Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MGRC | |
Entity Registrant Name | MCGRATH RENTCORP | |
Entity Central Index Key | 752714 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,149,052 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Rental | $65,502 | $62,430 |
Rental related services | 15,367 | 13,512 |
Rental operations | 80,869 | 75,942 |
Sales | 8,787 | 11,038 |
Other | 532 | 580 |
Total revenues | 90,188 | 87,560 |
Direct costs of rental operations: | ||
Depreciation of rental equipment | 18,682 | 17,897 |
Rental related services | 11,899 | 10,307 |
Other | 15,211 | 13,550 |
Total direct costs of rental operations | 45,792 | 41,754 |
Costs of sales | 5,309 | 7,168 |
Total costs of revenues | 51,101 | 48,922 |
Gross profit | 39,087 | 38,638 |
Selling and administrative expenses | 25,212 | 23,411 |
Income from operations | 13,875 | 15,227 |
Other income (expense): | ||
Interest expense | -2,391 | -2,203 |
Foreign currency exchange loss | -168 | -88 |
Income before provision for income taxes | 11,316 | 12,936 |
Provision for income taxes | 4,470 | 5,065 |
Net income | $6,846 | $7,871 |
Earnings per share: | ||
Basic | $0.26 | $0.31 |
Diluted | $0.26 | $0.30 |
Shares used in per share calculation: | ||
Basic | 26,091 | 25,789 |
Diluted | 26,276 | 26,230 |
Cash dividends declared per share | $0.25 | $0.25 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $6,846 | $7,871 |
Other comprehensive income: | ||
Foreign currency translation adjustment, net of tax provision of $16 in 2015 and $6 in 2014 | 72 | 28 |
Comprehensive income | $6,918 | $7,899 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustment, tax benefits | $16 | $6 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash | $777 | $1,167 |
Accounts receivable, net of allowance for doubtful accounts of $2,042 in 2015 and $2,038 in 2014 | 89,361 | 101,294 |
Rental equipment, at cost: | ||
Relocatable modular buildings | 678,990 | 664,340 |
Electronic test equipment | 269,575 | 261,995 |
Liquid and solid containment tanks and boxes | 305,751 | 303,303 |
Rental equipment, gross | 1,254,316 | 1,229,638 |
Less accumulated depreciation | -415,238 | -403,888 |
Rental equipment, net | 839,078 | 825,750 |
Property, plant and equipment, net | 109,627 | 108,628 |
Prepaid expenses and other assets | 35,287 | 41,424 |
Intangible assets, net | 10,118 | 10,336 |
Goodwill | 27,808 | 27,808 |
Total assets | 1,112,056 | 1,116,407 |
Liabilities: | ||
Notes payable | 320,923 | 322,478 |
Accounts payable and accrued liabilities | 70,242 | 71,357 |
Deferred income | 29,359 | 29,139 |
Deferred income taxes, net | 265,684 | 268,902 |
Total liabilities | 686,208 | 691,876 |
Shareholders' equity: | ||
Common stock, no par value - Authorized - 40,000 shares Issued and Outstanding - 26,130 shares as of March 31, 2015 and 26,051 shares as of December 31, 2014 | 107,745 | 106,469 |
Retained earnings | 318,133 | 318,164 |
Accumulated other comprehensive loss | -30 | -102 |
Total shareholders' equity | 425,848 | 424,531 |
Total liabilities and shareholders' equity | $1,112,056 | $1,116,407 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $2,042 | $2,038 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 26,130,000 | 26,051,000 |
Common Stock, shares outstanding | 26,130,000 | 26,051,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net income | $6,846 | $7,871 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 20,906 | 19,932 |
Provision for doubtful accounts | 333 | 456 |
Non-cash share-based compensation | 931 | 955 |
Gain on sale of used rental equipment | -2,869 | -2,500 |
Foreign currency exchange loss | 168 | 88 |
Change in: | ||
Accounts receivable | 11,600 | 4,123 |
Prepaid expenses and other assets | 6,137 | 2,587 |
Accounts payable and accrued liabilities | -6,421 | 2,740 |
Deferred income | 220 | -2,315 |
Deferred income taxes | -3,218 | 4,115 |
Net cash provided by operating activities | 34,633 | 38,052 |
