McGrath RentCorp (MGRC) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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		24,345,398
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
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Rental	$ 104,241	$ 86,087
Rental related services	24,317	19,669
Rental operations	128,558	105,756
Revenues	16,815	15,439
Total revenues	145,373	121,195
Direct costs of rental operations:
Depreciation of rental equipment	23,874	21,255
Rental related services	18,143	14,604
Other	27,823	19,707
Total direct costs of rental operations	69,840	55,566
Costs of sales	9,044	8,548
Total costs of revenues	78,884	64,114
Gross profit	66,489	57,081
Selling and administrative expenses	39,127	33,137
Income from operations	27,362	23,944
Other income (expense):
Interest expense	(2,820)	(1,783)
Foreign currency exchange gain (loss)	13	(55)
Income before provision for income taxes	24,555	22,106
Provision for income taxes	5,762	4,708
Net income	$ 18,793	$ 17,398
Earnings per share:
Basic	$ 0.77	$ 0.72
Diluted	$ 0.77	$ 0.71
Shares used in per share calculation:
Basic	24,285	24,153
Diluted	24,534	24,512
Cash dividends declared per share	$ 0.455	$ 0.435
Sales [Member]
Revenues
Revenues	$ 15,876	$ 14,611
Other [Member]
Revenues
Revenues	$ 939	$ 828

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 18,793	$ 17,398
Other comprehensive income:
Foreign currency translation adjustment, net of tax impact	3	38
Comprehensive income	$ 18,796	$ 17,436

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash	$ 1,603	$ 1,491
Accounts receivable, net of allowance for credit losses of $2,125 in 2022 and 2021	151,564	159,499
Rental equipment, at cost:
Relocatable modular buildings	1,059,030	1,040,094
Electronic test equipment	378,766	361,391
Liquid and solid containment tanks and boxes	308,790	309,908
Rental equipment, gross	1,746,586	1,711,393
Less: accumulated depreciation	(663,631)	(646,169)
Rental equipment, net	1,082,955	1,065,224
Property, plant and equipment, net	138,515	135,325
Prepaid expenses and other assets	50,732	54,945
Intangible assets, net	45,566	47,049
Goodwill	132,305	132,393
Total assets	1,603,240	1,595,926
Liabilities:
Notes payable	423,974	426,451
Accounts payable and accrued liabilities	138,690	136,313
Deferred income	63,939	58,716
Deferred income taxes, net	238,749	242,425
Total liabilities	865,352	863,905
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,335 shares as of March 31, 2022 and 24,260 shares as of December 31, 2021	106,765	108,610
Retained earnings	631,174	623,465
Accumulated other comprehensive loss	(51)	(54)
Total shareholders’ equity	737,888	732,021
Total liabilities and shareholders’ equity	$ 1,603,240	$ 1,595,926

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Allowance for credit losses	$ 2,125	$ 2,125
Common stock, par value
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,335,000	24,260,000
Common Stock, shares outstanding	24,335,000	24,260,000

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	$ 682,604	$ 106,289	$ 576,419	$ (104)
Balance, Shares at Dec. 31, 2019		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 $0.455 and $0.435, per share for three months ended March 31, 2022, and three months ended March 31,2021	(10,650)		(10,650)
Other comprehensive income	38			38
Balance at Mar. 31, 2020	687,685	$ 104,584	583,167	(66)
Balance, Shares at Mar. 31, 2020		24,206,000
Balance at Dec. 31, 2021	$ 732,021	$ 108,610	623,465	(54)
Balance, Shares at Dec. 31, 2021	24,260,000	24,260,000
Net income	$ 18,793		18,793
Share-based compensation	1,760	$ 1,760
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		75,000
Taxes paid related to net share settlement of stock awards	(3,605)	$ (3,605)
Dividends accrued of $0.455 and $0.435, per share for three months ended March 31, 2022, and three months ended March 31,2021	(11,084)		(11,084)
Other comprehensive income	3			3
Balance at Mar. 31, 2022	$ 737,888	$ 106,765	$ 631,174	$ (51)
Balance, Shares at Mar. 31, 2022	24,335,000	24,335,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash dividends declared per share	$ 0.455	$ 0.435
Retained Earnings [Member]
Cash dividends declared per share	$ 0.455	$ 0.435

