McGrath RentCorp (MGRC) 10-Q 28 Jul 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 27, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	MGRC
Security Exchange Name	NASDAQ
Entity Registrant Name	McGRATH RENTCORP
Entity Central Index Key	0000752714
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Entity File Number	000-13292
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	94-2579843
Entity Address, Address Line One	5700 Las Positas Road
Entity Address, City or Town	Livermore
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94551-7800
City Area Code	925
Local Phone Number	606-9200
Entity Common Stock, Shares Outstanding		24,378,043
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Rental	$ 110,624	$ 94,581	$ 214,865	$ 180,668
Rental related services	28,819	22,688	53,136	42,357
Rental operations	139,443	117,269	268,001	223,025
Revenues			54,403	44,605
Total revenues	177,031	146,435	322,404	267,630
Direct costs of rental operations:
Depreciation of rental equipment	24,064	23,159	47,938	44,414
Rental related services	20,853	17,276	38,996	31,880
Other	32,825	23,278	60,648	42,985
Total direct costs of rental operations	77,742	63,713	147,582	119,279
Costs of sales	21,452	16,855	30,496	25,403
Total costs of revenues	99,194	80,568	178,078	144,682
Gross profit	77,837	65,867	144,326	122,948
Selling and administrative expenses	40,788	36,261	79,915	69,398
Income from operations	37,049	29,606	64,411	53,550
Other expense:
Interest expense	(3,001)	(2,257)	(5,821)	(4,040)
Foreign currency exchange loss	(181)	(2)	(168)	(57)
Income before provision for income taxes	33,867	27,347	58,422	49,453
Provision for income taxes	7,730	6,739	13,492	11,447
Net income	$ 26,137	$ 20,608	$ 44,930	$ 38,006
Earnings per share:
Basic	$ 1.07	$ 0.85	$ 1.85	$ 1.57
Diluted	$ 1.07	$ 0.84	$ 1.83	$ 1.55
Shares used in per share calculation:
Basic	24,360	24,229	24,323	24,191
Diluted	24,509	24,494	24,522	24,505
Cash dividends declared per share	$ 0.455	$ 0.435	$ 0.910	$ 0.870
Sales [Member]
Revenues
Revenues	$ 36,471	$ 28,256	$ 52,347	$ 42,867
Other [Member]
Revenues
Revenues	$ 1,117	$ 910	$ 2,056	$ 1,738

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 26,137	$ 20,608	$ 44,930	$ 38,006
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax impact	61	(3)	64	35
Comprehensive income	$ 26,198	$ 20,605	$ 44,994	$ 38,041

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash	$ 874	$ 1,491
Accounts receivable, net of allowance for credit losses of $2,125 in 2022 and 2021	167,329	159,499
Rental equipment, at cost:
Relocatable modular buildings	1,075,898	1,040,094
Electronic test equipment	389,383	361,391
Liquid and solid containment tanks and boxes	309,010	309,908
Rental equipment, gross	1,774,291	1,711,393
Less: accumulated depreciation	(676,766)	(646,169)
Rental equipment, net	1,097,525	1,065,224
Property, plant and equipment, net	137,465	135,325
Prepaid expenses and other assets	65,800	54,945
Intangible assets, net	44,086	47,049
Goodwill	132,305	132,393
Total assets	1,645,384	1,595,926
Liabilities:
Notes payable	441,460	426,451
Accounts payable and accrued liabilities	137,729	136,313
Deferred income	77,551	58,716
Deferred income taxes, net	236,610	242,425
Total liabilities	893,350	863,905
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,378 shares as of June 30, 2022 and 24,260 shares as of December 31, 2021	105,894	108,610
Retained earnings	646,130	623,465
Accumulated other comprehensive income (loss)	10	(54)
Total shareholders’ equity	752,034	732,021
Total liabilities and shareholders’ equity	$ 1,645,384	$ 1,595,926

