McGrath RentCorp (MGRC) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 27, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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		24,246,568
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Rental	$ 103,269	$ 88,138	$ 283,937	$ 263,273
Rental related services	31,513	25,040	73,870	70,026
Rental operations	134,782	113,178	357,807	333,299
Revenues			83,115	90,275
Total revenues	173,292	156,448	440,922	423,574
Direct costs of rental operations:
Depreciation of rental equipment	23,802	21,419	68,216	64,640
Rental related services	24,356	18,603	56,236	51,760
Other	24,711	18,553	67,696	56,171
Total direct costs of rental operations	72,869	58,575	192,148	172,571
Costs of sales	24,618	29,669	50,021	57,911
Total costs of revenues	97,487	88,244	242,169	230,482
Gross profit	75,805	68,204	198,753	193,093
Selling and administrative expenses	39,907	30,871	109,305	93,365
Income from operations	35,898	37,333	89,448	99,728
Other income (expense):
Interest expense	(3,168)	(1,968)	(7,208)	(6,804)
Foreign currency exchange (loss) gain	(128)	130	(185)	(189)
Income before provision for income taxes	32,602	35,495	82,055	92,735
Provision for income taxes	9,350	7,394	20,797	21,926
Net income	$ 23,252	$ 28,101	$ 61,258	$ 70,809
Earnings per share:
Basic	$ 0.96	$ 1.17	$ 2.53	$ 2.93
Diluted	$ 0.95	$ 1.15	$ 2.50	$ 2.88
Shares used in per share calculation:
Basic	24,245	24,097	24,209	24,170
Diluted	24,507	24,443	24,506	24,558
Cash dividends declared per share	$ 0.435	$ 0.420	$ 1.305	$ 1.260
Sales [Member]
Revenues
Revenues	$ 37,636	$ 42,331	$ 80,503	$ 87,366
Other [Member]
Revenues
Revenues	$ 874	$ 939	$ 2,612	$ 2,909

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 23,252	$ 28,101	$ 61,258	$ 70,809
Other comprehensive income (loss):
Foreign currency translation adjustment	37	(93)	86	64
Tax benefit (provision)	(10)	22	(23)	(14)
Comprehensive income	$ 23,279	$ 28,030	$ 61,321	$ 70,859

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash	$ 2,380	$ 1,238
Accounts receivable, net of allowance for doubtful accounts of $2,225 in 2021 and $2,100 in 2020	168,831	123,316
Rental equipment, at cost:
Relocatable modular buildings	1,023,344	882,115
Electronic test equipment	363,799	333,020
Liquid and solid containment tanks and boxes	311,677	315,706
Rental equipment, gross	1,698,820	1,530,841
Less: accumulated depreciation	(635,358)	(592,725)
Rental equipment, net	1,063,462	938,116
Property, plant and equipment, net	135,055	136,210
Prepaid expenses and other assets	59,523	41,549
Intangible assets, net	48,715	7,118
Goodwill	132,387	28,197
Total assets	1,610,353	1,275,744
Liabilities:
Notes payable	459,475	222,754
Accounts payable and accrued liabilities	137,308	108,334
Deferred income	69,634	45,975
Deferred income taxes, net	231,480	216,077
Total liabilities	897,897	593,140
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,247 shares as of September 30, 2021 and 24,128 shares as of December 31, 2020	106,744	106,289
Retained earnings	605,754	576,419
Accumulated other comprehensive loss	(42)	(104)
Total shareholders’ equity	712,456	682,604
Total liabilities and shareholders’ equity	$ 1,610,353	$ 1,275,744