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities:
Net income	$ 18,793	$ 17,398
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,584	23,460
Deferred income taxes	(3,676)	(3,258)
Provision for doubtful accounts	13	99
Share-based compensation	1,760	1,777
Gain on sale of used rental equipment	(5,364)	(4,794)
Foreign currency exchange (gain) loss	(13)	55
Amortization of debt issuance costs	4	3
Change in:
Accounts receivable	7,922	1,009
Prepaid expenses and other assets	4,213	(94)
Accounts payable and accrued liabilities	(4,716)	(2,633)
Deferred income	5,223	4,587
Net cash provided by operating activities	51,743	37,609
Cash Flows from Investing Activities:
Purchases of rental equipment	(39,430)	(17,984)
Purchases of property, plant and equipment	(5,417)	(981)
Proceeds from sales of used rental equipment	10,308	10,418
Net cash used in investing activities	(34,539)	(8,547)
Cash Flows from Financing Activities:
Net repayment under bank lines of credit	(2,482)	(13,931)
Taxes paid related to net share settlement of stock awards	(3,605)	(3,482)
Payment of dividends	(11,006)	(10,554)
Net cash used in financing activities	(17,093)	(27,967)
Effect of foreign currency exchange rate changes on cash	1	(4)
Net increase in cash	112	1,091
Cash balance, beginning of period	1,491	1,238
Cash balance, end of period	1,603	2,329
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	2,137	1,625
Net income taxes paid, during the period	420	372
Dividends accrued during the period, not yet paid	11,357	9,810
Rental equipment acquisitions, not yet paid	$ 12,869	$ 11,095

Condensed Consolidated Financia

Condensed Consolidated Financial Information	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Condensed Consolidated Financial Information	NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION The condensed consolidated financial statements for the three months ended March 31, 2022 and 2021 have not been audited, but in the opinion of management, all adjustments (consisting of normal recurring accruals, consolidating and eliminating entries) necessary for the fair presentation of the consolidated financial position, results of operations and cash flows of McGrath RentCorp (the “Company”) have been made. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. The consolidated results for the three months ended March 31, 2022 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, 2022 for the year ended December 31, 2021 (the “2021 Annual Report”).