Cash Flows from Investing Activities: | ||
Purchase of rental equipment | -29,974 | -31,759 |
Purchase of property, plant and equipment | -3,005 | -2,812 |
Proceeds from sale of used rental equipment | 6,111 | 6,430 |
Net cash used in investing activities | -26,868 | -28,141 |
Cash Flows from Financing Activities: | ||
Net repayments under bank lines of credit | -1,555 | -41,922 |
Borrowing under Series B senior notes | 40,000 | |
Proceeds from the exercise of stock options | 958 | 76 |
Excess tax benefit from exercise and disqualifying disposition of stock options | 19 | 508 |
Taxes paid related to net share settlement of stock awards | -582 | -2,512 |
Repurchase of common stock | -377 | |
Payment of dividends | -6,639 | -6,489 |
Net cash used in financing activities | -8,176 | -10,339 |
Effect of foreign currency exchange rate changes on cash | 21 | 9 |
Net decrease in cash | -390 | -419 |
Cash balance, beginning of period | 1,167 | 1,630 |
Cash balance, end of period | 777 | 1,211 |
Interest paid, during the period | 2,008 | 1,157 |
Net income taxes paid, during the period | 316 | 339 |
Dividends accrued during the period, not yet paid | 6,552 | 6,387 |
Rental equipment acquisitions, not yet paid | $10,220 | $7,464 |
Condensed_Consolidated_Financi
Condensed Consolidated Financial Information | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Condensed Consolidated Financial Information | NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
The condensed consolidated financial statements for the three months ended March 31, 2015 and 2014 have not been audited, but in the opinion of management, all adjustments (consisting of normal recurring accruals, consolidating and eliminating entries) necessary for the fair presentation of the consolidated financial position, results of operations and cash flows of McGrath RentCorp (the “Company”) have been made. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. The consolidated results for the three months ended March 31, 2015 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 financial statements and notes thereto included in the Company’s latest Annual Report on Form 10-K filed with the SEC on February 26, 2015 for the year ended December 31, 2014 (the “2014 Annual Report”). | |
In order to conform to current year presentation, certain amounts on the Consolidated Condensed Statements of Income were reclassified from “Other revenues” to “Foreign currency exchange loss”. This reclassification had no impact on net income, earnings per share or operating cash flows. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Imputation of Interest (Subtopic 835-30). The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. The Company does not expect the adoption of this accounting guidance to have a significant impact on its consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | NOTE 3. 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 | |||||||||
March 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Weighted-average number of shares of common stock for calculating basic earnings per share | 26,091 | 25,789 | |||||||
Effect of potentially dilutive securities from equity-based compensation | 185 | 441 | |||||||
Weighted-average number of shares of common stock for calculating diluted earnings per share | 26,276 | 26,230 | |||||||
The following securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Options to purchase shares of common stock | 26 | 9 | |||||||
