McGrath RentCorp (MGRC) 10-Q 25 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 24, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
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		24,550,058
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Rental	$ 121,176	$ 117,840	$ 241,508	$ 228,087
Rental related services	34,358	33,857	63,938	60,989
Rental operations	155,534	151,697	305,446	289,076
Total revenues	212,611	203,030	400,438	366,748
Direct costs of rental operations:
Depreciation of rental equipment	22,165	22,597	44,531	44,430
Rental related services	24,990	23,825	45,776	43,093
Other	27,920	30,560	56,930	61,695
Total direct costs of rental operations	75,075	76,982	147,237	149,218
Costs of sales	34,121	31,438	56,518	45,553
Total costs of revenues	109,196	108,420	203,755	194,771
Gross profit	103,415	94,610	196,683	171,977
Expenses:
Selling and administrative expenses	61,370	47,026	121,188	104,524
Other income, net			(9,281)
Income from operations	42,045	47,584	84,776	67,453
Interest expense	13,037	9,945	25,741	17,409
Foreign currency exchange loss (gain)	31	18	163	(208)
Income from continuing operations before provision for income taxes	28,977	37,621	58,872	50,252
Provision for income taxes from continuing operations	8,359	9,669	15,406	10,782
Income from continuing operations	20,618	27,952	43,466	39,470
Discontinued operations:
Income from discontinued operations before provision for income taxes				1,709
Provision for income taxes from discontinued operations				453
Gain on sale of discontinued operations, net of tax		2,630		61,513
Income from discontinued operations		2,630		62,769
Net income	$ 20,618	$ 30,582	$ 43,466	$ 102,239
Earnings per share from continuing operations:
Basic	$ 0.84	$ 1.14	$ 1.77	$ 1.61
Diluted	0.84	1.14	1.77	1.61
Earnings per share from discontinued operations:
Basic		0.11		2.57
Diluted		0.11		2.56
Earnings per share:
Basic	0.84	1.25	1.77	4.18
Diluted	$ 0.84	$ 1.25	$ 1.77	$ 4.17
Shares used in per share calculation:
Basic	24,549	24,479	24,531	24,448
Diluted	24,560	24,512	24,562	24,527
Cash dividends declared per share	$ 0.475	$ 0.465	$ 0.95	$ 0.93
Sales [Member]
Revenues
Revenues	$ 54,414	$ 47,801	$ 89,483	$ 71,461
Other [Member]
Revenues
Revenues	$ 2,663	$ 3,532	$ 5,509	$ 6,211

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 20,618	$ 30,582	$ 43,466	$ 102,239
Other comprehensive income:
Foreign currency translation adjustment, net of tax impact	11	43	78	25
Comprehensive income	$ 20,629	$ 30,625	$ 43,544	$ 102,264

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash	$ 9,396	$ 877
Accounts receivable, net of allowance for credit losses of $2,866 at June 30, 2024 and $2,801 at December 31, 2023	217,379	227,368
Rental equipment, at cost:
Relocatable modular buildings	1,398,475	1,291,093
Portable storage containers	242,107	236,123
Electronic test equipment	368,324	377,587
Rental equipment, gross	2,008,906	1,904,803
Less: accumulated depreciation	(601,584)	(575,480)
Rental equipment, net	1,407,322	1,329,323
Property, plant and equipment, net	191,801	169,114
Inventories	28,213	15,425
Prepaid expenses and other assets	81,547	87,364
Intangible assets, net	59,453	64,588
Goodwill	323,224	323,224
Total assets	2,318,335	2,217,283
Liabilities:
Notes payable	794,271	762,975
Accounts payable	73,132	58,760
Accrued Liabilities	108,928	108,763
Deferred income	134,624	111,428
Deferred income taxes, net	253,147	241,555
Total liabilities	1,364,102	1,283,481
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,550 shares as of June 30, 2024 and 24,496 shares as of December 31, 2023	111,596	111,122
Retained earnings	842,675	822,796
Accumulated other comprehensive loss	(38)	(116)
Total shareholders’ equity	954,233	933,802
Total liabilities and shareholders’ equity	$ 2,318,335	$ 2,217,283

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 2,866	$ 2,801
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,550,000	24,496,000
Common stock, shares outstanding	24,550,000	24,496,000

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, 2022	$ 803,945	$ 110,080	$ 693,943	$ (78)
Balance, Shares at Dec. 31, 2022		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 per share	(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
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
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 per share	(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
Balance at Dec. 31, 2023	$ 933,802	$ 111,122	822,796	(116)
Balance, Shares at Dec. 31, 2023	24,496,000	24,496,000
Net income	$ 22,848		22,848
Share-based compensation	2,209	$ 2,209
Common stock issued under stock plans, net of shares withheld for employee taxes, Shares		45,000
Taxes paid related to net share settlement of stock awards	(4,082)	$ (4,082)
Dividends accrued per share	(11,824)		(11,824)
Other comprehensive income (loss)	67			67
Balance at Mar. 31, 2024	943,020	$ 109,249	833,820	(49)
Balance, Shares at Mar. 31, 2024		24,541,000
Balance at Dec. 31, 2023	$ 933,802	$ 111,122	822,796	(116)
Balance, Shares at Dec. 31, 2023	24,496,000	24,496,000
Net income	$ 43,466
Balance at Jun. 30, 2024	$ 954,233	$ 111,596	842,675	(38)
Balance, Shares at Jun. 30, 2024	24,550,000	24,550,000
Balance at Mar. 31, 2024	$ 943,020	$ 109,249	833,820	(49)
Balance, Shares at Mar. 31, 2024		24,541,000
Net income	20,618		20,618
Share-based compensation	2,347	$ 2,347
Common stock issued under stock plans, net of shares withheld for employee taxes, Shares		9,000
Dividends accrued per share	(11,763)		(11,763)
Other comprehensive income (loss)	11			11
Balance at Jun. 30, 2024	$ 954,233	$ 111,596	$ 842,675	$ (38)
Balance, Shares at Jun. 30, 2024	24,550,000	24,550,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Cash dividends declared per share	$ 0.475		$ 0.465
Retained Earnings [Member]
Cash dividends declared per share	$ 0.475	$ 0.475	$ 0.465	$ 0.465