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE 2. REVENUE RECOGNITION The Company’s accounting for revenues is governed by two accounting standards. The majority of the Company’s revenues are considered lease or lease related and are accounted for in accordance with Accounting Standards Codification (ASC) 842, Leases. Revenues determined to be non-lease related are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. 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 $21.8 million and $16.8 million at March 31, 2022 and December 31, 2021, respectively. Sales revenues totaling $2.2 million were recognized during the three months ended March 31, 2022, which were included in the contract liability balance at December 31, 2021. For certain modular building sales, the customer retains a small portion of the contract price until full completion of the contract, which results in revenue earned in excess of billings. These unbilled contract assets are included in Accounts receivable on the Company’s consolidated balance sheet and totaled $0.9 million and $1.3 million at March 31, 2022 and December 31, 2021, 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 months ended March 31, 2022, the Company’s lease revenues were $118.5 million, consisting of $117.8 million of operating lease revenues and $0.7 million of finance lease revenues. The Company has entered into finance leases to finance certain equipment sales to customers. The lease agreements have a bargain purchase option at the end of the lease term. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a 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 months ended March 31, 2022 include $0.6 million of sales revenues and $0.1 million of interest income. 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 ASC 842) and non-lease revenues (within the scope of ASC 606) and the underlying service provided for the three months ended March 31, 2022 and 2021: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended March 31, 2022 Leasing $ 74,595 $ 29,411 $ 14,478 $ — $ 118,484 Non-lease: Rental related services 5,650 551 5,185 — 11,386 Sales 10,375 3,278 657 917 15,227 Other 25 251 — — 276 Total non-lease 16,050 4,080 5,842 917 26,889 Total revenues $ 90,645 $ 33,491 $ 20,320 $ 917 $ 145,373 2021 Leasing $ 57,803 $ 27,813 $ 12,339 $ — $ 97,955 Non-lease: Rental related services 3,206 608 4,761 — 8,575 Sales 7,620 4,877 608 1,234 14,339 Other 19 305 2 — 326 Total non-lease 10,845 5,790 5,371 1,234 23,240 Total revenues $ 68,648 $ 33,603 $ 17,710 $ 1,234 $ 121,195 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	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 3. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed as net income divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effect of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended March 31, (in thousands) 2022 2021 Weighted-average number of shares of common stock for calculating basic earnings per share 24,285 24,153 Effect of potentially dilutive securities from equity-based compensation 249 359 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,534 24,512 There were no anti-dilutive securities excluded from the computation of diluted earnings per share in the three months ended March 31, 2022 and 2021. The Company has in the past made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, 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. There were no shares repurchased during the three months ended March 31, 2022 and 2021. As of March 31, 2022, 1,309,805 shares remained authorized for repurchase under the Repurchase Plan.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 4. INTANGIBLE ASSETS Intangible assets consist of the following: (dollar amounts in thousands) Estimated useful life in years Average remaining life in years Cost Accumulated amortization Net book value March 31, 2022 Customer relationships 8 to 11 7.1 $ 50,285 $ (14,271 ) $ 36,014 Non-compete agreements 5 4.0 3,296 (665 ) 2,631 Customer backlog 0.5 — 1,900 (1,900 ) — Trade name 8 7.0 1,200 (150 ) 1,050 Total amortizing 56,681 (16,986 ) 39,695 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,552 $ (16,986 ) $ 45,566 December 31, 2021 Customer relationships 8 to 11 7.3 $ 50,285 $ (12,991 ) $ 37,294 Non-compete agreements 5 4.2 3,296 (499 ) 2,797 Customer backlog 0.5 — 1,900 (1,900 ) — Trade name 8 7.3 1,200 (113 ) 1,087 Total amortizing 56,681 (15,503 ) 41,178 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,552 $ (15,503 ) $ 47,049