In May 2008, the Company’s Board of Directors authorized the Company to repurchase an aggregate of 2,000,000 shares of the Company’s outstanding common stock. 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 and/or through privately negotiated, large block transactions. Furthermore, in March 2015, pursuant to authorization from the Company’s Board of Directors, the Company entered into a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, for the repurchase of up to 987,790 shares of the Company’s common stock. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. During the three months ended March 31, 2015, the Company repurchased 12,210 shares of common stock for an aggregate repurchase price of $0.4 million, or an average price of $30.91 per share. There were no repurchases of common stock during the three months ended March 31, 2014. As of March 31, 2015, 1,987,790 shares remain authorized for repurchase. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Intangible Assets | NOTE 4. INTANGIBLE ASSETS | ||||||||||
Intangible assets consist of the following: | |||||||||||
(dollar amounts in thousands) | Estimated | March 31, | December 31, | ||||||||
Useful Life | 2015 | 2014 | |||||||||
In Years | |||||||||||
Trade name | Indefinite | $ | 5,700 | $ | 5,700 | ||||||
Customer relationships | 11 | 9,611 | 9,611 | ||||||||
15,311 | 15,311 | ||||||||||
Less accumulated amortization | (5,193 | ) | (4,975 | ) | |||||||
$ | 10,118 | $ | 10,336 | ||||||||
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 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 assets’ 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 typically conducts its annual impairment analysis in the fourth quarter of its fiscal year. The impairment analysis did not result in an impairment charge for the fiscal year ended December 31, 2014. Determining the fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The Company based 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. Based on the carrying values at March 31, 2015 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $0.6 million for the remainder of fiscal year 2015 and $0.8 million in each of the fiscal years 2016 through 2020. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting | NOTE 5. SEGMENT REPORTING | ||||||||||||||||||||
The Company’s four reportable segments are (1) its modular building rental division (“Mobile Modular”); (2) its electronic test equipment rental division (“TRS-RenTelco”); (3) its containment solutions for the storage of hazardous and non-hazardous liquids and solids division (“Adler Tanks”); and (4) its classroom manufacturing division 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 2 – Significant Accounting Policies” in the Company’s annual report on Form 10-K for the year ended December 31, 2014. Management focuses on several key measures to evaluate and assess each segment’s performance, including rental revenue growth, gross profit, 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, TRS-RenTelco and Adler Tanks based on their pro-rata share of direct revenues. Interest expense is allocated among Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. Summarized financial information for the three months ended March 31, 2015 and 2014 for the Company’s reportable segments is shown in the following table: | |||||||||||||||||||||
(dollar amounts in thousands) | Mobile | TRS- | Adler | Enviroplex 1 | Consolidated | ||||||||||||||||
Modular | RenTelco | Tanks | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2015 | |||||||||||||||||||||
Rental revenues | $ | 26,408 | $ | 22,111 | $ | 16,983 | $ | — | $ | 65,502 | |||||||||||
Rental related services revenues | 9,103 | 656 | 5,608 | — | 15,367 | ||||||||||||||||
Sales and other revenues | 3,373 | 5,327 | 307 | 312 | 9,319 | ||||||||||||||||
Total revenues | 38,884 | 28,094 | 22,898 | 312 | 90,188 | ||||||||||||||||
Depreciation of rental equipment | 4,561 | 10,152 | 3,969 | — | 18,682 | ||||||||||||||||
Gross profit | 15,704 | 11,310 | 12,007 | 66 | 39,087 | ||||||||||||||||
Selling and administrative expenses | 11,356 | 6,118 | 6,918 | 820 | 25,212 | ||||||||||||||||
Income (loss) from operations | 4,348 | 5,192 | 5,089 | (754 | ) | 13,875 | |||||||||||||||
Interest expense (income) allocation | 1,253 | 529 | 657 | (48 | ) | 2,391 | |||||||||||||||