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 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	24,247,000	24,128,000
Common Stock, shares outstanding	24,247,000	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, $0.435,$0.42, $0.42 and $0.42 per share for three months ended March 31, 2021, June 30, 2021, September 30, 2021 and three months ended March 31,2020, June 30, 2020, September 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	70,809
Balance at Sep. 30, 2020	661,614	$ 106,079	555,555	(20)
Balance, Shares at Sep. 30, 2020		24,111,000
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, $0.435,$0.42, $0.42 and $0.42 per share for three months ended March 31, 2021, June 30, 2021, September 30, 2021 and three months ended March 31,2020, June 30, 2020, September 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
Net income	28,101		28,101
Share-based compensation	1,670	$ 1,670
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		28,000
Repurchased common stock	(117)	$ (11)	(106)
Repurchased common stock, Shares		(2,000)
Taxes paid related to net share settlement of stock awards	(1,590)	$ (1,590)
Dividends accrued of $0.435, $0.435, $0.435,$0.42, $0.42 and $0.42 per share for three months ended March 31, 2021, June 30, 2021, September 30, 2021 and three months ended March 31,2020, June 30, 2020, September 30, 2020	(10,215)		(10,215)
Other comprehensive income (loss)	(71)			(71)
Balance at Sep. 30, 2020	661,614	$ 106,079	555,555	(20)
Balance, Shares at Sep. 30, 2020		24,111,000
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, $0.435,$0.42, $0.42 and $0.42 per share for three months ended March 31, 2021, June 30, 2021, September 30, 2021 and three months ended March 31,2020, June 30, 2020, September 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	$ 61,258
Balance at Sep. 30, 2021	$ 712,456	$ 106,744	605,754	(42)
Balance, Shares at Sep. 30, 2021	24,247,000	24,247,000
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, $0.435,$0.42, $0.42 and $0.42 per share for three months ended March 31, 2021, June 30, 2021, September 30, 2021 and three months ended March 31,2020, June 30, 2020, September 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
Net income	23,252		23,252
Share-based compensation	1,705	$ 1,705
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		2,000
Taxes paid related to net share settlement of stock awards	(19)	$ (19)
Dividends accrued of $0.435, $0.435, $0.435,$0.42, $0.42 and $0.42 per share for three months ended March 31, 2021, June 30, 2021, September 30, 2021 and three months ended March 31,2020, June 30, 2020, September 30, 2020	(10,630)		(10,630)
Other comprehensive income (loss)	27			27
Balance at Sep. 30, 2021	$ 712,456	$ 106,744	$ 605,754	$ (42)
Balance, Shares at Sep. 30, 2021	24,247,000	24,247,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	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	$ 0.435	$ 0.42	$ 0.42	$ 0.42

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Net income	$ 61,258	$ 70,809
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	79,047	71,249
Provision for doubtful accounts	193	1,227
Share-based compensation	5,302	4,894
Gain on sale of used rental equipment	(17,788)	(14,110)
Foreign currency exchange loss	185	189
Amortization of debt issuance costs	11	8
Change in:
Accounts receivable	(33,471)	(2,561)
Prepaid expenses and other assets	(11,409)	(1,314)
Accounts payable and accrued liabilities	17,428	(582)
Deferred income	20,128	3,591
Deferred income taxes	15,403	(1,863)
Net cash provided by operating activities	136,287	131,537
Cash Flows from Investing Activities:
Purchases of rental equipment	(90,379)	(65,661)
Purchases of property, plant and equipment	(969)	(9,639)
Cash paid for acquisition of businesses	(285,624)
Proceeds from sales of used rental equipment	41,556	33,837
Net cash used in investing activities	(335,416)	(41,463)
Cash Flows from Financing Activities:
Net borrowing (repayment) under bank lines of credit	176,758	(43,460)
Borrowings under note purchase agreement	100,000
Principal payment of Series B senior notes	(40,000)
Repurchase of common stock		(13,617)
Taxes paid related to net share settlement of stock awards	(4,847)	(3,930)
Payment of dividends	(31,635)	(29,642)
Net cash provided by (used in) financing activities	200,276	(90,649)
Effect of foreign currency exchange rate changes on cash	(5)	(224)
Net increase (decrease) in cash	1,142	(799)
Cash balance, beginning of period	1,238	2,342
Cash balance, end of period	2,380	1,543
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	6,477	6,829
Net income taxes paid, during the period	8,074	24,704
Dividends accrued during the period, not yet paid	10,002	10,355
Rental equipment acquisitions, not yet paid	$ 2,199	$ 5,827

