ 27.4
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 5.7	$ 5.7	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Leasing revenues	$ 140,800		$ 277,400
Total revenues	203,030	$ 177,031	376,186		$ 322,404
Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues	140,756	126,824	277,367		245,307
Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	14,471	14,202	26,728		25,589
Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	46,860	35,529	70,298		50,757
Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	943	476	1,793		751
Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	62,274	50,207	98,819		77,097
Mobile Modular [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	164,262	111,377	290,919		202,022
Mobile Modular [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues	110,419	79,671	210,078		154,265
Mobile Modular [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	13,908	6,883	22,882		12,533
Mobile Modular [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	39,356	24,816	56,961		35,191
Mobile Modular [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	579	7	998		33
Mobile Modular [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	53,843	31,706	80,841		47,757
TRS-RenTelco [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	37,845	37,341	73,965		70,832
TRS-RenTelco [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues	30,337	30,909	60,677		60,319
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	563	683	1,289		1,235
TRS-RenTelco [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	6,581	5,462	11,204		8,741
TRS-RenTelco [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	364	287	795		537
TRS-RenTelco [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	7,508	6,432	13,288		10,513
Adler Tanks [Member]
Disaggregation Of Revenue [Line Items]
Total revenues		23,663	9,438		43,983
Adler Tanks [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		16,244	6,612		30,723
Adler Tanks [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		6,636	2,557		11,821
Adler Tanks [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		601	269		1,258
Adler Tanks [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		182			181
Adler Tanks [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		7,419	2,826		13,260
Enviroplex [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	923	4,650	1,864	[1]	5,567	[1]
Enviroplex [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	923	4,650	1,864		5,567
Enviroplex [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	$ 923	$ 4,650	$ 1,864		$ 5,567
[1] Gross Enviroplex sales revenues were $ 1,871 and $ 6,423 for the six months ended June 30, 2023 and 2022, respectively. There were $ 7 inter-segment sales to Mobile Modular in the six months ended June 30, 2023 and $ 856 inter-segment sales during the same period in 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,479	24,360	24,448	24,323
Effect of potentially dilutive securities from equity-based compensation	33	149	79	199
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,512	24,509	24,527	24,522

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Aug. 31, 2015
Earnings Per Share Basic [Line Items]
Anti-dilutive securities in the form of common stock excluded from computation of diluted earnings per share			697	7,315
Shares repurchased	0	0	0	0
Shares remain authorized for repurchase	1,309,805		1,309,805
Maximum [Member]
Earnings Per Share Basic [Line Items]
Common stock shares authorized for repurchase					2,000,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 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	218,951
Derecognition of goodwill divested	(25,902)
Ending Balance	325,354	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	218,951
Ending Balance	325,354	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	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Cost	$ 81,155	$ 56,680
Accumulated amortization	(15,719)	(21,420)
Net book value	65,436	35,260
Indefinite, cost	171	5,871
Indefinite, net book value	171	5,871
Total, cost	81,326	62,551
Total, accumulated amortization	(15,719)	(21,420)
Total, net book value	$ 65,607	$ 41,131
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Average remaining life in years	7 years 4 months 24 days	6 years 3 months 18 days
Cost	$ 68,678	$ 50,284
Accumulated amortization	(12,852)	(18,098)
Net book value	$ 55,826	$ 32,186
Customer Relationships [Member] | Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years
Customer Relationships [Member] | Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	11 years	11 years
Non-compete Agreements [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	5 years	5 years
Average remaining life in years	4 years	3 years 2 months 12 days
Cost	$ 10,477	$ 3,296
Accumulated amortization	(2,085)	(1,159)
Net book value	$ 8,392	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	4 years 2 months 12 days	6 years 3 months 18 days
Cost	$ 2,000	$ 1,200
Accumulated amortization	(782)	(263)
Net book value	$ 1,218	$ 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	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 0	$ 0
Amortization expense		5,000,000	$ 3,000,000
Subsequent impairment of the underlying assets		0
Expected annual amortization expense for 2023		5,300,000
Expected annual amortization expense for 2024		9,800,000
Expected annual amortization expense for 2025		9,800,000
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)		6 Months Ended
	Feb. 01, 2023 Segment	Jun. 30, 2023 Customer Segment	Jun. 30, 2022 Customer
