McGrath RentCorp (MGRC) 10-Q 30 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 29, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	MGRC
Entity Registrant Name	MCGRATH RENTCORP
Entity Central Index Key	0000752714
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		24,236,345

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Rental	$ 82,696	$ 74,261
Rental related services	21,455	17,831
Rental operations	104,151	92,092
Revenues	17,857	12,993
Total revenues	122,008	105,085
Direct costs of rental operations:
Depreciation of rental equipment	18,961	17,777
Rental related services	16,363	13,768
Other	19,733	16,269
Total direct costs of rental operations	55,057	47,814
Costs of sales	9,946	7,101
Total costs of revenues	65,003	54,915
Gross profit	57,005	50,170
Selling and administrative expenses	29,695	28,128
Income from operations	27,310	22,042
Other income (expense):
Interest expense	(3,108)	(2,992)
Foreign currency exchange gain (loss)	49	(32)
Income before provision for income taxes	24,251	19,018
Provision for income taxes	5,802	4,552
Net income	$ 18,449	$ 14,466
Earnings per share:
Basic	$ 0.76	$ 0.60
Diluted	$ 0.75	$ 0.59
Shares used in per share calculation:
Basic	24,195	24,067
Diluted	24,540	24,478
Cash dividends declared per share	$ 0.375	$ 0.340
Sales [Member]
Revenues
Revenues	$ 16,825	$ 12,091
Other [Member]
Revenues
Revenues	$ 1,032	$ 902

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 18,449	$ 14,466
Other comprehensive income (loss):
Foreign currency translation adjustment	(34)	(26)
Tax benefit	7	4
Comprehensive income	$ 18,422	$ 14,444

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash	$ 1,442	$ 1,508
Accounts receivable, net of allowance for doubtful accounts of $1,883 in 2019 and 2018	119,403	121,016
Rental equipment, at cost:
Relocatable modular buildings	834,883	817,375
Electronic test equipment	286,469	285,052
Liquid and solid containment tanks and boxes	314,899	313,573
Rental equipment, gross	1,436,251	1,416,000
Less accumulated depreciation	(523,373)	(514,985)
Rental equipment, net	912,878	901,015
Property, plant and equipment, net	127,736	126,899
Prepaid expenses and other assets	43,336	31,816
Intangible assets, net	7,030	7,254
Goodwill	27,808	27,808
Total assets	1,239,633	1,217,316
Liabilities:
Notes payable	289,464	298,564
Accounts payable and accrued liabilities	102,968	90,844
Deferred income	58,187	49,709
Deferred income taxes, net	208,371	206,664
Total liabilities	658,990	645,781
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	103,638	103,801
Retained earnings	477,081	467,783
Accumulated other comprehensive loss	(76)	(49)
Total shareholders’ equity	580,643	571,535
Total liabilities and shareholders’ equity	$ 1,239,633	$ 1,217,316

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,883	$ 1,883
Common stock, par value
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,222,000	24,182,000
Common Stock, shares outstanding	24,222,000	24,182,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net income	$ 18,449	$ 14,466
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,100	19,928
Impairment of rental assets		39
Provision for doubtful accounts	156	35
Share-based compensation	1,392	864
Gain on sale of used rental equipment	(4,615)	(3,848)
Foreign currency exchange (gain) loss	(49)	32
Amortization of debt issuance costs	3	13
Change in:
Accounts receivable	1,457	7,745
Prepaid expenses and other assets	(11,520)	(3,303)
Accounts payable and accrued liabilities	9,948	(4,284)
Deferred income	8,478	(717)
Deferred income taxes	1,707	182
Net cash provided by operating activities	46,506	31,152
Cash Flows from Investing Activities:
Purchases of rental equipment	(34,132)	(24,168)
Purchases of property, plant and equipment	(2,753)	(2,667)
Proceeds from sales of used rental equipment	9,233	7,707
Net cash used in investing activities	(27,652)	(19,128)
Cash Flows from Financing Activities:
Net repayments under bank lines of credit	(9,103)	(2,831)
Taxes paid related to net share settlement of stock awards	(1,555)	(971)
Payment of dividends	(8,248)	(6,300)
Net cash used in financing activities	(18,906)	(10,102)
Effect of foreign currency exchange rate changes on cash	(14)	25
Net increase (decrease) in cash	(66)	1,947
Cash balance, beginning of period	1,508	2,501
Cash balance, end of period	1,442	4,448
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	2,828	2,537
Net income taxes paid, during the period	710	1,572
Dividends accrued during the period, not yet paid	9,088	8,237
Rental equipment acquisitions, not yet paid	$ 11,004	$ 6,930