Condensed Consolidated Financia

Condensed Consolidated Financial Information	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Condensed Consolidated Financial Information	NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION The condensed consolidated financial statements for the three and nine months ended September 30, 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 nine months ended September 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	9 Months Ended
	Sep. 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 (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	9 Months Ended
	Sep. 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 $27.7 million and $11.3 million at September 30, 2021 and December 31, 2020, respectively. Sales revenues totaling $0.6 million and $7.8 million were recognized during the three and nine months ended September 30, 2021, respectively, 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 $1.8 million and $1.4 million at September 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 nine months ended September 30, 2021, the Company’s lease revenues were $118.1 million and $323.5 million, respectively, consisting of $117.8 million and $322.2 million of operating lease revenues, respectively and $0.3 million and $1.3 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 nine months ended September 30, 2021 include $0.3 million and $1.2 million of sales revenues, respectively, and $0.1 million of interest income for both periods. 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 September 30, 2021 and 2020: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended September 30, 2021 Leasing $ 73,375 $ 29,692 $ 15,011 $ — $ 118,078 Non-lease: Rental related services 10,628 591 6,239 — 17,458 Sales 26,362 4,502 960 5,541 37,365 Other 29 289 73 — 391 Total non-lease 37,019 5,382 7,272 5,541 55,214 Total revenues $ 110,394 $ 35,074 $ 22,283 $ 5,541 $ 173,292 2020 Leasing $ 58,655 $ 28,530 $ 13,532 $ — $ 100,717 Non-lease: Rental related services 7,488 668 5,465 — 13,621 Sales 29,275 6,262 230 5,914 41,681 Other (5 ) 396 38 — 429 Total non-lease 36,758 7,326 5,733 5,914 55,731 Total revenues $ 95,413 $ 35,856 $ 19,265 $ 5,914 $ 156,448 Nine Months Ended September 30, 2021 Leasing $ 196,362 $ 86,223 $ 40,958 $ — $ 323,543 Non-lease: Rental related services 18,418 1,821 16,713 — 36,952 Sales 48,766 13,485 2,161 14,897 79,309 Other 68 931 119 — 1,118 Total non-lease 67,252 16,237 18,993 14,897 117,379 Total revenues $ 263,614 $ 102,460 $ 59,951 $ 14,897 $ 440,922 2020 Leasing $ 175,781 $ 83,587 $ 41,458 $ — $ 300,826 Non-lease: Rental related services 17,711 1,950 16,110 — 35,771 Sales 51,847 16,271 960 16,616 85,694 Other 34 1,190 59 — 1,283 Total non-lease 69,592 19,411 17,129 16,616 122,748 Total revenues $ 245,373 $ 102,998 $ 58,587 $ 16,616 $ 423,574 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Weighted-average number of shares of common stock for calculating basic earnings per share 24,245 24,097 24,209 24,170 Effect of potentially dilutive securities from equity-based compensation 262 346 297 388 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,507 24,443 24,506 24,558 There were no anti-dilutive securities excluded from the computation of diluted earnings per share in the three and nine months ended September 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 nine months ended September 30, 2021 and 2020. As of September 30, 2021, 1,309,805 shares remained authorized for repurchase under the Repurchase Plan. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share amounts) 2021 2020 2021 2020 Number of shares repurchased — 2,355 — 282,221 Aggregate purchase price $ — $ 117 $ — $ 13,617 Average price per repurchased share $ — $ 49.61 $ — $ 48.25