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities:
Net income	$ 43,466	$ 102,239
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54,131	54,958
Deferred income taxes	11,592	(39,486)
Provision for credit losses	873	1,400
Share-based compensation	4,556	3,382
Gain on sale of property, plant and equipment	(9,281)
Gain on sale of discontinued operations		(61,513)
Gain on sale of used rental equipment	(15,537)	(14,250)
Foreign currency exchange loss (gain)	163	(208)
Amortization of debt issuance costs	4	4
Change in:
Accounts receivable	9,116	(1,116)
Inventories	(12,788)	(6,594)
Prepaid expenses and other assets	5,817	(1,910)
Accounts payable	23,155	19,209
Accrued liabilities	166	6,046
Deferred income	23,196	9,290
Net cash provided by operating activities	138,629	71,451
Cash Flows from Investing Activities:
Proceeds from sale of discontinued operations		268,012
Purchases of rental equipment	(145,345)	(128,088)
Purchases of property, plant and equipment	(30,125)	(11,229)
Cash paid for acquisition of businesses		(456,312)
Proceeds from sales of used rental equipment	29,334	27,410
Proceeds from sales of property, plant and equipment	12,251
Net cash used in investing activities	(133,885)	(300,207)
Cash Flows from Financing Activities:
Net (payments) borrowings under bank lines of credit	(43,708)	258,885
Borrowings under term note agreement	75,000
Taxes paid related to net share settlement of stock awards	(4,082)	(6,100)
Payment of dividends	(23,435)	(22,782)
Net cash provided by financing activities	3,775	230,003
Effect of foreign currency exchange rate changes on cash		1
Net increase in cash	8,519	1,248
Cash balance, beginning of period	877	957
Cash balance, end of period	9,396	2,205
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	26,394	16,802
Net income taxes (refunded) paid, during the period	(4,599)	6,931
Dividends accrued during the period, not yet paid	12,150	11,937
Rental equipment acquisitions, not yet paid	$ 7,634	$ 7,612

Condensed Consolidated Financia

Condensed Consolidated Financial Information	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 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, 2024, 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 21, 2024 for the year ended December 31, 2023 (the “2023 Annual Report”). Agreement and Plan of Merger with WillScot Mobile Mini Holdings Corp. On January 28, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), with WillScot Mobile Mini Holdings Corp., a Delaware corporation ("WillScot Mobile Mini”), Brunello Merger Sub I, Inc., a California corporation and a direct wholly owned subsidiary of WillScot Mobile Mini (“Merger Sub I”), and Brunello Merger Sub II, LLC, a Delaware limited liability company and direct wholly owned subsidiary of WillScot Mobile Mini (“Merger Sub II”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub I will merge with and into the Company (the “First-Step Merger”), with the Company surviving the First-Step Merger and, immediately thereafter, the Company will merge with and into Merger Sub II (the “Second-Step Merger” and together with the First-Step Merger, the “Transaction”), with Merger Sub II surviving the Second-Step Merger as a wholly owned subsidiary of WillScot Mobile Mini. Each of the parties to the Merger Agreement intends that the Transaction will be treated as a single integrated transaction that qualifies as a “reorganization” within the meaning of Section 368(a) of the U.S. Internal Revenue Code of 1986, as amended. Consummation of the Transaction is subject to the approval of the Company’s shareholders, the receipt of required regulatory approvals, and satisfaction or waiver of other customary closing conditions. The First-Step Merger and the Second-Step Merger will be consummated on the same day. On the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the First-Step Merger (the “Effective Time”), each share of common stock, no par value, of the Company (the “Company Common Stock”) issued and outstanding immediately prior to the Effective Time, other than shares of Company Common Stock owned by WillScot Mobile Mini or any subsidiary of WillScot Mobile Mini or the Company, and shares held by shareholders who did not vote in favor of the Transaction (or consent thereto in writing) and who are entitled to demand and properly demands appraisal of such shares, will be automatically converted into the right to receive either (1) $ 123 in cash (the “Per Share Cash Consideration”) or (2) 2.8211 (the “Exchange Ratio”) shares of validly issued, fully paid and nonassessable shares of common stock, par value $ 0.0001 , of WillScot Mobile Mini (the “WillScot Mobile Mini Common Stock”) (the “Per Share Stock Consideration” together with the Per Share Cash Consideration, the “Merger Consideration”), as determined pursuant to the election and allocation procedures in the Merger Agreement. The Company’s shareholders will have the opportunity to elect to receive either the Per Share Cash Consideration or the Per Share Stock Consideration in respect of their Company Common Stock, provided that 60 % of the Company Common Stock will be converted into the cash consideration and 40 % of the Company Common Stock will be converted into the stock consideration. Pursuant to the terms of the Merger Agreement, the closing of the Merger Agreement is subject to the satisfaction of customary closing conditions, including adoption of the Merger Agreement by the Company’s shareholders, which was approved by the Company's shareholders on July 11, 2024, and receipt of regulatory approvals. The closing of the Transaction is not subject to any financing condition.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes—Improvements to Income Tax Disclosures (Topic 740), which will require Companies to disclose annually the specific categories in income tax rate reconciliations, provide additional information for reconciling items which meet a quantitative threshold, and disaggregate domestic and foreign income or loss from continuing operations. Additionally, this ASU will also require the disclosure of income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. This ASU is effective for fiscal years beginning after December 15, 2024, and applied on a prospective basis. The Company is in the process of evaluating the financial statement impact of this ASU. In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280), which will require public companies to provide more transparency in both quarterly and annual reports about the expenses they incur from revenue generating reportable business segments. In addition, the ASU requires that a public entity disclose significant segment expenses that are regularly provided to the chief operating decision maker, an amount for other segment items by reportable business segment, including a description of its composition, and the primary measures of a business segment's profit or loss in assessing segment performance. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the financial statement impact of this ASU.

