McGrath RentCorp (MGRC) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 02, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	MGRC
Security Exchange Name	NASDAQ
Entity Registrant Name	McGRATH RENTCORP
Entity Central Index Key	0000752714
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Entity File Number	000-13292
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	94-2579843
Entity Address, Address Line One	5700 Las Positas Road
Entity Address, City or Town	Livermore
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94551-7800
City Area Code	925
Local Phone Number	606-9200
Entity Common Stock, Shares Outstanding		24,245,260
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Rental	$ 94,581	$ 85,629	$ 180,668	$ 175,135
Rental related services	22,688	20,475	42,357	44,986
Rental operations	117,269	106,104	223,025	220,121
Revenues			44,605	47,005
Total revenues	146,435	137,673	267,630	267,126
Direct costs of rental operations:
Depreciation of rental equipment	23,159	21,583	44,414	43,221
Rental related services	17,276	14,894	31,880	33,157
Other	23,278	18,165	42,985	37,618
Total direct costs of rental operations	63,713	54,642	119,279	113,996
Costs of sales	16,855	19,799	25,403	28,242
Total costs of revenues	80,568	74,441	144,682	142,238
Gross profit	65,867	63,232	122,948	124,888
Selling and administrative expenses	36,261	30,540	69,398	62,494
Income from operations	29,606	32,692	53,550	62,394
Other expense:
Interest expense	(2,257)	(2,184)	(4,040)	(4,836)
Foreign currency exchange loss (gain)	(2)	117	(57)	(319)
Income before provision for income taxes	27,347	30,625	49,453	57,239
Provision for income taxes	6,739	8,076	11,447	14,531
Net income	$ 20,608	$ 22,549	$ 38,006	$ 42,708
Earnings per share:
Basic	$ 0.85	$ 0.93	$ 1.57	$ 1.76
Diluted	$ 0.84	$ 0.92	$ 1.55	$ 1.74
Shares used in per share calculation:
Basic	24,229	24,121	24,191	24,207
Diluted	24,494	24,471	24,505	24,612
Cash dividends declared per share	$ 0.435	$ 0.420	$ 0.870	$ 0.840
Sales [Member]
Revenues
Revenues	$ 28,256	$ 30,669	$ 42,867	$ 45,035
Other [Member]
Revenues
Revenues	$ 910	$ 900	$ 1,738	$ 1,970

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 20,608	$ 22,549	$ 38,006	$ 42,708
Other comprehensive income (loss):
Foreign currency translation adjustment	(4)	(52)	48	158
Tax benefit (provision)	1	15	(13)	(37)
Comprehensive income	$ 20,605	$ 22,512	$ 38,041	$ 42,829

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash	$ 2,412	$ 1,238
Accounts receivable, net of allowance for doubtful accounts of $2,225 in 2021 and $2,100 in 2020	140,909	123,316
Rental equipment, at cost:
Relocatable modular buildings	1,019,697	882,115
Electronic test equipment	360,720	333,020
Liquid and solid containment tanks and boxes	313,677	315,706
Rental equipment, gross	1,694,094	1,530,841
Less accumulated depreciation	(621,039)	(592,725)
Rental equipment, net	1,073,055	938,116
Property, plant and equipment, net	138,590	136,210
Prepaid expenses and other assets	57,499	41,549
Intangible assets, net	51,169	7,118
Goodwill	132,393	28,197
Total assets	1,596,027	1,275,744
Liabilities:
Notes payable	472,696	222,754
Accounts payable and accrued liabilities	144,901	108,334
Deferred income	56,964	45,975
Deferred income taxes, net	223,345	216,077
Total liabilities	897,906	593,140
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,245 shares as of June 30, 2021 and 24,128 shares as of December 31, 2020	105,058	106,289
Retained earnings	593,132	576,419
Accumulated other comprehensive loss	(69)	(104)
Total shareholders’ equity	698,121	682,604
Total liabilities and shareholders’ equity	$ 1,596,027	$ 1,275,744