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 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	24,378,000	24,260,000
Common Stock, shares outstanding	24,378,000	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, 2020	$ 682,604	$ 106,289	$ 576,419	$ (104)
Balance, Shares at Dec. 31, 2020		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, $0.455, $0.435, $0.435, per share for three months ended March 31, 2022, June 30,2022, and three months ended March 31, 2021 and June 30, 2021	(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
Net income	38,006
Balance at Jun. 30, 2021	698,121	$ 105,058	593,132	(69)
Balance, Shares at Jun. 30, 2021		24,245,000
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 $0.455, $0.455, $0.435, $0.435, per share for three months ended March 31, 2022, June 30,2022, and three months ended March 31, 2021 and June 30, 2021	(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
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, $0.455, $0.435, $0.435, per share for three months ended March 31, 2022, June 30,2022, and three months ended March 31, 2021 and June 30, 2021	(11,084)		(11,084)
Other comprehensive income (loss)	3			3
Balance at Mar. 31, 2022	737,888	$ 106,765	631,174	(51)
Balance, Shares at Mar. 31, 2022		24,335,000
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	$ 44,930
Balance at Jun. 30, 2022	$ 752,034	$ 105,894	646,130	10
Balance, Shares at Jun. 30, 2022	24,378,000	24,378,000
Balance at Mar. 31, 2022	$ 737,888	$ 106,765	631,174	(51)
Balance, Shares at Mar. 31, 2022		24,335,000
Net income	26,137		26,137
Share-based compensation	1,652	$ 1,652
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		43,000
Taxes paid related to net share settlement of stock awards	(2,523)	$ (2,523)
Dividends accrued of $0.455, $0.455, $0.435, $0.435, per share for three months ended March 31, 2022, June 30,2022, and three months ended March 31, 2021 and June 30, 2021	(11,181)		(11,181)
Other comprehensive income (loss)	61			61
Balance at Jun. 30, 2022	$ 752,034	$ 105,894	$ 646,130	$ 10
Balance, Shares at Jun. 30, 2022	24,378,000	24,378,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Cash dividends declared per share	$ 0.455		$ 0.435
Retained Earnings [Member]
Cash dividends declared per share	$ 0.455	$ 0.455	$ 0.435	$ 0.435

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net income	$ 44,930	$ 38,006
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	55,355	50,559
Deferred income taxes	(5,815)	7,268
Provision for doubtful accounts	49	138
Share-based compensation	3,412	3,597
Gain on sale of used rental equipment	(16,093)	(11,870)
Foreign currency exchange loss	168	57
Amortization of debt issuance costs	9	6
Change in:
Accounts receivable	(7,879)	(5,494)
Prepaid expenses and other assets	(10,855)	(9,385)
Accounts payable and accrued liabilities	(73)	17,642
Deferred income	18,835	7,458
Net cash provided by operating activities	82,043	97,982
Cash Flows from Investing Activities:
Purchases of rental equipment	(94,820)	(58,902)
Purchases of property, plant and equipment	(6,594)	(2,272)
Cash paid for acquisition of businesses		(284,341)
Proceeds from sales of used rental equipment	31,830	24,674
Net cash used in investing activities	(69,584)	(320,841)
Cash Flows from Financing Activities:
Net borrowings under bank lines of credit	15,000	189,983
Borrowings under note purchase agreement		60,000
Taxes paid related to net share settlement of stock awards	(6,128)	(4,828)
Payment of dividends	(22,083)	(21,089)
Net cash (used in) provided by financing activities	(13,211)	224,066
Effect of foreign currency exchange rate changes on cash	135	(33)
Net (decrease) increase in cash	(617)	1,174
Cash balance, beginning of period	1,491	1,238
Cash balance, end of period	874	2,412
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	5,821	3,987
Net income taxes paid, during the period	17,078	6,990
Dividends accrued during the period, not yet paid	11,009	9,918
Rental equipment acquisitions, not yet paid	$ 6,906	$ 8,502

Condensed Consolidated Financia

Condensed Consolidated Financial Information	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Condensed Consolidated Financial Information	NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION The condensed consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 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”).

