Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Sep. 01, 2016 | Dec. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GFN | ||
Entity Registrant Name | General Finance CORP | ||
Entity Central Index Key | 1,342,287 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 26,218,772 | ||
Entity Public Float | $ 51,100,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Assets | ||
Cash and cash equivalents | $ 9,342 | $ 3,716 |
Trade and other receivables, net of allowance for doubtful accounts of $6,663 and $8,876 at June 30, 2015 and 2016, respectively | 38,067 | 47,641 |
Inventories | 34,609 | 36,875 |
Prepaid expenses and other | 9,366 | 7,763 |
Property, plant and equipment, net | 26,951 | 39,452 |
Lease fleet, net | 419,345 | 410,985 |
Goodwill | 102,546 | 99,344 |
Other intangible assets, net | 35,587 | 41,394 |
Total assets | 675,813 | 687,170 |
Liabilities | ||
Trade payables and accrued liabilities | 43,476 | 37,590 |
Income taxes payable | 175 | 1,291 |
Unearned revenue and advance payments | 14,085 | 13,958 |
Senior and other debt | 354,459 | 356,733 |
Deferred tax liabilities | 39,006 | 43,242 |
Total liabilities | 451,201 | 452,814 |
Commitments and contingencies (Note 10) | ||
Equity | ||
Cumulative preferred stock, $.0001 par value: 1,000,000 shares authorized; 400,100 shares issued and outstanding (in series) and liquidation value of $40,722 at June 30, 2015 and 2016 | 40,100 | 40,100 |
Common stock, $.0001 par value: 100,000,000 shares authorized; 26,008,878 and 26,218,772 shares issued and outstanding at June 30, 2015 and 2016, respectively | 3 | 3 |
Additional paid-in capital | 122,568 | 124,288 |
Accumulated other comprehensive income (loss) | (14,129) | (12,873) |
Accumulated deficit | (10,010) | (4,653) |
Total General Finance Corporation stockholders' equity | 138,532 | 146,865 |
Equity of noncontrolling interests | 86,080 | 87,491 |
Total equity | 224,612 | 234,356 |
Total liabilities and equity | $ 675,813 | $ 687,170 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts on trade and other receivables | $ 8,876 | $ 6,663 |
Cumulative preferred stock, par value | $ 0.0001 | $ 0.0001 |
Cumulative preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Cumulative preferred stock, shares issued | 400,100 | 400,100 |
Cumulative preferred stock, shares outstanding | 400,100 | 400,100 |
Cumulative preferred stock, liquidation value | $ 40,722 | $ 40,722 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 26,218,772 | 26,008,878 |
Common stock, shares outstanding | 26,218,772 | 26,008,878 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Sales: | |||
Lease inventories and fleet | $ 111,439 | $ 90,275 | $ 116,448 |
Manufactured units | 6,179 | 13,981 | 19,647 |
Total sales revenue | 117,618 | 104,256 | 136,095 |
Leasing | 168,233 | 199,569 | 151,010 |
Total revenues | 285,851 | 303,825 | 287,105 |
Costs and expenses | |||
Lease inventories and fleet (exclusive of the items shown separately below) | 82,683 | 64,772 | 88,139 |
Manufactured units | 10,063 | 10,907 | 14,864 |
Direct costs of leasing operations | 69,134 | 76,770 | 55,078 |
Selling and general expenses | 68,697 | 70,602 | 62,612 |
Impairment of goodwill and trade name | 3,068 | ||
Depreciation and amortization | 37,823 | 37,731 | 26,371 |
Operating income | 14,383 | 43,043 | 40,041 |
Interest income | 97 | 68 | 52 |
Interest expense (includes ineffective portion of cash flow hedge reclassifications from AOCI of an unrealized gain (loss) of $(219) and $104 in 2014 and 2015, respectively) | (19,648) | (21,096) | (11,952) |
Foreign currency exchange loss and other | (309) | (273) | (1,372) |
Total costs and expenses | (19,860) | (21,301) | (13,272) |
Income (loss) before provision for income taxes | (5,477) | 21,742 | 26,769 |
Provision (benefit) for income taxes (includes provision (benefit) from AOCI reclassifications of $(95) and $42 in 2014 and 2015, respectively) | (2,191) | 8,697 | 11,620 |
Net income (loss) | (3,286) | 13,045 | 15,149 |
Preferred stock dividends | (3,668) | (3,658) | (3,489) |
Noncontrolling interest | (2,071) | (5,912) | (7,756) |
Net income (loss) attributable to common stockholders | $ (9,025) | $ 3,475 | $ 3,904 |
Net income (loss) per common share: | |||
Basic | $ (0.35) | $ 0.13 | $ 0.16 |
Diluted | $ (0.35) | $ 0.13 | $ 0.15 |
Weighted average shares outstanding: | |||
Basic | 26,060,823 | 25,805,679 | 24,631,284 |
Diluted | 26,060,823 | 26,233,144 | 25,643,565 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Gain (loss) on ineffective portion of cash flow hedge | $ 104 | $ (219) |
Provision (benefit) for income taxes, AOCI reclassifications | 42 | (95) |
Reclassifications out of Accumulated Other Comprehensive Income [Member] | ||
Gain (loss) on ineffective portion of cash flow hedge | 104 | (219) |
Provision (benefit) for income taxes, AOCI reclassifications | $ 42 | $ (95) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (3,286) | $ 13,045 | $ 15,149 |
Other comprehensive income (loss): | |||
Change in fair value, net of related tax effect | 406 | (298) | (1) |
Cumulative translation adjustment | (2,543) | (28,196) | 5,908 |
Total comprehensive income (loss) | (5,423) | (15,449) | 21,056 |
Allocated to noncontrolling interests | (1,190) | 7,794 | (10,842) |
Comprehensive income (loss) allocable to General Finance Corporation stockholders | $ (6,613) | $ (7,655) | $ 10,214 |
Consolidated Statements of Com7
Consolidated Statements of Comprehensive Income/Loss (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Gain (loss) on ineffective portion of cash flow hedge | $ 104 | $ (219) | |
Provision (benefit) for income taxes, AOCI reclassifications | 42 | (95) | |
Change in fair value, income tax provision (benefit) | $ 325 | $ 145 | $ (40) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Cumulative Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Accumulated Deficit) [Member] | Total General Finance Corporation Stockholders' Equity [Member] | Equity of Noncontrolling Interests [Member] |
Beginning Balance at Jun. 30, 2013 | $ 234,141 | $ 40,100 | $ 2 | $ 120,146 | $ (906) | $ (19,179) | $ 140,163 | $ 93,978 |
Share-based compensation | 1,938 | 1,501 | 1,501 | 437 | ||||
Preferred stock dividends | (3,489) | (3,489) | (3,489) | |||||
Dividends on capital stock by subsidiary | (4,660) | (4,660) | ||||||
Purchases of subsidiary capital stock | (974) | (974) | ||||||
Issuance shares of common stock at acquisition of Lone Star and Black Angus | 9,865 | 1 | 9,864 | 9,865 | ||||
Issuance of shares of common stock | 8 | 8 | 8 | |||||
Grant of shares, restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | 15,149 | 7,393 | 7,393 | 7,756 | ||||
Fair value change in derivative, net of related tax effect | (1) | (1) | (1) | |||||
Cumulative translation adjustment | 5,908 | 2,822 | 2,822 | 3,086 | ||||
Total comprehensive income (loss) | 21,056 | 10,214 | 10,842 | |||||
Ending Balance at Jun. 30, 2014 | 257,885 | 40,100 | 3 | 128,030 | 1,915 | (11,786) | 158,262 | 99,623 |
Share-based compensation | 2,174 | 1,738 | 1,738 | 436 | ||||