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,225	$ 2,100
Common stock, par value
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,245,000	24,128,000
Common Stock, shares outstanding	24,245,000	24,128,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2019	$ 634,036	$ 106,360	$ 527,746	$ (70)
Balance, Shares at Dec. 31, 2019		24,296,000
Net income	20,159		20,159
Share-based compensation	1,723	$ 1,723
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		50,000
Repurchased common stock	(7,852)	$ (725)	(7,127)
Repurchased common stock, Shares		(164,000)
Taxes paid related to net share settlement of stock awards	(401)	$ (401)
Dividends accrued of $0.435, $0.435, $0.42 and $0.42 per share for three months ended March 31, 2021, June 30, 2021 and three months ended March 31,2020, June 30, 2020	(10,219)		(10,219)
Other comprehensive income (loss)	158			158
Balance at Mar. 31, 2020	637,604	$ 106,957	530,559	88
Balance, Shares at Mar. 31, 2020		24,182,000
Balance at Dec. 31, 2019	634,036	$ 106,360	527,746	(70)
Balance, Shares at Dec. 31, 2019		24,296,000
Net income	42,708
Balance at Jun. 30, 2020	643,836	$ 106,010	537,775	51
Balance, Shares at Jun. 30, 2020		24,085,000
Balance at Mar. 31, 2020	637,604	$ 106,957	530,559	88
Balance, Shares at Mar. 31, 2020		24,182,000
Net income	22,549		22,549
Share-based compensation	1,501	$ 1,501
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		19,000
Repurchased common stock	(5,648)	$ (509)	(5,139)
Repurchased common stock, Shares		(116,000)
Taxes paid related to net share settlement of stock awards	(1,939)	$ (1,939)
Dividends accrued of $0.435, $0.435, $0.42 and $0.42 per share for three months ended March 31, 2021, June 30, 2021 and three months ended March 31,2020, June 30, 2020	(10,194)		(10,194)
Other comprehensive income (loss)	(37)			(37)
Balance at Jun. 30, 2020	643,836	$ 106,010	537,775	51
Balance, Shares at Jun. 30, 2020		24,085,000
Balance at Dec. 31, 2020	$ 682,604	$ 106,289	576,419	(104)
Balance, Shares at Dec. 31, 2020	24,128,000	24,128,000
Net income	$ 17,398		17,398
Share-based compensation	1,777	$ 1,777
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		78,000
Taxes paid related to net share settlement of stock awards	(3,482)	$ (3,482)
Dividends accrued of $0.435, $0.435, $0.42 and $0.42 per share for three months ended March 31, 2021, June 30, 2021 and three months ended March 31,2020, June 30, 2020	(10,650)		(10,650)
Other comprehensive income (loss)	38			38
Balance at Mar. 31, 2021	687,685	$ 104,584	583,167	(66)
Balance, Shares at Mar. 31, 2021		24,206,000
Balance at Dec. 31, 2020	$ 682,604	$ 106,289	576,419	(104)
Balance, Shares at Dec. 31, 2020	24,128,000	24,128,000
Net income	$ 38,006
Balance at Jun. 30, 2021	$ 698,121	$ 105,058	593,132	(69)
Balance, Shares at Jun. 30, 2021	24,245,000	24,245,000
Balance at Mar. 31, 2021	$ 687,685	$ 104,584	583,167	(66)
Balance, Shares at Mar. 31, 2021		24,206,000
Net income	20,608		20,608
Share-based compensation	1,820	$ 1,820
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		39,000
Taxes paid related to net share settlement of stock awards	(1,346)	$ (1,346)
Dividends accrued of $0.435, $0.435, $0.42 and $0.42 per share for three months ended March 31, 2021, June 30, 2021 and three months ended March 31,2020, June 30, 2020	(10,643)		(10,643)
Other comprehensive income (loss)	(3)			(3)
Balance at Jun. 30, 2021	$ 698,121	$ 105,058	$ 593,132	$ (69)
Balance, Shares at Jun. 30, 2021	24,245,000	24,245,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Cash dividends declared per share	$ 0.435		$ 0.420
Retained Earnings [Member]
Cash dividends declared per share	$ 0.435	$ 0.435	$ 0.42	$ 0.42

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net income	$ 38,006	$ 42,708
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,559	47,663
Provision for doubtful accounts	138	833
Share-based compensation	3,597	3,224
Gain on sale of used rental equipment	(11,870)	(9,602)
Foreign currency exchange loss	57	319
Amortization of debt issuance costs	6	5
Change in:
Accounts receivable	(5,494)	1,326
Prepaid expenses and other assets	(9,385)	(1,641)
Accounts payable and accrued liabilities	17,642	6,389
Deferred income	7,458	5,815
Deferred income taxes	7,268	483
Net cash provided by operating activities	97,982	97,522
Cash Flows from Investing Activities:
Purchases of rental equipment	(58,902)	(57,564)
Purchases of property, plant and equipment	(2,272)	(6,893)
Cash paid for acquisition of businesses	(284,341)
Proceeds from sales of used rental equipment	24,674	21,921
Net cash used in investing activities	(320,841)	(42,536)
Cash Flows from Financing Activities:
Net borrowing (repayment) under bank lines of credit	189,983	(21,288)
Borrowing under private placement	60,000
Repurchase of common stock		(13,501)
Taxes paid related to net share settlement of stock awards	(4,828)	(2,340)
Payment of dividends	(21,089)	(19,526)
Net cash provided by (used in) financing activities	224,066	(56,655)
Effect of foreign currency exchange rate changes on cash	(33)	21
Net increase (decrease) in cash	1,174	(1,648)
Cash balance, beginning of period	1,238	2,342
Cash balance, end of period	2,412	694
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	3,987	5,031
Net income taxes paid, during the period	6,990	2,153
Dividends accrued during the period, not yet paid	9,918	10,255
Rental equipment acquisitions, not yet paid	$ 8,502	$ 6,654

Condensed Consolidated Financia

Condensed Consolidated Financial Information	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Condensed Consolidated Financial Information	NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION The condensed consolidated financial statements for the three and six months ended June 30, 2021 and 2020 have not been audited, but in the opinion of management, all adjustments (consisting of normal recurring accruals, consolidating and eliminating entries) necessary for the fair presentation of the consolidated financial position, results of operations and cash flows of McGrath RentCorp (the “Company”) have been made. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. The consolidated results for the three and six months ended June 30, 2021 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 23, 2021 for the year ended December 31, 2020 (the “2020 Annual Report”).