Condensed Consolidated Statem_4

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, 2017	$ 524,184	$ 102,947	$ 421,405	$ (168)
Balance, Shares at Dec. 31, 2017		24,052,000
Net income	14,466		14,466
Share-based compensation	864	$ 864
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		50,000
Taxes paid related to net share settlement of stock awards	(971)	$ (971)
Dividends accrued of $0.375 and $1.36 per share for three months ended March 31 2019 and 2018	(8,237)		(8,237)
Other comprehensive loss	(22)			(22)
Balance at Mar. 31, 2018	530,284	$ 102,840	427,634	(190)
Balance, Shares at Mar. 31, 2018		24,102,000
Balance at Dec. 31, 2018	$ 571,535	$ 103,801	467,783	(49)
Balance, Shares at Dec. 31, 2018	24,182,000	24,182,000
Net income	$ 18,449		18,449
Share-based compensation	1,392	$ 1,392
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		40,000
Taxes paid related to net share settlement of stock awards	(1,555)	$ (1,555)
Dividends accrued of $0.375 and $1.36 per share for three months ended March 31 2019 and 2018	(9,151)		(9,151)
Other comprehensive loss	(27)			(27)
Balance at Mar. 31, 2019	$ 580,643	$ 103,638	$ 477,081	$ (76)
Balance, Shares at Mar. 31, 2019	24,222,000	24,222,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash dividends declared per share	$ 0.375	$ 0.340
Retained Earnings [Member]
Cash dividends declared per share	$ 0.375	$ 0.34

Condensed Consolidated Financia

Condensed Consolidated Financial Information	3 Months Ended
	Mar. 31, 2019
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, 2019 and 2018 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, 2019 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 26, 2019 for the year ended December 31, 2018 (the “2018 Annual Report”).

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2019
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE 2. 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 Topic 842, 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). 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 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. 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 $26.0 million and $15.7 million at March 31, 2019 and December 31, 2018, respectively. Sales revenues totaling $3.4 million were recognized during the three months ended March 31, 2019, which were included in the contract liability balance at December 31, 2018. 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 $1.3 million and $1.4 million at March 31, 2019 and December 31, 2018, 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 finance leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on finance leases and rental income on facility leases. 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 842) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three months ended March 31, 2019 and 2018: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended March 31, 2019 Leasing $ 53,743 $ 24,680 $ 17,084 $ — $ 95,507 Non-lease: Rental related services 3,304 568 6,081 — 9,953 Sales 8,000 4,979 270 2,805 16,054 Other 45 449 — — 494 Total non-lease 11,349 5,996 6,351 2,805 26,501 Total revenues $ 65,092 $ 30,676 $ 23,435 $ 2,805 $ 122,008 2018 Leasing $ 45,271 $ 22,499 $ 15,783 $ — $ 83,553 Non-lease: Rental related services 3,985 807 5,090 — 9,882 Sales 4,593 4,339 305 2,018 11,255 Other 2 393 — — 395 Total non-lease 8,580 5,539 5,395 2,018 21,532 Total revenues $ 53,851 $ 28,038 $ 21,178 $ 2,018 $ 105,085 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 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.