Implemented Accounting Pronounc

Implemented Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Implemented Accounting Pronouncements	NOTE 3. IMPLEMENTED ACCOUNTING PRONOUNCEMENTS Effective January 1, 2024, the Company adopted the 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 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, 2024
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 was 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 Accounting Standards Codification ("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 $ 7.7 million of acquisition related transaction costs. On March 1, 2023, the Company completed the acquisition of Jerald R. Brekke, Inc., DBA Brekke Storage ("Brekke Storage"), for a total purchase price of $ 16.4 million. Brekke Storage was a regional provider of portable storage solutions in the Colorado market. The acquisition expanded the 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 Portable Storage segment since March 1, 2023, including $ 0.2 million of transaction costs. On April 1, 2023, the Company completed the acquisition of Dixie Temporary Storage, LLC ("Dixie Storage"), for a purchase price of $ 4.9 million. Dixie Storage was 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 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 Dixie Storage were a part of the Portable Storage segment since April 1, 2023, including $ 0.1 million of transaction costs. On July 1, 2023, the Company completed the purchase of assets of Inland Leasing and Storage, LLC ("Inland Leasing"), for a purchase price of $ 3.8 million. Inland Leasing was 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 was accounted for as a purchase of "assets" in accordance with criteria in ASC 805 and the assessment of the fair value of the purchased assets was allocated primarily to rental equipment totaling $ 3.0 million and intangible assets totaling $ 0.7 million. Supplemental pro forma information has not been provided as the historical financial results of Inland Leasing were not significant. Incremental transaction costs associated with the asset purchase were not significant. The following tables summarize the purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Vesta Modular, Brekke Storage and Dixie Storage business 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 $ 212,639 Intangible assets: Goodwill 211,178 Customer relationships 29,900 Non-compete 7,100 Trade name 800 Cash 11 Accounts receivable 22,666 Property, plant and equipment 1,437 Prepaid expenses and other assets 3,550 Accounts payable and accrued liabilities ( 26,202 ) Deferred income ( 14,273 ) Deferred income taxes ( 11,596 ) 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 $ 216.8 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 its 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 table reports the actual results of the Company for the six months ended June 30, 2024, and the unaudited pro forma financial information for the six months ended June 30, 2023. The 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 period 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, 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) 2024 2023 (Actual) (Pro Forma) Pro-forma total revenues $ 400,438 $ 374,391 Pro-forma net income $ 43,466 $ 39,174 Pro-forma basic earnings per share $ 1.77 $ 1.60 Pro-forma diluted earnings per share $ 1.77 $ 1.60 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, 2024
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. The total transaction costs incurred from the divestiture were $ 8.8 million, with $ 6.7 million and $ 2.1 million incurred during the years ended December 31, 2023 and 2022, respectively. 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: (dollar amounts in thousands) Six Months Ended June 30, 2023 Revenues Rental $ 6,520 Rental related services 2,584 Rental operations 9,104 Sales 269 Other 65 Total revenues 9,438 Costs and Expenses Direct costs of rental operations: Depreciation of rental equipment 1,325 Rental related services 2,020 Other 1,270 Total direct costs of rental operations 4,614 Costs of sales 159 Total costs of revenues 4,773 Gross Profit Rental 3,926 Rental related services 564 Rental operations 4,490 Sales 110 Other 65 Total gross profit 4,665 Expenses: Selling and administrative expenses 2,583 Income from operations 2,082 Interest expense allocation 374 Income from discontinued operations before provision for income taxes 1,709 Provision for income taxes from discontinued operations 453 Income from discontinued operations $ 1,256 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 consolidated balance sheets as of December 31, 2022, which was the most recently audited period prior to divestiture: 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, significant operating and investing items related to Adler Tanks were as follows: June 30, (in thousands) 2023 Operating activities of discontinued operations: Depreciation and amortization $ 1,457 Gain on sale of used rental equipment ( 111 ) Investing activities of discontinued operations: Proceeds from sales of used rental equipment 269 Purchases of rental equipment ( 25 ) Purchases of property, plant and equipment ( 40 ) The following table presents the reconciliation of income from discontinued operations to Adjusted EBITDA for the six months ended June 30, 2023: June 30, (in thousands) 2023 Income from discontinued operations $ 1,256 Provision for income taxes from discontinued operations 453 Interest expense 374 Depreciation and amortization 1,457 EBITDA 3,540 Share-based compensation 118 Transaction costs 24 Adjusted EBITDA from discontinued operations $ 3,682

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2024
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 842, Leases (Topic 842). Revenues determined to be non-lease related are accounted for in accordance with ASC 606, Revenue from Contracts with Customers (Topic 606). 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 satisfy the criteria for over time recognition are 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 Sheets. 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 Sheets 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 Sheets totaled $ 65.8 million and $ 40.7 million at June 30, 2024 and December 31, 2023, respectively. Sales revenues totaling $ 7.7 million and $ 17.4 million were recognized during the three and six months ended June 30, 2024, respectively, which were included in the contract liability balance at December 31, 2023. 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 Sheets and totaled $ 9.6 million and $ 8.7 million at June 30, 2024 and December 31, 2023, respectively. The Company did not recognize any material contract asset impairments during the periods ended June 30, 2024 and December 31, 2023, respectively. The Company's uncompleted contracts with customers which meet the criteria for over-time revenue recognition have unsatisfied or partially satisfied performance obligations. As of June 30, 2024, approximately $ 51.7 million of revenue is expected to be recognized for unsatisfied or partially satisfied obligations. The Company expects to recognize revenue for approximately one half of these unsatisfied or partially satisfied performance obligations over the next 12 months, with the remaining balance recognized thereafter. For the three and six months ended June 30, 2024, approximately $ 61.8 million and $ 102.0 million of revenue was recognized for sales and non-lease services transferred at a point in time, respectively, and approximately $ 4.2 million and $ 11.6 million of revenue was recognized for sales and non-lease services transferred over time, 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, 2024, the Company’s future minimum lease payments to be received under non-cancelable finance leases were $ 2.7 million. Of the total investment in sales-type leases, future minimum lease payments are expected to be $ 1.9 million in 2025, $ 0.6 million in 2026, and $ 0.2 million in 2027. The Company’s assessment of current expected losses on these receivables was not material and therefore no credit loss expense was provided as of the six months ended June 30, 2024. Other revenues include interest income on finance leases and rental income on facility leases. In the three and six months ended June 30, 2024, the Company’s lease revenues were $ 146.6 million and $ 286.8 million, respectively, consisting of $ 145.9 million and $ 285.7 million of operating lease revenues, respectively, and $ 0.7 million and $ 1.1 million of finance lease revenues, respectively. The Company has entered into finance leases to finance certain equipment sales to customers. The lease agreements have a bargain purchase option at the end of the lease term. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a straight-line basis, which results in a constant rate of return on the unrecovered lease investment. The Company’s finance lease revenues for the three and six months ended June 30, 2024 include $ 0.6 million and $ 0.9 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 Topic 842) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three and six months ended June 30, 2024 and 2023: (in thousands) Mobile Portable Storage TRS- Enviroplex Consolidated Three Months Ended June 30, 2024 Leasing $ 101,864 $ 18,366 $ 26,411 $ — $ 146,641 Non-lease: Rental related services 6,727 4,347 709 — 11,783 Sales 35,930 1,266 5,218 11,373 53,787 Other 25 43 332 — 400 Total non-lease 42,682 5,656 6,259 11,373 65,970 Total revenues $ 144,546 $ 24,022 $ 32,670 $ 11,373 $ 212,611 2023 Leasing $ 91,123 $ 19,296 $ 30,337 $ — $ 140,756 Non-lease: Rental related services 8,919 4,989 563 — 14,471 Sales 38,247 1,109 6,581 923 46,860 Other 549 30 364 — 943 Total non-lease 47,715 6,128 7,508 923 62,274 Total revenues $ 138,838 $ 25,424 $ 37,845 $ 923 $ 203,030 Six Months Ended June 30, 2024 Leasing $ 196,754 $ 37,395 $ 52,656 $ — $ 286,805 Non-lease: Rental related services 10,999 8,738 1,332 — 21,069 Sales 61,256 2,478 11,757 13,092 88,583 Other 3,122 171 688 — 3,981 Total non-lease 75,377 11,387 13,777 13,092 113,633 Total revenues $ 272,131 $ 48,782 $ 66,433 $ 13,092 $ 400,438 2023 Leasing $ 173,127 $ 36,951 $ 60,677 $ — $ 270,755 Non-lease: Rental related services 13,469 9,413 1,289 — 24,171 Sales 55,214 1,747 11,204 1,864 70,029 Other 943 55 795 — 1,793 Total non-lease 69,626 11,215 13,288 1,864 95,993 Total revenues $ 242,753 $ 48,166 $ 73,965 $ 1,864 $ 366,748 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 and electronic test equipment 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. Other Income, net Other income, net consists of the net gain on sales of property, plant and equipment. These sales are generally recognized at a point in time, with contractually defined performance obligations that are typically transferred upon the closing date of the sale. These types of sales are infrequent in occurrence and reported on the condensed consolidated statements of income within the scope of ASC 610, Other Income . Proceeds to be received from the sale of property, plant and equipment are included in Accounts receivable on the Company's condensed consolidated balance sheets.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 2024 2023 Weighted-average number of shares of common stock for 24,549 24,479 24,531 24,448 Effect of potentially dilutive securities from equity-based 11 33 31 79 Weighted-average number of shares of common stock for 24,560 24,512 24,562 24,527 There were 73,190 and 697 anti-dilutive securities excluded from the computation of diluted earnings per share for the six months ended June 30, 2024 and 2023, respectively. 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, 2024 and 2023. As of June 30, 2024, 1,309,805 shares remained authorized for repurchase under the Repurchase Plan.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	NOTE 8. INVENTORIES Inventories consist of raw materials, supplies and work-in-process. Inventories are measured at the lower of actual cost or net realizable value for acquired units and estimated standard costs for manufactured units. The costs include expenditures incurred in acquiring the inventories, manufacturing, production costs, and other costs incurred in bringing them to their existing location and condition. The following table presents the carrying value of inventories: (dollar amounts in thousands) June 30, December 31, 2024 2023 Raw materials $ 4,112 $ 3,806 Work-in-process 24,101 11,619 Inventories $ 28,213 $ 15,425