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	NOTE 5. 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 2021 Annual Report. Management focuses on several key measures to evaluate and assess each segment’s performance, including rental revenue growth, gross profit and gross margins, income from operations, income before provision for income taxes and adjusted EBITDA. 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 amongst Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. Summarized financial information for the three months ended March 31, 2022 and 2021 for the Company’s reportable segments is shown in the following table: (dollar amounts in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex 1 Consolidated Three Months Ended March 31, 2022 Rental revenues $ 61,538 $ 28,512 $ 14,191 $ — $ 104,241 Rental related services revenues 18,361 671 5,285 — 24,317 Sales and other revenues 10,746 4,308 844 917 16,815 Total revenues 90,645 33,491 20,320 917 145,373 Depreciation of rental equipment 7,833 12,029 4,012 — 23,874 Gross profit 43,141 14,690 8,454 204 66,489 Selling and administrative expenses 24,692 6,590 6,522 1,323 39,127 Income (loss) from operations 18,449 8,100 1,932 (1,119 ) 27,362 Interest (expense) income allocation (1,821 ) (586 ) (544 ) 131 (2,820 ) Income (loss) before provision for income taxes 16,628 7,527 1,388 (988 ) 24,555 Adjusted EBITDA 30,405 20,653 6,707 (1,046 ) 56,719 Rental equipment acquisitions 23,088 23,351 109 — 46,548 Accounts receivable, net (period end) 106,682 25,124 14,788 4,970 151,564 Rental equipment, at cost (period end) 1,059,030 378,766 308,790 — 1,746,586 Rental equipment, net book value (period end) 763,710 171,863 147,382 — 1,082,955 Utilization (period end) 2 77.6 % 64.7 % 50.4 % Average utilization 2 77.1 % 64.6 % 48.3 % 2021 Rental revenues $ 46,657 $ 27,276 $ 12,154 $ — $ 86,087 Rental related services revenues 14,051 740 4,878 — 19,669 Sales and other revenues 7,940 5,587 678 1,234 15,439 Total revenues 68,648 33,603 17,710 1,234 121,195 Depreciation of rental equipment 5,819 11,362 4,074 — 21,255 Gross profit 34,934 14,753 7,043 351 57,081 Selling and administrative expenses 19,237 6,298 6,267 1,335 33,137 Income (loss) from operations 15,697 8,455 776 (984 ) 23,944 Interest (expense) income allocation (1,046 ) (420 ) (431 ) 114 (1,783 ) Income (loss) before provision for income taxes 14,651 7,980 345 (870 ) 22,106 Adjusted EBITDA 23,955 20,392 5,700 (921 ) 49,126 Rental equipment acquisitions 8,428 16,380 (102 ) — 24,706 Accounts receivable, net (period end) 81,378 21,367 13,030 6,433 122,208 Rental equipment, at cost (period end) 886,299 342,105 314,444 — 1,542,848 Rental equipment, net book value (period end) 611,097 159,410 165,436 — 935,943 Utilization (period end) 2 75.8 % 69.2 % 43.0 % Average utilization 2 75.8 % 68.1 % 40.3 % 1. Gross Enviroplex sales revenues were $917 and $2,090 for the three months ended March 31, 2022 and 2021, respectively. There were $0 and $856 inter-segment sales to Mobile Modular in the three months ended March 31, 2022 and 2021, 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 three months ended March 31, 2022 and 2021. Revenues from foreign country customers accounted for 4% and 5% of the Company’s total revenues for the same periods, respectively.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Acquisitions	NOTE 6. 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 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 $1.7 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 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 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 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 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 three months ended March 31, 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: (Unaudited) Three months ended March 31, (dollar amounts in thousands, except for per share amounts) 2022 2021 Pro-forma total revenues $ 145,373 $ 141,304 Pro-forma net income $ 18,793 $ 18,890 Pro-forma basic earnings per share $ 0.77 $ 0.78 Pro-forma diluted earnings per share $ 0.77 $ 0.77 Design Space and Kitchens To Go Actual total revenues $ 18,174 Actual net income $ 1,543 Actual basic earnings per share $ 0.06 Actual diluted earnings per share $ 0.06 On December 31, 2021 the Company completed the purchase of the assets of Titan Storage Containers, LLC (“Titan”) for $6.6 million in cash consideration on the closing date and $0.3 million remaining liability to the seller. The acquisition was accounted for as a purchase of “assets” in accordance with criteria in ASC 805 and the initial assessment of the fair value of the purchased assets was allocated primarily to rental equipment totaling $6.2 million and rolling stock assets totaling $0.8 million, partially offset by accrued liabilities of $0.2 million. The rolling stock assets include delivery trucks, delivery trailers, trucks and forklifts. Supplemental pro forma prior year information has not been provided as the historical financial results of Titan were not significant. Incremental transaction costs associated with the asset purchase were not significant.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
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 ASC 842) and non-lease revenues (within the scope of ASC 606) and the underlying service provided for the three months ended March 31, 2022 and 2021: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended March 31, 2022 Leasing $ 74,595 $ 29,411 $ 14,478 $ — $ 118,484 Non-lease: Rental related services 5,650 551 5,185 — 11,386 Sales 10,375 3,278 657 917 15,227 Other 25 251 — — 276 Total non-lease 16,050 4,080 5,842 917 26,889 Total revenues $ 90,645 $ 33,491 $ 20,320 $ 917 $ 145,373 2021 Leasing $ 57,803 $ 27,813 $ 12,339 $ — $ 97,955 Non-lease: Rental related services 3,206 608 4,761 — 8,575 Sales 7,620 4,877 608 1,234 14,339 Other 19 305 2 — 326 Total non-lease 10,845 5,790 5,371 1,234 23,240 Total revenues $ 68,648 $ 33,603 $ 17,710 $ 1,234 $ 121,195