Implemented Accounting Pronounc

Implemented Accounting Pronouncements	6 Months Ended
	Jun. 30, 2021
Accounting Changes And Error Corrections [Abstract]
Implemented Accounting Pronouncements	NOTE 2. IMPLEMENTED ACCOUNTING PRONOUNCEMENTS Effective January 1, 2021, the Company adopted the Financial Accounting Standards Board’s Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, expected to reduce cost and complexity related to the accounting for income taxes. The ASU removed specific exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles (GAAP). It eliminated the need for an organization to analyze whether the following apply in a given period: exception to the incremental approach for intra-period tax allocation; exceptions to accounting for basis differences when there are ownership changes in foreign investments; and exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also improved financial statement preparers’ application of income tax-related guidance and simplifies GAAP for: franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted changes in tax laws in interim periods. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE 3. 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 obtains control when delivery and installation are complete. For contracts that have multiple performance obligations, the transaction price is allocated to each performance obligation in the contract based on the Company’s best estimate of the standalone selling prices of each distinct performance obligation in the contract. The standalone selling price is typically determined based upon the expected cost plus an estimated margin of each performance obligation. 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 $24.1 million and $11.3 million at June 30, 2021 and December 31, 2020, respectively. Sales revenues totaling $4.2 million and $7.2 million were recognized during the three and six months ended June 30, 2021, which were included in the contract liability balance at December 31, 2020. 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 $1.9 million and $1.4 million at June 30, 2021 and December 31, 2020, 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 buildings 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. In the three and six months ended June 30, 2021, the Company’s lease revenues were $107.5 million and $205.5 million, respectively, consisting of $106.8 million and $204.4 of operating lease revenues, respectively and $0.7 million and $1.0 million of finance lease revenues, respectively. The Company has entered into finance leases to finance certain equipment sales to customers. The lease agreements have a bargain purchase option at the end of the lease term. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a straight-line basis, which results in a constant rate of return on the unrecovered lease investment. The Company’s finance lease revenues for the three and six months ended June 30, 2021 include $0.6 million and $0.9 million of sales revenues, respectively, and $0.1 million of interest income, respectively. Non-Lease Revenues Non-lease revenues are recognized in the period when control of the performance obligation is transferred, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For 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 June 30, 2021 and 2020: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended June 30, 2021 Leasing $ 65,184 $ 28,717 $ 13,609 $ — $ 107,510 Non-lease: Rental related services 4,584 621 5,713 — 10,918 Sales 14,784 4,108 593 8,122 27,607 Other 20 337 43 — 400 Total non-lease 19,388 5,066 6,349 8,122 38,925 Total revenues $ 84,572 $ 33,783 $ 19,958 $ 8,122 $ 146,435 2020 Leasing $ 57,890 $ 26,837 $ 13,145 $ — $ 97,872 Non-lease: Rental related services 3,533 563 5,256 — 9,352 Sales 15,316 5,336 232 9,199 30,083 Other 23 343 — — 366 Total non-lease 18,872 6,242 5,488 9,199 39,801 Total revenues $ 76,762 $ 33,079 $ 18,633 $ 9,199 $ 137,673 Six Months Ended June 30, 2021 Leasing $ 122,987 $ 56,530 $ 25,947 $ — $ 205,464 Non-lease: Rental related services 7,790 1,229 10,474 — 19,493 Sales 22,404 8,984 1,201 9,356 41,945 Other 39 643 46 — 728 Total non-lease 30,233 10,856 11,721 9,356 62,166 Total revenues $ 153,220 $ 67,386 $ 37,668 $ 9,356 $ 267,630 2020 Leasing $ 117,126 $ 55,057 $ 27,926 $ — $ 200,109 Non-lease: Rental related services 10,223 1,282 10,645 — 22,150 Sales 22,572 10,008 730 10,702 44,012 Other 39 795 21 — 855 Total non-lease 32,834 12,085 11,396 10,702 67,017 Total revenues $ 149,960 $ 67,142 $ 39,322 $ 10,702 $ 267,126 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 The Company’s incremental cost of obtaining lease contracts, which consists of salesperson commissions, are deferred and amortized over the initial lease term for modular leases. Incremental costs for obtaining a contract for all other operating segments are expensed in the period incurred because the lease term is typically less than 12 months.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Weighted-average number of shares of common stock for calculating basic earnings per share 24,229 24,121 24,191 24,207 Effect of potentially dilutive securities from equity-based compensation 265 350 314 405 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,494 24,471 24,505 24,612 There were no anti-dilutive securities excluded from the computation of diluted earnings per share in the three and six months ended June 30, 2021 and 2020. The Company has made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the “Repurchase Plan”). The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased, and the Repurchase Plan may be modified, extended or terminated by the Company’s Board of Directors at any time. The following table presents share repurchase activities during the three and six months ended June 30, 2021 and 2020. As of June 30, 2021, 1,309,805 shares remained authorized for repurchase under the Repurchase Plan. Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share amounts) 2021 2020 2021 2020 Number of shares repurchased — 115,920 — 279,866 Aggregate purchase price $ — $ 5,648 $ — $ 13,500 Average price per repurchased share $ — $ 48.72 $ — $ 48.24

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 5. INTANGIBLE ASSETS Intangible assets consist of the following, which includes the intangible assets from the Design Space and Kitchens To Go acquisitions that were completed during the three months ended June 30, 2021. These acquisitions are discussed more fully below in Note 7. Acquisitions: (dollar amounts in thousands) Estimated useful life in years Average remaining life in years Cost Accumulated amortization Net book value June 30, 2021 Customer relationships 8 to 11 7.8 $ 50,244 $ (10,459 ) $ 39,785 Non-compete agreements 5 4.7 3,257 (174 ) $ 3,083 Customer backlog 0.5 0.3 1,900 (633 ) $ 1,267 Trade name 8 7.8 1,200 (37 ) $ 1,163 Total amortizing 56,601 (11,303 ) 45,298 Trade name - non-amortizing Indefinite 5,871 — $ 5,871 Total $ 62,472 $ (11,303 ) $ 51,169 December 31, 2020 Customer relationships 11 6.8 $ 10,644 $ (9,510 ) $ 1,134 Non-compete agreements 5 3.6 157 (44 ) $ 113 Total amortizing 10,801 (9,554 ) 1,247 Trade name - non-amortizing Indefinite 5,871 — $ 5,871 Total $ 16,672 $ (9,554 ) $ 7,118

