Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 29, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MGRC | |
Entity Registrant Name | MCGRATH RENTCORP | |
Entity Central Index Key | 752,714 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 24,175,940 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | ||||
Rental | $ 82,155 | $ 73,781 | $ 233,683 | $ 211,712 |
Rental related services | 23,880 | 21,856 | 60,797 | 58,587 |
Rental operations | 106,035 | 95,637 | 294,480 | 270,299 |
Revenues | 70,735 | 69,508 | ||
Total revenues | 143,147 | 135,388 | 365,215 | 339,807 |
Direct costs of rental operations: | ||||
Depreciation of rental equipment | 18,407 | 17,492 | 54,287 | 52,113 |
Rental related services | 18,618 | 16,611 | 47,404 | 44,756 |
Other | 17,674 | 15,396 | 52,696 | 46,794 |
Total direct costs of rental operations | 54,699 | 49,499 | 154,387 | 143,663 |
Costs of sales | 24,398 | 27,114 | 42,680 | 44,488 |
Total costs of revenues | 79,097 | 76,613 | 197,067 | 188,151 |
Gross profit | 64,050 | 58,775 | 168,148 | 151,656 |
Selling and administrative expenses | 28,226 | 28,489 | 85,833 | 83,702 |
Income from operations | 35,824 | 30,286 | 82,315 | 67,954 |
Other income (expense): | ||||
Interest expense | (3,142) | (2,986) | (9,133) | (8,724) |
Foreign currency exchange gain (loss) | (129) | 36 | (505) | 273 |
Income before provision for income taxes | 32,553 | 27,336 | 72,677 | 59,503 |
Provision for income taxes | 7,774 | 10,574 | 17,520 | 23,307 |
Net income | $ 24,779 | $ 16,762 | $ 55,157 | $ 36,196 |
Earnings per share: | ||||
Basic | $ 1.03 | $ 0.70 | $ 2.29 | $ 1.51 |
Diluted | $ 1.01 | $ 0.69 | $ 2.25 | $ 1.50 |
Shares used in per share calculation: | ||||
Basic | 24,172 | 24,015 | 24,128 | 23,984 |
Diluted | 24,563 | 24,228 | 24,550 | 24,201 |
Cash dividends declared per share | $ 0.340 | $ 0.260 | $ 1.020 | $ 0.780 |
Sales [Member] | ||||
Revenues | ||||
Revenues | $ 36,085 | $ 38,684 | $ 67,722 | $ 67,166 |
Other [Member] | ||||
Revenues | ||||
Revenues | $ 1,027 | $ 1,067 | $ 3,013 | $ 2,342 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 24,779 | $ 16,762 | $ 55,157 | $ 36,196 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 82 | (11) | 222 | (119) |
Tax benefit (provision) | (15) | 7 | (54) | 43 |
Comprehensive income | $ 24,846 | $ 16,758 | $ 55,325 | $ 36,120 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash | $ 4,399 | $ 2,501 |
Accounts receivable, net of allowance for doubtful accounts of $1,883 in 2018 and $1,987 in 2017 | 115,089 | 105,872 |
Rental equipment, at cost: | ||
Relocatable modular buildings | 801,129 | 775,400 |
Electronic test equipment | 284,647 | 262,325 |
Liquid and solid containment tanks and boxes | 312,487 | 309,808 |
Rental equipment, gross | 1,398,263 | 1,347,533 |
Less accumulated depreciation | (509,656) | (485,213) |
Rental equipment, net | 888,607 | 862,320 |
Property, plant and equipment, net | 125,756 | 119,170 |
Prepaid expenses and other assets | 32,660 | 22,459 |
Intangible assets, net | 7,480 | 7,724 |
Goodwill | 27,808 | 27,808 |
Total assets | 1,201,799 | 1,147,854 |
Liabilities: | ||
Notes payable | 309,006 | 303,414 |
Accounts payable and accrued liabilities | 92,443 | 86,408 |
Deferred income | 48,192 | 39,219 |
Deferred income taxes, net | 197,611 | 194,629 |
Total liabilities | 647,252 | 623,670 |
Shareholders’ equity: | ||
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,176 shares as of September 30,2018 and 24,052 shares as of December 31, 2017 | 102,753 | 102,947 |
Retained earnings | 451,794 | 421,405 |
Accumulated other comprehensive income (loss) | (168) | |
Total shareholders’ equity | 554,547 | 524,184 |
Total liabilities and shareholders’ equity | $ 1,201,799 | $ 1,147,854 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,883 | $ 1,987 |
Common stock, par value | ||
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 24,176,000 | 24,052,000 |
Common Stock, shares outstanding | 24,176,000 | 24,052,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net income | $ 55,157 | $ 36,196 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 60,896 | 58,425 |
Impairment of rental assets | 39 | |
Provision for doubtful accounts | 297 | 1,155 |
Share-based compensation | 2,810 | 2,245 |
Gain on sale of used rental equipment | (15,044) | (13,006) |
Foreign currency exchange (gain) loss | 505 | (273) |
Amortization of debt issuance costs | 18 | 38 |
Change in: | ||
Accounts receivable | (9,514) | (11,691) |
Prepaid expenses and other assets | (10,195) | (1,261) |
Accounts payable and accrued liabilities | 148 | 80 |
Deferred income | 8,741 | 4,689 |
Deferred income taxes | 2,982 | 4,544 |
Net cash provided by operating activities | 96,840 | 81,141 |
Cash Flows from Investing Activities: | ||
Purchases of rental equipment | (84,658) | (73,193) |
Purchases of property, plant and equipment | (12,521) | (12,784) |
Cash paid for business acquisition | (7,543) | |
Proceeds from sales of used rental equipment | 30,067 | 28,478 |