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share	The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended March 31, (in thousands) 2022 2021 Weighted-average number of shares of common stock for calculating basic earnings per share 24,285 24,153 Effect of potentially dilutive securities from equity-based compensation 249 359 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,534 24,512

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Intangible assets consist of the following: (dollar amounts in thousands) Estimated useful life in years Average remaining life in years Cost Accumulated amortization Net book value March 31, 2022 Customer relationships 8 to 11 7.1 $ 50,285 $ (14,271 ) $ 36,014 Non-compete agreements 5 4.0 3,296 (665 ) 2,631 Customer backlog 0.5 — 1,900 (1,900 ) — Trade name 8 7.0 1,200 (150 ) 1,050 Total amortizing 56,681 (16,986 ) 39,695 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,552 $ (16,986 ) $ 45,566 December 31, 2021 Customer relationships 8 to 11 7.3 $ 50,285 $ (12,991 ) $ 37,294 Non-compete agreements 5 4.2 3,296 (499 ) 2,797 Customer backlog 0.5 — 1,900 (1,900 ) — Trade name 8 7.3 1,200 (113 ) 1,087 Total amortizing 56,681 (15,503 ) 41,178 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,552 $ (15,503 ) $ 47,049

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the three months ended March 31, 2022 and 2021 for the Company’s reportable segments is shown in the following table: (dollar amounts in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex 1 Consolidated Three Months Ended March 31, 2022 Rental revenues $ 61,538 $ 28,512 $ 14,191 $ — $ 104,241 Rental related services revenues 18,361 671 5,285 — 24,317 Sales and other revenues 10,746 4,308 844 917 16,815 Total revenues 90,645 33,491 20,320 917 145,373 Depreciation of rental equipment 7,833 12,029 4,012 — 23,874 Gross profit 43,141 14,690 8,454 204 66,489 Selling and administrative expenses 24,692 6,590 6,522 1,323 39,127 Income (loss) from operations 18,449 8,100 1,932 (1,119 ) 27,362 Interest (expense) income allocation (1,821 ) (586 ) (544 ) 131 (2,820 ) Income (loss) before provision for income taxes 16,628 7,527 1,388 (988 ) 24,555 Adjusted EBITDA 30,405 20,653 6,707 (1,046 ) 56,719 Rental equipment acquisitions 23,088 23,351 109 — 46,548 Accounts receivable, net (period end) 106,682 25,124 14,788 4,970 151,564 Rental equipment, at cost (period end) 1,059,030 378,766 308,790 — 1,746,586 Rental equipment, net book value (period end) 763,710 171,863 147,382 — 1,082,955 Utilization (period end) 2 77.6 % 64.7 % 50.4 % Average utilization 2 77.1 % 64.6 % 48.3 % 2021 Rental revenues $ 46,657 $ 27,276 $ 12,154 $ — $ 86,087 Rental related services revenues 14,051 740 4,878 — 19,669 Sales and other revenues 7,940 5,587 678 1,234 15,439 Total revenues 68,648 33,603 17,710 1,234 121,195 Depreciation of rental equipment 5,819 11,362 4,074 — 21,255 Gross profit 34,934 14,753 7,043 351 57,081 Selling and administrative expenses 19,237 6,298 6,267 1,335 33,137 Income (loss) from operations 15,697 8,455 776 (984 ) 23,944 Interest (expense) income allocation (1,046 ) (420 ) (431 ) 114 (1,783 ) Income (loss) before provision for income taxes 14,651 7,980 345 (870 ) 22,106 Adjusted EBITDA 23,955 20,392 5,700 (921 ) 49,126 Rental equipment acquisitions 8,428 16,380 (102 ) — 24,706 Accounts receivable, net (period end) 81,378 21,367 13,030 6,433 122,208 Rental equipment, at cost (period end) 886,299 342,105 314,444 — 1,542,848 Rental equipment, net book value (period end) 611,097 159,410 165,436 — 935,943 Utilization (period end) 2 75.8 % 69.2 % 43.0 % Average utilization 2 75.8 % 68.1 % 40.3 % 1. Gross Enviroplex sales revenues were $917 and $2,090 for the three months ended March 31, 2022 and 2021, respectively. There were $0 and $856 inter-segment sales to Mobile Modular in the three months ended March 31, 2022 and 2021, 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)	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following tables summarize the 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 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: (Unaudited) Three months ended March 31, (dollar amounts in thousands, except for per share amounts) 2022 2021 Pro-forma total revenues $ 145,373 $ 141,304 Pro-forma net income $ 18,793 $ 18,890 Pro-forma basic earnings per share $ 0.77 $ 0.78 Pro-forma diluted earnings per share $ 0.77 $ 0.77 Design Space and Kitchens To Go Actual total revenues $ 18,174 Actual net income $ 1,543 Actual basic earnings per share $ 0.06 Actual diluted earnings per share $ 0.06