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2022
Accounting Changes And Error Corrections [Abstract]
New Accounting Pronouncements	NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS In March 2022, the FASB issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the separate recognition and measurement guidance for troubled debt restructurings by creditors. In addition, the ASU requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of FASB ASC 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2022
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 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 $34.3 million and $16.8 million at June 30, 2022 and December 31, 2021, respectively. Sales revenues totaling $4.2 million and $6.5 million were recognized during the three and six months ended June 30, 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 $1.8 million and $1.3 million at June 30, 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 and six months ended June 30, 2022, the Company’s lease revenues were $126.8 million and $245.3 million, respectively, consisting of $125.8 million and $243.6 million of operating lease revenues, respectively, and $1.0 million and $1.7 million of finance lease revenues, respectively. The Company has entered into finance leases to finance certain equipment sales to customers. The lease agreements have a bargain purchase option at the end of the lease term. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a straight-line basis, which results in a constant rate of return on the unrecovered lease investment. The Company’s finance lease revenues for the three and six months ended June 30, 2022 include $0.9 million and $1.5 million of sales revenues, respectively, and $0.1 million and $0.2 million of interest income, respectively. Non-Lease Revenues Non-lease revenues are recognized in the period when control of the performance obligation is transferred, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For liquid and solid containment solutions, portable storage containers and electronic test equipment, rental related services revenues for delivery and return delivery are considered non-lease revenues. Sales revenues are typically recognized at a point in time, which occurs upon the completion of delivery, installation and acceptance of the equipment by the customer. Accounting for non-lease revenues requires judgment in determining the point in time the customer gains control of the equipment and the appropriate accounting period to recognize revenue. Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses. The following table disaggregates the Company’s revenues by lease (within the scope of ASC 842) and non-lease revenues (within the scope of ASC 606) and the underlying service provided for the three months ended June 30, 2022 and 2021: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended June 30, 2022 Leasing $ 79,671 $ 30,909 $ 16,244 $ — $ 126,824 Non-lease: Rental related services 6,883 683 6,636 — 14,202 Sales 24,816 5,462 601 4,650 35,529 Other 7 287 182 — 476 Total non-lease 31,706 6,432 7,419 4,650 50,207 Total revenues $ 111,377 $ 37,341 $ 23,663 $ 4,650 $ 177,031 2021 Leasing $ 65,184 $ 28,717 $ 13,609 $ — $ 107,510 Non-lease: Rental related services 4,584 621 5,713 — 10,918 Sales 14,784 4,108 593 8,122 27,607 Other 20 337 43 — 400 Total non-lease 19,388 5,066 6,349 8,122 38,925 Total revenues $ 84,572 $ 33,783 $ 19,958 $ 8,122 $ 146,435 Six Months Ended June 30, 2022 Leasing $ 154,265 $ 60,319 $ 30,723 $ — $ 245,307 Non-lease: Rental related services 12,533 1,235 11,821 — 25,589 Sales 35,191 8,741 1,258 5,567 50,757 Other 33 537 181 — 751 Total non-lease 47,757 10,513 13,260 5,567 77,097 Total revenues $ 202,022 $ 70,832 $ 43,983 $ 5,567 $ 322,404 2021 Leasing $ 122,987 $ 56,530 $ 25,947 $ — $ 205,464 Non-lease: Rental related services 7,790 1,229 10,474 — 19,493 Sales 22,404 8,984 1,201 9,356 41,945 Other 39 643 46 — 728 Total non-lease 30,233 10,856 11,721 9,356 62,166 Total revenues $ 153,220 $ 67,386 $ 37,668 $ 9,356 $ 267,630 Customer returns of rental equipment prior to the end of the rental contract term are typically billed a cancellation fee, which is recorded as rental revenue in the period billed. Sales of new relocatable modular buildings, portable storage containers, electronic test equipment and related accessories and liquid and solid containment tanks and boxes not manufactured by the Company are typically covered by warranties provided by the manufacturer of the products sold. The Company typically provides limited 90-day warranties for certain sales of used rental equipment and one-year The Company’s incremental cost of obtaining lease contracts, which consists of salesperson commissions, are deferred and amortized over the initial lease term for modular leases. Incremental costs for obtaining a contract for all other operating segments are expensed in the period incurred because the lease term is typically less than 12 months.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 4. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed as net income divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effect of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Weighted-average number of shares of common stock for calculating basic earnings per share 24,360 24,229 24,323 24,191 Effect of potentially dilutive securities from equity-based compensation 149 265 199 314 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,509 24,494 24,522 24,505 There were 7,315 anti-dilutive securities excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2022 and no anti-dilutive securities excluded for the same period in 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 and six months ended June 30, 2022 and 2021. As of June 30, 2022, 1,309,805 shares remained authorized for repurchase under the Repurchase Plan.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 5. INTANGIBLE ASSETS Intangible assets consist of the following: (dollar amounts in thousands) Estimated useful life in years Average remaining life in years Cost Accumulated amortization Net book value June 30, 2022 Customer relationships 8 to 11 6.8 $ 50,285 $ (15,548 ) $ 34,737 Non-compete agreements 5 3.7 3,296 (830 ) 2,466 Customer backlog 0.5 — 2,200 (2,200 ) — Trade name 8 6.8 1,200 (188 ) 1,012 Total amortizing 56,981 (18,766 ) 38,215 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,852 $ (18,766 ) $ 44,086 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	6 Months Ended
	Jun. 30, 2022
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 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 six months ended June 30, 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 Six Months Ended June 30, 2022 Rental revenues $ 126,487 $ 58,230 $ 30,148 $ — $ 214,865 Rental related services revenues 39,594 1,484 12,058 — 53,136 Sales and other revenues 35,941 11,118 1,777 5,567 54,403 Total revenues 202,022 70,832 43,983 5,567 322,404 Depreciation of rental equipment 15,582 24,362 7,994 — 47,938 Gross profit 92,820 30,826 19,335 1,345 144,326 Selling and administrative expenses 50,447 13,204 13,501 2,763 79,915 Income (loss) from operations 42,373 17,622 5,834 (1,418 ) 64,411 Interest (expense) income allocation (3,821 ) (1,232 ) (1,119 ) 351 (5,821 ) Income (loss) before provision for income taxes 38,552 16,222 4,715 (1,067 ) 58,422 Adjusted EBITDA 66,178 42,781 15,327 (1,276 ) 123,010 Rental equipment acquisitions 51,575 42,791 1,610 — 95,976 Accounts receivable, net (period end) 118,865 24,796 17,248 6,420 167,329 Rental equipment, at cost (period end) 1,075,898 389,383 309,010 — 1,774,291 Rental equipment, net book value (period end) 776,003 177,038 144,484 — 1,097,525 Utilization (period end) 2 78.6 % 65.3 % 51.8 % Average utilization 2 77.6 % 64.6 % 49.9 % 2021 Rental revenues $ 99,895 $ 55,136 $ 25,637 $ — $ 180,668 Rental related services revenues 30,258 1,450 10,649 — 42,357 Sales and other revenues 23,067 10,800 1,382 9,356 44,605 Total revenues 153,220 67,386 37,668 9,356 267,630 Depreciation of rental equipment 12,893 23,278 8,243 — 44,414 Gross profit 75,693 29,365 15,019 2,871 122,948 Selling and administrative expenses 41,839 12,371 12,520 2,668 69,398 Income from operations 33,854 16,994 2,499 203 53,550 Interest (expense) income allocation (2,426 ) (920 ) (922 ) 228 (4,040 ) Income before provision for income taxes 31,428 16,017 1,577 431 49,453 Adjusted EBITDA 53,473 41,411 12,436 329 107,649 Rental equipment acquisitions 148,252 42,421 74 — 190,747 Accounts receivable, net (period end) 96,976 22,678 13,545 7,710 140,909 Rental equipment, at cost (period end) 1,019,697 360,720 313,677 — 1,694,094 Rental equipment, net book value (period end) 739,916 172,035 161,104 — 1,073,055 Utilization (period end) 2 76.3 % 66.9 % 45.8 % Average utilization 2 75.7 % 67.7 % 42.1 % 1. Gross Enviroplex sales revenues were $6,423 and $10,211 for the six months ended June 30, 2022 and 2021, respectively. There were $856 and $855 inter-segment sales to Mobile Modular in the six months ended June 30, 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 2022
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 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 was 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 six months ended June 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: (Unaudited) Six months ended June 30, (dollar amounts in thousands, except for per share amounts) 2022 2021 Pro-forma total revenues $ 322,404 $ 298,663 Pro-forma net income $ 44,930 $ 41,436 Pro-forma basic earnings per share $ 1.85 $ 1.71 Pro-forma diluted earnings per share $ 1.83 $ 1.69 Design Space and Kitchens To Go Actual total revenues $ 36,187 Actual net income $ 3,484 Actual basic earnings per share $ 0.14 Actual diluted earnings per share $ 0.14 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 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	NOTE 8. SUBSEQUENT EVENTS On July 15 th