Income (loss) before provision for income taxes | 3,095 | 4,495 | 4,432 | (706 | ) | 11,316 | |||||||||||||||
Rental equipment acquisitions | 16,359 | 16,230 | 2,665 | — | 35,254 | ||||||||||||||||
Accounts receivable, net (period end) | 45,818 | 23,095 | 18,316 | 2,132 | 89,361 | ||||||||||||||||
Rental equipment, at cost (period end) | 678,990 | 269,575 | 305,751 | — | 1,254,316 | ||||||||||||||||
Rental equipment, net book value (period end) | 484,598 | 109,887 | 244,593 | — | 839,078 | ||||||||||||||||
Utilization (period end) 2 | 74.5 | % | 58.6 | % | 61.1 | % | |||||||||||||||
Average utilization 2 | 74.2 | % | 59.9 | % | 61.1 | % | |||||||||||||||
2014 | |||||||||||||||||||||
Rental revenues | $ | 21,533 | $ | 23,760 | $ | 17,137 | $ | — | $ | 62,430 | |||||||||||
Rental related services revenues | 7,317 | 722 | 5,473 | — | 13,512 | ||||||||||||||||
Sales and other revenues | 4,790 | 5,159 | 564 | 1,105 | 11,618 | ||||||||||||||||
Total revenues | 33,640 | 29,641 | 23,174 | 1,105 | 87,560 | ||||||||||||||||
Depreciation of rental equipment | 3,831 | 10,391 | 3,675 | — | 17,897 | ||||||||||||||||
Gross profit | 12,704 | 13,075 | 12,440 | 419 | 38,638 | ||||||||||||||||
Selling and administrative expenses | 9,740 | 6,037 | 6,896 | 738 | 23,411 | ||||||||||||||||
Income (loss) from operations | 2,964 | 7,038 | 5,544 | (319 | ) | 15,227 | |||||||||||||||
Interest expense (income) allocation | 1,103 | 523 | 623 | (46 | ) | 2,203 | |||||||||||||||
Income (loss) before provision for income taxes | 1,861 | 6,427 | 4,921 | (273 | ) | 12,936 | |||||||||||||||
Rental equipment acquisitions | 16,825 | 8,375 | 5,195 | — | 30,395 | ||||||||||||||||
Accounts receivable, net (period end) | 36,512 | 23,731 | 21,430 | 1,398 | 83,071 | ||||||||||||||||
Rental equipment, at cost (period end) | 607,616 | 263,545 | 288,641 | — | 1,159,802 | ||||||||||||||||
Rental equipment, net book value (period end) | 426,983 | 106,164 | 242,728 | — | 775,875 | ||||||||||||||||
Utilization (period end) 2 | 69.4 | % | 56.4 | % | 64.5 | % | |||||||||||||||
Average utilization 2 | 69.9 | % | 56.8 | % | 61 | % | |||||||||||||||
1 | Gross Enviroplex sales revenues were $316 and $1,105 for the three months ended March 31, 2015 and 2014, respectively. In 2015, there were inter-segment sales to Mobile Modular of $4, which have been eliminated in consolidation. There were no inter-segment sales to Mobile Modular in 2014 which required elimination. | ||||||||||||||||||||
2 | Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding accessory equipment and for Mobile Modular and Adler Tanks excluding new equipment inventory. The Average Utilization for the period is calculated using the average costs of rental equipment. | ||||||||||||||||||||
No single customer accounted for more than 10% of total revenues for the three months ended March 31, 2015 and 2014. Revenues from foreign country customers accounted for 6% of the Company’s total revenues for the same periods. |
New_Accounting_Pronouncements_
New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Imputation of Interest (Subtopic 835-30). The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. The Company does not expect the adoption of this accounting guidance to have a significant impact on its consolidated financial statements. |
Segment Reporting | Management focuses on several key measures to evaluate and assess each segment’s performance, including rental revenue growth, gross profit, 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, TRS-RenTelco and Adler Tanks based on their pro-rata share of direct revenues. Interest expense is allocated among Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
March 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Weighted-average number of shares of common stock for calculating basic earnings per share | 26,091 | 25,789 | |||||||
Effect of potentially dilutive securities from equity-based compensation | 185 | 441 | |||||||