Implemented Accounting Pronounc

Implemented Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
Accounting Changes And Error Corrections [Abstract]
Implemented Accounting Pronouncements	NOTE 3. IMPLEMENTED ACCOUNTING PRONOUNCEMENTS Lease Accounting Lessee The Company adopted Accounting Standard Update (“ASU”) No. 2016-02, Leases (Subtopic 842-10) effective January 1, 2019. Under the new guidance, lessees are 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 The Company leases real estate for certain of its branch offices and rental equipment storage yards, vehicles and equipment used in its rental operations. The Company determines if an arrangement is a lease at inception. The Company has leases with lease and non-lease components, which are accounted for separately. ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred, which are not material. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company uses the interest rate stated in the lease as the discount rate. If the interest rate is not stated, the Company uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. Many of the Company’s real estate lease agreements include options to extend the lease, which are not included in the minimum lease terms unless they are reasonably certain to be exercised. These leases include one or more options to renew, with renewal terms that may extend the lease term from one to three years. The amount of payments associated with such options is not material. Short-term leases are leases having a term of twelve months or less and exclude leases with a lease term of one month or less. The Company recognizes short-term leases on a straight-line basis and does not record a related ROU asset or liability for such leases. The adoption of the new guidance resulted in the recording of $10.8 million of ROU assets and operating lease liabilities, which are included in Prepaid expenses and other assets and Accounts payable and accrued liabilities on the Condensed Consolidated Balance Sheet as of March 31, 2019. During the three months ended March 31, 2019, operating lease expense was $1.0 million, which includes short term lease expense of $0.1 million. At March 31, 2019, the weighted-average remaining lease term for operating leases was 4.4 years and the weighted average discount rate was 4.56%. The Company had no sub-lease income during the three months ended March 31, 2019, and did not have any finance leases as of March 31, 2019. Supplemental cash flow information related to leases was as follows: (in thousands) Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 882 Right of use assets obtained in exchange for lease obligations: Operating leases $ 1,084 As of March 31, 2019, maturities of operating lease liabilities were as follows: (in thousands) Year ended December 31, 2019 $ 2,562 2020 2,919 2021 2,254 2022 1,683 2023 1,299 Thereafter 1,204 Total lease payments 11,921 Less imputed interest (1,094 ) $ 10,827 Lessor As a lessor, the Company’s recognition of lease revenue remained consistent with previous guidance. As a result, the adoption of the lease standard did not have an impact on the Company’s current and previously reported results in the Condensed Consolidated Statements of Income. The Company’s equipment rentals for each of its operating segments are governed by agreements that detail the lease terms and conditions. The determination of whether these contracts with customers contain a lease generally does not require significant judgement. The Company accounts for these rentals as operating leases. These leases do not include material amounts of variable payments and the Company has made the accounting policy election to exclude all taxes assessed by a governmental authority. The Company generally does not provide an option for the lessee to purchase the rented equipment at the end of the lease term, thus, does not generate material revenue from sales of equipment under such options. Initial lease terms vary in length based upon customer needs and generally range from one to sixty months. Customers have the option to keep equipment on rent beyond the initial lease term on a month-to month basis based upon their needs. All of the Company’s rental products have long useful lives relative to the typical rental term with the original investment typically recovered in approximately three to five years. The rental products are typically rented for a majority of the time owned and a significant portion of the original investment is recovered when sold from inventory. The Company’s lease agreements do not contain residual value guarantees or restrictive covenants. As of March 31, 2019, maturities of operating lease payments to be received in 2019 and thereafter were as follows: (in thousands) 2019 $ 68,046 2020 31,233 2021 10,180 2022 2,158 2023 595 Thereafter 63 $ 112,275 In the three months ended March 31, 2019, the Company’s lease revenues were $95.5 million, consisting of $94.6 million of operating lease revenues and $0.9 million of finance lease revenues. The Company has entered into finance leases to finance certain equipment sales to customers. The lease agreements have a bargain purchase option at the end of the lease term. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis, which results in a constant rate of return on the unrecovered lease investment. The Company’s finance lease revenues include $0.8 million of sales revenues and $0.1 million of interest income. The minimum lease payments receivable and the net investment are included in Accounts receivable on the Company’s Consolidated Balance Sheet for such leases, which were as follows: (in thousands) March 31, 2019 Gross minimum lease payments receivable $ 2,934 Less – unearned interest (298 ) Net investment in finance lease receivables $ 2,636 As of March 31, 2019, the future minimum lease payments under non-cancelable finance leases to be received in 2019 and thereafter were as follows: (in thousands) Year Ended December 31, 2019 $ 1,738 2020 775 2021 335 2022 86 Total minimum future lease payments $ 2,934