Preferred stock dividends | (3,658) | (3,658) | (3,658) | |||||
Dividends on capital stock by subsidiary | (3,922) | (3,922) | ||||||
Purchases of subsidiary capital stock | (3,386) | (2,534) | (2,534) | (852) | ||||
Issuance shares of common stock at acquisition of Lone Star and Black Angus | 156 | 156 | 156 | |||||
Issuance of shares of common stock | 556 | 556 | 556 | |||||
Grant of shares, restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | 13,045 | 7,133 | 7,133 | 5,912 | ||||
Fair value change in derivative, net of related tax effect | (298) | (152) | (152) | (146) | ||||
Cumulative translation adjustment | (28,196) | (14,636) | (14,636) | (13,560) | ||||
Total comprehensive income (loss) | (15,449) | (7,655) | (7,794) | |||||
Ending Balance at Jun. 30, 2015 | 234,356 | 40,100 | 3 | 124,288 | (12,873) | (4,653) | 146,865 | 87,491 |
Grant of 29,358 shares of common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share-based compensation | 2,388 | 1,908 | 1,908 | 480 | ||||
Preferred stock dividends | (3,668) | (3,668) | (3,668) | |||||
Dividends on capital stock by subsidiary | (3,081) | (3,081) | ||||||
Issuance of shares of common stock | 40 | 40 | 40 | |||||
Grant of shares, restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | (3,286) | (5,357) | (5,357) | 2,071 | ||||
Fair value change in derivative, net of related tax effect | 406 | 207 | 207 | 199 | ||||
Cumulative translation adjustment | (2,543) | (1,463) | (1,463) | (1,080) | ||||
Total comprehensive income (loss) | (5,423) | (6,613) | 1,190 | |||||
Ending Balance at Jun. 30, 2016 | $ 224,612 | $ 40,100 | $ 3 | $ 122,568 | $ (14,129) | $ (10,010) | $ 138,532 | $ 86,080 |
Consolidated Statements of Equ9
Consolidated Statements of Equity (Parenthetical) - shares | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Issuance of common stock at acquisition of Lone Star and Black Angus | 16,002 | 1,230,012 |
Issuance of shares of common stock on exercises of stock options | 195,879 | 6,668 |
Restricted stock granted | 110,382 | 90,320 |
Grant of shares of common stock | 273,000 | 45,000 |
Officer [Member] | ||
Grant of shares of common stock | 29,358 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (3,286) | $ 13,045 | $ 15,149 |
Adjustments to reconcile net income to cash flows from operating activities: | |||
Gain on sales and disposals of property, plant and equipment | (61) | (87) | (45) |
Gain on sales of lease fleet | (6,384) | (5,802) | (7,200) |
Gain on bargain purchase of businesses | (72) | ||
Unrealized foreign exchange loss (gain) | 103 | 512 | (217) |
Unrealized loss (gain) on forward exchange contracts | 367 | (383) | 939 |
Unrealized loss (gain) on interest rate swaps and options | (104) | 219 | |
Impairment of goodwill and trade name | 3,068 | ||
Depreciation and amortization | 38,634 | 38,571 | 27,127 |
Amortization of deferred financing costs | 1,466 | 1,564 | 544 |
Accretion of interest | 536 | 1,508 | 721 |
Share-based compensation expense | 2,388 | 2,174 | 1,938 |
Deferred income taxes | (4,195) | 5,532 | 9,772 |
Changes in operating assets and liabilities (excluding assets and liabilities from acquisitions): | |||
Trade and other receivables, net | 9,486 | 15,482 | (16,807) |
Inventories | 4,813 | (9,965) | 14,228 |
Prepaid expenses and other | (1,498) | 2,614 | (2,923) |
Trade payables, accrued liabilities and unearned revenues | 4,511 | (26,956) | 7,491 |
Income taxes | (1,054) | 544 | 612 |
Net cash provided by operating activities | 48,822 | 38,249 | 51,548 |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (20,658) | (34,051) | (90,695) |
Proceeds from sales of property, plant and equipment | 10,609 | 452 | 247 |
Purchases of property, plant and equipment | (4,224) | (17,961) | (7,154) |
Proceeds from sales of lease fleet | 28,547 | 23,893 | 28,616 |
Purchases of lease fleet | (49,320) | (78,535) | (94,356) |
Other intangible assets | (332) | (1,228) | (243) |
Net cash used in investing activities | (35,378) | (107,430) | (163,585) |
Cash flows from financing activities: | |||
Net proceeds from (repayments of) equipment financing activities | (651) | 577 | (74) |
Repayment of senior credit facility and subordinated note | (113,633) | ||
Proceeds from senior and other debt borrowings, net | 1,989 | 77,496 | 143,015 |
Proceeds from issuances of 8.125% senior notes | 72,000 | ||
Proceeds from term loan borrowings | 25,000 | ||
Deferred financing costs | (206) | (243) | (4,284) |
Proceeds from issuances of common stock | 40 | 556 | 8 |
Purchases of subsidiary capital stock | (3,386) | (974) | |
Dividends and distributions by subsidiaries | (3,081) | (3,922) | (4,660) |
Preferred stock dividends | (3,668) | (3,658) | (3,489) |
Net cash provided by (used in) financing activities | (5,577) | 67,420 | 112,909 |
Net increase (decrease) in cash | 7,867 | (1,761) | 872 |
Cash and equivalents at beginning of period | 3,716 | 5,846 | 6,278 |
The effect of foreign currency translation on cash | (2,241) | (369) | (1,304) |
Cash and equivalents at end of period | 9,342 | 3,716 | 5,846 |
Cash paid during the period: | |||
Interest | 17,519 | 17,416 | 10,284 |
Income taxes | $ 4,163 | $ 2,322 | $ 1,491 |
Consolidated Statements of Ca11
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Jul. 01, 2014 | Apr. 07, 2014 |
Statement of Cash Flows [Abstract] | ||
Business acquisition cost holdback | $ 7,937 | |
Common stock issued related to consideration for business acquisition | $ 156 | 9,865 |
Business acquisition cost holdback, working capital and other adjustments | $ 9,616 |
Organization and Business Opera
Organization and Business Operations | 12 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | Note 1. Organization and Business Operations General Finance Corporation (“GFN”) was incorporated in Delaware in October 2005. References to the “Company” in these Notes are to GFN and its consolidated subsidiaries. These subsidiaries include GFN U.S. Australasia Holdings, Inc., a Delaware corporation (“GFN U.S.”); GFN Insurance Corporation, an Arizona corporation (“GFNI”); GFN North America Leasing Corporation, a Delaware corporation (“GFNNA Leasing”); GFN North America Corp., a Delaware corporation (“GFNNA”); GFN Realty Company, LLC, a Delaware limited liability company (“GFNRC”); GFN Manufacturing Corporation, a Delaware corporation (“GFNMC”), and its 90%-owned subsidiary, Southern Frac, LLC, a Texas limited liability company (collectively “Southern Frac”); over 50%-owned Royal Wolf Holdings Limited, an Australian corporation publicly traded on the Australian Securities Exchange (“RWH”), and its Australian and New Zealand subsidiaries (collectively, “Royal Wolf”); Pac-Van, Inc., an Indiana corporation, and its Canadian subsidiary, PV Acquisition Corp., an Alberta corporation (collectively “Pac-Van”); and Lone Star Tank Rental Inc., a Delaware corporation (“Lone Star”). The Company does business in three distinct, but related industries, mobile storage, modular space and liquid containment (which are collectively referred to as the “portable services industry”), in two geographic areas; the Asia-Pacific (or Pan-Pacific) area, consisting of Royal Wolf (which leases and sells storage containers, portable container buildings and freight containers in Australia and New Zealand) and North America, consisting of Pac-Van (which leases and sells storage, office and portable liquid storage tank containers, modular buildings and mobile offices) and Lone Star (which leases portable liquid storage tank containers and containment products, as well as provides certain fluid management services, to the oil and gas industry in the Permian and Eagle Ford basins of Texas), which are combined to form our North American leasing operations, and Southern Frac (which manufactures portable liquid storage tank containers). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. Unless otherwise indicated, references to “FY 2014,” “FY 2015” and “FY 2016” are to the fiscal years ended June 30, 2014, 2015 and 2016, respectively. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Foreign Currency Translation The Company’s functional currencies for its foreign operations are the respective local currencies, the Australian (“AUS”) and New Zealand (“NZ”) dollars in the Asia-Pacific area and the Canadian (“C”) dollar in North America. All adjustments resulting from the translation of the accompanying consolidated financial statements from the functional currency into reporting currency are recorded as a component of stockholders’ equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Matters Segment Information FASB ASC Topic 280, Segment Reporting Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include assumptions used in assigning value to identifiable intangible assets at the acquisition date, the assessment for impairment of goodwill, the assessment for impairment of other intangible assets, the allowance for doubtful accounts, share-based compensation expense, residual value of the lease fleet and deferred tax assets and liabilities. Assumptions and factors used in the estimates are evaluated on an annual basis or whenever events or changes in circumstances indicate that the previous assumptions and factors have changed. The results of the analysis could result in adjustments to estimates. Cash Equivalents The Company considers highly liquid investments with maturities of three months or less, when purchased, to be cash equivalents. The Company maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on its cash balances. Inventories Inventories are stated at the lower of cost or fair value (net realizable value) and consist of primarily finished goods for containers, modular buildings and mobile offices held for sale or lease; as well as raw materials, work in-process and finished goods of manufactured portable liquid storage tank containers. Costs for leasing operations are assigned to individual items on the basis of specific identification and include expenditures incurred in acquiring the inventories and bringing them to their existing condition and location; while costs for manufactured units are determined using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business. Expenses of marketing, selling and distribution to customers, as well as costs of completion, are estimated and are deducted from the estimated selling price to establish net realizable value. Portable liquid storage tank container inventories were reduced by lower of cost or net realizable value write-downs of $1,350,000 at June 30, 2016. Inventories are comprised of the following (in thousands): June 30, 2015 2016 Finished goods $ 30,428 $ 29,790 Work in-process 3,678 2,298 Raw materials 2,769 2,521 $ 36,875 $ 34,609 Derivative Financial Instruments The Company may use derivative financial instruments to hedge its exposure to foreign currency and interest rate risks arising from operating, financing and investing activities. The Company does not hold or issue derivative financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivative financial instruments are recognized initially at fair value. Subsequent to initial recognition, derivative financial instruments are stated at fair value. The gain or loss on the remeasurement to fair value on unhedged (or the ineffective portion of hedged) derivative financial instruments is recognized in the statement of operations. Accounting for Stock Options For the issuances of stock options, the Company follows the fair value provisions of FASB ASC Topic 718, Stock Compensation Fair Value Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 6. Fair value estimates would involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates Property, Plant and Equipment Owned assets Property, plant and equipment are stated at cost, less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labor, the initial estimate (where relevant) of the costs of dismantling and removing the items and restoring the site on which they are located; and an appropriate allocation of production overhead, where applicable. Depreciation for property, plant and equipment is recorded on the straight-line basis over the estimated useful lives of the related asset. The residual value, the useful life and the depreciation method applied to an asset are reassessed at least annually. Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, 2015 2016 Land — $ 9,656 $ 2,168 Building and improvements 10 — 40 years 6,580 4,887 Transportation and plant equipment (including capital lease assets) 3 — 20 years 37,362 38,424 Furniture, fixtures and office equipment 3 — 10 years 8,613 9,531 Construction in-process 4 — 62,215 55,010 Less accumulated depreciation and amortization (22,763 ) (28,059 ) $ 39,452 $ 26,951 Capital leases Leases under which substantially all the risks and benefits incidental to ownership of the leased assets are assumed by the Company are classified as capital leases. Other leases are classified as operating leases. A lease asset and a lease liability equal to the present value of the minimum lease payments, or the fair value of the leased item, whichever is the lower, are capitalized and recorded at the inception of the lease. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly to the statement of operations. Capitalized leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term. Operating leases Payments made under operating leases are expensed on the straight-line basis over the term of the lease, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased property. Where leases have fixed rate increases, these increases are accrued and amortized over the entire lease period, yielding a constant periodic expense over the term of the lease. Lease Fleet The Company has a fleet of storage, portable building, office and portable liquid storage tank containers, mobile offices, modular buildings and steps that it primarily leases to customers under operating lease agreements with varying terms. The value of the lease fleet (or lease or rental equipment) is recorded at cost and depreciated on the straight-line basis over the estimated useful life (5 - 20 years), after the date the units are put in service, down to their estimated residual values (up to 70% of cost). In the opinion of management, estimated residual values are at or below net realizable values. The Company periodically reviews these depreciation policies in light of various factors, including the practices of the larger competitors in the industry, and its own historical experience. Costs incurred on lease fleet units subsequent to initial acquisition are capitalized when it is probable that future economic benefits in excess of the originally assessed performance will result; otherwise, they are expensed as incurred. At June 30, 2015 and 2016, the gross costs of the lease fleet were $478,416,000 and $516,502,000, respectively. Units in the lease fleet are also available for sale. The cost of sales of a unit in the lease fleet is recognized at the carrying amount at the date of sale. Impairment of Long-Lived Assets The Company periodically reviews for the impairment of long-lived assets and assesses when an event or change in circumstances indicates the carrying value of an asset may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and the eventual disposition is less than its carrying amount. The Company has determined that no impairment provision related to long-lived assets was required to be recorded as of June 30, 2015 and 2016. Goodwill The purchase consideration of acquired businesses have been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates (see Note 4). Based on these values, the excess purchase consideration over the fair value of the net assets acquired was allocated to goodwill. The Company accounts for goodwill in accordance with FASB ASC Topic 350, Intangibles — Goodwill and Other. The Company assesses the potential impairment of goodwill on an annual basis or if a determination is made based on a qualitative assessment that it is more likely than not (i.e., greater than 50%) that the fair value of the reporting unit is less than its carrying amount. Qualitative factors which could cause an impairment include (1) significant underperformance relative to historical, expected or projected future operating results; (2) significant changes in the manner of use of the acquired businesses or the strategy for the Company’s overall business; (3) significant changes during the period in the Company’s market capitalization relative to net book value; and (4) significant negative industry or general economic trends. If the Company did determine that fair value is more likely than not less than the carrying amount, a quantitative two-step impairment test process would be applied. The first step in this quantitative process is a screen for potential impairment where the fair value of the reporting unit is compared to its carrying value to determine if the goodwill is impaired. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, then goodwill is not impaired and no further testing is required. If, however, the carrying value of the net assets assigned to the reporting unit were to exceed its fair value, then the second step is performed by determining the implied fair value of a reporting unit’s goodwill and comparing it to the carrying value of the goodwill. This would involve allocating the fair value of the reporting unit to its respective assets and liabilities (as if it had been acquired in a separate and individual business combination and the fair value was the price paid to acquire it), with the excess of the fair value over the amounts assigned being the implied fair value of goodwill. If the implied fair value is less than the carrying value of the goodwill, an impairment loss would be recorded for the difference. The Company conducted its annual impairment analysis at June 30, 2014 and June 30, 2015 and concluded that goodwill was not impaired as of those dates. In particular, the step one impairment analysis performed on the North American reporting units, Pac-Van, Lone Star and Southern Frac, calculated that the amount by which the excess of the estimated fair values exceeded their respective carrying value of invested capital was approximately 29%, 31% and 33%, respectively, of their respective book value (carrying value of net assets) as of June 30, 2015. At March 31, 2016, the Company determined that qualitative factors in its North American leasing and manufacturing operations, pertaining primarily to conditions in the oil and gas market, required an update of the step one impairment analysis for Lone Star and Southern Frac. This updated analysis calculated that even though the excess of the estimated fair value of Lone Star over the carrying value of its invested capital declined to approximately 11%, its implied value of goodwill was still greater than its carrying value. However, the Company determined that the implied value of Southern Frac’s goodwill was less than the carrying value of its goodwill, resulting in an impairment charge of $2,681,000 at March 31, 2016. At June 30, 2016, the annual step one impairment analysis performed on the North American reporting units, Pac-Van and Lone Star, calculated that the value of goodwill was still greater than its carrying value and that the amount by which the excess of the estimated fair values exceeded their respective carrying value of invested capital at that date was approximately 21% and 12%, respectively, of their book value. Determining the fair value of a reporting unit requires judgment and involves the use of significant estimates and assumptions. The Company based its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions. The change in the balance of goodwill was as follows (in thousands): June 30, 2014 2015 2016 Beginning of year (a) $ 68,692 $ 93,166 $ 99,344 Additions to goodwill 23,608 12,008 6,367 Impairment of goodwill — — 2,681 Other adjustments, primarily foreign translation effect 866 (5,830 ) (5,846 ) Impairment of goodwill — — — End of year (b) $ 93,166 $ 99,344 $ 102,546 (a) Net of accumulated impairment losses of $13,491. (b) Net of accumulated impairment losses of $13,491 at June 30, 2014 and 2015, and $16,172 at June 30, 2016. Goodwill recorded from domestic acquisitions of businesses under asset purchase agreements is deductible for U.S. federal income tax purposes over 15 years, even though goodwill is not amortized for financial reporting purposes. Intangible Assets Intangible assets include those with indefinite (trademark and trade name) and finite (primarily customer base and lists, non-compete agreements and deferred financing costs) useful lives. Customer base and lists and non-compete agreements are amortized on the straight-line basis over the expected period of benefit which range from one to fourteen years. Costs to obtain long-term financing are deferred and amortized over the term of the related debt using the straight-line method. Amortizing the deferred financing costs using the straight-line method does not