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 and 2021: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended June 30, 2022 Leasing $ 79,671 $ 30,909 $ 16,244 $ — $ 126,824 Non-lease: Rental related services 6,883 683 6,636 — 14,202 Sales 24,816 5,462 601 4,650 35,529 Other 7 287 182 — 476 Total non-lease 31,706 6,432 7,419 4,650 50,207 Total revenues $ 111,377 $ 37,341 $ 23,663 $ 4,650 $ 177,031 2021 Leasing $ 65,184 $ 28,717 $ 13,609 $ — $ 107,510 Non-lease: Rental related services 4,584 621 5,713 — 10,918 Sales 14,784 4,108 593 8,122 27,607 Other 20 337 43 — 400 Total non-lease 19,388 5,066 6,349 8,122 38,925 Total revenues $ 84,572 $ 33,783 $ 19,958 $ 8,122 $ 146,435 Six Months Ended June 30, 2022 Leasing $ 154,265 $ 60,319 $ 30,723 $ — $ 245,307 Non-lease: Rental related services 12,533 1,235 11,821 — 25,589 Sales 35,191 8,741 1,258 5,567 50,757 Other 33 537 181 — 751 Total non-lease 47,757 10,513 13,260 5,567 77,097 Total revenues $ 202,022 $ 70,832 $ 43,983 $ 5,567 $ 322,404 2021 Leasing $ 122,987 $ 56,530 $ 25,947 $ — $ 205,464 Non-lease: Rental related services 7,790 1,229 10,474 — 19,493 Sales 22,404 8,984 1,201 9,356 41,945 Other 39 643 46 — 728 Total non-lease 30,233 10,856 11,721 9,356 62,166 Total revenues $ 153,220 $ 67,386 $ 37,668 $ 9,356 $ 267,630