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	NOTE 9. GOODWILL AND 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, 2024 Customer relationships 8 to 11 7.3 $ 73,217 $( 21,006 ) $ 52,211 Non-compete agreements 5 3.3 10,556 ( 4,197 ) 6,359 Trade name 0.75 to 8 4.8 2,000 ( 1,288 ) 712 Total amortizing 85,773 ( 26,491 ) 59,282 Trade name - non-amortizing Indefinite 171 — 171 Total $ 85,944 $( 26,491 ) $ 59,453 December 31, 2023 Customer relationships 8 to 11 7.8 $ 73,217 $( 17,003 ) $ 56,214 Non-compete agreements 5 3.7 10,556 ( 3,141 ) 7,415 Trade name 0.75 to 8 5.3 2,000 ( 1,212 ) 788 Total amortizing 85,773 ( 21,356 ) 64,417 Trade name - non-amortizing Indefinite 171 — 171 Total $ 85,944 $( 21,356 ) $ 64,588 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 2023, with no indicators of impairment. In addition, no impairment triggering events occurred during the six months ended June 30, 2024, and there were no changes to the carrying value of goodwill during this period. 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, 2024 and 2023, was $ 5.1 million and $ 5.0 million, respectively. Based on the carrying values at June 30, 2024 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $ 5.1 million for the remainder of fiscal year 2024, $ 10.2 million in 2025, $ 9.8 million in 2026, $ 9.6 million in 2027, $ 8.2 million in 2028 and $ 4.7 million in 2029.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	NOTE 10. SEGMENT REPORTING During the quarter ended December 31, 2023, the Company determined that its Portable Storage business segment met the criteria for separate recognition as defined in the Accounting Standards Codification ("ASC") Topic 280, Segment Reporting. The guidance under this topic requires a public business entity to evaluate both quantitative and qualitative thresholds to determine the significance of a business segment and whether the separate reporting of a business segment enhances the users' understanding of the reporting entity's performance, future net cash flows and judgments. The Company evaluated the guidance within Topic 280 and made its determination to separately report the Portable Storage segment primarily due to the Company's continued growth in container fleet purchases and related increased revenues and improved profitability performance when compared to previously reported periods. In addition to this determination, the Company also divested its Adler Tanks business segment during the year ended December 31, 2023. Additional information regarding the divestiture of Adler Tanks can be found in Note 5 of the condensed consolidated financial statements. At June 30, 2024, the Company was comprised of four reportable segments: (1) its modular building segment (“Mobile Modular”); (2) its portable storage container segment ("Portable Storage"); (3) its electronic test equipment segment (“TRS-RenTelco”); and (4) its classroom manufacturing segment selling modular buildings used primarily as classrooms in California (“Enviroplex”). The operations of each of these segments are described in Part I – Item 1, “Business,” and the accounting policies of the segments are described in “Note 1 – Summary of Significant Accounting Policies” in the Company’s 2023 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 and income before provision for income taxes. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, Portable Storage and TRS-RenTelco based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, Portable Storage 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, 2024 and 2023 for the Company’s reportable segments are shown in the following table: (dollar amounts in thousands) Mobile Portable Storage TRS- Enviroplex 1 Consolidated Six Months Ended June 30, 2024 Rental revenues $ 154,535 $ 36,230 $ 50,743 $ — $ 241,508 Rental related services revenues 53,053 9,363 1,522 — 63,938 Sales and other revenues 64,543 3,189 14,168 13,092 94,992 Total revenues 272,131 48,782 66,433 13,092 400,438 Depreciation of rental equipment 19,870 1,965 22,696 — 44,531 Gross profit 133,131 33,405 26,846 3,301 196,683 Selling and administrative expenses 82,354 17,885 17,433 3,517 121,188 Other income ( 6,220 ) ( 1,319 ) ( 1,742 ) — ( 9,281 ) Income (loss) from operations 56,999 16,840 11,155 ( 216 ) 84,776 Interest expense (income) allocation 19,971 2,867 4,121 ( 1,218 ) 25,741 Income before provision for income taxes 37,028 13,973 6,871 1,002 58,872 Rental equipment acquisitions 118,300 7,403 10,623 — 136,326 Accounts receivable, net (period end) 170,966 12,231 20,333 13,849 217,379 Rental equipment, at cost (period end) 1,398,475 242,107 368,324 — 2,008,906 Rental equipment, net book value (period end) 1,058,041 221,486 127,795 — 1,407,322 Utilization (period end) 2 78.1 % 64.5 % 55.8 % Average utilization 2 78.6 % 67.8 % 56.4 % 2023 Rental revenues $ 134,826 $ 35,544 $ 57,717 $ — $ 228,087 Rental related services revenues 49,370 10,072 1,547 — 60,989 Sales and other revenues 58,557 2,550 14,701 1,864 77,672 Total revenues 242,753 48,166 73,965 1,864 366,748 Depreciation of rental equipment 18,072 1,657 24,701 — 44,430 Gross profit 107,244 32,982 31,503 248 171,977 Selling and administrative expenses 69,548 15,262 16,577 3,137 104,524 Other income — — — — — Income (loss) from operations 37,696 17,720 14,926 ( 2,889 ) 67,453 Interest expense (income) allocation 12,592 2,126 3,801 ( 1,110 ) 17,409 Income (loss) before provision for income taxes 25,104 15,594 11,333 ( 1,779 ) 50,252 Rental equipment acquisitions 90,933 14,642 16,906 — 122,481 Accounts receivable, net (period end) 144,640 17,287 26,138 3,611 191,676 Rental equipment, at cost (period end) 1,237,221 220,763 390,832 — 1,848,816 Rental equipment, net book value (period end) 928,997 203,781 162,872 — 1,295,650 Utilization (period end) 2 79.2 % 77.0 % 58.3 % Average utilization 2 79.4 % 79.4 % 58.7 % 1. Gross Enviroplex sales revenues were $ 13,093 and $ 1,871 for the six months ended June 30, 2024 and 2023, respectively. There were $ 2 and $ 7 of inter-segment sales to Mobile Modular in the six months ended June 30, 2024 and 2023, respectively, which required elimination in consolidation. 2. Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment, excluding accessory equipment, and new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment. No single customer accounted for more than 10% of total revenues for the six months ended June 30, 2024 and 2023. Revenues from foreign country customers accounted for 2 % and 3 % of the Company’s total revenues for the same periods, respectively.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following tables summarize the purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Vesta Modular, Brekke Storage and Dixie Storage business 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 $ 212,639 Intangible assets: Goodwill 211,178 Customer relationships 29,900 Non-compete 7,100 Trade name 800 Cash 11 Accounts receivable 22,666 Property, plant and equipment 1,437 Prepaid expenses and other assets 3,550 Accounts payable and accrued liabilities ( 26,202 ) Deferred income ( 14,273 ) Deferred income taxes ( 11,596 ) 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) 2024 2023 (Actual) (Pro Forma) Pro-forma total revenues $ 400,438 $ 374,391 Pro-forma net income $ 43,466 $ 39,174 Pro-forma basic earnings per share $ 1.77 $ 1.60 Pro-forma diluted earnings per share $ 1.77 $ 1.60 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, 2024
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: (dollar amounts in thousands) Six Months Ended June 30, 2023 Revenues Rental $ 6,520 Rental related services 2,584 Rental operations 9,104 Sales 269 Other 65 Total revenues 9,438 Costs and Expenses Direct costs of rental operations: Depreciation of rental equipment 1,325 Rental related services 2,020 Other 1,270 Total direct costs of rental operations 4,614 Costs of sales 159 Total costs of revenues 4,773 Gross Profit Rental 3,926 Rental related services 564 Rental operations 4,490 Sales 110 Other 65 Total gross profit 4,665 Expenses: Selling and administrative expenses 2,583 Income from operations 2,082 Interest expense allocation 374 Income from discontinued operations before provision for income taxes 1,709 Provision for income taxes from discontinued operations 453 Income from discontinued operations $ 1,256 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 consolidated balance sheets as of December 31, 2022, which was the most recently audited period prior to divestiture: 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, significant operating and investing items related to Adler Tanks were as follows: June 30, (in thousands) 2023 Operating activities of discontinued operations: Depreciation and amortization $ 1,457 Gain on sale of used rental equipment ( 111 ) Investing activities of discontinued operations: Proceeds from sales of used rental equipment 269 Purchases of rental equipment ( 25 ) Purchases of property, plant and equipment ( 40 )
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: June 30, (in thousands) 2023 Income from discontinued operations $ 1,256 Provision for income taxes from discontinued operations 453 Interest expense 374 Depreciation and amortization 1,457 EBITDA 3,540 Share-based compensation 118 Transaction costs 24 Adjusted EBITDA from discontinued operations $ 3,682