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 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 September 30, 2021 Customer relationships 8 to 11 7.5 $ 50,244 $ (11,713 ) $ 38,531 Non-compete agreements 5 4.5 3,257 (336 ) $ 2,921 Customer backlog 0.5 0.1 1,900 (1,633 ) $ 267 Trade name 8 7.5 1,200 (75 ) $ 1,125 Total amortizing 56,601 (13,757 ) 42,844 Trade name - non-amortizing Indefinite 5,871 — $ 5,871 Total $ 62,472 $ (13,757 ) $ 48,715 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	9 Months Ended
	Sep. 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 nine months ended September 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 Nine Months Ended September 30, 2021 Rental revenues $ 159,118 $ 84,340 $ 40,479 $ — $ 283,937 Rental related services revenues 54,726 2,149 16,995 — 73,870 Sales and other revenues 49,770 15,971 2,477 14,897 83,115 Total revenues 263,614 102,460 59,951 14,897 440,922 Depreciation of rental equipment 20,437 35,429 12,350 — 68,216 Gross profit 125,357 44,867 24,167 4,362 198,753 Selling and administrative expenses 67,977 18,381 18,853 4,094 109,305 Income from operations 57,380 26,486 5,314 268 89,448 Interest (expense) income allocation (4,401 ) (1,588 ) (1,560 ) 341 (7,208 ) Income before provision for income taxes 52,979 24,713 3,754 609 82,055 Rental equipment acquisitions 162,579 53,161 164 — 215,904 Accounts receivable, net (period end) 118,467 24,854 16,062 9,448 168,831 Rental equipment, at cost (period end) 1,023,344 363,799 311,677 — 1,698,820 Rental equipment, net book value (period end) 737,807 169,250 156,405 — 1,063,462 Utilization (period end) 2 76.7 % 66.9 % 50.4 % Average utilization 2 76.0 % 67.4 % 44.0 % 2020 Rental revenues $ 141,172 $ 81,167 $ 40,934 $ — $ 263,273 Rental related services revenues 51,291 2,296 16,439 — 70,026 Sales and other revenues 52,910 19,535 1,214 16,616 90,275 Total revenues 245,373 102,998 58,587 16,616 423,574 Depreciation of rental equipment 17,177 35,129 12,334 — 64,640 Gross profit 116,928 43,921 26,116 6,128 193,093 Selling and administrative expenses 52,014 18,198 18,998 4,155 93,365 Income from operations 64,914 25,723 7,118 1,973 99,728 Interest (expense) income allocation (3,982 ) (1,606 ) (1,651 ) 435 (6,804 ) Income before provision for income taxes 60,932 23,928 5,467 2,408 92,735 Rental equipment acquisitions 31,667 31,643 1,680 — 64,990 Accounts receivable, net (period end) 85,033 23,758 14,567 6,075 129,433 Rental equipment, at cost (period end) 885,314 335,520 316,110 — 1,536,944 Rental equipment, net book value (period end) 613,357 161,120 173,648 — 948,125 Utilization (period end) 2 76.5 % 68.4 % 45.5 % Average utilization 2 77.5 % 65.6 % 45.5 % 1. Gross Enviroplex sales revenues were $15,909 and $17,892 for the nine months ended September 30, 2021 and 2020, respectively. There were $1,012 and $1,276 inter-segment sales to Mobile Modular in the nine months ended September 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 nine months ended September 30, 2021 and 2020. Revenues from foreign country customers accounted for 4% and 2% of the Company’s total revenues for the same periods, respectively.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 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 $267.3 million in cash consideration on the closing date. 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 $1.0 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 in 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 on 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 (11,613 ) Deferred income (2,784 ) Total purchase price $ 267,279 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. 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 28% on the acquisitions’ combined net income. The pro forma results for the nine months ended September 30, 2021 have been adjusted to include transaction related costs. This pro forma data is presented for informational purposes only and does not purport to be indicative of the results of the future operations or the results that would have occurred had the acquisitions taken place in the periods noted below: Nine months ended September 30, (dollar amounts in thousands, except for per share amounts) 2021 2020 Pro-forma total revenues $ 471,955 $ 496,963 Pro-forma net income $ 64,618 $ 76,585 Pro-forma basic earnings per share $ 2.67 $ 3.17 Pro-forma diluted earnings per share $ 2.64 $ 3.12 Design Space and Kitchens To Go Actual total revenues $ 22,191 Actual net income $ 177 Actual basic earnings per share $ 0.01 Actual diluted earnings per share $ 0.01