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	NOTE 6. SEGMENT REPORTING The Company’s four reportable segments are (1) its modular building and portable storage container rental 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 1 – Summary of Significant Accounting Policies” in the Company’s 2020 A nnual R eport. 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 six months ended June 30 , 20 2 1 and 20 20 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 Six Months Ended June 30, 2021 Rental revenues $ 99,895 $ 55,136 $ 25,637 $ — $ 180,668 Rental related services revenues 30,258 1,450 10,649 — 42,357 Sales and other revenues 23,067 10,800 1,382 9,356 44,605 Total revenues 153,220 67,386 37,668 9,356 267,630 Depreciation of rental equipment 12,893 23,278 8,243 — 44,414 Gross profit 75,693 29,365 15,019 2,871 122,948 Selling and administrative expenses 41,839 12,371 12,520 2,668 69,398 Income from operations 33,854 16,994 2,499 203 53,550 Interest (expense) income allocation (2,426 ) (920 ) (922 ) 228 (4,040 ) Income before provision for income taxes 31,428 16,017 1,577 431 49,453 Rental equipment acquisitions 148,252 42,421 74 — 190,747 Accounts receivable, net (period end) 96,976 22,678 13,545 7,710 140,909 Rental equipment, at cost (period end) 1,019,697 360,720 313,677 — 1,694,094 Rental equipment, net book value (period end) 739,916 172,035 161,104 — 1,073,055 Utilization (period end) 2 76.3 % 66.9 % 45.8 % Average utilization 2 75.7 % 67.7 % 42.1 % 2020 Rental revenues $ 94,038 $ 53,548 $ 27,549 $ — $ 175,135 Rental related services revenues 32,607 1,496 10,883 — 44,986 Sales and other revenues 23,315 12,098 890 10,702 47,005 Total revenues 149,960 67,142 39,322 10,702 267,126 Depreciation of rental equipment 11,406 23,582 8,233 — 43,221 Gross profit 74,301 28,958 17,576 4,053 124,888 Selling and administrative expenses 34,275 12,236 13,177 2,806 62,494 Income from operations 40,026 16,722 4,399 1,247 62,394 Interest (expense) income allocation (2,826 ) (1,147 ) (1,179 ) 316 (4,836 ) Income before provision for income taxes 37,200 15,256 3,220 1,563 57,239 Rental equipment acquisitions 33,650 22,661 1,410 — 57,721 Accounts receivable, net (period end) 82,110 22,211 13,976 7,643 125,940 Rental equipment, at cost (period end) 892,339 337,987 316,497 — 1,546,823 Rental equipment, net book value (period end) 624,971 166,996 177,714 — 969,681 Utilization (period end) 2 76.8 % 65.7 % 43.1 % Average utilization 2 78.2 % 64.7 % 45.9 % 1. Gross Enviroplex sales revenues were 10,211 and $11,979 for the six months ended June 30, 2021 and 2020, respectively. There were $855 and $1,277 inter-segment sales to Mobile Modular in the six months ended June 30, 2021 and 2020, respectively, which required elimination in consolidation. 2. Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment, excluding accessory equipment, and 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 six months ended June 30, 2021 and 2020. Revenues from foreign country customers accounted for 5% and 2% of the Company’s total revenues for the same periods, respectively.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions	NOTE 7. ACQUISITIONS On May 17, 2021, the Company completed the purchase of substantially all of the assets of Design Space Modular Buildings PNW, LP (“Design Space”) for $266.0 million in cash consideration on the closing date and $0.5 million remaining liability to the seller. Design Space provides modular buildings and portable storage containers rental and sale solutions to customers in the West and Pacific Northwest states in the U.S. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in Accounting Standards Codification (ASC) 805 – “Business Combinations” using the purchase method of accounting. Under the purchase method of accounting, the total purchase price is assigned to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values on the closing date. The excess of the purchase price over those fair values is recorded as goodwill. The financial results of Design Space were a part of the Mobile Modular segment since May 17, 2021, including $0.6 million of transaction costs. On April 1, 2021 the Company completed the purchase of assets of GRS Holding LLC, DBA Kitchens To Go (“Kitchens To Go”) for $18.3 million cash consideration. Kitchens To Go provides interim and permanent modular kitchen solutions for foodservice providers that require flexible facilities to continue or expand operations. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805 using the purchase method of accounting. The financial results of Kitchens To Go were a part of the Mobile Modular segment since April 1, 2021, including $0.3 million of transaction costs. The following tables summarize the preliminary purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Design Space and Kitchens To Go acquisitions, with excess amounts allocated to goodwill. The estimated fair values of the assets acquired and liabilities assumed at the acquisition date are determined based on preliminary valuations and analyses. Accordingly, the Company has made provisional estimates for the assets acquired and liabilities assumed. The valuation of intangible assets acquired is based on certain valuation assumptions including cash flow projections, discount rates, contributory asset charges and other valuation model inputs. The valuation of tangible long-lived assets acquired is dependent upon various analyses including an analysis of the condition and estimated remaining economic lives of the assets acquired. Design Space: (dollar amounts in thousands) Rental equipment $ 116,272 Intangible assets: Goodwill 101,874 Customer relationships 37,900 Non-compete 2,500 Customer backlog 1,600 Accounts receivable, net of allowance for doubtful accounts of $125 12,025 Property, plant and equipment 4,139 Prepaid expenses and other assets 5,366 Accounts payable and accrued liabilities (12,359 ) Deferred income (2,784 ) Total purchase price $ 266,533 Kitchens To Go: (dollar amounts in thousands) Rental equipment $ 12,853 Intangible assets: Goodwill 2,322 Customer relationships 1,700 Trade name 1,200 Non-compete 600 Customer backlog 300 Accounts receivable 212 Property, plant and equipment 365 Prepaid expenses and other assets 1,199 Accounts payable and accrued liabilities (1,659 ) Deferred income (747 ) Total purchase price $ 18,345 The primary areas of the preliminary purchase price allocations that have not been finalized relate to the finalization of working capital and the valuation of rental equipment, intangible assets and any identified deferred tax liabilities. Upon completion of the fair value assessment, the ultimate amounts of recorded intangible assets could differ from the preliminary allocation disclosed above. Any change in working capital will reduce or increase the cash consideration. Any changes to preliminary estimates of the fair value of rental equipment and intangible assets will result in adjustments to goodwill during the measurement period, with subsequent changes in estimates recorded in the statement of operations. The preliminary value assigned to identifiable intangible assets have been determined based on discounted estimated future cash flows associated with such assets to their present value. The combined acquired goodwill of $104,196 reflects the strategic fit of Design Space and Kitchens to Go with the Company’s modular business operations. The Company will amortize the acquired customer relationships, tradename, non-compete and customer backlog over their expected useful lives of 8 years, 8 years, 5 years and 6 months, respectively. Goodwill is expected to have an indefinite life and will be subject to future impairment testing. The goodwill is deductible for tax purposes over 15 years . The following unaudited pro forma financial information shows the combined results of operations of the Company, Design Space and Kitchens To Go as if the acquisitions occurred as of the beginning of the periods presented. The pro forma results include the effects of the amortization of the purchased intangible assets and depreciation expense of acquired rental equipment valuation step up, interest expense on the debt incurred to finance the acquisitions and the net tax benefit of the above adjustments calculated at the combined federal and state tax rate of 27.5%. A pro forma adjustment has been made to reflect the income taxes that would have been recorded at the combined federal and state statutory rate of 27.5% on the acquisitions’ combined net income. The pro forma results for the six months ended June 30, 2020 have been adjusted to include transaction related costs. This pro forma data is presented for informational purposes only and does not purport to be indicative of the results of the future operations or the results that would have occurred had the acquisition taken place in the periods noted below: Six months ended June 30, (dollar amounts in thousands, except for per share amounts) 2021 2020 Pro-forma total revenues $ 298,663 $ 312,059 Pro-forma net income $ 41,436 $ 45,618 Pro-forma basic earnings per share $ 1.71 $ 1.88 Pro-forma diluted earnings per share $ 1.69 $ 1.86 Design Space and Kitchens To Go Actual total revenues $ 5,473 Actual net loss $ (427 ) Actual basic loss per share $ (0.02 ) Actual diluted loss per share $ (0.02 )