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
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 Topic 842) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three and six months ended June 30, 2024 and 2023: (in thousands) Mobile Portable Storage TRS- Enviroplex Consolidated Three Months Ended June 30, 2024 Leasing $ 101,864 $ 18,366 $ 26,411 $ — $ 146,641 Non-lease: Rental related services 6,727 4,347 709 — 11,783 Sales 35,930 1,266 5,218 11,373 53,787 Other 25 43 332 — 400 Total non-lease 42,682 5,656 6,259 11,373 65,970 Total revenues $ 144,546 $ 24,022 $ 32,670 $ 11,373 $ 212,611 2023 Leasing $ 91,123 $ 19,296 $ 30,337 $ — $ 140,756 Non-lease: Rental related services 8,919 4,989 563 — 14,471 Sales 38,247 1,109 6,581 923 46,860 Other 549 30 364 — 943 Total non-lease 47,715 6,128 7,508 923 62,274 Total revenues $ 138,838 $ 25,424 $ 37,845 $ 923 $ 203,030 Six Months Ended June 30, 2024 Leasing $ 196,754 $ 37,395 $ 52,656 $ — $ 286,805 Non-lease: Rental related services 10,999 8,738 1,332 — 21,069 Sales 61,256 2,478 11,757 13,092 88,583 Other 3,122 171 688 — 3,981 Total non-lease 75,377 11,387 13,777 13,092 113,633 Total revenues $ 272,131 $ 48,782 $ 66,433 $ 13,092 $ 400,438 2023 Leasing $ 173,127 $ 36,951 $ 60,677 $ — $ 270,755 Non-lease: Rental related services 13,469 9,413 1,289 — 24,171 Sales 55,214 1,747 11,204 1,864 70,029 Other 943 55 795 — 1,793 Total non-lease 69,626 11,215 13,288 1,864 95,993 Total revenues $ 242,753 $ 48,166 $ 73,965 $ 1,864 $ 366,748

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Summary of Carrying Value of Inventories	The following table presents the carrying value of inventories: (dollar amounts in thousands) June 30, December 31, 2024 2023 Raw materials $ 4,112 $ 3,806 Work-in-process 24,101 11,619 Inventories $ 28,213 $ 15,425