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
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 March 31, (in thousands) 2019 2018 Weighted-average number of shares of common stock for calculating basic earnings per share 24,195 24,067 Effect of potentially dilutive securities from equity-based compensation 345 411 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,540 24,478 There were no anti-dilutive securities excluded from the computation of diluted earnings per share in the three months ended March 31, 2019 and 2018.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 December 31, 2018 Trade name Indefinite $ 5,871 $ 5,871 Customer relationships 11 9,849 9,849 15,720 15,720 Less accumulated amortization (8,690 ) (8,466 ) $ 7,030 $ 7,254 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 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 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, 2018. 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 March 31, 2019 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $0.7 million for the remainder of fiscal year 2019, and $0.1 million in 2020 through 2025.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	NOTE 6. 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 2018 Annual Report. 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, 2019 and 2018 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 Three Months Ended March 31, 2019 Rental revenues $ 42,261 $ 23,623 $ 16,812 $ — $ 82,696 Rental related services revenues 14,471 708 6,276 — 21,455 Sales and other revenues 8,360 6,345 347 2,805 17,857 Total revenues 65,092 30,676 23,435 2,805 122,008 Depreciation of rental equipment 5,408 9,520 4,033 — 18,961 Gross profit 30,879 13,667 11,423 1,036 57,005 Selling and administrative expenses 15,370 5,970 7,080 1,275 29,695 Income (loss) from operations 15,509 7,697 4,343 (239 ) 27,310 Interest (expense) income allocation (1,883 ) (678 ) (827 ) 280 (3,108 ) Income (loss) before provision for income taxes 13,626 7,068 3,516 41 24,251 Rental equipment acquisitions 20,938 12,808 1,694 — 35,440 Accounts receivable, net (period end) 71,816 20,925 19,151 7,511 119,403 Rental equipment, at cost (period end) 834,883 286,469 314,899 — 1,436,251 Rental equipment, net book value (period end) 585,248 132,607 195,023 — 912,878 Utilization (period end) 2 78.9 % 66.5 % 59.2 % Average utilization 2 78.8 % 64.3 % 57.3 % 2018 Rental revenues $ 37,027 $ 21,529 $ 15,705 $ — $ 74,261 Rental related services revenues 11,934 807 5,090 — 17,831 Sales and other revenues 4,890 5,702 383 2,018 12,993 Total revenues 53,851 28,038 21,178 2,018 105,085 Depreciation of rental equipment 5,248 8,577 3,952 — 17,777 Gross profit 26,321 12,848 10,396 605 50,170 Selling and administrative expenses 14,012 5,618 7,198 1,300 28,128 Income (loss) from operations 12,309 7,230 3,198 (695 ) 22,042 Interest (expense) income allocation (1,676 ) (683 ) (775 ) 142 (2,992 ) Income (loss) before provision for income taxes 10,633 6,515 2,423 (553 ) 19,018 Rental equipment acquisitions 8,233 15,532 927 — 24,692 Accounts receivable, net (period end) 55,883 19,902 16,490 5,817 98,092 Rental equipment, at cost (period end) 779,839 269,043 310,478 — 1,359,360 Rental equipment, net book value (period end) 544,707 114,799 205,832 — 865,338 Utilization (period end) 2 76.9 % 63.5 % 57.5 % Average utilization 2 77.3 % 62.7 % 57.6 % 1. Gross Enviroplex sales revenues were $2,805 and $2,813 for the three months ended March 31, 2019 and 2018, respectively. There were 795 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, 2019 and 2018. Revenues from foreign country customers accounted for 3% and 4%, respectively, of the Company’s total revenues for the same periods.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2019
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 months ended March 31, 2019 and 2018: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended March 31, 2019 Leasing $ 53,743 $ 24,680 $ 17,084 $ — $ 95,507 Non-lease: Rental related services 3,304 568 6,081 — 9,953 Sales 8,000 4,979 270 2,805 16,054 Other 45 449 — — 494 Total non-lease 11,349 5,996 6,351 2,805 26,501 Total revenues $ 65,092 $ 30,676 $ 23,435 $ 2,805 $ 122,008 2018 Leasing $ 45,271 $ 22,499 $ 15,783 $ — $ 83,553 Non-lease: Rental related services 3,985 807 5,090 — 9,882 Sales 4,593 4,339 305 2,018 11,255 Other 2 393 — — 395 Total non-lease 8,580 5,539 5,395 2,018 21,532 Total revenues $ 53,851 $ 28,038 $ 21,178 $ 2,018 $ 105,085