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Period for credit risk identified	30 days
Sales revenues totaling	$ 2.2
Lease revenue	118.5
Operating lease revenue	117.8
Finance lease revenue	0.7
Finance lease revenue, sales revenue	0.6
Finance lease revenue, interest income	$ 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	$ 21.8	$ 16.8
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 0.9	$ 1.3

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregates the Company's Revenue by Lease and Non Lease (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Leasing revenues		$ 118,500
Total non-lease revenues		16,815	$ 15,439
Total revenues		145,373	121,195
Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		118,484	97,955
Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		11,386	8,575
Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		15,227	14,339
Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		276	326
Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		26,889	23,240
Mobile Modular [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		10,746	7,940
Total revenues		90,645	68,648
Mobile Modular [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		74,595	57,803
Mobile Modular [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		5,650	3,206
Mobile Modular [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		10,375	7,620
Mobile Modular [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		25	19
Mobile Modular [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		16,050	10,845
TRS-RenTelco [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		4,308	5,587
Total revenues		33,491	33,603
TRS-RenTelco [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		29,411	27,813
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		551	608
TRS-RenTelco [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		3,278	4,877
TRS-RenTelco [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		251	305
TRS-RenTelco [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		4,080	5,790
Adler Tanks [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		844	678
Total revenues		20,320	17,710
Adler Tanks [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		14,478	12,339
Adler Tanks [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		5,185	4,761
Adler Tanks [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		657	608
Adler Tanks [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues			2
Adler Tanks [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		5,842	5,371
Enviroplex [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	[1]	917	1,234
Total revenues	[1]	917	1,234
Enviroplex [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		917	1,234
Enviroplex [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		$ 917	$ 1,234
[1]	Gross Enviroplex sales revenues were $917 and $2,090 for the three months ended March 31, 2022 and 2021, respectively. There were $0 and $856 inter-segment sales to Mobile Modular in the three months ended March 31, 2022 and 2021, 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
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,285	24,153
Effect of potentially dilutive securities from equity-based compensation	249	359
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,534	24,512

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Aug. 31, 2015
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from computation of diluted earnings per share	0	0
Shares repurchased	0	0
Shares remain authorized for repurchase	1,309,805
Maximum [Member]
Earnings Per Share Basic [Line Items]
Common stock shares authorized for repurchase			2,000,000