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 2024 2023 Weighted-average number of shares of common stock for 24,549 24,479 24,531 24,448 Effect of potentially dilutive securities from equity-based 11 33 31 79 Weighted-average number of shares of common stock for 24,560 24,512 24,562 24,527

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Intangible assets consist of the following: (dollar amounts in thousands) Estimated Average remaining life in years Cost Accumulated amortization Net book value June 30, 2024 Customer relationships 8 to 11 7.3 $ 73,217 $( 21,006 ) $ 52,211 Non-compete agreements 5 3.3 10,556 ( 4,197 ) 6,359 Trade name 0.75 to 8 4.8 2,000 ( 1,288 ) 712 Total amortizing 85,773 ( 26,491 ) 59,282 Trade name - non-amortizing Indefinite 171 — 171 Total $ 85,944 $( 26,491 ) $ 59,453 December 31, 2023 Customer relationships 8 to 11 7.8 $ 73,217 $( 17,003 ) $ 56,214 Non-compete agreements 5 3.7 10,556 ( 3,141 ) 7,415 Trade name 0.75 to 8 5.3 2,000 ( 1,212 ) 788 Total amortizing 85,773 ( 21,356 ) 64,417 Trade name - non-amortizing Indefinite 171 — 171 Total $ 85,944 $( 21,356 ) $ 64,588

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the six months ended June 30, 2024 and 2023 for the Company’s reportable segments are shown in the following table: (dollar amounts in thousands) Mobile Portable Storage TRS- Enviroplex 1 Consolidated Six Months Ended June 30, 2024 Rental revenues $ 154,535 $ 36,230 $ 50,743 $ — $ 241,508 Rental related services revenues 53,053 9,363 1,522 — 63,938 Sales and other revenues 64,543 3,189 14,168 13,092 94,992 Total revenues 272,131 48,782 66,433 13,092 400,438 Depreciation of rental equipment 19,870 1,965 22,696 — 44,531 Gross profit 133,131 33,405 26,846 3,301 196,683 Selling and administrative expenses 82,354 17,885 17,433 3,517 121,188 Other income ( 6,220 ) ( 1,319 ) ( 1,742 ) — ( 9,281 ) Income (loss) from operations 56,999 16,840 11,155 ( 216 ) 84,776 Interest expense (income) allocation 19,971 2,867 4,121 ( 1,218 ) 25,741 Income before provision for income taxes 37,028 13,973 6,871 1,002 58,872 Rental equipment acquisitions 118,300 7,403 10,623 — 136,326 Accounts receivable, net (period end) 170,966 12,231 20,333 13,849 217,379 Rental equipment, at cost (period end) 1,398,475 242,107 368,324 — 2,008,906 Rental equipment, net book value (period end) 1,058,041 221,486 127,795 — 1,407,322 Utilization (period end) 2 78.1 % 64.5 % 55.8 % Average utilization 2 78.6 % 67.8 % 56.4 % 2023 Rental revenues $ 134,826 $ 35,544 $ 57,717 $ — $ 228,087 Rental related services revenues 49,370 10,072 1,547 — 60,989 Sales and other revenues 58,557 2,550 14,701 1,864 77,672 Total revenues 242,753 48,166 73,965 1,864 366,748 Depreciation of rental equipment 18,072 1,657 24,701 — 44,430 Gross profit 107,244 32,982 31,503 248 171,977 Selling and administrative expenses 69,548 15,262 16,577 3,137 104,524 Other income — — — — — Income (loss) from operations 37,696 17,720 14,926 ( 2,889 ) 67,453 Interest expense (income) allocation 12,592 2,126 3,801 ( 1,110 ) 17,409 Income (loss) before provision for income taxes 25,104 15,594 11,333 ( 1,779 ) 50,252 Rental equipment acquisitions 90,933 14,642 16,906 — 122,481 Accounts receivable, net (period end) 144,640 17,287 26,138 3,611 191,676 Rental equipment, at cost (period end) 1,237,221 220,763 390,832 — 1,848,816 Rental equipment, net book value (period end) 928,997 203,781 162,872 — 1,295,650 Utilization (period end) 2 79.2 % 77.0 % 58.3 % Average utilization 2 79.4 % 79.4 % 58.7 % 1. Gross Enviroplex sales revenues were $ 13,093 and $ 1,871 for the six months ended June 30, 2024 and 2023, respectively. There were $ 2 and $ 7 of inter-segment sales to Mobile Modular in the six months ended June 30, 2024 and 2023, respectively, which required elimination in consolidation. 2. Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment, excluding accessory equipment, and new equipment inventory. The Average utilization for the period is calculated using the average costs of rental equipment.

Condensed Consolidated Financ_2

Condensed Consolidated Financial Information - Additional Information (Detail) - First-Step Merger [Member] - WillScot Mobile Mini Holdings Corp [Member]	Jan. 28, 2024 USD ($) shares $ / shares
Condensed Financial Statements, Captions [Line Items]
Par value issued and outstanding prior to effective time	$ 0
Business acquisition, per share cash consideration | $	$ 123
Par value	$ 0.0001
Business acquisition, exchange ratio | shares	2.8211
Business acquisition, consideration transferred cash percent	60%
Business acquisition, consideration transferred stock percent	40%

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands				6 Months Ended	12 Months Ended
	Apr. 01, 2023 USD ($)	Mar. 01, 2023 USD ($) PortableStorage	Feb. 01, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 01, 2023 USD ($)
Business Acquisition [Line Items]
Combined acquired goodwill				$ 323,224	$ 323,224
Goodwill deductible for tax purpose, period				15 years
Intangible assets				$ 59,453	$ 64,588
Combined federal and state tax rate				26.50%
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			7,700
Purchase price			437,210
Combined acquired goodwill			$ 211,178
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
Purchase price		$ 16,382
Increased number of portable storage | PortableStorage		2,700
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				$ 216,800
Dixie Storage [Member]
Business Acquisition [Line Items]
Business acquisition, transaction costs	$ 100
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
Inland Leasing [Member]
Business Acquisition [Line Items]
Purchase price						$ 3,800
Rental equipment						3,000
Intangible assets						$ 700

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, 2024	Dec. 31, 2023	Apr. 01, 2023	Mar. 01, 2023	Feb. 01, 2023
Intangible assets:
Goodwill	$ 323,224	$ 323,224
Vesta Modular [Member]
Business Acquisition [Line Items]
Rental equipment					$ 212,639
Intangible assets:
Goodwill					211,178
Cash					11
Accounts receivable					22,666
Property, plant and equipment					1,437
Prepaid expenses and other assets					3,550
Accounts payable and accrued liabilities					(26,202)
Deferred income					(14,273)
Deferred income taxes					(11,596)
Total purchase price					437,210
Vesta Modular [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets					29,900
Vesta Modular [Member] | Trade Name [Member]
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, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Pro-forma total revenues		$ 374,391
Pro-forma net income		$ 39,174
Pro-forma basic earnings per share		$ 1.6
Pro-forma diluted earnings per share		$ 1.6
Actual total revenues	$ 400,438
Actual net income	$ 43,466
Actual basic earnings per share	$ 1.77
Actual diluted earnings per share	$ 1.77
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, 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
Total transaction costs	$ 8,800		$ 6,700	$ 2,100