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and 2020: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended June 30, 2021 Leasing $ 65,184 $ 28,717 $ 13,609 $ — $ 107,510 Non-lease: Rental related services 4,584 621 5,713 — 10,918 Sales 14,784 4,108 593 8,122 27,607 Other 20 337 43 — 400 Total non-lease 19,388 5,066 6,349 8,122 38,925 Total revenues $ 84,572 $ 33,783 $ 19,958 $ 8,122 $ 146,435 2020 Leasing $ 57,890 $ 26,837 $ 13,145 $ — $ 97,872 Non-lease: Rental related services 3,533 563 5,256 — 9,352 Sales 15,316 5,336 232 9,199 30,083 Other 23 343 — — 366 Total non-lease 18,872 6,242 5,488 9,199 39,801 Total revenues $ 76,762 $ 33,079 $ 18,633 $ 9,199 $ 137,673 Six Months Ended June 30, 2021 Leasing $ 122,987 $ 56,530 $ 25,947 $ — $ 205,464 Non-lease: Rental related services 7,790 1,229 10,474 — 19,493 Sales 22,404 8,984 1,201 9,356 41,945 Other 39 643 46 — 728 Total non-lease 30,233 10,856 11,721 9,356 62,166 Total revenues $ 153,220 $ 67,386 $ 37,668 $ 9,356 $ 267,630 2020 Leasing $ 117,126 $ 55,057 $ 27,926 $ — $ 200,109 Non-lease: Rental related services 10,223 1,282 10,645 — 22,150 Sales 22,572 10,008 730 10,702 44,012 Other 39 795 21 — 855 Total non-lease 32,834 12,085 11,396 10,702 67,017 Total revenues $ 149,960 $ 67,142 $ 39,322 $ 10,702 $ 267,126

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Weighted-average number of shares of common stock for calculating basic earnings per share 24,229 24,121 24,191 24,207 Effect of potentially dilutive securities from equity-based compensation 265 350 314 405 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,494 24,471 24,505 24,612
Summary of Share Repurchase Activity	The following table presents share repurchase activities during the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share amounts) 2021 2020 2021 2020 Number of shares repurchased — 115,920 — 279,866 Aggregate purchase price $ — $ 5,648 $ — $ 13,500 Average price per repurchased share $ — $ 48.72 $ — $ 48.24

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Intangible assets consist of the following, which includes the intangible assets from the Design Space and Kitchens To Go acquisitions that were completed during the three months ended June 30, 2021. These acquisitions are discussed more fully below in Note 7. Acquisitions: (dollar amounts in thousands) Estimated useful life in years Average remaining life in years Cost Accumulated amortization Net book value June 30, 2021 Customer relationships 8 to 11 7.8 $ 50,244 $ (10,459 ) $ 39,785 Non-compete agreements 5 4.7 3,257 (174 ) $ 3,083 Customer backlog 0.5 0.3 1,900 (633 ) $ 1,267 Trade name 8 7.8 1,200 (37 ) $ 1,163 Total amortizing 56,601 (11,303 ) 45,298 Trade name - non-amortizing Indefinite 5,871 — $ 5,871 Total $ 62,472 $ (11,303 ) $ 51,169 December 31, 2020 Customer relationships 11 6.8 $ 10,644 $ (9,510 ) $ 1,134 Non-compete agreements 5 3.6 157 (44 ) $ 113 Total amortizing 10,801 (9,554 ) 1,247 Trade name - non-amortizing Indefinite 5,871 — $ 5,871 Total $ 16,672 $ (9,554 ) $ 7,118