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Cost	$ 56,681	$ 56,681
Accumulated amortization	(16,986)	(15,503)
Net book value	39,695	41,178
Indefinite, cost	5,871	5,871
Indefinite, net book value	5,871	5,871
Total, cost	62,552	62,552
Total, accumulated amortization	(16,986)	(15,503)
Total, net book value	$ 45,566	$ 47,049
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years
Average remaining life in years	7 years 1 month 6 days	7 years 3 months 18 days
Cost	$ 50,285	$ 50,285
Accumulated amortization	(14,271)	(12,991)
Net book value	$ 36,014	$ 37,294
Customer Relationships [Member] | Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years
Customer Relationships [Member] | Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	11 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	4 years 2 months 12 days
Cost	$ 3,296	$ 3,296
Accumulated amortization	(665)	(499)
Net book value	$ 2,631	$ 2,797
Customer Backlog [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	6 months	6 months
Average remaining life in years	0 years	0 years
Cost	$ 1,900	$ 1,900
Accumulated amortization	$ (1,900)	$ (1,900)
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years
Average remaining life in years	7 years	7 years 3 months 18 days
Cost	$ 1,200	$ 1,200
Accumulated amortization	(150)	(113)
Net book value	$ 1,050	$ 1,087

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 0	$ 0
Amortization expense	1,500,000		$ 100,000
Subsequent impairment of the underlying assets	0
Expected annual amortization expense for 2022	4,400,000
Expected annual amortization expense for 2023	5,900,000
Expected annual amortization expense for 2024	5,900,000
Expected annual amortization expense for 2025	5,900,000
Expected annual amortization expense for 2026	5,400,000
Expected annual amortization expense for 2027	$ 5,200,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022SegmentCustomer	Mar. 31, 2021Customer
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%	5.00%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Rental revenues		$ 104,241	$ 86,087
Rental related services revenues		24,317	19,669
Sales and other revenues		16,815	15,439
Total revenues		145,373	121,195
Depreciation of rental equipment		23,874	21,255
Gross profit		66,489	57,081
Selling and administrative expenses		39,127	33,137
Income from operations		27,362	23,944
Interest (expense) income allocation		(2,820)	(1,783)
Income (loss) before provision for income taxes		24,555	22,106
Adjusted EBITDA		56,719	49,126
Rental equipment acquisitions		46,548	24,706
Accounts receivable, net (period end)		151,564	122,208	$ 159,499
Rental equipment, at cost (period end)		1,746,586	1,542,848	1,711,393
Rental equipment, net book value (period end)		1,082,955	935,943	$ 1,065,224
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues		61,538	46,657
Rental related services revenues		18,361	14,051
Sales and other revenues		10,746	7,940
Total revenues		90,645	68,648
Depreciation of rental equipment		7,833	5,819
Gross profit		43,141	34,934
Selling and administrative expenses		24,692	19,237
Income from operations		18,449	15,697
Interest (expense) income allocation		(1,821)	(1,046)
Income (loss) before provision for income taxes		16,628	14,651
Adjusted EBITDA		30,405	23,955
Rental equipment acquisitions		23,088	8,428
Accounts receivable, net (period end)		106,682	81,378
Rental equipment, at cost (period end)		1,059,030	886,299
Rental equipment, net book value (period end)		$ 763,710	$ 611,097
Utilization (period end)	[1]	77.60%	75.80%
Average utilization	[1]	77.10%	75.80%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues		$ 28,512	$ 27,276
Rental related services revenues		671	740
Sales and other revenues		4,308	5,587
Total revenues		33,491	33,603
Depreciation of rental equipment		12,029	11,362
Gross profit		14,690	14,753
Selling and administrative expenses		6,590	6,298
Income from operations		8,100	8,455
Interest (expense) income allocation		(586)	(420)
Income (loss) before provision for income taxes		7,527	7,980
Adjusted EBITDA		20,653	20,392
Rental equipment acquisitions		23,351	16,380
Accounts receivable, net (period end)		25,124	21,367
Rental equipment, at cost (period end)		378,766	342,105
Rental equipment, net book value (period end)		$ 171,863	$ 159,410
Utilization (period end)	[1]	64.70%	69.20%
Average utilization	[1]	64.60%	68.10%
Adler Tanks [Member]
Segment Reporting Information [Line Items]
Rental revenues		$ 14,191	$ 12,154
Rental related services revenues		5,285	4,878
Sales and other revenues		844	678
Total revenues		20,320	17,710
Depreciation of rental equipment		4,012	4,074
Gross profit		8,454	7,043
Selling and administrative expenses		6,522	6,267
Income from operations		1,932	776
Interest (expense) income allocation		(544)	(431)
Income (loss) before provision for income taxes		1,388	345
Adjusted EBITDA		6,707	5,700
Rental equipment acquisitions		109	(102)
Accounts receivable, net (period end)		14,788	13,030
Rental equipment, at cost (period end)		308,790	314,444
Rental equipment, net book value (period end)		$ 147,382	$ 165,436
Utilization (period end)	[1]	50.40%	43.00%
Average utilization	[1]	48.30%	40.30%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	[2]	$ 917	$ 1,234
Total revenues	[2]	917	1,234
Gross profit	[2]	204	351
Selling and administrative expenses	[2]	1,323	1,335
Income from operations	[2]	(1,119)	(984)
Interest (expense) income allocation	[2]	131	114
Income (loss) before provision for income taxes	[2]	(988)	(870)
Adjusted EBITDA	[2]	(1,046)	(921)
Accounts receivable, net (period end)	[2]	$ 4,970	$ 6,433
[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 $917 and $2,090 for the three months ended March 31, 2022 and 2021, respectively. There were $0 and $856 inter-segment sales to Mobile Modular in the three months ended March 31, 2022 and 2021, 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
		Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenues		$ 145,373	$ 121,195
Sales revenues		16,815	15,439
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues		15,876	14,611
Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	917	1,234
Sales revenues	[1]	917	1,234
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Revenues		90,645	68,648
Sales revenues		10,746	7,940
Operating Segments [Member] | Enviroplex [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues		917	2,090
Inter-segment Eliminations [Member] | Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues		$ 0	$ 856
[1]	Gross Enviroplex sales revenues were $917 and $2,090 for the three months ended March 31, 2022 and 2021, respectively. There were $0 and $856 inter-segment sales to Mobile Modular in the three months ended March 31, 2022 and 2021, respectively, which required elimination in consolidation.