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 and 2020: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended September 30, 2021 Leasing $ 73,375 $ 29,692 $ 15,011 $ — $ 118,078 Non-lease: Rental related services 10,628 591 6,239 — 17,458 Sales 26,362 4,502 960 5,541 37,365 Other 29 289 73 — 391 Total non-lease 37,019 5,382 7,272 5,541 55,214 Total revenues $ 110,394 $ 35,074 $ 22,283 $ 5,541 $ 173,292 2020 Leasing $ 58,655 $ 28,530 $ 13,532 $ — $ 100,717 Non-lease: Rental related services 7,488 668 5,465 — 13,621 Sales 29,275 6,262 230 5,914 41,681 Other (5 ) 396 38 — 429 Total non-lease 36,758 7,326 5,733 5,914 55,731 Total revenues $ 95,413 $ 35,856 $ 19,265 $ 5,914 $ 156,448 Nine Months Ended September 30, 2021 Leasing $ 196,362 $ 86,223 $ 40,958 $ — $ 323,543 Non-lease: Rental related services 18,418 1,821 16,713 — 36,952 Sales 48,766 13,485 2,161 14,897 79,309 Other 68 931 119 — 1,118 Total non-lease 67,252 16,237 18,993 14,897 117,379 Total revenues $ 263,614 $ 102,460 $ 59,951 $ 14,897 $ 440,922 2020 Leasing $ 175,781 $ 83,587 $ 41,458 $ — $ 300,826 Non-lease: Rental related services 17,711 1,950 16,110 — 35,771 Sales 51,847 16,271 960 16,616 85,694 Other 34 1,190 59 — 1,283 Total non-lease 69,592 19,411 17,129 16,616 122,748 Total revenues $ 245,373 $ 102,998 $ 58,587 $ 16,616 $ 423,574

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Weighted-average number of shares of common stock for calculating basic earnings per share 24,245 24,097 24,209 24,170 Effect of potentially dilutive securities from equity-based compensation 262 346 297 388 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,507 24,443 24,506 24,558
Summary of Share Repurchase Activity	The following table presents share repurchase activities during the three and nine months ended September 30, 2021 and 2020. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share amounts) 2021 2020 2021 2020 Number of shares repurchased — 2,355 — 282,221 Aggregate purchase price $ — $ 117 $ — $ 13,617 Average price per repurchased share $ — $ 49.61 $ — $ 48.25

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 Customer relationships 8 to 11 7.5 $ 50,244 $ (11,713 ) $ 38,531 Non-compete agreements 5 4.5 3,257 (336 ) $ 2,921 Customer backlog 0.5 0.1 1,900 (1,633 ) $ 267 Trade name 8 7.5 1,200 (75 ) $ 1,125 Total amortizing 56,601 (13,757 ) 42,844 Trade name - non-amortizing Indefinite 5,871 — $ 5,871 Total $ 62,472 $ (13,757 ) $ 48,715 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)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the nine months ended September 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 Nine Months Ended September 30, 2021 Rental revenues $ 159,118 $ 84,340 $ 40,479 $ — $ 283,937 Rental related services revenues 54,726 2,149 16,995 — 73,870 Sales and other revenues 49,770 15,971 2,477 14,897 83,115 Total revenues 263,614 102,460 59,951 14,897 440,922 Depreciation of rental equipment 20,437 35,429 12,350 — 68,216 Gross profit 125,357 44,867 24,167 4,362 198,753 Selling and administrative expenses 67,977 18,381 18,853 4,094 109,305 Income from operations 57,380 26,486 5,314 268 89,448 Interest (expense) income allocation (4,401 ) (1,588 ) (1,560 ) 341 (7,208 ) Income before provision for income taxes 52,979 24,713 3,754 609 82,055 Rental equipment acquisitions 162,579 53,161 164 — 215,904 Accounts receivable, net (period end) 118,467 24,854 16,062 9,448 168,831 Rental equipment, at cost (period end) 1,023,344 363,799 311,677 — 1,698,820 Rental equipment, net book value (period end) 737,807 169,250 156,405 — 1,063,462 Utilization (period end) 2 76.7 % 66.9 % 50.4 % Average utilization 2 76.0 % 67.4 % 44.0 % 2020 Rental revenues $ 141,172 $ 81,167 $ 40,934 $ — $ 263,273 Rental related services revenues 51,291 2,296 16,439 — 70,026 Sales and other revenues 52,910 19,535 1,214 16,616 90,275 Total revenues 245,373 102,998 58,587 16,616 423,574 Depreciation of rental equipment 17,177 35,129 12,334 — 64,640 Gross profit 116,928 43,921 26,116 6,128 193,093 Selling and administrative expenses 52,014 18,198 18,998 4,155 93,365 Income from operations 64,914 25,723 7,118 1,973 99,728 Interest (expense) income allocation (3,982 ) (1,606 ) (1,651 ) 435 (6,804 ) Income before provision for income taxes 60,932 23,928 5,467 2,408 92,735 Rental equipment acquisitions 31,667 31,643 1,680 — 64,990 Accounts receivable, net (period end) 85,033 23,758 14,567 6,075 129,433 Rental equipment, at cost (period end) 885,314 335,520 316,110 — 1,536,944 Rental equipment, net book value (period end) 613,357 161,120 173,648 — 948,125 Utilization (period end) 2 76.5 % 68.4 % 45.5 % Average utilization 2 77.5 % 65.6 % 45.5 % 1. Gross Enviroplex sales revenues were $15,909 and $17,892 for the nine months ended September 30, 2021 and 2020, respectively. There were $1,012 and $1,276 inter-segment sales to Mobile Modular in the nine months ended September 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)	9 Months Ended
	Sep. 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 (11,613 ) Deferred income (2,784 ) Total purchase price $ 267,279 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 acquisitions taken place in the periods noted below: Nine months ended September 30, (dollar amounts in thousands, except for per share amounts) 2021 2020 Pro-forma total revenues $ 471,955 $ 496,963 Pro-forma net income $ 64,618 $ 76,585 Pro-forma basic earnings per share $ 2.67 $ 3.17 Pro-forma diluted earnings per share $ 2.64 $ 3.12 Design Space and Kitchens To Go Actual total revenues $ 22,191 Actual net income $ 177 Actual basic earnings per share $ 0.01 Actual diluted earnings per share $ 0.01