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the six months ended June 30 , 20 2 1 and 20 20 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 Six Months Ended June 30, 2021 Rental revenues $ 99,895 $ 55,136 $ 25,637 $ — $ 180,668 Rental related services revenues 30,258 1,450 10,649 — 42,357 Sales and other revenues 23,067 10,800 1,382 9,356 44,605 Total revenues 153,220 67,386 37,668 9,356 267,630 Depreciation of rental equipment 12,893 23,278 8,243 — 44,414 Gross profit 75,693 29,365 15,019 2,871 122,948 Selling and administrative expenses 41,839 12,371 12,520 2,668 69,398 Income from operations 33,854 16,994 2,499 203 53,550 Interest (expense) income allocation (2,426 ) (920 ) (922 ) 228 (4,040 ) Income before provision for income taxes 31,428 16,017 1,577 431 49,453 Rental equipment acquisitions 148,252 42,421 74 — 190,747 Accounts receivable, net (period end) 96,976 22,678 13,545 7,710 140,909 Rental equipment, at cost (period end) 1,019,697 360,720 313,677 — 1,694,094 Rental equipment, net book value (period end) 739,916 172,035 161,104 — 1,073,055 Utilization (period end) 2 76.3 % 66.9 % 45.8 % Average utilization 2 75.7 % 67.7 % 42.1 % 2020 Rental revenues $ 94,038 $ 53,548 $ 27,549 $ — $ 175,135 Rental related services revenues 32,607 1,496 10,883 — 44,986 Sales and other revenues 23,315 12,098 890 10,702 47,005 Total revenues 149,960 67,142 39,322 10,702 267,126 Depreciation of rental equipment 11,406 23,582 8,233 — 43,221 Gross profit 74,301 28,958 17,576 4,053 124,888 Selling and administrative expenses 34,275 12,236 13,177 2,806 62,494 Income from operations 40,026 16,722 4,399 1,247 62,394 Interest (expense) income allocation (2,826 ) (1,147 ) (1,179 ) 316 (4,836 ) Income before provision for income taxes 37,200 15,256 3,220 1,563 57,239 Rental equipment acquisitions 33,650 22,661 1,410 — 57,721 Accounts receivable, net (period end) 82,110 22,211 13,976 7,643 125,940 Rental equipment, at cost (period end) 892,339 337,987 316,497 — 1,546,823 Rental equipment, net book value (period end) 624,971 166,996 177,714 — 969,681 Utilization (period end) 2 76.8 % 65.7 % 43.1 % Average utilization 2 78.2 % 64.7 % 45.9 % 1. Gross Enviroplex sales revenues were 10,211 and $11,979 for the six months ended June 30, 2021 and 2020, respectively. There were $855 and $1,277 inter-segment sales to Mobile Modular in the six months ended June 30, 2021 and 2020, respectively, which required elimination in consolidation. 2. Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment, excluding accessory equipment, and 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.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following tables summarize the preliminary purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Design Space and Kitchens To Go acquisitions, with excess amounts allocated to goodwill. Design Space: (dollar amounts in thousands) Rental equipment $ 116,272 Intangible assets: Goodwill 101,874 Customer relationships 37,900 Non-compete 2,500 Customer backlog 1,600 Accounts receivable, net of allowance for doubtful accounts of $125 12,025 Property, plant and equipment 4,139 Prepaid expenses and other assets 5,366 Accounts payable and accrued liabilities (12,359 ) Deferred income (2,784 ) Total purchase price $ 266,533 Kitchens To Go: (dollar amounts in thousands) Rental equipment $ 12,853 Intangible assets: Goodwill 2,322 Customer relationships 1,700 Trade name 1,200 Non-compete 600 Customer backlog 300 Accounts receivable 212 Property, plant and equipment 365 Prepaid expenses and other assets 1,199 Accounts payable and accrued liabilities (1,659 ) Deferred income (747 ) Total purchase price $ 18,345
Summary of Pro Forma Data	This pro forma data is presented for informational purposes only and does not purport to be indicative of the results of the future operations or the results that would have occurred had the acquisition taken place in the periods noted below: Six months ended June 30, (dollar amounts in thousands, except for per share amounts) 2021 2020 Pro-forma total revenues $ 298,663 $ 312,059 Pro-forma net income $ 41,436 $ 45,618 Pro-forma basic earnings per share $ 1.71 $ 1.88 Pro-forma diluted earnings per share $ 1.69 $ 1.86 Design Space and Kitchens To Go Actual total revenues $ 5,473 Actual net loss $ (427 ) Actual basic loss per share $ (0.02 ) Actual diluted loss per share $ (0.02 )

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Period for credit risk identified		30 days
Sales revenues totaling	$ 4.2	$ 7.2
Lease revenue	107.5	205.5
Operating lease revenue	106.8	204.4
Finance lease revenue	0.7	1
Finance lease revenue, sales revenue	0.6	0.9
Finance lease revenue, interest income	0.1	$ 0.1
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	24.1	$ 24.1	$ 11.3
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 1.9	$ 1.9	$ 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		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021		Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Leasing revenues		$ 107,500		$ 205,500
Total non-lease revenues				44,605		$ 47,005
Total revenues		146,435	$ 137,673	267,630		267,126
Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		107,510	97,872	205,464		200,109
Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		10,918	9,352	19,493		22,150
Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		27,607	30,083	41,945		44,012
Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		400	366	728		855
Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		38,925	39,801	62,166		67,017
Mobile Modular [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				23,067		23,315
Total revenues		84,572	76,762	153,220		149,960
Mobile Modular [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		65,184	57,890	122,987		117,126
Mobile Modular [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		4,584	3,533	7,790		10,223
Mobile Modular [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		14,784	15,316	22,404		22,572
Mobile Modular [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		20	23	39		39
Mobile Modular [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		19,388	18,872	30,233		32,834
TRS-RenTelco [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				10,800		12,098
Total revenues		33,783	33,079	67,386		67,142
TRS-RenTelco [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		28,717	26,837	56,530		55,057
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		621	563	1,229		1,282
TRS-RenTelco [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		4,108	5,336	8,984		10,008
TRS-RenTelco [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		337	343	643		795
TRS-RenTelco [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		5,066	6,242	10,856		12,085
Adler Tanks [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				1,382		890
Total revenues		19,958	18,633	37,668		39,322
Adler Tanks [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		13,609	13,145	25,947		27,926
Adler Tanks [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		5,713	5,256	10,474		10,645
Adler Tanks [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		593	232	1,201		730
Adler Tanks [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		43		46		21
Adler Tanks [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		6,349	5,488	11,721		11,396
Enviroplex [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	[1]			9,356		10,702
Total revenues		8,122	9,199	9,356	[1]	10,702	[1]
Enviroplex [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		8,122	9,199	9,356		10,702
Enviroplex [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		$ 8,122	$ 9,199	$ 9,356		$ 10,702
[1]	Gross Enviroplex sales revenues were 10,211 and $11,979 for the six months ended June 30, 2021 and 2020, respectively. There were $855 and $1,277 inter-segment sales to Mobile Modular in the six months ended June 30, 2021 and 2020, respectively, which required elimination in consolidation.