Net cash used in investing activities | (74,655) | (57,499) |
Cash Flows from Financing Activities: | ||
Net borrowings under bank lines of credit | 25,575 | 16,813 |
Principal payments on Series A senior notes | (20,000) | (20,000) |
Taxes paid related to net share settlement of stock awards | (3,004) | (1,363) |
Payment of dividends | (22,719) | (18,628) |
Net cash used in financing activities | (20,148) | (23,178) |
Effect of foreign currency exchange rate changes on cash | (139) | 53 |
Net increase in cash | 1,898 | 517 |
Cash balance, beginning of period | 2,501 | 852 |
Cash balance, end of period | 4,399 | 1,369 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid, during the period | 9,193 | 8,563 |
Net income taxes paid, during the period | 16,055 | 23,510 |
Dividends accrued during the period, not yet paid | 8,349 | 5,979 |
Rental equipment acquisitions, not yet paid | $ 9,643 | $ 6,622 |
Condensed Consolidated Financia
Condensed Consolidated Financial Information | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Condensed Consolidated Financial Information | NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION The condensed consolidated financial statements for the three and nine months ended September 30, 2018 and 2017 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 nine months ended September 30, 2018 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 27, 2018 for the year ended December 31, 2017 (the “2017 Annual Report”). |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. Under this ASU, entities should account for costs associated with implementing a cloud computing arrangements that is considered a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is evaluating the impact of this guidance on its consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, Leases (Subtopic 842-10). Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: a) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and |
Implemented Accounting Pronounc
Implemented Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Implemented Accounting Pronouncements | NOTE 3. IMPLEMENTED ACCOUNTING PRONOUNCEMENTS Revenue from Contracts with Customers The Company’s accounting for revenues is governed by two accounting standards. The majority of the Company’s revenues are considered lease related and are accounted for in accordance with Topic 840, Leases. Revenues determined to be non-lease related are accounted for in accordance with ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which was adopted by the Company on January 1, 2018. The Company utilized the modified retrospective method of adoption and there was no impact on its condensed consolidated financial statements, nor was there a cumulative effect of initially applying the new standard. 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 obtain control when delivery and installation is complete. For contracts that have multiple performance obligations, the transaction price is allocated to each performance obligation in the contract based on the Company’s best estimate of the standalone selling prices of each distinct performance obligation in the contract. The standalone selling price is typically determined based upon the expected cost plus an estimated margin of each performance obligation. The Company generally rents and sells to customers on 30 day payment terms. The Company does not typically offer variable payment terms, or accept non-monetary consideration. Amounts billed and due from the Company’s customers are classified as Accounts receivable on the Company’s consolidated balance sheet. For certain sales of modular buildings, progress payments from the customer are received during the manufacturing of new equipment, or the preparation of used equipment. The advance payments are not considered a significant financing component because the payments are used to meet working capital needs during the contract and to protect the Company from the customer failing to adequately complete their obligations under the contract. These contract liabilities are included in Deferred income on the Company’s consolidated balance sheet and totaled $11.0 million and $6.8 million at September 30, 2018 and December 31, 2017, respectively. Sales revenues totaling $2.1 million and $5.6 million were recognized during the three and nine months ended September 30, 2018, respectively, which were included in the contract liability balance at December 31, 2017. For certain modular building sales, the customer retains a small portion of the contract price until full completion of the contract, which results in revenue earned in excess of billings. These unbilled contract assets are included in Accounts receivable on the Company’s consolidated balance sheet and totaled $0.3 million and $2.0 million at September 30, 2018 and December 31, 2017, respectively. Lease Revenues Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating segments. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized in the period earned. Rental related services revenues are primarily associated with relocatable modular building and liquid and solid containment tanks and boxes leases. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on sales-type leases and rental income on facility leases. Non-Lease Revenues Non-lease revenues are recognized in the period when control of the performance obligation is transferred, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For liquid and solid containment solutions, portable storage containers and electronic test equipment, rental related services revenues for delivery and return delivery are considered non-lease revenues. Sales revenues are typically recognized at a point in time, which occurs upon the completion of delivery, installation and acceptance of the equipment by the customer. Accounting for non-lease revenues requires judgment in determining the point in time the customer gains control of the equipment and the appropriate accounting period to recognize revenue. Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses. The following table disaggregates the Company’s revenues by lease (within the scope of Topic 840) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three and nine months ended September 30, 2018 and 2017: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended September 30, 2018 Leasing $ 52,036 $ 23,206 $ 18,942 $ — $ 94,184 Non-lease: Rental related services 5,697 642 6,781 — 13,120 Sales 17,140 3,828 294 14,102 35,364 Other 18 461 — — 479 Total non-lease 22,855 4,931 7,075 14,102 48,963 Total revenues $ 74,891 $ 28,137 $ 26,017 $ 14,102 $ 143,147 2017 Leasing $ 45,824 $ 22,033 $ 16,700 $ — $ 84,557 Non-lease: Rental related services 5,528 623 6,255 — 12,406 Sales 17,533 4,186 461 15,781 37,961 Other 2 462 — — 464 Total non-lease 23,063 5,271 6,716 15,781 50,831 Total revenues $ 68,887 $ 27,304 $ 23,416 $ 15,781 $ 135,388 Nine Months Ended September 30, 2018 Leasing $ 146,672 $ 69,183 $ 51,889 $ — $ 267,744 Non-lease: Rental related services 11,226 1,816 17,674 — 30,716 Sales 30,694 14,179 629 19,831 65,333 Other 21 1,349 52 — 1,422 Total non-lease 41,941 17,344 18,355 19,831 97,471 Total revenues $ 188,613 $ 86,527 $ 70,244 $ 19,831 $ 365,215 2017 Leasing $ 133,184 $ 63,106 $ 46,629 $ — $ 242,919 Non-lease: Rental related services 10,634 1,666 17,929 — 30,229 Sales 30,001 13,080 1,572 20,692 65,345 Other 9 1,305 — — 1,314 Total non-lease 40,644 16,051 19,501 20,692 96,888 Total revenues $ 173,828 $ 79,157 $ 66,130 $ 20,692 $ 339,807 Customer returns of rental equipment prior to the end of the rental contract term are typically billed a cancellation fee, which is recorded as rental revenue in the period billed. Sales of new relocatable modular buildings, portable storage containers, electronic test equipment and related accessories and liquid and solid containment tanks and boxes not manufactured by the Company are typically covered by warranties provided by the manufacturer of the products sold. The Company typically provides limited 90-day warranties for certain sales of used rental equipment and one-year warranties on equipment manufactured by Enviroplex. Although the Company’s policy is to provide reserves for warranties when required for specific circumstances, the Company has not found it necessary to establish such reserves to date as warranty costs have not been significant. 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 building 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. Modifications to Share-based Payments In May 2017, the FASB issued ASU No. 2017-09, Compensation, Stock Compensation (Topic 718). The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 4. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed as net income divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effect of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Weighted-average number of shares of common stock for calculating basic earnings per share 24,172 24,015 24,128 23,984 Effect of potentially dilutive securities from equity-based compensation 391 213 422 217 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,563 24,228 24,550 24,201 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 September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Options to purchase shares of common stock — 14 — 14 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 5. INTANGIBLE ASSETS Intangible assets consist of the following: (dollar amounts in thousands) Estimated useful life in years September 30, 2018 December 31, 2017 Trade name Indefinite $ 5,871 $ 5,700 Customer relationships 11 9,849 9,611 15,720 15,311 Less accumulated amortization (8,240 ) (7,587 ) $ 7,480 $ 7,724 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, 2017. Determining the 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. Based on the carrying values at September 30, 2018 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $0.2 million for the remainder of fiscal year 2018, $0.9 million in the year 2019 and $0.2 million in 2020. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 6. ACQUISITION On August 1, 2018, the Company completed the purchase of the blast resistant module rental business of DropBox, Inc. (“DropBox”) for $7.9 million. The Company accounted for this transaction as a business combination and the fair value of the purchased assets was allocated primarily to rental equipment totaling $7.7 million. The remaining purchase price was allocated to trade name and customer relationships valued at $0.2 million, respectively, and deferred revenue of $0.2 million. At September 30, 2018, $0.4 million related to the purchase price was included in accounts payable and accrued liabilities. The DropBox operating results are included in the Mobile Modular segment results since the date of acquisition. Supplemental pro forma prior year information has not been provided as the historical financial results of DropBox were not significant. Incremental transaction costs associated with the acquisition were not significant. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 7. SEGMENT REPORTING The Company’s four reportable segments are (1) its modular building and portable storage segment (“Mobile Modular”); (2) its electronic test equipment segment (“TRS-RenTelco”); (3) its containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (“Adler Tanks”); and (4) its classroom manufacturing segment selling modular buildings used primarily as classrooms in California (“Enviroplex”). The operations of each of these segments are described in Part I – Item 1, “Business,” and the accounting policies of the segments are described in “Note 2 – Significant Accounting Policies” in the Company’s annual report on Form 10-K for the year ended December 31, 2017. 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 nine months ended September 30, 2018 and 2017 for the Company’s reportable segments is shown in the following table: (dollar amounts in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex 1 Consolidated Nine Months Ended September 30, 2018 Rental revenues $ 116,436 $ 65,919 $ 51,328 $ — $ 233,683 Rental related services revenues 40,510 2,287 18,000 — 60,797 Sales and other revenues 31,667 18,321 916 19,831 70,735 Total revenues 188,613 86,527 70,244 19,831 365,215 Depreciation of rental equipment 15,841 26,536 11,910 — 54,287 Gross profit 86,515 40,155 35,031 6,447 168,148 Selling and administrative expenses 43,191 16,780 22,245 3,617 85,833 Income from operations 43,324 23,375 12,786 2,830 82,315 Interest (expense) income allocation (5,256 ) (1,999 ) (2,409 ) 531 (9,133 ) Income before provision for income taxes 38,068 20,871 10,377 3,361 72,677 Rental equipment acquisitions 40,704 51,744 3,187 — 95,635 Accounts receivable, net (period end) 69,419 18,991 19,876 6,803 115,089 Rental equipment, at cost (period end) 801,129 284,647 312,487 — 1,398,263 Rental equipment, net book value (period end) 558,790 129,816 200,001 — 888,607 Utilization (period end) 2 79.2 % 61.5 % 64.0 % Average utilization 2 77.8 % 62.4 % 59.8 % 2017 Rental revenues $ 104,923 $ 60,569 $ 46,220 $ — $ 211,712 Rental related services revenues 38,283 2,095 18,209 — 58,587 Sales and other revenues 30,622 16,493 1,701 20,692 69,508 Total revenues 173,828 79,157 66,130 20,692 339,807 Depreciation of rental equipment 15,951 24,335 11,827 — 52,113 Gross profit 77,939 36,420 31,407 5,890 151,656 Selling and administrative expenses 42,157 16,475 21,855 3,215 83,702 Income from operations 35,782 19,945 9,552 2,675 67,954 Interest (expense) income allocation (5,008 ) (1,726 ) (2,301 ) 311 (8,724 ) Income before provision for income taxes 30,774 18,492 7,251 2,986 59,503 Rental equipment acquisitions 28,107 45,700 3,130 — 76,937 Accounts receivable, net (period end) 66,126 16,253 18,118 6,916 107,413 Rental equipment, at cost (period end) 781,791 258,877 309,825 — 1,350,493 Rental equipment, net book value (period end) 547,115 106,728 211,881 — 865,724 Utilization (period end) 2 76.8 % 64.3 % 59.7 % Average utilization 2 76.6 % 62.8 % 54.7 % 1. Gross Enviroplex sales revenues were $21,191 and $20,692 for the nine months ended September 30, 2018 and 2017, respectively. There were 1,360 inter-segment sales to Mobile Modular in the nine months ended September 30, 2018, which required elimination in consolidation. There were no inter-segment sales in the nine months ended September 30, 2017. 2. Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding accessory equipment and for Mobile Modular and Adler Tanks excluding new equipment inventory. The Average Utilization for the period is calculated using the average costs of rental equipment . No single customer accounted for more than 10% of total revenues for the nine months ended September 30, 2018 and 2017. Revenues from foreign country customers accounted for 4% of the Company’s total revenues for the same periods. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. Under this ASU, entities should account for costs associated with implementing a cloud computing arrangements that is considered a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is evaluating the impact of this guidance on its consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, Leases (Subtopic 842-10). Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: a) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and |