Implemented Accounting Pronou_2

Implemented Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Changes And Error Corrections [Abstract]
Summary of Supplemental Cash flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: (in thousands) Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 882 Right of use assets obtained in exchange for lease obligations: Operating leases $ 1,084
Summary of Maturities of Operating Lease Liabilities	As of March 31, 2019, maturities of operating lease liabilities were as follows: (in thousands) Year ended December 31, 2019 $ 2,562 2020 2,919 2021 2,254 2022 1,683 2023 1,299 Thereafter 1,204 Total lease payments 11,921 Less imputed interest (1,094 ) $ 10,827
Summary of Maturities of Operating Lease Payments	As of March 31, 2019, maturities of operating lease payments to be received in 2019 and thereafter were as follows: (in thousands) 2019 $ 68,046 2020 31,233 2021 10,180 2022 2,158 2023 595 Thereafter 63 $ 112,275
Minimum Lease Payments Receivable and Net Investment Included in Accounts Receivable for Leases	The minimum lease payments receivable and the net investment are included in Accounts receivable on the Company’s Consolidated Balance Sheet for such leases, which were as follows: (in thousands) March 31, 2019 Gross minimum lease payments receivable $ 2,934 Less – unearned interest (298 ) Net investment in finance lease receivables $ 2,636
Future Minimum Lease Payments under Non-Cancelable Finance Leases	As of March 31, 2019, the future minimum lease payments under non-cancelable finance leases to be received in 2019 and thereafter were as follows: (in thousands) Year Ended December 31, 2019 $ 1,738 2020 775 2021 335 2022 86 Total minimum future lease payments $ 2,934

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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) 2019 2018 Weighted-average number of shares of common stock for calculating basic earnings per share 24,195 24,067 Effect of potentially dilutive securities from equity-based compensation 345 411 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,540 24,478

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 December 31, 2018 Trade name Indefinite $ 5,871 $ 5,871 Customer relationships 11 9,849 9,849 15,720 15,720 Less accumulated amortization (8,690 ) (8,466 ) $ 7,030 $ 7,254

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the three months ended March 31, 2019 and 2018 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 Three Months Ended March 31, 2019 Rental revenues $ 42,261 $ 23,623 $ 16,812 $ — $ 82,696 Rental related services revenues 14,471 708 6,276 — 21,455 Sales and other revenues 8,360 6,345 347 2,805 17,857 Total revenues 65,092 30,676 23,435 2,805 122,008 Depreciation of rental equipment 5,408 9,520 4,033 — 18,961 Gross profit 30,879 13,667 11,423 1,036 57,005 Selling and administrative expenses 15,370 5,970 7,080 1,275 29,695 Income (loss) from operations 15,509 7,697 4,343 (239 ) 27,310 Interest (expense) income allocation (1,883 ) (678 ) (827 ) 280 (3,108 ) Income (loss) before provision for income taxes 13,626 7,068 3,516 41 24,251 Rental equipment acquisitions 20,938 12,808 1,694 — 35,440 Accounts receivable, net (period end) 71,816 20,925 19,151 7,511 119,403 Rental equipment, at cost (period end) 834,883 286,469 314,899 — 1,436,251 Rental equipment, net book value (period end) 585,248 132,607 195,023 — 912,878 Utilization (period end) 2 78.9 % 66.5 % 59.2 % Average utilization 2 78.8 % 64.3 % 57.3 % 2018 Rental revenues $ 37,027 $ 21,529 $ 15,705 $ — $ 74,261 Rental related services revenues 11,934 807 5,090 — 17,831 Sales and other revenues 4,890 5,702 383 2,018 12,993 Total revenues 53,851 28,038 21,178 2,018 105,085 Depreciation of rental equipment 5,248 8,577 3,952 — 17,777 Gross profit 26,321 12,848 10,396 605 50,170 Selling and administrative expenses 14,012 5,618 7,198 1,300 28,128 Income (loss) from operations 12,309 7,230 3,198 (695 ) 22,042 Interest (expense) income allocation (1,676 ) (683 ) (775 ) 142 (2,992 ) Income (loss) before provision for income taxes 10,633 6,515 2,423 (553 ) 19,018 Rental equipment acquisitions 8,233 15,532 927 — 24,692 Accounts receivable, net (period end) 55,883 19,902 16,490 5,817 98,092 Rental equipment, at cost (period end) 779,839 269,043 310,478 — 1,359,360 Rental equipment, net book value (period end) 544,707 114,799 205,832 — 865,338 Utilization (period end) 2 76.9 % 63.5 % 57.5 % Average utilization 2 77.3 % 62.7 % 57.6 % 1. Gross Enviroplex sales revenues were $2,805 and $2,813 for the three months ended March 31, 2019 and 2018, respectively. There were 795 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 .