Earnings Per Share - Weighted-A

Earnings Per Share - Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,229	24,121	24,191	24,207
Effect of potentially dilutive securities from equity-based compensation	265	350	314	405
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,494	24,471	24,505	24,612

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 31, 2015
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from computation of diluted earnings per share	0	0	0	0
Shares remain authorized for repurchase	1,309,805		1,309,805
Maximum [Member]
Earnings Per Share Basic [Line Items]
Common stock shares authorized for repurchase					2,000,000

Earnings Per Share - Summary of

Earnings Per Share - Summary of Share Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Earnings Per Share [Abstract]
Number of shares repurchased	115,920	279,866
Aggregate purchase price	$ 5,648	$ 13,500
Average price per repurchased share	$ 48.72	$ 48.24

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Cost	$ 56,601	$ 10,801
Accumulated amortization	(11,303)	(9,554)
Net book value	45,298	1,247
Indefinite, cost	5,871	5,871
Indefinite, net book value	5,871	5,871
Total, cost	62,472	16,672
Total, accumulated amortization	(11,303)	(9,554)
Total, net book value	$ 51,169	$ 7,118
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	11 years
Average remaining life in years	7 years 9 months 18 days	6 years 9 months 18 days
Cost	$ 50,244	$ 10,644
Accumulated amortization	(10,459)	(9,510)
Net book value	$ 39,785	$ 1,134
Customer Relationships [Member] | Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years
Customer Relationships [Member] | Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	11 years
Non-compete Agreements [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	5 years	5 years
Average remaining life in years	4 years 8 months 12 days	3 years 7 months 6 days
Cost	$ 3,257	$ 157
Accumulated amortization	(174)	(44)
Net book value	$ 3,083	$ 113
Customer Backlog [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	6 months
Average remaining life in years	3 months 18 days
Cost	$ 1,900
Accumulated amortization	(633)
Net book value	$ 1,267
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years
Average remaining life in years	7 years 9 months 18 days
Cost	$ 1,200
Accumulated amortization	(37)
Net book value	$ 1,163

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 0	$ 0
Subsequent impairment of the underlying assets		0
Expected annual amortization expense for 2021		4,200,000
Expected annual amortization expense for 2022		5,900,000
Expected annual amortization expense for 2023		5,900,000
Expected annual amortization expense for 2024		5,900,000
Expected annual amortization expense for 2025		5,800,000
Expected annual amortization expense for 2026		$ 5,400,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021SegmentCustomer	Jun. 30, 2020Customer
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	5.00%	2.00%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021		Jun. 30, 2020		Dec. 31, 2020
Segment Reporting Information [Line Items]
Rental revenues		$ 94,581	$ 85,629	$ 180,668		$ 175,135
Rental related services revenues		22,688	20,475	42,357		44,986
Sales and other revenues				44,605		47,005
Total revenues		146,435	137,673	267,630		267,126
Depreciation of rental equipment		23,159	21,583	44,414		43,221
Gross profit		65,867	63,232	122,948		124,888
Selling and administrative expenses		36,261	30,540	69,398		62,494
Income from operations		29,606	32,692	53,550		62,394
Interest (expense) income allocation				(4,040)		(4,836)
Income before provision for income taxes		27,347	30,625	49,453		57,239
Rental equipment acquisitions				190,747		57,721
Accounts receivable, net (period end)		140,909	125,940	140,909		125,940		$ 123,316
Rental equipment, at cost (period end)		1,694,094	1,546,823	1,694,094		1,546,823		1,530,841
Rental equipment, net book value (period end)		1,073,055	969,681	1,073,055		969,681		$ 938,116
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues				99,895		94,038
Rental related services revenues				30,258		32,607
Sales and other revenues				23,067		23,315
Total revenues		84,572	76,762	153,220		149,960
Depreciation of rental equipment				12,893		11,406
Gross profit				75,693		74,301
Selling and administrative expenses				41,839		34,275
Income from operations				33,854		40,026
Interest (expense) income allocation				(2,426)		(2,826)
Income before provision for income taxes				31,428		37,200
Rental equipment acquisitions				148,252		33,650
Accounts receivable, net (period end)		96,976	82,110	96,976		82,110
Rental equipment, at cost (period end)		1,019,697	892,339	1,019,697		892,339
Rental equipment, net book value (period end)		739,916	624,971	$ 739,916		$ 624,971
Utilization (period end)	[1]			76.30%		76.80%
Average utilization	[1]			75.70%		78.20%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 55,136		$ 53,548
Rental related services revenues				1,450		1,496
Sales and other revenues				10,800		12,098
Total revenues		33,783	33,079	67,386		67,142
Depreciation of rental equipment				23,278		23,582
Gross profit				29,365		28,958
Selling and administrative expenses				12,371		12,236
Income from operations				16,994		16,722
Interest (expense) income allocation				(920)		(1,147)
Income before provision for income taxes				16,017		15,256
Rental equipment acquisitions				42,421		22,661
Accounts receivable, net (period end)		22,678	22,211	22,678		22,211
Rental equipment, at cost (period end)		360,720	337,987	360,720		337,987
Rental equipment, net book value (period end)		172,035	166,996	$ 172,035		$ 166,996
Utilization (period end)	[1]			66.90%		65.70%
Average utilization	[1]			67.70%		64.70%
Adler Tanks [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 25,637		$ 27,549
Rental related services revenues				10,649		10,883
Sales and other revenues				1,382		890
Total revenues		19,958	18,633	37,668		39,322
Depreciation of rental equipment				8,243		8,233
Gross profit				15,019		17,576
Selling and administrative expenses				12,520		13,177
Income from operations				2,499		4,399
Interest (expense) income allocation				(922)		(1,179)
Income before provision for income taxes				1,577		3,220
Rental equipment acquisitions				74		1,410
Accounts receivable, net (period end)		13,545	13,976	13,545		13,976
Rental equipment, at cost (period end)		313,677	316,497	313,677		316,497
Rental equipment, net book value (period end)		161,104	177,714	$ 161,104		$ 177,714
Utilization (period end)	[1]			45.80%		43.10%
Average utilization	[1]			42.10%		45.90%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	[2]			$ 9,356		$ 10,702
Total revenues		8,122	9,199	9,356	[2]	10,702	[2]
Gross profit	[2]			2,871		4,053
Selling and administrative expenses	[2]			2,668		2,806
Income from operations	[2]			203		1,247
Interest (expense) income allocation	[2]			228		316
Income before provision for income taxes	[2]			431		1,563
Accounts receivable, net (period end)	[2]	$ 7,710	$ 7,643	$ 7,710		$ 7,643
[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 10,211 and $11,979 for the six months ended June 30, 2021 and 2020, respectively. There were $855 and $1,277 inter-segment sales to Mobile Modular in the six months ended June 30, 2021 and 2020, respectively, which required elimination in consolidation.