Implemented Accounting Pronou_2
Implemented Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 840) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three and nine months ended September 30, 2018 and 2017: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended September 30, 2018 Leasing $ 52,036 $ 23,206 $ 18,942 $ — $ 94,184 Non-lease: Rental related services 5,697 642 6,781 — 13,120 Sales 17,140 3,828 294 14,102 35,364 Other 18 461 — — 479 Total non-lease 22,855 4,931 7,075 14,102 48,963 Total revenues $ 74,891 $ 28,137 $ 26,017 $ 14,102 $ 143,147 2017 Leasing $ 45,824 $ 22,033 $ 16,700 $ — $ 84,557 Non-lease: Rental related services 5,528 623 6,255 — 12,406 Sales 17,533 4,186 461 15,781 37,961 Other 2 462 — — 464 Total non-lease 23,063 5,271 6,716 15,781 50,831 Total revenues $ 68,887 $ 27,304 $ 23,416 $ 15,781 $ 135,388 Nine Months Ended September 30, 2018 Leasing $ 146,672 $ 69,183 $ 51,889 $ — $ 267,744 Non-lease: Rental related services 11,226 1,816 17,674 — 30,716 Sales 30,694 14,179 629 19,831 65,333 Other 21 1,349 52 — 1,422 Total non-lease 41,941 17,344 18,355 19,831 97,471 Total revenues $ 188,613 $ 86,527 $ 70,244 $ 19,831 $ 365,215 2017 Leasing $ 133,184 $ 63,106 $ 46,629 $ — $ 242,919 Non-lease: Rental related services 10,634 1,666 17,929 — 30,229 Sales 30,001 13,080 1,572 20,692 65,345 Other 9 1,305 — — 1,314 Total non-lease 40,644 16,051 19,501 20,692 96,888 Total revenues $ 173,828 $ 79,157 $ 66,130 $ 20,692 $ 339,807 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Weighted-average number of shares of common stock for calculating basic earnings per share 24,172 24,015 24,128 23,984 Effect of potentially dilutive securities from equity-based compensation 391 213 422 217 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,563 24,228 24,550 24,201 |
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 September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Options to purchase shares of common stock — 14 — 14 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets consist of the following: (dollar amounts in thousands) Estimated useful life in years September 30, 2018 December 31, 2017 Trade name Indefinite $ 5,871 $ 5,700 Customer relationships 11 9,849 9,611 15,720 15,311 Less accumulated amortization (8,240 ) (7,587 ) $ 7,480 $ 7,724 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Summarized Financial Information for Company's Reportable Segments | Summarized financial information for the nine months ended September 30, 2018 and 2017 for the Company’s reportable segments is shown in the following table: (dollar amounts in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex 1 Consolidated Nine Months Ended September 30, 2018 Rental revenues $ 116,436 $ 65,919 $ 51,328 $ — $ 233,683 Rental related services revenues 40,510 2,287 18,000 — 60,797 Sales and other revenues 31,667 18,321 916 19,831 70,735 Total revenues 188,613 86,527 70,244 19,831 365,215 Depreciation of rental equipment 15,841 26,536 11,910 — 54,287 Gross profit 86,515 40,155 35,031 6,447 168,148 Selling and administrative expenses 43,191 16,780 22,245 3,617 85,833 Income from operations 43,324 23,375 12,786 2,830 82,315 Interest (expense) income allocation (5,256 ) (1,999 ) (2,409 ) 531 (9,133 ) Income before provision for income taxes 38,068 20,871 10,377 3,361 72,677 Rental equipment acquisitions 40,704 51,744 3,187 — 95,635 Accounts receivable, net (period end) 69,419 18,991 19,876 6,803 115,089 Rental equipment, at cost (period end) 801,129 284,647 312,487 — 1,398,263 Rental equipment, net book value (period end) 558,790 129,816 200,001 — 888,607 Utilization (period end) 2 79.2 % 61.5 % 64.0 % Average utilization 2 77.8 % 62.4 % 59.8 % 2017 Rental revenues $ 104,923 $ 60,569 $ 46,220 $ — $ 211,712 Rental related services revenues 38,283 2,095 18,209 — 58,587 Sales and other revenues 30,622 16,493 1,701 20,692 69,508 Total revenues 173,828 79,157 66,130 20,692 339,807 Depreciation of rental equipment 15,951 24,335 11,827 — 52,113 Gross profit 77,939 36,420 31,407 5,890 151,656 Selling and administrative expenses 42,157 16,475 21,855 3,215 83,702 Income from operations 35,782 19,945 9,552 2,675 67,954 Interest (expense) income allocation (5,008 ) (1,726 ) (2,301 ) 311 (8,724 ) Income before provision for income taxes 30,774 18,492 7,251 2,986 59,503 Rental equipment acquisitions 28,107 45,700 3,130 — 76,937 Accounts receivable, net (period end) 66,126 16,253 18,118 6,916 107,413 Rental equipment, at cost (period end) 781,791 258,877 309,825 — 1,350,493 Rental equipment, net book value (period end) 547,115 106,728 211,881 — 865,724 Utilization (period end) 2 76.8 % 64.3 % 59.7 % Average utilization 2 76.6 % 62.8 % 54.7 % 1. Gross Enviroplex sales revenues were $21,191 and $20,692 for the nine months ended September 30, 2018 and 2017, respectively. There were 1,360 inter-segment sales to Mobile Modular in the nine months ended September 30, 2018, which required elimination in consolidation. There were no inter-segment sales in the nine months ended September 30, 2017. 2. Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding accessory equipment and for Mobile Modular and Adler Tanks excluding new equipment inventory. The Average Utilization for the period is calculated using the average costs of rental equipment . |