Weighted-average number of shares of common stock for calculating diluted earnings per share | 26,276 | 26,230 | |||||||
Securities Not Included in Computation of Diluted Earnings Per Share | The following securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Options to purchase shares of common stock | 26 | 9 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Summary of Intangible Assets | Intangible assets consist of the following: | ||||||||||
(dollar amounts in thousands) | Estimated | March 31, | December 31, | ||||||||
Useful Life | 2015 | 2014 | |||||||||
In Years | |||||||||||
Trade name | Indefinite | $ | 5,700 | $ | 5,700 | ||||||
Customer relationships | 11 | 9,611 | 9,611 | ||||||||
15,311 | 15,311 | ||||||||||
Less accumulated amortization | (5,193 | ) | (4,975 | ) | |||||||
$ | 10,118 | $ | 10,336 | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Summarized Financial Information for Company's Reportable Segments | Summarized financial information for the three months ended March 31, 2015 and 2014 for the Company’s reportable segments is shown in the following table: | ||||||||||||||||||||
(dollar amounts in thousands) | Mobile | TRS- | Adler | Enviroplex 1 | Consolidated | ||||||||||||||||
Modular | RenTelco | Tanks | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2015 | |||||||||||||||||||||
Rental revenues | $ | 26,408 | $ | 22,111 | $ | 16,983 | $ | — | $ | 65,502 | |||||||||||
Rental related services revenues | 9,103 | 656 | 5,608 | — | 15,367 | ||||||||||||||||
Sales and other revenues | 3,373 | 5,327 | 307 | 312 | 9,319 | ||||||||||||||||
Total revenues | 38,884 | 28,094 | 22,898 | 312 | 90,188 | ||||||||||||||||
Depreciation of rental equipment | 4,561 | 10,152 | 3,969 | — | 18,682 | ||||||||||||||||
Gross profit | 15,704 | 11,310 | 12,007 | 66 | 39,087 | ||||||||||||||||
Selling and administrative expenses | 11,356 | 6,118 | 6,918 | 820 | 25,212 | ||||||||||||||||
Income (loss) from operations | 4,348 | 5,192 | 5,089 | (754 | ) | 13,875 | |||||||||||||||
Interest expense (income) allocation | 1,253 | 529 | 657 | (48 | ) | 2,391 | |||||||||||||||
Income (loss) before provision for income taxes | 3,095 | 4,495 | 4,432 | (706 | ) | 11,316 | |||||||||||||||
Rental equipment acquisitions | 16,359 | 16,230 | 2,665 | — | 35,254 | ||||||||||||||||
Accounts receivable, net (period end) | 45,818 | 23,095 | 18,316 | 2,132 | 89,361 | ||||||||||||||||
Rental equipment, at cost (period end) | 678,990 | 269,575 | 305,751 | — | 1,254,316 | ||||||||||||||||
Rental equipment, net book value (period end) | 484,598 | 109,887 | 244,593 | — | 839,078 | ||||||||||||||||
Utilization (period end) 2 | 74.5 | % | 58.6 | % | 61.1 | % | |||||||||||||||
Average utilization 2 | 74.2 | % | 59.9 | % | 61.1 | % | |||||||||||||||
2014 | |||||||||||||||||||||
Rental revenues | $ | 21,533 | $ | 23,760 | $ | 17,137 | $ | — | $ | 62,430 | |||||||||||
Rental related services revenues | 7,317 | 722 | 5,473 | — | 13,512 | ||||||||||||||||
Sales and other revenues | 4,790 | 5,159 | 564 | 1,105 | 11,618 | ||||||||||||||||
Total revenues | 33,640 | 29,641 | 23,174 | 1,105 | 87,560 | ||||||||||||||||
Depreciation of rental equipment | 3,831 | 10,391 | 3,675 | — | 17,897 | ||||||||||||||||
Gross profit | 12,704 | 13,075 | 12,440 | 419 | 38,638 | ||||||||||||||||
Selling and administrative expenses | 9,740 | 6,037 | 6,896 | 738 | 23,411 | ||||||||||||||||
Income (loss) from operations | 2,964 | 7,038 | 5,544 | (319 | ) | 15,227 | |||||||||||||||
Interest expense (income) allocation | 1,103 | 523 | 623 | (46 | ) | 2,203 | |||||||||||||||
Income (loss) before provision for income taxes | 1,861 | 6,427 | 4,921 | (273 | ) | 12,936 | |||||||||||||||
Rental equipment acquisitions | 16,825 | 8,375 | 5,195 | — | 30,395 | ||||||||||||||||
Accounts receivable, net (period end) | 36,512 | 23,731 | 21,430 | 1,398 | 83,071 | ||||||||||||||||