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Disaggregation Of Revenue [Line Items]
Period for credit risk identified	30 days
Sales revenues totaling	$ 3.4
Period for warranties for rental equipment	90 days
Period for warranties for equipment manufactured	1 year
Deferred Income [Member]
Disaggregation Of Revenue [Line Items]
Customer contract liability	$ 26	$ 15.7
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 1.3	$ 1.4

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregates the Company's Revenue by Lease and Non Lease (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Disaggregation Of Revenue [Line Items]
Leasing revenues		$ 95,500
Total non-lease revenues		17,857	$ 12,993
Total revenues		122,008	105,085
Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		95,507	83,553
Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		9,953	9,882
Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		16,054	11,255
Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		494	395
Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		26,501	21,532
Mobile Modular [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		8,360	4,890
Total revenues		65,092	53,851
Mobile Modular [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		53,743	45,271
Mobile Modular [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		3,304	3,985
Mobile Modular [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		8,000	4,593
Mobile Modular [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		45	2
Mobile Modular [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		11,349	8,580
TRS-RenTelco [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		6,345	5,702
Total revenues		30,676	28,038
TRS-RenTelco [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		24,680	22,499
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		568	807
TRS-RenTelco [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		4,979	4,339
TRS-RenTelco [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		449	393
TRS-RenTelco [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		5,996	5,539
Adler Tanks [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		347	383
Total revenues		23,435	21,178
Adler Tanks [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		17,084	15,783
Adler Tanks [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		6,081	5,090
Adler Tanks [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		270	305
Adler Tanks [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		6,351	5,395
Enviroplex [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	[1]	2,805	2,018
Total revenues	[1]	2,805	2,018
Enviroplex [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		2,805	2,018
Enviroplex [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		$ 2,805	$ 2,018
[1]	Gross Enviroplex sales revenues were $2,805 and $2,813 for the three months ended March 31, 2019 and 2018, respectively. There were $795 inter-segment sales to Mobile Modular in the three months ended March 31, 2018, which required elimination in consolidation. There were no inter-segment sales in the three months ended March 31, 2019.

Implemented Accounting Pronou_3

Implemented Accounting Pronouncements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Lessee, operating lease, description	The Company leases real estate for certain of its branch offices and rental equipment storage yards, vehicles and equipment used in its rental operations. The Company determines if an arrangement is a lease at inception. The Company has leases with lease and non-lease components, which are accounted for separately.
Lessee, operating lease, option to extend	true
Lessee, operating lease, option to extend, description	These leases include one or more options to renew, with renewal terms that may extend the lease term from one to three years.
Operating lease, right of use assets	$ 10,800,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PrepaidExpenseAndOtherAssets
Operating lease liabilities	$ 10,827,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Operating lease expense	$ 1,000,000
Short term lease expense	$ 100,000
Weighted-average remaining lease term for operating leases	4 years 4 months 24 days
Weighted-average discount rate for operating leases	4.56%
Sub-lease income	$ 0
Finance lease liability	$ 0
Lessor, operating lease, description	The Company’s equipment rentals for each of its operating segments are governed by agreements that detail the lease terms and conditions. The determination of whether these contracts with customers contain a lease generally does not require significant judgement. The Company accounts for these rentals as operating leases.
Lessor, operating lease, option to extend	true
Lessor, operating lease, option to extend description	Initial lease terms vary in length based upon customer needs and generally range from one to sixty months.
Lease revenue	$ 95,500,000
Operating lease revenue	94,600,000
Finance lease revenue	900,000
Finance lease revenue, sales revenue	800,000
Finance lease revenue, interest income	$ 100,000
Minimum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Lessee, operating lease, renewal term	1 year
Lessor, operating lease, renewal term	1 month
Lessor, operating lease, rental products, useful lives	3 years
Maximum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Lessee, operating lease, renewal term	3 years
Lessor, operating lease, renewal term	60 months
Lessor, operating lease, rental products, useful lives	5 years