Implemented Accounting Pronou_3
Implemented Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Period for credit risk identified | 30 days | ||
Sales revenues totaling | $ 2.1 | $ 5.6 | |
Period for warranties for rental equipment | 90 days | ||
Period for warranties for equipment manufactured | 1 year | ||
Deferred Income [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Customer contract liability | 11 | $ 11 | $ 6.8 |
Accounts Receivable [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Unbilled contract assets | $ 0.3 | $ 0.3 | $ 2 |
Implemented Accounting Pronou_4
Implemented Accounting Pronouncements - Summary of Disaggregates the Company's Revenue by Lease and Non Lease (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||||
Disaggregation Of Revenue [Line Items] | |||||||
Leasing revenues | $ 106,035 | $ 95,637 | $ 294,480 | $ 270,299 | |||
Total non-lease revenues | 70,735 | 69,508 | |||||
Total revenues | 143,147 | 135,388 | 365,215 | 339,807 | |||
Leasing [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Leasing revenues | 94,184 | 84,557 | 267,744 | 242,919 | |||
Non-lease Rental Related Services [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 13,120 | 12,406 | 30,716 | 30,229 | |||
Non-lease Sales [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 35,364 | 37,961 | 65,333 | 65,345 | |||
Non-lease Other [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 479 | 464 | 1,422 | 1,314 | |||
Non-lease Revenues [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 48,963 | 50,831 | 97,471 | 96,888 | |||
Mobile Modular [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 31,667 | 30,622 | |||||
Total revenues | 74,891 | 68,887 | 188,613 | 173,828 | |||
Mobile Modular [Member] | Leasing [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Leasing revenues | 52,036 | 45,824 | 146,672 | 133,184 | |||
Mobile Modular [Member] | Non-lease Rental Related Services [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 5,697 | 5,528 | 11,226 | 10,634 | |||
Mobile Modular [Member] | Non-lease Sales [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 17,140 | 17,533 | 30,694 | 30,001 | |||
Mobile Modular [Member] | Non-lease Other [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 18 | 2 | 21 | 9 | |||
Mobile Modular [Member] | Non-lease Revenues [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 22,855 | 23,063 | 41,941 | 40,644 | |||
TRS-RenTelco [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 18,321 | 16,493 | |||||
Total revenues | 28,137 | 27,304 | 86,527 | 79,157 | |||
TRS-RenTelco [Member] | Leasing [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Leasing revenues | 23,206 | 22,033 | 69,183 | 63,106 | |||
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 642 | 623 | 1,816 | 1,666 | |||
TRS-RenTelco [Member] | Non-lease Sales [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 3,828 | 4,186 | 14,179 | 13,080 | |||
TRS-RenTelco [Member] | Non-lease Other [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 461 | 462 | 1,349 | 1,305 | |||
TRS-RenTelco [Member] | Non-lease Revenues [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 4,931 | 5,271 | 17,344 | 16,051 | |||
Adler Tanks [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 916 | 1,701 | |||||
Total revenues | 26,017 | 23,416 | 70,244 | 66,130 | |||
Adler Tanks [Member] | Leasing [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Leasing revenues | 18,942 | 16,700 | 51,889 | 46,629 | |||
Adler Tanks [Member] | Non-lease Rental Related Services [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 6,781 | 6,255 | 17,674 | 17,929 | |||
Adler Tanks [Member] | Non-lease Sales [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 294 | 461 | 629 | 1,572 | |||
Adler Tanks [Member] | Non-lease Other [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 52 | ||||||
Adler Tanks [Member] | Non-lease Revenues [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 7,075 | 6,716 | 18,355 | 19,501 | |||
Enviroplex [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | [1] | 19,831 | 20,692 | ||||
Total revenues | 14,102 | 15,781 | 19,831 | [1] | 20,692 | [1] | |
Enviroplex [Member] | Non-lease Sales [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | 14,102 | 15,781 | 19,831 | 20,692 | |||