Rental equipment, at cost (period end) | 607,616 | 263,545 | 288,641 | — | 1,159,802 | ||||||||||||||||
Rental equipment, net book value (period end) | 426,983 | 106,164 | 242,728 | — | 775,875 | ||||||||||||||||
Utilization (period end) 2 | 69.4 | % | 56.4 | % | 64.5 | % | |||||||||||||||
Average utilization 2 | 69.9 | % | 56.8 | % | 61 | % | |||||||||||||||
1 | Gross Enviroplex sales revenues were $316 and $1,105 for the three months ended March 31, 2015 and 2014, respectively. In 2015, there were inter-segment sales to Mobile Modular of $4, which have been eliminated in consolidation. There were no inter-segment sales to Mobile Modular in 2014 which required elimination. | ||||||||||||||||||||
2 | Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding accessory equipment and for Mobile Modular and Adler Tanks excluding new equipment inventory. The Average Utilization for the period is calculated using the average costs of rental equipment. |
Earnings_Per_Share_WeightedAve
Earnings Per Share - Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Weighted-average number of shares of common stock for calculating basic earnings per share | 26,091 | 25,789 |
Effect of potentially dilutive securities from equity-based compensation | 185 | 441 |
Weighted-average number of shares of common stock for calculating diluted earnings per share | 26,276 | 26,230 |
Earnings_Per_Share_Securities_
Earnings Per Share - Securities Not Included in Computation of Diluted Earnings Per Share (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Options to purchase shares of common stock | 26 | 9 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | 31-May-08 |
Equity, Class of Treasury Stock [Line Items] | |||
Common stock repurchased, shares | 0 | 2,000,000 | |
Shares remain authorized for repurchase | 1,987,790 | ||
2015 Plan [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common stock repurchased, shares | 12,210 | ||
Common stock repurchased, value | $0.40 | ||
Common stock repurchased, price per share | $30.91 | ||
2015 Plan [Member] | Maximum [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common stock repurchased, shares | 987,790 |
Intangible_Assets_Summary_of_I
Intangible Assets - Summary of Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Trade name | $5,700 | $5,700 |
Customer relationships | 9,611 | 9,611 |
Intangible Assets, gross | 15,311 | 15,311 |
Less accumulated amortization | -5,193 | -4,975 |
Intangible Assets, net | $10,118 | $10,336 |
Estimated useful life (In years), Customer relationships | 11 years |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment charge | $0 | |
Subsequent impairment of the underlying assets | 0 | |
Expected amortization expense for the remainder of 2015 | 600,000 | |
Expected amortization expense for 2016 | 800,000 | |
Expected amortization expense for 2017 | 800,000 | |
Expected amortization expense for 2018 | 800,000 | |
Expected amortization expense for 2019 | 800,000 | |
Expected amortization expense for 2020 | $800,000 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 4 | |
Customer Concentration Risk [Member] | Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues from customers | 10.00% | 10.00% |
Geographic Concentration Risk [Member] | Sales [Member] | Foreign Country Customers [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues from customers | 6.00% | 6.00% |
Segment_Reporting_Summarized_F
Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Rental revenues | $65,502 | $62,430 | |
Rental related services revenues | 15,367 | 13,512 | |
Sales and other revenues | 9,319 | 11,618 | |
Total revenues | 90,188 | 87,560 | |
Depreciation of rental equipment | 18,682 | 17,897 | |
Gross profit | 39,087 | 38,638 | |
Selling and administrative expenses | 25,212 | 23,411 | |
Income (loss) from operations | 13,875 | 15,227 | |
Interest expense (income) allocation | 2,391 | 2,203 | |
Income (loss) before provision for income taxes | 11,316 | 12,936 | |