Implemented Accounting Pronou_4

Implemented Accounting Pronouncements - Summary of Supplemental Cash flow Information Related to Leases (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 882
Right of use assets obtained in exchange for lease obligations:
Operating leases	$ 1,084

Implemented Accounting Pronou_5

Implemented Accounting Pronouncements - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2019	$ 2,562
2020	2,919
2021	2,254
2022	1,683
2023	1,299
Thereafter	1,204
Total lease payments	11,921
Less imputed interest	(1,094)
Operating lease liabilities	$ 10,827

Implemented Accounting Pronou_6

Implemented Accounting Pronouncements - Summary of Maturities of Operating Lease Payments (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract]
2019	$ 68,046
2020	31,233
2021	10,180
2022	2,158
2023	595
Thereafter	63
Operating lease, payments to be received	$ 112,275

Implemented Accounting Pronou_7

Implemented Accounting Pronouncements - Minimum Lease Payments Receivable and Net Investment Included in Accounts Receivable for Leases (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Minimum lease payments receivable and net investment included in accounts receivable for leases
Gross minimum lease payments receivable	$ 2,934
Less – unearned interest	(298)
Net investment in finance lease receivables	$ 2,636

Implemented Accounting Pronou_8

Implemented Accounting Pronouncements - Future Minimum Lease Payments under Non-Cancelable Finance Leases (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Future minimum lease payments under non-cancelable finance leases
2019	$ 1,738
2020	775
2021	335
2022	86
Total minimum future lease payments	$ 2,934

Earnings Per Share - Weighted-A

Earnings Per Share - Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,195	24,067
Effect of potentially dilutive securities from equity-based compensation	345	411
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,540	24,478

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of diluted earnings per share	0	0

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Trade name	$ 5,871	$ 5,871
Customer relationships	9,849	9,849
Intangible Assets, gross	15,720	15,720
Less accumulated amortization	(8,690)	(8,466)
Intangible Assets, net	$ 7,030	$ 7,254
Estimated useful life in years, Customer relationships	11 years