Enviroplex [Member] | Non-lease Revenues [Member] | |||||||
Disaggregation Of Revenue [Line Items] | |||||||
Total non-lease revenues | $ 14,102 | $ 15,781 | $ 19,831 | $ 20,692 | |||
[1] | Gross Enviroplex sales revenues were $21,191 and $20,692 for the nine months ended September 30, 2018 and 2017, respectively. There were $1,360 inter-segment sales to Mobile Modular in the nine months ended September 30, 2018, which required elimination in consolidation. There were no inter-segment sales in the nine months ended September 30, 2017. |
Earnings Per Share - Weighted-A
Earnings Per Share - Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Weighted-average number of shares of common stock for calculating basic earnings per share | 24,172 | 24,015 | 24,128 | 23,984 |
Effect of potentially dilutive securities from equity-based compensation | 391 | 213 | 422 | 217 |
Weighted-average number of shares of common stock for calculating diluted earnings per share | 24,563 | 24,228 | 24,550 | 24,201 |
Earnings Per Share - Securities
Earnings Per Share - Securities Not Included in Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||
Options to purchase shares of common stock | 14 | 14 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Trade name | $ 5,871 | $ 5,700 |
Customer relationships | 9,849 | 9,611 |
Intangible Assets, gross | 15,720 | 15,311 |
Less accumulated amortization | (8,240) | (7,587) |
Intangible Assets, net | $ 7,480 | $ 7,724 |
Estimated useful life in years, Customer relationships | 11 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Impairment charge | $ 0 | |
Subsequent impairment of the underlying assets | $ 0 | |
Expected amortization expense for the remainder of 2018 | 200,000 | |
Expected amortization expense for 2019 | 900,000 | |
Expected amortization expense for 2020 | $ 200,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Drop Box [Member] - USD ($) $ in Millions | Aug. 01, 2018 | Sep. 30, 2018 |
Business Acquisition [Line Items] | ||
Total purchase price | $ 7.9 | |
Deferred revenue acquired | 0.2 | |
Accounts payable and accrued liabilities acquired | $ 0.4 | |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived intangibles acquired | 0.2 | |
Trade Name [Member] | ||
Business Acquisition [Line Items] | ||
Indefinite-lived intangible assets acquired | 0.2 | |
Rental Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Assets acquired | $ 7.7 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2018SegmentCustomer | Sep. 30, 2017Customer | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 4 | |
Customer Concentration Risk [Member] | Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of major customer | Customer | 0 | 0 |
Geographic Concentration Risk [Member] | Sales [Member] | Foreign Country Customers [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues from customers | 4.00% | 4.00% |
Segment Reporting - Summarized
Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||||
Segment Reporting Information [Line Items] | ||||||||
Rental revenues | $ 82,155 | $ 73,781 | $ 233,683 | $ 211,712 | ||||
Rental related services revenues | 23,880 | 21,856 | 60,797 | 58,587 | ||||
Sales and other revenues | 70,735 | 69,508 | ||||||
Total revenues | 143,147 | 135,388 | 365,215 | 339,807 | ||||
Depreciation of rental equipment | 18,407 | 17,492 | 54,287 | 52,113 | ||||
Gross profit | 64,050 | 58,775 | 168,148 | 151,656 | ||||
Selling and administrative expenses | 28,226 | 28,489 | 85,833 | 83,702 | ||||
Income from operations | 35,824 | 30,286 | 82,315 | 67,954 | ||||
Interest (expense) income allocation | (9,133) | (8,724) | ||||||
Income before provision for income taxes | 32,553 | 27,336 | 72,677 | 59,503 | ||||
Rental equipment acquisitions | 95,635 | 76,937 | ||||||
Accounts receivable, net (period end) | 115,089 | 107,413 | 115,089 | 107,413 | $ 105,872 | |||
Rental equipment, at cost (period end) | 1,398,263 | 1,350,493 | 1,398,263 | 1,350,493 | 1,347,533 | |||
Rental equipment, net book value (period end) | 888,607 | 865,724 | 888,607 | 865,724 | $ 862,320 | |||
Mobile Modular [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental revenues | 116,436 | 104,923 | ||||||
Rental related services revenues | 40,510 | 38,283 | ||||||
Sales and other revenues | 31,667 | 30,622 | ||||||
Total revenues | 74,891 | 68,887 | 188,613 | 173,828 | ||||
Depreciation of rental equipment | 15,841 | 15,951 | ||||||
Gross profit | 86,515 | 77,939 | ||||||
Selling and administrative expenses | 43,191 | 42,157 | ||||||
Income from operations | 43,324 | 35,782 | ||||||
Interest (expense) income allocation | (5,256) | (5,008) | ||||||
Income before provision for income taxes | 38,068 | 30,774 | ||||||
Rental equipment acquisitions | 40,704 | 28,107 | ||||||
Accounts receivable, net (period end) | 69,419 | 66,126 | 69,419 | 66,126 | ||||
Rental equipment, at cost (period end) | 801,129 | 781,791 | 801,129 | 781,791 | ||||
Rental equipment, net book value (period end) | 558,790 | 547,115 | $ 558,790 | $ 547,115 | ||||