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Expenses:
Interest expense allocation				$ 374
Income from discontinued operations before provision for income taxes				1,709
Provision for income taxes from discontinued operations				453
Income from discontinued operations		$ 2,630		62,769
Sales [Member]
Revenues
Total non-lease revenues	$ 54,414	47,801	$ 89,483	71,461
Other [Member]
Revenues
Total non-lease revenues	$ 2,663	$ 3,532	$ 5,509	6,211
Adler Tank Rentals, LLC
Revenues
Rental				6,520
Rental related services				2,584
Rental operations				9,104
Total revenues				9,438
Direct costs of rental operations:
Depreciation of rental equipment				1,325
Rental related services				2,020
Other				1,270
Total direct costs of rental operations				4,614
Costs of sales				159
Total costs of revenues				4,773
Gross Profit
Rental				3,926
Rental related services				564
Rental operations				4,490
Total gross profit				4,665
Expenses:
Selling and administrative expenses				2,583
Income from operations				2,082
Interest expense allocation				374
Income from discontinued operations before provision for income taxes				1,709
Provision for income taxes from discontinued operations				453
Income from discontinued operations				1,256
Adler Tank Rentals, LLC | Sales [Member]
Revenues
Total non-lease revenues				269
Gross Profit
Total gross profit				110
Adler Tank Rentals, LLC | Other [Member]
Revenues
Total non-lease revenues				65
Gross Profit
Total gross profit				$ 65

Discontinued Operations - Sched

Discontinued Operations - Schedule of Assets and Liabilities of Discontinued Operations Reported in Consolidated Balance Sheets (Detail) - Adler Tank Rentals, LLC $ in Thousands	Dec. 31, 2022 USD ($)
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 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, 2024	Jun. 30, 2023
Operating activities of discontinued operations:
Depreciation and amortization		$ 1,457
Investing activities of discontinued operations:
Purchases of rental equipment	$ (145,345)	(128,088)
Purchases of property, plant and equipment	$ (30,125)	(11,229)
Adler Tank Rentals, LLC
Operating activities of discontinued operations:
Depreciation and amortization		1,457
Gain on sale of used rental equipment		(111)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment		269
Purchases of rental equipment		(25)
Purchases of property, plant and equipment		$ (40)

Discontinued Operations - Recon

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

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Period for credit risk identified			30 days
Revenue from contracts criteria over time			multiple quarters
Sales revenues totaling	$ 7,700		$ 17,400
Revenues	212,611	$ 203,030	400,438	$ 366,748
Total Future minimum flease payments expected to be received	2,700		2,700
Future minimum flease payments expected to be received in 2025	1,900		1,900
Future minimum flease payments expected to be received in 2026	600		600
Future minimum flease payments expected to be received in 2027	200		200
Lease revenue	146,600		286,800
Operating lease revenue	145,900		285,700
Finance lease revenue	700		1,100
Finance lease revenue, sales revenue	600		900
Finance lease revenue, interest income	100		$ 200
Period for warranties for rental equipment			90 days
Period for warranties for equipment manufactured			1 year
Transferred at Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Revenues	61,800		$ 102,000
Transferred Over Time [Member]
Disaggregation Of Revenue [Line Items]
Revenues	4,200		11,600
Deferred Income [Member]
Disaggregation Of Revenue [Line Items]
Customer contract liability	65,800		65,800		$ 40,700
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 9,600		$ 9,600		$ 8,700

Revenue Recognition - Additio_2

Revenue Recognition - Additional Information (Detail 1) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation	$ 51.7
Revenue, remaining performance obligation, explanation	The Company expects to recognize revenue for approximately one half of these unsatisfied or partially satisfied performance obligations over the next 12 months, with the remaining balance recognized thereafter.

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, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Leasing revenues	$ 146,600		$ 286,800
Total revenues	212,611	$ 203,030	400,438		$ 366,748
Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues	146,641	140,756	286,805		270,755
Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	11,783	14,471	21,069		24,171
Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	53,787	46,860	88,583		70,029
Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	400	943	3,981		1,793
Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	65,970	62,274	113,633		95,993
Mobile Modular [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	144,546	138,838	272,131		242,753
Mobile Modular [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues	101,864	91,123	196,754		173,127
Mobile Modular [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	6,727	8,919	10,999		13,469
Mobile Modular [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	35,930	38,247	61,256		55,214
Mobile Modular [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	25	549	3,122		943
Mobile Modular [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	42,682	47,715	75,377		69,626
Portable Storage [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	24,022	25,424	48,782		48,166
Portable Storage [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues	18,366	19,296	37,395		36,951
Portable Storage [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	4,347	4,989	8,738		9,413
Portable Storage [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	1,266	1,109	2,478		1,747
Portable Storage [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	43	30	171		55
Portable Storage [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	5,656	6,128	11,387		11,215
TRS-RenTelco [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	32,670	37,845	66,433		73,965
TRS-RenTelco [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues	26,411	30,337	52,656		60,677
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	709	563	1,332		1,289
TRS-RenTelco [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	5,218	6,581	11,757		11,204
TRS-RenTelco [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	332	364	688		795
TRS-RenTelco [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	6,259	7,508	13,777		13,288
Enviroplex [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	11,373	923	13,092	[1]	1,864	[1]
Enviroplex [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	11,373	923	13,092		1,864
Enviroplex [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	$ 11,373	$ 923	$ 13,092		$ 1,864
[1] Gross Enviroplex sales revenues were $ 13,093 and $ 1,871 for the six months ended June 30, 2024 and 2023, respectively. There were $ 2 and $ 7 of inter-segment sales to Mobile Modular in the six months ended June 30, 2024 and 2023, respectively, which required elimination in consolidation.