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Weighted-average number of shares of common stock for calculating basic earnings per share 24,360 24,229 24,323 24,191 Effect of potentially dilutive securities from equity-based compensation 149 265 199 314 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,509 24,494 24,522 24,505

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 Customer relationships 8 to 11 6.8 $ 50,285 $ (15,548 ) $ 34,737 Non-compete agreements 5 3.7 3,296 (830 ) 2,466 Customer backlog 0.5 — 2,200 (2,200 ) — Trade name 8 6.8 1,200 (188 ) 1,012 Total amortizing 56,981 (18,766 ) 38,215 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,852 $ (18,766 ) $ 44,086 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)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the six months ended June 30, 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 Six Months Ended June 30, 2022 Rental revenues $ 126,487 $ 58,230 $ 30,148 $ — $ 214,865 Rental related services revenues 39,594 1,484 12,058 — 53,136 Sales and other revenues 35,941 11,118 1,777 5,567 54,403 Total revenues 202,022 70,832 43,983 5,567 322,404 Depreciation of rental equipment 15,582 24,362 7,994 — 47,938 Gross profit 92,820 30,826 19,335 1,345 144,326 Selling and administrative expenses 50,447 13,204 13,501 2,763 79,915 Income (loss) from operations 42,373 17,622 5,834 (1,418 ) 64,411 Interest (expense) income allocation (3,821 ) (1,232 ) (1,119 ) 351 (5,821 ) Income (loss) before provision for income taxes 38,552 16,222 4,715 (1,067 ) 58,422 Adjusted EBITDA 66,178 42,781 15,327 (1,276 ) 123,010 Rental equipment acquisitions 51,575 42,791 1,610 — 95,976 Accounts receivable, net (period end) 118,865 24,796 17,248 6,420 167,329 Rental equipment, at cost (period end) 1,075,898 389,383 309,010 — 1,774,291 Rental equipment, net book value (period end) 776,003 177,038 144,484 — 1,097,525 Utilization (period end) 2 78.6 % 65.3 % 51.8 % Average utilization 2 77.6 % 64.6 % 49.9 % 2021 Rental revenues $ 99,895 $ 55,136 $ 25,637 $ — $ 180,668 Rental related services revenues 30,258 1,450 10,649 — 42,357 Sales and other revenues 23,067 10,800 1,382 9,356 44,605 Total revenues 153,220 67,386 37,668 9,356 267,630 Depreciation of rental equipment 12,893 23,278 8,243 — 44,414 Gross profit 75,693 29,365 15,019 2,871 122,948 Selling and administrative expenses 41,839 12,371 12,520 2,668 69,398 Income from operations 33,854 16,994 2,499 203 53,550 Interest (expense) income allocation (2,426 ) (920 ) (922 ) 228 (4,040 ) Income before provision for income taxes 31,428 16,017 1,577 431 49,453 Adjusted EBITDA 53,473 41,411 12,436 329 107,649 Rental equipment acquisitions 148,252 42,421 74 — 190,747 Accounts receivable, net (period end) 96,976 22,678 13,545 7,710 140,909 Rental equipment, at cost (period end) 1,019,697 360,720 313,677 — 1,694,094 Rental equipment, net book value (period end) 739,916 172,035 161,104 — 1,073,055 Utilization (period end) 2 76.3 % 66.9 % 45.8 % Average utilization 2 75.7 % 67.7 % 42.1 % 1. Gross Enviroplex sales revenues were $6,423 and $10,211 for the six months ended June 30, 2022 and 2021, respectively. There were $856 and $855 inter-segment sales to Mobile Modular in the six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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) Six months ended June 30, (dollar amounts in thousands, except for per share amounts) 2022 2021 Pro-forma total revenues $ 322,404 $ 298,663 Pro-forma net income $ 44,930 $ 41,436 Pro-forma basic earnings per share $ 1.85 $ 1.71 Pro-forma diluted earnings per share $ 1.83 $ 1.69 Design Space and Kitchens To Go Actual total revenues $ 36,187 Actual net income $ 3,484 Actual basic earnings per share $ 0.14 Actual diluted earnings per share $ 0.14