Rental equipment acquisitions | 35,254 | 30,395 | |
Accounts receivable, net (period end) | 89,361 | 83,071 | 101,294 |
Rental equipment, at cost (period end) | 1,254,316 | 1,159,802 | 1,229,638 |
Rental equipment, net book value (period end) | 839,078 | 775,875 | 825,750 |
Enviroplex [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other revenues | 312 | 1,105 | |
Total revenues | 312 | 1,105 | |
Gross profit | 66 | 419 | |
Selling and administrative expenses | 820 | 738 | |
Income (loss) from operations | -754 | -319 | |
Interest expense (income) allocation | -48 | -46 | |
Income (loss) before provision for income taxes | -706 | -273 | |
Accounts receivable, net (period end) | 2,132 | 1,398 | |
Mobile Modular [Member] | |||
Segment Reporting Information [Line Items] | |||
Rental revenues | 26,408 | 21,533 | |
Rental related services revenues | 9,103 | 7,317 | |
Sales and other revenues | 3,373 | 4,790 | |
Total revenues | 38,884 | 33,640 | |
Depreciation of rental equipment | 4,561 | 3,831 | |
Gross profit | 15,704 | 12,704 | |
Selling and administrative expenses | 11,356 | 9,740 | |
Income (loss) from operations | 4,348 | 2,964 | |
Interest expense (income) allocation | 1,253 | 1,103 | |
Income (loss) before provision for income taxes | 3,095 | 1,861 | |
Rental equipment acquisitions | 16,359 | 16,825 | |
Accounts receivable, net (period end) | 45,818 | 36,512 | |
Rental equipment, at cost (period end) | 678,990 | 607,616 | |
Rental equipment, net book value (period end) | 484,598 | 426,983 | |
Utilization (period end) | 74.50% | 69.40% | |
Average utilization | 74.20% | 69.90% | |
TRS-RenTelco [Member] | |||
Segment Reporting Information [Line Items] | |||
Rental revenues | 22,111 | 23,760 | |
Rental related services revenues | 656 | 722 | |
Sales and other revenues | 5,327 | 5,159 | |
Total revenues | 28,094 | 29,641 | |
Depreciation of rental equipment | 10,152 | 10,391 | |
Gross profit | 11,310 | 13,075 | |
Selling and administrative expenses | 6,118 | 6,037 | |
Income (loss) from operations | 5,192 | 7,038 | |
Interest expense (income) allocation | 529 | 523 | |
Income (loss) before provision for income taxes | 4,495 | 6,427 | |
Rental equipment acquisitions | 16,230 | 8,375 | |
Accounts receivable, net (period end) | 23,095 | 23,731 | |
Rental equipment, at cost (period end) | 269,575 | 263,545 | |
Rental equipment, net book value (period end) | 109,887 | 106,164 | |
Utilization (period end) | 58.60% | 56.40% | |
Average utilization | 59.90% | 56.80% | |
Adler Tanks [Member] | |||
Segment Reporting Information [Line Items] | |||
Rental revenues | 16,983 | 17,137 | |
Rental related services revenues | 5,608 | 5,473 | |
Sales and other revenues | 307 | 564 | |
Total revenues | 22,898 | 23,174 | |
Depreciation of rental equipment | 3,969 | 3,675 | |
Gross profit | 12,007 | 12,440 | |
Selling and administrative expenses | 6,918 | 6,896 | |
Income (loss) from operations | 5,089 | 5,544 | |
Interest expense (income) allocation | 657 | 623 | |
Income (loss) before provision for income taxes | 4,432 | 4,921 | |
Rental equipment acquisitions | 2,665 | 5,195 | |
Accounts receivable, net (period end) | 18,316 | 21,430 | |
Rental equipment, at cost (period end) | 305,751 | 288,641 | |
Rental equipment, net book value (period end) | $244,593 | $242,728 | |
Utilization (period end) | 61.10% | 64.50% | |
Average utilization | 61.10% | 61.00% |
Segment_Reporting_Summarized_F1
Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenues | $90,188 | $87,560 |
Enviroplex [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 312 | 1,105 |
Mobile Modular [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 38,884 | 33,640 |
Operating Segments [Member] | Enviroplex [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 316 | 1,105 |
Inter-segment Eliminations [Member] | Mobile Modular [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales revenues | $4 | $0 |