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment charge		$ 0
Subsequent impairment of the underlying assets	$ 0
Expected annual amortization expense for 2019	700,000
Expected annual amortization expense for 2020	100,000
Expected annual amortization expense for 2021	100,000
Expected annual amortization expense for 2022	100,000
Expected annual amortization expense for 2023	100,000
Expected annual amortization expense for 2024	100,000
Expected annual amortization expense for 2025	$ 100,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019SegmentCustomer	Mar. 31, 2018Customer
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	3.00%	4.00%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Rental revenues		$ 82,696	$ 74,261
Rental related services revenues		21,455	17,831
Sales and other revenues		17,857	12,993
Total revenues		122,008	105,085
Depreciation of rental equipment		18,961	17,777
Gross profit		57,005	50,170
Selling and administrative expenses		29,695	28,128
Income from operations		27,310	22,042
Interest (expense) income allocation		(3,108)	(2,992)
Income (loss) before provision for income taxes		24,251	19,018
Rental equipment acquisitions		35,440	24,692
Accounts receivable, net (period end)		119,403		$ 121,016		$ 98,092
Rental equipment, at cost (period end)		1,436,251		1,416,000		1,359,360
Rental equipment, net book value (period end)		912,878		$ 901,015	$ 912,878	865,338
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues		42,261	37,027
Rental related services revenues		14,471	11,934
Sales and other revenues		8,360	4,890
Total revenues		65,092	53,851
Depreciation of rental equipment		5,408	5,248
Gross profit		30,879	26,321
Selling and administrative expenses		15,370	14,012
Income from operations		15,509	12,309
Interest (expense) income allocation		(1,883)	(1,676)
Income (loss) before provision for income taxes		13,626	10,633
Rental equipment acquisitions		20,938	$ 8,233
Accounts receivable, net (period end)		71,816				55,883
Rental equipment, at cost (period end)		$ 834,883				779,839
Rental equipment, net book value (period end)					585,248	544,707
Utilization (period end)	[1]	78.90%	76.90%
Average utilization	[1]	78.80%	77.30%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues		$ 23,623	$ 21,529
Rental related services revenues		708	807
Sales and other revenues		6,345	5,702
Total revenues		30,676	28,038
Depreciation of rental equipment		9,520	8,577
Gross profit		13,667	12,848
Selling and administrative expenses		5,970	5,618
Income from operations		7,697	7,230
Interest (expense) income allocation		(678)	(683)
Income (loss) before provision for income taxes		7,068	6,515
Rental equipment acquisitions		12,808	$ 15,532
Accounts receivable, net (period end)		20,925				19,902
Rental equipment, at cost (period end)		$ 286,469				269,043
Rental equipment, net book value (period end)					132,607	114,799
Utilization (period end)	[1]	66.50%	63.50%
Average utilization	[1]	64.30%	62.70%
Adler Tanks [Member]
Segment Reporting Information [Line Items]
Rental revenues		$ 16,812	$ 15,705
Rental related services revenues		6,276	5,090
Sales and other revenues		347	383
Total revenues		23,435	21,178
Depreciation of rental equipment		4,033	3,952
Gross profit		11,423	10,396
Selling and administrative expenses		7,080	7,198
Income from operations		4,343	3,198
Interest (expense) income allocation		(827)	(775)
Income (loss) before provision for income taxes		3,516	2,423
Rental equipment acquisitions		1,694	$ 927
Accounts receivable, net (period end)		19,151				16,490
Rental equipment, at cost (period end)		$ 314,899				310,478
Rental equipment, net book value (period end)					$ 195,023	205,832
Utilization (period end)	[1]	59.20%	57.50%
Average utilization	[1]	57.30%	57.60%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	[2]	$ 2,805	$ 2,018
Total revenues	[2]	2,805	2,018
Gross profit	[2]	1,036	605
Selling and administrative expenses	[2]	1,275	1,300
Income from operations	[2]	(239)	(695)
Interest (expense) income allocation	[2]	280	142
Income (loss) before provision for income taxes	[2]	41	$ (553)
Accounts receivable, net (period end)	[2]	$ 7,511				$ 5,817
[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 $2,805 and $2,813 for the three months ended March 31, 2019 and 2018, respectively. There were $795 inter-segment sales to Mobile Modular in the three months ended March 31, 2018, which required elimination in consolidation. There were no inter-segment sales in the three months ended March 31, 2019.

Segment Reporting - Summarize_2

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($)		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Revenues		$ 122,008,000	$ 105,085,000
Sales revenues		(17,857,000)	(12,993,000)
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues		(16,825,000)	(12,091,000)
Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	2,805,000	2,018,000
Sales revenues	[1]	(2,805,000)	(2,018,000)
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Revenues		65,092,000	53,851,000
Sales revenues		(8,360,000)	(4,890,000)
Operating Segments [Member] | Enviroplex [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues		2,805,000	2,813,000
Inter-segment Eliminations [Member]
Segment Reporting Information [Line Items]
Sales revenues		$ 0
Type of Revenue [Extensible List]		us-gaap:ProductMember
Inter-segment Eliminations [Member] | Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues			$ 795,000
Type of Revenue [Extensible List]			us-gaap:ProductMember
[1]	Gross Enviroplex sales revenues were $2,805 and $2,813 for the three months ended March 31, 2019 and 2018, respectively. There were $795 inter-segment sales to Mobile Modular in the three months ended March 31, 2018, which required elimination in consolidation. There were no inter-segment sales in the three months ended March 31, 2019.