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Period for credit risk identified		30 days
Sales revenues totaling	$ 4.2	$ 6.5
Lease revenue	126.8	245.3
Operating lease revenue	125.8	243.6
Finance lease revenue	1	1.7
Finance lease revenue, sales revenue	0.9	1.5
Finance lease revenue, interest income	0.1	$ 0.2
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	34.3	$ 34.3	$ 16.8
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 1.8	$ 1.8	$ 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		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022		Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Leasing revenues		$ 126,800		$ 245,300
Total non-lease revenues				54,403		$ 44,605
Total revenues		177,031	$ 146,435	322,404		267,630
Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		126,824	107,510	245,307		205,464
Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		14,202	10,918	25,589		19,493
Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		35,529	27,607	50,757		41,945
Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		476	400	751		728
Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		50,207	38,925	77,097		62,166
Mobile Modular [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				35,941		23,067
Total revenues		111,377	84,572	202,022		153,220
Mobile Modular [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		79,671	65,184	154,265		122,987
Mobile Modular [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		6,883	4,584	12,533		7,790
Mobile Modular [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		24,816	14,784	35,191		22,404
Mobile Modular [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		7	20	33		39
Mobile Modular [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		31,706	19,388	47,757		30,233
TRS-RenTelco [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				11,118		10,800
Total revenues		37,341	33,783	70,832		67,386
TRS-RenTelco [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		30,909	28,717	60,319		56,530
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		683	621	1,235		1,229
TRS-RenTelco [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		5,462	4,108	8,741		8,984
TRS-RenTelco [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		287	337	537		643
TRS-RenTelco [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		6,432	5,066	10,513		10,856
Adler Tanks [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				1,777		1,382
Total revenues		23,663	19,958	43,983		37,668
Adler Tanks [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		16,244	13,609	30,723		25,947
Adler Tanks [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		6,636	5,713	11,821		10,474
Adler Tanks [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		601	593	1,258		1,201
Adler Tanks [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		182	43	181		46
Adler Tanks [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		7,419	6,349	13,260		11,721
Enviroplex [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	[1]			5,567		9,356
Total revenues		4,650	8,122	5,567	[1]	9,356	[1]
Enviroplex [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		4,650	8,122	5,567		9,356
Enviroplex [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		$ 4,650	$ 8,122	$ 5,567		$ 9,356
[1]Gross Enviroplex sales revenues were $6,423 and $10,211 for the six months ended June 30, 2022 and 2021, respectively. There were $856 and $855 inter-segment sales to Mobile Modular in the six months ended June 30, 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,360	24,229	24,323	24,191
Effect of potentially dilutive securities from equity-based compensation	149	265	199	314
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,509	24,494	24,522	24,505

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Aug. 31, 2015
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from computation of diluted earnings per share	7,315	0	7,315	0
Shares repurchased	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

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Cost	$ 56,981	$ 56,681
Accumulated amortization	(18,766)	(15,503)
Net book value	38,215	41,178
Indefinite, cost	5,871	5,871
Indefinite, net book value	5,871	5,871
Total, cost	62,852	62,552
Total, accumulated amortization	(18,766)	(15,503)
Total, net book value	$ 44,086	$ 47,049
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years
Average remaining life in years	6 years 9 months 18 days	7 years 3 months 18 days
Cost	$ 50,285	$ 50,285
Accumulated amortization	(15,548)	(12,991)
Net book value	$ 34,737	$ 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	3 years 8 months 12 days	4 years 2 months 12 days
Cost	$ 3,296	$ 3,296
Accumulated amortization	(830)	(499)
Net book value	$ 2,466	$ 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	$ 2,200	$ 1,900
Accumulated amortization	$ (2,200)	$ (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	6 years 9 months 18 days	7 years 3 months 18 days
Cost	$ 1,200	$ 1,200
Accumulated amortization	(188)	(113)
Net book value	$ 1,012	$ 1,087