Earnings Per Share - Weighted-A

Earnings Per Share - Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,549	24,479	24,531	24,448
Effect of potentially dilutive securities from equity-based compensation	11	33	31	79
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,560	24,512	24,562	24,527

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	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			73,190	697
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

Inventories - Summary of Carryi

Inventories - Summary of Carrying Value of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 4,112	$ 3,806
Work-in-process	24,101	11,619
Inventories	$ 28,213	$ 15,425

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Cost	$ 85,773	$ 85,773
Accumulated amortization	(26,491)	(21,356)
Net book value	59,282	64,417
Indefinite, cost	171	171
Indefinite, net book value	171	171
Total, cost	85,944	85,944
Total, accumulated amortization	(26,491)	(21,356)
Total, net book value	$ 59,453	$ 64,588
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Average remaining life in years	7 years 3 months 18 days	7 years 9 months 18 days
Cost	$ 73,217	$ 73,217
Accumulated amortization	(21,006)	(17,003)
Net book value	$ 52,211	$ 56,214
Customer Relationships [Member] | Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years
Customer Relationships [Member] | Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	11 years	11 years
Non-compete Agreements [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	5 years	5 years
Average remaining life in years	3 years 3 months 18 days	3 years 8 months 12 days
Cost	$ 10,556	$ 10,556
Accumulated amortization	(4,197)	(3,141)
Net book value	$ 6,359	$ 7,415
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Average remaining life in years	4 years 9 months 18 days	5 years 3 months 18 days
Cost	$ 2,000	$ 2,000
Accumulated amortization	(1,288)	(1,212)
Net book value	$ 712	$ 788
Trade Name [Member] | Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	9 months	9 months
Trade Name [Member] | Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 0	$ 0
Amortization expense		5,100,000	$ 5,000,000
Changes to carrying value of goodwill during period		0
Subsequent impairment of the underlying assets		0
Expected annual amortization expense for 2024		5,100,000
Expected annual amortization expense for 2025		10,200,000
Expected annual amortization expense for 2026		9,800,000
Expected annual amortization expense for 2027		9,600,000
Expected annual amortization expense for 2028		8,200,000
Expected annual amortization expense for 2029		$ 4,700,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024 Customer Segment	Jun. 30, 2023 Customer
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	4
Customer Concentration Risk [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Number of major customer | Customer	0	0
Geographic Concentration Risk [Member] | Sales [Member] | Foreign Country Customers [Member]
Segment Reporting Information [Line Items]
Revenues from customers	2%	3%

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, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
Segment Reporting Information [Line Items]
Rental revenues				$ 241,508		$ 228,087
Rental related services revenues				63,938		60,989
Sales and other revenues				94,992		77,672
Total revenues		$ 212,611	$ 203,030	400,438		366,748
Depreciation of rental equipment				44,531		44,430
Gross profit				196,683		171,977
Selling and administrative expenses				121,188		104,524
Other income				(9,281)
Income (loss) from operations				84,776		67,453
Interest expense (income) allocation				25,741		17,409
Income (loss) before provision for income taxes				58,872		50,252
Rental equipment acquisitions				136,326		122,481
Accounts receivable, net (period end)		217,379	191,676	217,379		191,676
Rental equipment, at cost (period end)		2,008,906	1,848,816	2,008,906		1,848,816
Rental equipment, net book value (period end)		1,407,322	1,295,650	1,407,322		1,295,650
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues				154,535		134,826
Rental related services revenues				53,053		49,370
Sales and other revenues				64,543		58,557
Total revenues		144,546	138,838	272,131		242,753
Depreciation of rental equipment				19,870		18,072
Gross profit				133,131		107,244
Selling and administrative expenses				82,354		69,548
Other income				(6,220)
Income (loss) from operations				56,999		37,696
Interest expense (income) allocation				19,971		12,592
Income (loss) before provision for income taxes				37,028		25,104
Rental equipment acquisitions				118,300		90,933
Accounts receivable, net (period end)		170,966	144,640	170,966		144,640
Rental equipment, at cost (period end)		1,398,475	1,237,221	1,398,475		1,237,221
Rental equipment, net book value (period end)		1,058,041	928,997	$ 1,058,041		$ 928,997
Utilization (period end)	[1]			78.10%		79.20%
Average utilization	[1]			78.60%		79.40%
Portable Storage [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 36,230		$ 35,544
Rental related services revenues				9,363		10,072
Sales and other revenues				3,189		2,550
Total revenues		24,022	25,424	48,782		48,166
Depreciation of rental equipment				1,965		1,657
Gross profit				33,405		32,982
Selling and administrative expenses				17,885		15,262
Other income				(1,319)
Income (loss) from operations				16,840		17,720
Interest expense (income) allocation				2,867		2,126
Income (loss) before provision for income taxes				13,973		15,594
Rental equipment acquisitions				7,403		14,642
Accounts receivable, net (period end)		12,231	17,287	12,231		17,287
Rental equipment, at cost (period end)		242,107	220,763	242,107		220,763
Rental equipment, net book value (period end)		221,486	203,781	$ 221,486		$ 203,781
Utilization (period end)	[1]			64.50%		77%
Average utilization	[1]			67.80%		79.40%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 50,743		$ 57,717
Rental related services revenues				1,522		1,547
Sales and other revenues				14,168		14,701
Total revenues		32,670	37,845	66,433		73,965
Depreciation of rental equipment				22,696		24,701
Gross profit				26,846		31,503
Selling and administrative expenses				17,433		16,577
Other income				(1,742)
Income (loss) from operations				11,155		14,926
Interest expense (income) allocation				4,121		3,801
Income (loss) before provision for income taxes				6,871		11,333
Rental equipment acquisitions				10,623		16,906
Accounts receivable, net (period end)		20,333	26,138	20,333		26,138
Rental equipment, at cost (period end)		368,324	390,832	368,324		390,832
Rental equipment, net book value (period end)		127,795	162,872	$ 127,795		$ 162,872
Utilization (period end)	[1]			55.80%		58.30%
Average utilization	[1]			56.40%		58.70%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	[2]			$ 13,092		$ 1,864
Total revenues		11,373	923	13,092	[2]	1,864	[2]
Gross profit	[2]			3,301		248
Selling and administrative expenses	[2]			3,517		3,137
Income (loss) from operations	[2]			(216)		(2,889)
Interest expense (income) allocation	[2]			(1,218)		(1,110)
Income (loss) before provision for income taxes	[2]			1,002		(1,779)
Accounts receivable, net (period end)		$ 13,849	$ 3,611	$ 13,849		$ 3,611
[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. Gross Enviroplex sales revenues were $ 13,093 and $ 1,871 for the six months ended June 30, 2024 and 2023, respectively. There were $ 2 and $ 7 of inter-segment sales to Mobile Modular in the six months ended June 30, 2024 and 2023, respectively, which required elimination in consolidation.

Segment Reporting - Summarize_2

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 212,611	$ 203,030	$ 400,438	$ 366,748
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues	$ 54,414	$ 47,801	89,483	71,461
Operating Segments [Member] | Enviroplex [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues			13,093	1,871
Inter-segment Eliminations [Member] | Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues			$ 2	$ 7