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	4	3
Customer Concentration Risk [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Number of major customer | Customer		0	0
Geographic Concentration Risk [Member] | Sales [Member] | Foreign Country Customers [Member]
Segment Reporting Information [Line Items]
Revenues from customers		3%	4%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022		Dec. 31, 2022
Segment Reporting Information [Line Items]
Rental revenues				$ 234,607		$ 214,865
Rental related services revenues				63,573		53,136
Sales and other revenues				78,006		54,403
Total revenues		$ 203,030	$ 177,031	376,186		322,404
Depreciation of rental equipment				45,755		47,938
Gross profit				176,642		144,326
Selling and administrative expenses				107,106		79,915
Income (loss) from operations				69,536		64,411
Interest (expense) income allocation				(17,783)		(5,821)
Income (loss) before provision for income taxes				51,961		58,422
Adjusted EBITDA				142,400		123,010
Rental equipment acquisitions				122,481		95,976
Accounts receivable, net (period end)		191,676	167,329	191,676		167,329		$ 169,937
Rental equipment, at cost (period end)		1,848,816	1,774,291	1,848,816		1,774,291		1,521,535
Rental equipment, net book value (period end)		1,295,650	1,097,525	1,295,650		1,097,525		$ 990,317
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues				170,370		126,487
Rental related services revenues				59,442		39,594
Sales and other revenues				61,107		35,941
Total revenues		164,262	111,377	290,919		202,022
Depreciation of rental equipment				19,729		15,582
Gross profit				140,226		92,820
Selling and administrative expenses				84,810		50,447
Income (loss) from operations				55,416		42,373
Interest (expense) income allocation				(14,718)		(3,821)
Income (loss) before provision for income taxes				40,698		38,552
Adjusted EBITDA				99,269		66,178
Rental equipment acquisitions				105,575		51,575
Accounts receivable, net (period end)		161,927	118,865	161,927		118,865
Rental equipment, at cost (period end)		1,457,984	1,075,898	1,457,984		1,075,898
Rental equipment, net book value (period end)		1,132,778	776,003	$ 1,132,778		$ 776,003
Utilization (period end)	[1]			78.80%		78.60%
Average utilization	[1]			79.40%		77.60%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 57,717		$ 58,230
Rental related services revenues				1,547		1,484
Sales and other revenues				14,701		11,118
Total revenues		37,845	37,341	73,965		70,832
Depreciation of rental equipment				24,701		24,362
Gross profit				31,503		30,826
Selling and administrative expenses				16,577		13,204
Income (loss) from operations				14,926		17,622
Interest (expense) income allocation				(3,801)		(1,232)
Income (loss) before provision for income taxes				11,333		16,222
Adjusted EBITDA				42,173		42,781
Rental equipment acquisitions				16,906		42,791
Accounts receivable, net (period end)		26,138	24,796	26,138		24,796
Rental equipment, at cost (period end)		390,832	389,383	390,832		389,383
Rental equipment, net book value (period end)		162,872	177,038	$ 162,872		$ 177,038
Utilization (period end)	[1]			58.30%		65.30%
Average utilization	[1]			58.70%		64.60%
Adler Tanks [Member]
Segment Reporting Information [Line Items]
Total revenues			23,663	$ 9,438		$ 43,983
Adler Tanks (Discontinued) [Member]
Segment Reporting Information [Line Items]
Rental revenues	[2]			6,520		30,148
Rental related services revenues	[2]			2,584		12,058
Sales and other revenues	[2]			334		1,777
Total revenues	[2]			9,438		43,983
Depreciation of rental equipment	[2]			1,325		7,994
Gross profit	[2]			4,665		19,335
Selling and administrative expenses	[2]			2,583		13,501
Income (loss) from operations	[2]			2,082		5,834
Interest (expense) income allocation	[2]			(374)		(1,119)
Income (loss) before provision for income taxes	[2]			1,709		4,715
Adjusted EBITDA	[2]			3,682		15,327
Rental equipment acquisitions	[2]					1,610
Accounts receivable, net (period end)	[2]		17,248			17,248
Rental equipment, at cost (period end)	[2]		309,010			309,010
Rental equipment, net book value (period end)	[2]		144,484			144,484
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	[3]			1,864		5,567
Total revenues		923	4,650	1,864	[3]	5,567	[3]
Gross profit	[3]			248		1,345
Selling and administrative expenses	[3]			3,137		2,763
Income (loss) from operations	[3]			(2,889)		(1,418)
Interest (expense) income allocation	[3]			1,110		351
Income (loss) before provision for income taxes	[3]			(1,779)		(1,067)
Adjusted EBITDA	[3]			(2,724)		(1,276)
Accounts receivable, net (period end)	[3]	$ 3,611	$ 6,420	$ 3,611		$ 6,420
[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 $ 1,871 and $ 6,423 for the six months ended June 30, 2023 and 2022, respectively. There were $ 7 inter-segment sales to Mobile Modular in the six months ended June 30, 2023 and $ 856 inter-segment sales during the same period in 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 203,030	$ 153,368	$ 366,748	$ 278,421
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues	$ 47,801	$ 35,870	71,461	51,089
Operating Segments [Member] | Enviroplex [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues			1,871	6,423
Inter-segment Eliminations [Member] | Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues			$ 7	$ 856

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Inland Leasing [Member] $ in Millions	Jul. 01, 2023 USD ($) MobileModularPortableStorage
Subsequent Event [Line Items]
Purchase price | $	$ 3.8
Increased number of mobile modular portable storage | MobileModularPortableStorage	600