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 0	$ 0
Amortization expense		3,000,000	$ 1,700,000
Subsequent impairment of the underlying assets		0
Expected annual amortization expense for 2022		3,000,000
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)	6 Months Ended
	Jun. 30, 2022 Segment Customer	Jun. 30, 2021 Customer
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%	5%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022		Jun. 30, 2021		Dec. 31, 2021
Segment Reporting Information [Line Items]
Rental revenues		$ 110,624	$ 94,581	$ 214,865		$ 180,668
Rental related services revenues		28,819	22,688	53,136		42,357
Sales and other revenues				54,403		44,605
Total revenues		177,031	146,435	322,404		267,630
Depreciation of rental equipment		24,064	23,159	47,938		44,414
Gross profit		77,837	65,867	144,326		122,948
Selling and administrative expenses		40,788	36,261	79,915		69,398
Income from operations		37,049	29,606	64,411		53,550
Interest (expense) income allocation				(5,821)		(4,040)
Income (loss) before provision for income taxes		33,867	27,347	58,422		49,453
Adjusted EBITDA				123,010		107,649
Rental equipment acquisitions				95,976		190,747
Accounts receivable, net (period end)		167,329	140,909	167,329		140,909		$ 159,499
Rental equipment, at cost (period end)		1,774,291	1,694,094	1,774,291		1,694,094		1,711,393
Rental equipment, net book value (period end)		1,097,525	1,073,055	1,097,525		1,073,055		$ 1,065,224
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues				126,487		99,895
Rental related services revenues				39,594		30,258
Sales and other revenues				35,941		23,067
Total revenues		111,377	84,572	202,022		153,220
Depreciation of rental equipment				15,582		12,893
Gross profit				92,820		75,693
Selling and administrative expenses				50,447		41,839
Income from operations				42,373		33,854
Interest (expense) income allocation				(3,821)		(2,426)
Income (loss) before provision for income taxes				38,552		31,428
Adjusted EBITDA				66,178		53,473
Rental equipment acquisitions				51,575		148,252
Accounts receivable, net (period end)		118,865	96,976	118,865		96,976
Rental equipment, at cost (period end)		1,075,898	1,019,697	1,075,898		1,019,697
Rental equipment, net book value (period end)		776,003	739,916	$ 776,003		$ 739,916
Utilization (period end)	[1]			78.60%		76.30%
Average utilization	[1]			77.60%		75.70%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 58,230		$ 55,136
Rental related services revenues				1,484		1,450
Sales and other revenues				11,118		10,800
Total revenues		37,341	33,783	70,832		67,386
Depreciation of rental equipment				24,362		23,278
Gross profit				30,826		29,365
Selling and administrative expenses				13,204		12,371
Income from operations				17,622		16,994
Interest (expense) income allocation				(1,232)		(920)
Income (loss) before provision for income taxes				16,222		16,017
Adjusted EBITDA				42,781		41,411
Rental equipment acquisitions				42,791		42,421
Accounts receivable, net (period end)		24,796	22,678	24,796		22,678
Rental equipment, at cost (period end)		389,383	360,720	389,383		360,720
Rental equipment, net book value (period end)		177,038	172,035	$ 177,038		$ 172,035
Utilization (period end)	[1]			65.30%		66.90%
Average utilization	[1]			64.60%		67.70%
Adler Tanks [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 30,148		$ 25,637
Rental related services revenues				12,058		10,649
Sales and other revenues				1,777		1,382
Total revenues		23,663	19,958	43,983		37,668
Depreciation of rental equipment				7,994		8,243
Gross profit				19,335		15,019
Selling and administrative expenses				13,501		12,520
Income from operations				5,834		2,499
Interest (expense) income allocation				(1,119)		(922)
Income (loss) before provision for income taxes				4,715		1,577
Adjusted EBITDA				15,327		12,436
Rental equipment acquisitions				1,610		74
Accounts receivable, net (period end)		17,248	13,545	17,248		13,545
Rental equipment, at cost (period end)		309,010	313,677	309,010		313,677
Rental equipment, net book value (period end)		144,484	161,104	$ 144,484		$ 161,104
Utilization (period end)	[1]			51.80%		45.80%
Average utilization	[1]			49.90%		42.10%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	[2]			$ 5,567		$ 9,356
Total revenues		4,650	8,122	5,567	[2]	9,356	[2]
Gross profit	[2]			1,345		2,871
Selling and administrative expenses	[2]			2,763		2,668
Income from operations	[2]			(1,418)		203
Interest (expense) income allocation	[2]			351		228
Income (loss) before provision for income taxes	[2]			(1,067)		431
Adjusted EBITDA	[2]			(1,276)		329
Accounts receivable, net (period end)	[2]	$ 6,420	$ 7,710	$ 6,420		$ 7,710
[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 $6,423 and $10,211 for the six months ended June 30, 2022 and 2021, respectively. There were $856 and $855 inter-segment sales to Mobile Modular in the six months ended June 30, 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		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022		Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenues		$ 177,031	$ 146,435	$ 322,404		$ 267,630
Sales revenues				54,403		44,605
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues		36,471	28,256	52,347		42,867
Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues		4,650	8,122	5,567	[1]	9,356	[1]
Sales revenues	[1]			5,567		9,356
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Revenues		$ 111,377	$ 84,572	202,022		153,220
Sales revenues				35,941		23,067
Operating Segments [Member] | Enviroplex [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues				6,423		10,211
Inter-segment Eliminations [Member] | Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues				$ 856		$ 855
[1]Gross Enviroplex sales revenues were $6,423 and $10,211 for the six months ended June 30, 2022 and 2021, respectively. There were $856 and $855 inter-segment sales to Mobile Modular in the six months ended June 30, 2022 and 2021, respectively, which required elimination in consolidation.