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Period for credit risk identified		30 days
Sales revenues totaling	$ 0.6	$ 7.8
Lease revenue	118.1	323.5
Operating lease revenue	117.8	322.2
Finance lease revenue	0.3	1.3
Finance lease revenue, sales revenue	0.3	1.2
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	27.7	$ 27.7	$ 11.3
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 1.8	$ 1.8	$ 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		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021		Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Leasing revenues		$ 118,100		$ 323,500
Total non-lease revenues				83,115		$ 90,275
Total revenues		173,292	$ 156,448	440,922		423,574
Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		118,078	100,717	323,543		300,826
Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		17,458	13,621	36,952		35,771
Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		37,365	41,681	79,309		85,694
Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		391	429	1,118		1,283
Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		55,214	55,731	117,379		122,748
Mobile Modular [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				49,770		52,910
Total revenues		110,394	95,413	263,614		245,373
Mobile Modular [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		73,375	58,655	196,362		175,781
Mobile Modular [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		10,628	7,488	18,418		17,711
Mobile Modular [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		26,362	29,275	48,766		51,847
Mobile Modular [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		29	(5)	68		34
Mobile Modular [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		37,019	36,758	67,252		69,592
TRS-RenTelco [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				15,971		19,535
Total revenues		35,074	35,856	102,460		102,998
TRS-RenTelco [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		29,692	28,530	86,223		83,587
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		591	668	1,821		1,950
TRS-RenTelco [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		4,502	6,262	13,485		16,271
TRS-RenTelco [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		289	396	931		1,190
TRS-RenTelco [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		5,382	7,326	16,237		19,411
Adler Tanks [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				2,477		1,214
Total revenues		22,283	19,265	59,951		58,587
Adler Tanks [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		15,011	13,532	40,958		41,458
Adler Tanks [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		6,239	5,465	16,713		16,110
Adler Tanks [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		960	230	2,161		960
Adler Tanks [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		73	38	119		59
Adler Tanks [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		7,272	5,733	18,993		17,129
Enviroplex [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	[1]			14,897		16,616
Total revenues		5,541	5,914	14,897	[1]	16,616	[1]
Enviroplex [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		5,541	5,914	14,897		16,616
Enviroplex [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		$ 5,541	$ 5,914	$ 14,897		$ 16,616
[1]	Gross Enviroplex sales revenues were $15,909 and $17,892 for the nine months ended September 30, 2021 and 2020, respectively. There were $1,012 and $1,276 inter-segment sales to Mobile Modular in the nine months ended September 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,245	24,097	24,209	24,170
Effect of potentially dilutive securities from equity-based compensation	262	346	297	388
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,507	24,443	24,506	24,558