Segment Reporting - Summarize_2

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021		Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenues		$ 146,435	$ 137,673	$ 267,630		$ 267,126
Sales revenues				(44,605)		(47,005)
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues		(28,256)	(30,669)	(42,867)		(45,035)
Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues		8,122	9,199	9,356	[1]	10,702	[1]
Sales revenues	[1]			(9,356)		(10,702)
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Revenues		$ 84,572	$ 76,762	153,220		149,960
Sales revenues				(23,067)		(23,315)
Operating Segments [Member] | Enviroplex [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues				10,211		11,979
Inter-segment Eliminations [Member] | Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues				$ 855		$ 1,277
Type of Revenue [Extensible List]				Sales [Member]		Sales [Member]
[1]	Gross Enviroplex sales revenues were 10,211 and $11,979 for the six months ended June 30, 2021 and 2020, respectively. There were $855 and $1,277 inter-segment sales to Mobile Modular in the six months ended June 30, 2021 and 2020, respectively, which required elimination in consolidation.

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)	May 17, 2021	Apr. 01, 2021	Jun. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Combined acquired goodwill			$ 132,393,000	$ 28,197,000
Goodwill deductible for tax purpose, period			15 years
Combined federal and state tax rate			27.50%
Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			8 years	11 years
Trade Name
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			8 years
Non-compete [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			5 years
Customer Backlog [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			6 months
Design Space Modular Buildings PNW, LP [Member]
Business Acquisition [Line Items]
Purchase of assets	$ 266,000,000
Business combination remaining liability to seller	500,000
Business acquisition, transaction costs	600,000
Combined acquired goodwill	$ 101,874,000
GRS Holding LLC, DBA Kitchens To Go [Member]
Business Acquisition [Line Items]
Purchase of assets		$ 18,300,000
Business acquisition, transaction costs		300,000
Combined acquired goodwill		$ 2,322,000
Design Space and Kitchens To Go [Member]
Business Acquisition [Line Items]
Combined acquired goodwill			$ 104,196

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	May 17, 2021	Apr. 01, 2021	Dec. 31, 2020
Intangible assets:
Goodwill	$ 132,393			$ 28,197
Design Space Modular Buildings PNW, LP [Member]
Business Acquisition [Line Items]
Rental equipment		$ 116,272
Intangible assets:
Goodwill		101,874
Accounts receivable, net of allowance for doubtful accounts of $125		12,025
Property, plant and equipment		4,139
Prepaid expenses and other assets		5,366
Accounts payable and accrued liabilities		(12,359)
Deferred income		(2,784)
Total purchase price		266,533
Design Space Modular Buildings PNW, LP [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets		37,900
Design Space Modular Buildings PNW, LP [Member] | Non-compete [Member]
Intangible assets:
Intangible assets		2,500
Design Space Modular Buildings PNW, LP [Member] | Customer Backlog [Member]
Intangible assets:
Intangible assets		$ 1,600
GRS Holding LLC, DBA Kitchens To Go [Member]
Business Acquisition [Line Items]
Rental equipment			$ 12,853
Intangible assets:
Goodwill			2,322
Accounts receivable, net of allowance for doubtful accounts of $125			212
Property, plant and equipment			365
Prepaid expenses and other assets			1,199
Accounts payable and accrued liabilities			(1,659)
Deferred income			(747)
Total purchase price			18,345
GRS Holding LLC, DBA Kitchens To Go [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets			1,700
GRS Holding LLC, DBA Kitchens To Go [Member] | Trade Name
Intangible assets:
Intangible assets			1,200
GRS Holding LLC, DBA Kitchens To Go [Member] | Non-compete [Member]
Intangible assets:
Intangible assets			600
GRS Holding LLC, DBA Kitchens To Go [Member] | Customer Backlog [Member]
Intangible assets:
Intangible assets			$ 300

Acquisitions - Summary of Pre_2

Acquisitions - Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	May 17, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Allowance for doubtful accounts	$ 2,225		$ 2,100
Design Space Modular Buildings PNW, LP [Member]
Business Acquisition [Line Items]
Allowance for doubtful accounts		$ 125

Acquisitions - Summary of Pro F

Acquisitions - Summary of Pro Forma Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Pro-forma total revenues	$ 298,663	$ 312,059
Pro-forma net income	$ 41,436	$ 45,618
Pro-forma basic earnings per share	$ 1.71	$ 1.88
Pro-forma diluted earnings per share	$ 1.69	$ 1.86
Design Space and Kitchens To Go [Member]
Business Acquisition [Line Items]
Actual total revenues	$ 5,473
Actual net loss	$ (427)
Actual basic loss per share	$ (0.02)
Actual diluted loss per share	$ (0.02)