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)			6 Months Ended	12 Months Ended
	May 17, 2021	Apr. 01, 2021	Jun. 30, 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%
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	Jun. 30, 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	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Pro-forma total revenues	$ 322,404	$ 298,663
Pro-forma net income	$ 44,930	$ 41,436
Pro-forma basic earnings per share	$ 1.85	$ 1.71
Pro-forma diluted earnings per share	$ 1.83	$ 1.69
Design Space and Kitchens To Go [Member]
Business Acquisition [Line Items]
Actual total revenues	$ 36,187
Actual net income	$ 3,484
Actual basic earnings per share	$ 0.14
Actual diluted earnings per share	$ 0.14

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)		6 Months Ended
	Jul. 15, 2022	Jun. 30, 2022
Credit Facility [Member]
Subsequent Event [Line Items]
Credit facility, maximum	$ 650,000,000
Revolving credit facility, maturity date		Jul. 15, 2027
Additional senior notes indebtedness	250,000,000
Credit Facility [Member] | Treasury Sweep Note Due March 31, 2025 [Member]
Subsequent Event [Line Items]
Credit facility, indebtedness	12,000,000
Revolving credit facility, maturity date		Mar. 31, 2025
Credit Facility [Member] | Notes Issued November 5, 2015 and Due November 5, 2022 [Member]
Subsequent Event [Line Items]
Revolving credit facility, maturity date		Nov. 05, 2022
Credit facility, aggregate outstanding principal	60,000,000
Credit Facility [Member] | Notes Issued March 17, 2021 and Due March 17, 2028 [Member]
Subsequent Event [Line Items]
Revolving credit facility, maturity date		Mar. 17, 2028
Credit facility, aggregate outstanding principal	40,000,000
Credit Facility [Member] | Notes Issued June 16, 2021 and Due June 16, 2026 [Member]
Subsequent Event [Line Items]
Revolving credit facility, maturity date		Jun. 16, 2026
Credit facility, aggregate outstanding principal	60,000,000
Credit Facility [Member] | One or More Tranches [Member]
Subsequent Event [Line Items]
Revolving credit facility, available maximum borrowing capacity	950,000,000
Letters of Credit [Member]
Subsequent Event [Line Items]
Credit facility, maximum	40,000,000
Swingline Loans [Member]
Subsequent Event [Line Items]
Credit facility, maximum	20,000,000
Unsecured revolving credit facility before Renewal [Member]
Subsequent Event [Line Items]
Credit facility, maximum	$ 420,000,000