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Earnings Per Share [Abstract]
Number of shares repurchased	2,355	282,221
Aggregate purchase price	$ 117	$ 13,617
Average price per repurchased share	$ 49.61	$ 48.25

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Cost	$ 56,601	$ 10,801
Accumulated amortization	(13,757)	(9,554)
Net book value	42,844	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	(13,757)	(9,554)
Total, net book value	$ 48,715	$ 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 6 months	6 years 9 months 18 days
Cost	$ 50,244	$ 10,644
Accumulated amortization	(11,713)	(9,510)
Net book value	$ 38,531	$ 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 6 months	3 years 7 months 6 days
Cost	$ 3,257	$ 157
Accumulated amortization	(336)	(44)
Net book value	$ 2,921	$ 113
Customer Backlog [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	6 months
Average remaining life in years	1 month 6 days
Cost	$ 1,900
Accumulated amortization	(1,633)
Net book value	$ 267
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years
Average remaining life in years	7 years 6 months
Cost	$ 1,200
Accumulated amortization	(75)
Net book value	$ 1,125

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 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		1,700,000
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)	9 Months Ended
	Sep. 30, 2021SegmentCustomer	Sep. 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	4.00%	2.00%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021		Sep. 30, 2020		Dec. 31, 2020
Segment Reporting Information [Line Items]
Rental revenues		$ 103,269	$ 88,138	$ 283,937		$ 263,273
Rental related services revenues		31,513	25,040	73,870		70,026
Sales and other revenues				83,115		90,275
Total revenues		173,292	156,448	440,922		423,574
Depreciation of rental equipment		23,802	21,419	68,216		64,640
Gross profit		75,805	68,204	198,753		193,093
Selling and administrative expenses		39,907	30,871	109,305		93,365
Income from operations		35,898	37,333	89,448		99,728
Interest (expense) income allocation				(7,208)		(6,804)
Income before provision for income taxes		32,602	35,495	82,055		92,735
Rental equipment acquisitions				215,904		64,990
Accounts receivable, net (period end)		168,831	129,433	168,831		129,433		$ 123,316
Rental equipment, at cost (period end)		1,698,820	1,536,944	1,698,820		1,536,944		1,530,841
Rental equipment, net book value (period end)		1,063,462	948,125	1,063,462		948,125		$ 938,116
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues				159,118		141,172
Rental related services revenues				54,726		51,291
Sales and other revenues				49,770		52,910
Total revenues		110,394	95,413	263,614		245,373
Depreciation of rental equipment				20,437		17,177
Gross profit				125,357		116,928
Selling and administrative expenses				67,977		52,014
Income from operations				57,380		64,914
Interest (expense) income allocation				(4,401)		(3,982)
Income before provision for income taxes				52,979		60,932
Rental equipment acquisitions				162,579		31,667
Accounts receivable, net (period end)		118,467	85,033	118,467		85,033
Rental equipment, at cost (period end)		1,023,344	885,314	1,023,344		885,314
Rental equipment, net book value (period end)		737,807	613,357	$ 737,807		$ 613,357
Utilization (period end)	[1]			76.70%		76.50%
Average utilization	[1]			76.00%		77.50%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 84,340		$ 81,167
Rental related services revenues				2,149		2,296
Sales and other revenues				15,971		19,535
Total revenues		35,074	35,856	102,460		102,998
Depreciation of rental equipment				35,429		35,129
Gross profit				44,867		43,921
Selling and administrative expenses				18,381		18,198
Income from operations				26,486		25,723
Interest (expense) income allocation				(1,588)		(1,606)
Income before provision for income taxes				24,713		23,928
Rental equipment acquisitions				53,161		31,643
Accounts receivable, net (period end)		24,854	23,758	24,854		23,758
Rental equipment, at cost (period end)		363,799	335,520	363,799		335,520
Rental equipment, net book value (period end)		169,250	161,120	$ 169,250		$ 161,120