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)	May 17, 2021	Apr. 01, 2021	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Combined acquired goodwill			$ 132,305,000	$ 132,393,000
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
Trade Name
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			8 years	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	6 months
Design Space Modular Buildings PNW, LP [Member]
Business Acquisition [Line Items]
Purchase of assets	$ 267,300,000
Business acquisition, transaction costs	1,700,000
Combined acquired goodwill	101,874,000
Rental equipment	$ 116,272,000
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
Rental equipment		$ 12,853,000
Design Space and Kitchens To Go [Member]
Business Acquisition [Line Items]
Combined acquired goodwill			$ 104,196
Titan Storage Containers, LLC [Member]
Business Acquisition [Line Items]
Purchase of assets				$ 6,600,000
Business combination remaining liability to seller				300,000
Rental equipment				6,200,000
Rolling stock assets				800,000
Accrued liabilities				$ 200,000

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	Mar. 31, 2022	Dec. 31, 2021	May 17, 2021	Apr. 01, 2021
Intangible assets:
Goodwill	$ 132,305	$ 132,393
Design Space Modular Buildings PNW, LP [Member]
Business Acquisition [Line Items]
Rental equipment			$ 116,272
Intangible assets:
Goodwill			101,874
Accounts receivable			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				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 Pro F

Acquisitions - Summary of Pro Forma Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Pro-forma total revenues	$ 145,373	$ 141,304
Pro-forma net income	$ 18,793	$ 18,890
Pro-forma basic earnings per share	$ 0.77	$ 0.78
Pro-forma diluted earnings per share	$ 0.77	$ 0.77
Design Space and Kitchens To Go [Member]
Business Acquisition [Line Items]
Actual total revenues	$ 18,174
Actual net income	$ 1,543
Actual basic earnings per share	$ 0.06
Actual diluted earnings per share	$ 0.06