Utilization (period end) | [1] | 79.20% | 76.80% | |||||
Average utilization | [1] | 77.80% | 76.60% | |||||
TRS-RenTelco [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental revenues | $ 65,919 | $ 60,569 | ||||||
Rental related services revenues | 2,287 | 2,095 | ||||||
Sales and other revenues | 18,321 | 16,493 | ||||||
Total revenues | 28,137 | 27,304 | 86,527 | 79,157 | ||||
Depreciation of rental equipment | 26,536 | 24,335 | ||||||
Gross profit | 40,155 | 36,420 | ||||||
Selling and administrative expenses | 16,780 | 16,475 | ||||||
Income from operations | 23,375 | 19,945 | ||||||
Interest (expense) income allocation | (1,999) | (1,726) | ||||||
Income before provision for income taxes | 20,871 | 18,492 | ||||||
Rental equipment acquisitions | 51,744 | 45,700 | ||||||
Accounts receivable, net (period end) | 18,991 | 16,253 | 18,991 | 16,253 | ||||
Rental equipment, at cost (period end) | 284,647 | 258,877 | 284,647 | 258,877 | ||||
Rental equipment, net book value (period end) | 129,816 | 106,728 | $ 129,816 | $ 106,728 | ||||
Utilization (period end) | [1] | 61.50% | 64.30% | |||||
Average utilization | [1] | 62.40% | 62.80% | |||||
Adler Tanks [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rental revenues | $ 51,328 | $ 46,220 | ||||||
Rental related services revenues | 18,000 | 18,209 | ||||||
Sales and other revenues | 916 | 1,701 | ||||||
Total revenues | 26,017 | 23,416 | 70,244 | 66,130 | ||||
Depreciation of rental equipment | 11,910 | 11,827 | ||||||
Gross profit | 35,031 | 31,407 | ||||||
Selling and administrative expenses | 22,245 | 21,855 | ||||||
Income from operations | 12,786 | 9,552 | ||||||
Interest (expense) income allocation | (2,409) | (2,301) | ||||||
Income before provision for income taxes | 10,377 | 7,251 | ||||||
Rental equipment acquisitions | 3,187 | 3,130 | ||||||
Accounts receivable, net (period end) | 19,876 | 18,118 | 19,876 | 18,118 | ||||
Rental equipment, at cost (period end) | 312,487 | 309,825 | 312,487 | 309,825 | ||||
Rental equipment, net book value (period end) | 200,001 | 211,881 | $ 200,001 | $ 211,881 | ||||
Utilization (period end) | [1] | 64.00% | 59.70% | |||||
Average utilization | [1] | 59.80% | 54.70% | |||||
Enviroplex [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Sales and other revenues | [2] | $ 19,831 | $ 20,692 | |||||
Total revenues | 14,102 | 15,781 | 19,831 | [2] | 20,692 | [2] | ||
Gross profit | [2] | 6,447 | 5,890 | |||||
Selling and administrative expenses | [2] | 3,617 | 3,215 | |||||
Income from operations | [2] | 2,830 | 2,675 | |||||
Interest (expense) income allocation | [2] | 531 | 311 | |||||
Income before provision for income taxes | [2] | 3,361 | 2,986 | |||||
Accounts receivable, net (period end) | [2] | $ 6,803 | $ 6,916 | $ 6,803 | $ 6,916 | |||
[1] | Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding accessory equipment and for Mobile Modular and Adler Tanks excluding new equipment inventory. The Average Utilization for the period is calculated using the average costs of rental equipment. | |||||||
[2] | Gross Enviroplex sales revenues were $21,191 and $20,692 for the nine months ended September 30, 2018 and 2017, respectively. There were $1,360 inter-segment sales to Mobile Modular in the nine months ended September 30, 2018, which required elimination in consolidation. There were no inter-segment sales in the nine months ended September 30, 2017. |
Segment Reporting - Summarize_2
Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||||
Segment Reporting Information [Line Items] | |||||||
Revenues | $ 143,147,000 | $ 135,388,000 | $ 365,215,000 | $ 339,807,000 | |||
Sales revenues | (70,735,000) | (69,508,000) | |||||
Sales [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales revenues | (36,085,000) | (38,684,000) | (67,722,000) | (67,166,000) | |||
Enviroplex [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 14,102,000 | 15,781,000 | 19,831,000 | [1] | 20,692,000 | [1] | |
Sales revenues | [1] | (19,831,000) | (20,692,000) | ||||
Mobile Modular [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | $ 74,891,000 | $ 68,887,000 | 188,613,000 | 173,828,000 | |||
Sales revenues | (31,667,000) | (30,622,000) | |||||
Operating Segments [Member] | Enviroplex [Member] | Sales [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 21,191,000 | 20,692,000 | |||||
Inter-segment Eliminations [Member] | Sales [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales revenues | $ 0 | ||||||
Inter-segment Eliminations [Member] | Mobile Modular [Member] | Sales [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales revenues | $ 1,360,000 | ||||||
[1] | Gross Enviroplex sales revenues were $21,191 and $20,692 for the nine months ended September 30, 2018 and 2017, respectively. There were $1,360 inter-segment sales to Mobile Modular in the nine months ended September 30, 2018, which required elimination in consolidation. There were no inter-segment sales in the nine months ended September 30, 2017. |