Utilization (period end)	[1]			66.90%		68.40%
Average utilization	[1]			67.40%		65.60%
Adler Tanks [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 40,479		$ 40,934
Rental related services revenues				16,995		16,439
Sales and other revenues				2,477		1,214
Total revenues		22,283	19,265	59,951		58,587
Depreciation of rental equipment				12,350		12,334
Gross profit				24,167		26,116
Selling and administrative expenses				18,853		18,998
Income from operations				5,314		7,118
Interest (expense) income allocation				(1,560)		(1,651)
Income before provision for income taxes				3,754		5,467
Rental equipment acquisitions				164		1,680
Accounts receivable, net (period end)		16,062	14,567	16,062		14,567
Rental equipment, at cost (period end)		311,677	316,110	311,677		316,110
Rental equipment, net book value (period end)		156,405	173,648	$ 156,405		$ 173,648
Utilization (period end)	[1]			50.40%		45.50%
Average utilization	[1]			44.00%		45.50%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	[2]			$ 14,897		$ 16,616
Total revenues		5,541	5,914	14,897	[2]	16,616	[2]
Gross profit	[2]			4,362		6,128
Selling and administrative expenses	[2]			4,094		4,155
Income from operations	[2]			268		1,973
Interest (expense) income allocation	[2]			341		435
Income before provision for income taxes	[2]			609		2,408
Accounts receivable, net (period end)	[2]	$ 9,448	$ 6,075	$ 9,448		$ 6,075
[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 $15,909 and $17,892 for the nine months ended September 30, 2021 and 2020, respectively. There were $1,012 and $1,276 inter-segment sales to Mobile Modular in the nine months ended September 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		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021		Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues		$ 173,292	$ 156,448	$ 440,922		$ 423,574
Sales revenues				$ (83,115)		$ (90,275)
Type of Revenue [Extensible List]				Sales [Member]		Sales [Member]
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues		(37,636)	(42,331)	$ (80,503)		$ (87,366)
Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues		5,541	5,914	14,897	[1]	16,616	[1]
Sales revenues	[1]			(14,897)		(16,616)
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Revenues		$ 110,394	$ 95,413	263,614		245,373
Sales revenues				(49,770)		(52,910)
Operating Segments [Member] | Enviroplex [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues				15,909		17,892
Inter-segment Eliminations [Member] | Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues				$ 1,012		$ 1,276
[1]	Gross Enviroplex sales revenues were $15,909 and $17,892 for the nine months ended September 30, 2021 and 2020, respectively. There were $1,012 and $1,276 inter-segment sales to Mobile Modular in the nine months ended September 30, 2021 and 2020, respectively, which required elimination in consolidation.

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)	May 17, 2021	Apr. 01, 2021	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Combined acquired goodwill			$ 132,387,000	$ 28,197,000
Goodwill deductible for tax purpose, period			15 years
Combined federal and state tax rate			28.00%
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	$ 267,300,000
Business acquisition, transaction costs	1,000,000
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	Sep. 30, 2021	May 17, 2021	Apr. 01, 2021	Dec. 31, 2020
Intangible assets:
Goodwill	$ 132,387			$ 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		(11,613)
Deferred income		(2,784)
Total purchase price		267,279
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	Sep. 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	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Pro-forma total revenues	$ 471,955	$ 496,963
Pro-forma net income	$ 64,618	$ 76,585
Pro-forma basic earnings per share	$ 2.67	$ 3.17
Pro-forma diluted earnings per share	$ 2.64	$ 3.12
Design Space and Kitchens To Go [Member]
Business Acquisition [Line Items]
Actual total revenues	$ 22,191
Actual net income	$ 177
Actual basic earnings per share	$ 0.01
Actual diluted earnings per share	$ 0.01