produce significantly different results than that of the effective interest method. Intangible assets consist of the following (in thousands): June 30, 2015 June 30, 2016 Gross Accumulated Net Carrying Gross Accumulated Net Carrying Trademark and trade name $ 5,875 $ — $ 5,875 $ 5,486 $ (302 ) $ 5,184 Customer base and lists 49,141 (25,887 ) 23,254 50,669 (30,064 ) 20,605 Non-compete agreements 13,902 (7,674 ) 6,228 14,169 (9,810 ) 4,359 Deferred financing costs 7,305 (2,569 ) 4,736 7,534 (4,087 ) 3,447 Other 2,839 (1,538 ) 1,301 3,447 (1,455 ) 1,992 $ 79,062 $ (37,668 ) $ 41,394 $ 81,305 $ (45,718 ) $ 35,587 The Company reviews intangible assets (those assets resulting from acquisitions) for impairment if it determines, based on a qualitative assessment, that it is more likely than not (i.e., greater than 50%) that fair value might be less than the carrying amount. If the Company determines that fair value is more likely than not less than the carrying amount, then impairment would be quantitatively tested, using historical cash flows and other relevant facts and circumstances as the primary basis for estimates of future cash flows. If it determines that fair value is not likely to be less than the carrying amount, then no further testing would be required. The Company conducted its review at each yearend, which did not result in an impairment adjustment for FY 2014 or FY 2015, but did result in an impairment write-down at June 30, 2016 of $387,000 to the carrying amount of the trade name recorded at Southern Frac. This write-down is included in the caption “Impairment of goodwill and trade name” in the accompanying consolidated statements of operations. Determining the fair value of intangible assets involves the use of significant estimates and assumptions, which the Company believes are reasonable, but are uncertain and subject to changes in market conditions. The estimated future amortization of intangible assets with finite useful lives (including trade name of $453,000 from the LongVANS, Inc. acquisition in FY 2015 – see Note 4) as of June 30, 2016 is as follows (in thousands): Year Ending June 30, 2017 $ 8,934 2018 5,642 2019 4,700 2020 2,874 2021 2,327 Thereafter 6,077 $ 30,554 Defined Contribution Benefit Plan Obligations for contributions to defined contribution benefit plans are recognized as an expense in the statement of operations as incurred. Contributions to defined contribution benefit plans in FY 2014, FY 2015 and FY 2016 were $1,638,000, $1,644,000 and $1,507,000, respectively. Revenue Recognition The Company leases and sells new and used storage, office, building and portable liquid storage tank containers, modular buildings and mobile offices to its customers, as well as providing other ancillary products and services. Leases to customers generally qualify as operating leases unless there is a bargain purchase option at the end of the lease term. Revenue is recognized as earned in accordance with the lease terms established by the lease agreements and when collectability is reasonably assured. Revenue from sales of the lease fleet is generally recognized upon delivery and when collectability is reasonably assured and revenue from the sales of manufactured units are recognized when title and risk of loss transfers to the purchaser, generally upon shipment. Certain arrangements to sell units under long-term construction-type sales contracts are accounted for under the percentage of completion method. Under this method, income is recognized in proportion to the incurred costs to date under the contract to estimated total costs. Unearned revenue includes end of lease services not yet performed by the Company (such as transport charges for the pick-up of a unit where the actual pick-up has not yet occurred as the unit is still leased), advance rentals and deposit payments. Advertising Advertising costs are generally expensed as incurred. Direct-response advertising costs, principally yellow page advertising, are monitored through call logs and advertising source codes, are capitalized when paid and amortized over the period in which the benefit is derived. However, the amortization period of the prepaid balance never exceeds 12 months. At June 30, 2015 and 2016, prepaid advertising costs were approximately $29,000 and $2,000, respectively. Advertising costs expensed were approximately $3,164,000, $3,448,000 and $3,284,000 for FY 2014, FY 2015 and FY 2016, respectively. Shipping and Handling Costs The Company reports shipping and handling costs, primarily related to outbound freight in its North American manufacturing operations, as a component of selling and general expenses. Shipping and handling costs totaled $1,244,000, $928,000 and $219,000 in FY 2014, FY 2015 and FY 2016, respectively. Freight charges billed to customers are recorded as revenue and included in sales. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities at the balance sheet date multiplied by the applicable tax rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period. The Company files U.S. Federal tax returns, multiple U.S. state (and state franchise) tax returns and Australian, New Zealand and Canadian tax returns. For U.S. Federal tax purposes, all periods subsequent to June 30, 2013 are subject to examination by the U.S. Internal Revenue Service (“IRS”); and, for U.S. state tax purposes, with few exceptions and depending on the state, periods subsequent to June 30, 2011 are subject to examination by the respective state’s taxation authorities. Periods subsequent to June 30, 2012, June 30, 2011 and June 30, 2009 are subject to examination by the respective taxation authorities in Canada, Australia and New Zealand, respectively. Tax records are required to be kept for five years and seven years in Australia and New Zealand, respectively. The Company believes that its income tax filing positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change. Therefore, no reserves for uncertain income tax positions have been recorded. In addition, the Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months. The Company’s policy for recording interest and penalties, if any, will be to record such items as a component of income taxes. Net Income per Common Share Basic net income per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the periods. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential dilutive securities (common stock equivalents) the Company had outstanding were stock options. The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: FY 2014 FY 2015 FY 2016 Basic 24,631,284 25,805,679 26,060,823 Assumed exercise of stock options 1,012,281 427,465 — Diluted 25,643,565 26,233,144 26,060,823 Potential common stock equivalents totaling 1,140,539, 1,682,726 and 2,183,224 for FY 2014, FY 2015 and FY 2016, respectively, have been excluded from the computation of diluted earnings per share because the effect is anti-dilutive. Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09 , Revenue from Contracts with Customers Topic 606) In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued two updates relating to Derivatives and Hedging (Topic 815) Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships Contingent Out and Call Options in Debt Instruments In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting |
Equity Transactions
Equity Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Equity Transactions | Note 3. Equity Transactions Preferred Stock Upon issuance of shares of preferred stock, the Company records the liquidation value as the preferred equity in the consolidated balance sheet, with any underwriting discount and issuance or offering costs recorded as a reduction in additional paid-in capital. Series B Preferred Stock The Company has outstanding privately-placed 8.00% Series B Cumulative Preferred Stock, par value of $0.0001 per share and liquidation value of $1,000 per share (“Series B Preferred Stock”). The Series B Preferred Stock is offered primarily in connection with business combinations. At June 30, 2015 and June 30, 2016, the Company had outstanding 100 shares of Series B Preferred Stock with an aggregate liquidation preference totaling $102,000. The Series B Preferred Stock is not convertible into GFN common stock, has no voting rights, except as required by Delaware law, and is redeemable after February 1, 2014; at which time it may be redeemed at any time, in whole or in part, at the Company’s option. Holders of the Series B Preferred Stock are entitled to receive, when declared by the Company’s Board of Directors, annual dividends payable quarterly in arrears on the 31 st th Series C Preferred Stock The Company has outstanding publicly-traded 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock, liquidation preference $100.00 per share (the “Series C Preferred Stock”). At June 30, 2015 and June 30, 2016, the Company had outstanding 400,000 shares of Series C Preferred Stock with an aggregate liquidation preference totaling $40,620,000. Dividends on the Series C Preferred Stock are cumulative from the date of original issue and will be payable on the 31 st th Dividends As of June 30, 2016, since issuance, dividends paid or payable totaled $77,000 for the Series B Preferred Stock and dividends paid totaled $10,790,000 for the Series C Preferred Stock. The characterization of dividends to the recipients for Federal income tax purposes is made based upon the earnings and profits of the Company, as defined by the Internal Revenue Code. Royal Wolf Dividends On August 13, 2013, the Board of Directors of Royal Wolf declared a dividend of AUS$0.05 per RWH share payable on October 3, 2013 to shareholders of record on September 24, 2013; and on February 5, 2014, the Board of Directors of Royal Wolf declared a dividend of AUS$0.05 per RWH share payable on April 3, 2014 to shareholders of record on March 19, 2014. On August 12, 2014, the Board of Directors of Royal Wolf declared a dividend of AUS$0.055 per RWH share payable on October 3, 2014 to shareholders of record on September 18, 2014; and on February 10, 2015, the Board of Directors of Royal Wolf declared a dividend of AUS$0.04 per RWH share payable on April 2, 2015 to shareholders of record on March 18, 2015. On August 12, 2015, the Board of Directors of Royal Wolf declared a dividend of AUS$0.05 per RWH share payable on October 2, 2015 to shareholders of record on September 17, 2015; and on February 8, 2016, the Board of Directors of Royal Wolf declared a dividend of AUS$0.03 per RWH share payable on April 4, 2016 to shareholders of record on March 16, 2016, respectively. The consolidated financial statements reflect the amount of the dividends pertaining to the noncontrolling interest. |
Acquisitions
Acquisitions | 12 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4. Acquisitions The Company can enhance its business and market share by entering into new markets in various ways, including starting up a new location or acquiring a business consisting of container, modular unit or mobile office assets of another entity. An acquisition generally provides the Company with operations that enables it to at least cover existing overhead costs and is preferable to a start-up or greenfield location. The businesses discussed below were acquired primarily to expand the Company’s container lease fleet. The accompanying consolidated financial statements include the operations of the acquired businesses from the dates of acquisition. FY 2014 Acquisitions On August 1, 2013, the Company, through Pac-Van, purchased the business of Harper’s Hot Shot Service, Inc. (“Harper’s Hot Shot”) for $3,267,000, which included a holdback amount of $148,000. Harper Hot Shot leases and sells containers and is located in Paducah, Kentucky. On September 6, 2013, the Company, through Pac-Van, purchased the business of Canadian Storage Containers Inc. (“Canadian Storage”) for $1,527,000 (C$1,602,000), which included a holdback amount of $258,000 (C$271,000). Canadian Storage leases and sells containers and is located in Calgary, Alberta, Canada. On September 10, 2013, the Company, through Royal Wolf, purchased the businesses of Intermodal Solutions Pty Ltd, Kookaburra Containers Pty Ltd, Kookaburra Containers WA Pty Ltd, Kookaburra Containers Victoria Pty Ltd, Pack and Secure Pty Ltd and Intermodal Solutions Holdings Pty Ltd, (collectively “Intermodal Kookaburra”) for approximately $5,231,000 (AUS$5,680,000), which included a holdback amount of $368,000 (AUS$400,000). Intermodal Kookaburra, among other things, leases and sells freight and storage containers in the Asia-Pacific area. On October 31, 2013, the Company, through Royal Wolf, purchased the business of DBCS Containers Limited (“DBCS”) for approximately $333,000 (AUS$351,000), which included a holdback amount of $33,000 (AUS$35,000). DBCS leases and sells containers and is located in Auckland, New Zealand. On November 7, 2013, the Company, through Pac-Van, purchased the business of Pinnacle Rental & Supply, LLC (“Pinnacle Rental”) for $6,179,000, which included a holdback amount of $293,000. Pinnacle Rental leases portable liquid storage tank containers from Boaz, Alabama. On December 20, 2013, the Company, through Pac-Van, purchased the business of Mark Rumpke Mobile Storage, Inc. (“Rumpke”) for $284,000, which included a holdback amount of $26,000. Rumpke leases and sells containers and is located in Cincinnati, Ohio. On April 7, 2014, effective April 1, 2014, the Company, through GFNNA, acquired substantially all the assets and assumed certain liabilities of the affiliated companies, Lone Star Tank Rental LP, based in Kermit, Texas, and KHM Rentals, LLC, based in Kenedy, Texas, for a total purchase consideration of $102,418,000. At the date of acquisition, the affiliated entities were merged into the Company’s indirect wholly-owned subsidiary, Lone Star. Also on April 7, 2014, the Company, primarily through Pac-Van and Lone Star, amended and restated the senior credit facility with a syndicate led by Wells Fargo Bank, National Association (“Wells Fargo”) (see Note 5) as part of the financing for the acquisition. The purchase consideration consisted of (i) $75,000,000 in cash, (ii) $9,865,000 for 1,230,012 shares of GFN common stock (the number of shares was agreed to based on a value of $8.13 per share, which was the average of the closing market price during the 15-day trading period ending April 2, 2014), (iii) $5,000,000 (discounted to $3,694,000 at the date of acquisition) payable over five years for a non-compete agreement, (iv) $5,000,000 (discounted to $4,243,000 at the date of acquisition) payable over two years for a general indemnity holdback and (v) $10,481,000 (discounted to $9,616,000 at the date of acquisition) payable during the fiscal year ending June 30, 2015 for working capital and other adjustments. The Company funded the cash portion of the consideration using $50,000,000 of availability under the senior credit facility with a syndicate led by Wells Fargo, as amended, and $25,000,000 from a term loan with Credit Suisse AG, Singapore Branch (see Note 5). The allocations for the acquisitions in FY 2014 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values were as follows (in thousands): Intermodal Kookaburra September 10, 2013 Pinnacle Rental November 7, 2013 Lone Star April 7, 2014 Other Acquisitions Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ — $ — $ 14,968 $ 164 $ 15,132 Inventories 496 50 6,035 1,046 7,627 Prepaid expenses and other — — 122 6 128 Property, plant and equipment 50 — 7,291 390 7,731 Lease fleet 3,479 5,271 33,338 2,213 44,301 Accounts payables and accrued liabilities (76 ) — (3,609 ) (41 ) (3,726 ) Unearned revenue and advance payments (35 ) (99 ) — (133 ) (267 ) Senior and other debt — — (1,238 ) — (1,238 ) Deferred tax liabilities — — — (974 ) (974 ) Total net tangible assets acquired and liabilities assumed 3,914 5,222 56,907 2,671 68,714 Fair value of intangible assets acquired: Non-compete agreement 385 231 5,000 207 5,823 Customer lists/relationships 83 184 17,900 427 18,594 Trade name — — 2,500 — 2,500 Goodwill 849 542 20,111 2,106 23,608 Total intangible assets acquired 1,317 957 45,511 2,740 50,525 Total purchase consideration $ 5,231 $ 6,179 $ 102,418 $ 5,411 $ 119,239 The accompanying consolidated statements of operations reflect the operating results of the Company following the date of acquisition of Lone Star and do not reflect the operating results of Lone Star prior to the acquisition date. The following unaudited pro forma information for FY 2014 assumes the acquisition of Lone Star occurred at the beginning of the period presented (in thousands, except per share data): FY 2014 (Unaudited) Revenues $ 325,821 Net income 19,494 Net income attributable to common stockholders 8,249 Net income per common share: Basic $ 0.32 Diluted 0.31 The pro forma results are not necessarily indicative of the results that may have actually occurred had the acquisition taken place on the dates noted, or the future financial position or operating results of the Company. In addition, they do not consider any potential impacts of current market conditions on revenues, any staff or related expense increases or efficiencies or asset dispositions. The pro forma adjustments are based upon available information and assumptions that the Company believes are reasonable as a result of the application of the purchase method of accounting and consist primarily of adjustments to depreciation and amortization of the fixed assets and identifiable intangible assets acquired, as well as to the interest expense on senior and other debt borrowings, along with the related income tax effect. Revenues and net income for Lone Star since the date of acquisition in FY 2014 totaled $14,658,000 and $1,990,000, respectively. The FY 2014 operating results of all other acquisitions prior to and since their respective dates of acquisition were not considered significant. FY 2015 Acquisitions On July 1, 2014, the Company, through Pac-Van, purchased the business of Black Angus Steel & Supply Co. and Bulkhead Express, LLC (“Black Angus”) for $4,861,000, which included the issuance of 16,002 shares of GFN common stock and a holdback amount of $1,468,000. Black Angus leases and sells containers from two locations in Texas. On October 20, 2014, the Company, through Pac-Van, purchased the business of LongVANS, Inc. (“LongVANS”) for $13,769,000, which included a holdback amount of $577,000. LongVANS designs, manufactures, leases and sells portable storage containers, portable security containers and modular office trailers from two locations in Wisconsin. On November 14, 2014, the Company, through Pac-Van, purchased the business of A-One Storage, LLC (“A-One”) for $8,308,000, which included a holdback amount of $779,000. A-One leases and sells storage containers, ground level offices (office containers), storage trailers and wheeled office trailers in Columbus, Ohio. On December 1, 2014, the Company, through Royal Wolf, purchased the business of YS Container Services (“YS Container”) for approximately $1,560,000 (AUS$1,833,000), which included a holdback amount of $147,000 (AUS$172,000). YS Container primarily leases and sells containers in Christchurch, New Zealand. On January 9, 2015, the Company, through Pac-Van, purchased the business of Bristlecone Ventures, LLC, doing business as “Falcon Containers” (“Falcon Containers”), for $7,090,000. Falcon Containers primarily leases and sells portable storage and office containers from its two locations in Austin and San Antonio, Texas. On February 20, 2015, the Company, through Pac-Van, purchased the business of AB-TK Leasing, Inc., doing business as “Chet-Jac Trailer Sales” (“Chet-Jac”), for approximately $1,039,000, which included a holdback amount of $100,000. Chet-Jac primarily leases and sells portable storage containers and storage trailers from Holts Summit, Missouri. On March 20, 2015, the Company, through Pac-Van, purchased the business of Budget Mobile Storage, LLC (“Budget Mobile Storage”), for $940,000, which included a holdback amount of $71,000. Budget Mobile Storage primarily leases and sells primarily portable storage containers in Des Moines, Iowa, Wichita, Kansas and the Quad Cities area surrounding Milan, Illinois. On June 10, 2015, the Company, through Royal Wolf, purchased the business of Ivan’s Container Hire (“Ivan’s Container”) for approximately $165,000 (AUS$217,000), which included a holdback amount of $10,000 (AUS$13,000). Ivan’s Container primarily leases and sells containers in Toowoomba, Queensland. The allocations for the acquisitions in FY 2015 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values were as follows (in thousands): Black Angus July 1, 2014 LongVANS October 20, 1014 A-One November 14, 2014 Falcon Containers January 9, 2015 Other Acquisitions Total Fair value of the net tangible assets acquired and liabilities assumed: Cash $ — $ — $ — $ 373 $ — $ 373 Trade and other receivables 139 631 — 256 1,026 Inventories — 22 — — 288 310 Prepaid expenses and other — 44 — — 16 60 Property, plant and equipment 249 609 302 255 89 1,504 Lease fleet 2,020 6,228 4,803 3,300 2,102 18,453 Accounts payables and accrued liabilities — (340 ) — (224 ) (32 ) (596 ) Unearned revenue and advance payments (84 ) (626 ) (299 ) (204 ) (53 ) (1,266 ) Deferred tax liabilities — — — (853 ) — (853 ) Total net tangible assets acquired and liabilities assumed 2,324 6,568 4,806 2,903 2,410 19,011 Fair value of intangible assets acquired: Non-compete agreement 261 728 160 406 260 1,815 Customer lists/relationships 851 1,400 972 633 589 4,445 Trade name — 453 — — — 453 Goodwill 1,425 4,620 2,370 3,148 445 12,008 Total intangible assets acquired 2,537 7,201 3,502 4,187 1,294 18,721 Total purchase consideration $ 4,861 $ 13,769 $ 8,308 $ 7,090 $ 3,704 $ 37,732 The operating results for the FY 2015 acquisitions prior to and since their respective dates of acquisition were not considered significant. FY 2016 Acquisitions On August 28, 2015, the Company, through Pac-Van, purchased the business of Mobile Storage Solutions of Mo., LLC (“MSS”) for $1,497,000, which included a deferred purchase price promissory note of $613,000, bearing interest at 2.00% per annum and due in January 2016, and a holdback amount of $139,000. MSS leased and sold storage and office containers and storage trailers in Springfield, Missouri. On October 16, 2015, the Company, through Pac-Van, purchased the container business of McKinney Trailer Rentals, Inc., d/b/a McKinney Container Rentals & Sales (“McKinney”), for $15,264,000, which included holdback and other adjustment amounts totaling $940,000. McKinney leased and sold storage (including refrigerated) containers and chassis and other units in the Seattle and Tacoma area. On October 29, 2015, the Company, through Royal Wolf, purchased the container business of Spacewise (Aust) Pty Limited (“Spacewise”), for $281,000 (AUS$390,000), which included holdback and other adjustment amounts totaling $56,000 (AUS$78,000). Spacewise is based in Sydney, New South Wales. On December 23, 2015, the Company, through Royal Wolf, purchased the container business of W.A. Container Services Pty Limited (“W.A. Container”), for $321,000 (AUS$439,000), which included holdback and other adjustment amounts totaling $66,000 (AUS$90,000). W.A. Container is based in Perth, West Australia. On February 19, 2016, the Company, through Pac-Van, purchased the container business of Box Service Company, Inc. (“BSC”) for $461,000, which included a holdback of $35,000. BSC is based in Houston, Texas. On April 4, 2016, the Company, through Pac-Van, purchased the container business of Aran Trading, Ltd. (“Aran”), for $4,755,000, which included a holdback of $500,000 paid to an escrow account. Aran, which is located in Salisbury, Massachusetts, leases and sells storage containers and trailers in the New England area. The allocations for the acquisitions in FY 2016 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values were as follows (in thousands): MSS August 28, 2015 McKinney October 16, 2015 Aran April 4, 2016 Other Acquisitions Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ — $ 1,580 $ 97 $ — $ 1,677 Inventories — — — 23 23 Prepaid expenses and other — 8 — — 8 Property, plant and equipment 60 531 206 77 874 Lease fleet 933 6,278 2,897 730 10,838 Accounts payables and accrued liabilities — (984 ) — (22 ) (1,006 ) Unearned revenue and advance payments (27 ) (2 ) (175 ) (56 ) (260 ) Total net tangible assets acquired and liabilities assumed 966 7,411 3,025 752 12,154 Fair value of intangible assets acquired: Non-compete agreement 132 239 52 76 499 Customer lists/relationships 226 2,371 353 104 3,054 Other — 89 416 — 505 Goodwill 173 5,154 909 131 6,367 Total intangible assets acquired 531 7,853 1,730 311 10,425 Total purchase consideration $ 1,497 $ 15,264 $ 4,755 $ 1,063 $ 22,579 Revenues and net income for McKinney since the date of acquisition in FY 2016 totaled $7,494,000 and $1,219,000, respectively. The FY 2016 operating results of all acquisitions prior to and since their respective dates of acquisition were not considered significant. Goodwill recognized is attributable primarily to expected corporate synergies, the assembled workforce and other factors. In FY 2014, the goodwill recognized in the Harper’s Hot Shot, Canadian Storage, Intermodal Kookaburra and DBCS acquisitions is not deductible for U.S. income tax purposes, but all other goodwill recognized during FY 2014 is deductible. In FY 2015, the goodwill recognized in the Black Angus, LongVANS, A-One, Chet-Jac and Budget Mobile Storage acquisitions is deductible for U.S. income tax purposes, but the goodwill recognized in the Falcon Containers, YS Container and Ivan’s Container acquisitions is not. In FY 2016, the goodwill recognized in the Spacewise and W.A. Container acquisitions is not deductible for U.S. income tax purposes, but all other goodwill recognized during FY 2016 is deductible. The estimated fair value of the tangible and intangible assets acquired and liabilities assumed exceeded the purchase prices of Spacewise resulting in estimated bargain purchase gain of $72,000 in FY 2016. This gain has been recorded as non-operating income in the accompanying consolidated statements of operations. The Company incurred approximately $1,175,000 during FY 2014, $279,000 during FY 2015 and $422,000 during FY 2016 of incremental transaction costs associated with acquisition-related activity that were expensed as incurred and are included in selling and general expenses in the accompanying consolidated statements of operations. |
Senior and Other Debt
Senior and Other Debt | 12 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Senior and Other Debt | Note 5. Senior and Other Debt Asia-Pacific Leasing Senior Credit Facility Royal Wolf has a $130,244,000 (AUS$175,000,000) secured senior credit facility, as amended, under a common terms deed arrangement with the Australia and New Zealand Banking Group Limited (“ANZ”) and Commonwealth Bank of Australia (“CBA”) (the “ANZ/CBA Credit Facility”). Under the common deed arrangement of the ANZ/CBA Credit Facility, ANZ’s proportionate share of the borrowing capacity is $78,146,000 (AUS$105,000,000) and CBA’s proportionate share is $52,098,000 (AUS$70,000,000). The ANZ/CBA Credit Facility has $93,031,000 (AUS$125,000,000) maturing on July 31, 2017 (Facility A), and $37,213,000 (AUS$50,000,000) maturing on July 31, 2019 (Facility B). Borrowings under the ANZ/CBA Credit Facility bear interest at the bank bill swap interest rate in Australia (“BBSY”) or New Zealand (“BKBM”), plus a margin of 1.10% - 2.10% per annum on Facility A and 1.35% - 2.40% on Facility B, depending on the net debt leverage ratio (“NDLR”), as defined. The CBA proportionate share has a minimum margin that is 0.10% higher than the ANZ proportionate share. At June 30, 2016, the 30-day and 90-day BBSY and BKBM were 1.895% and 2.010% and 2.450% and 2.510%, respectively. The ANZ/CBA Credit Facility also includes a $2,233,000 (AUS$3,000,000) sub-facility to, among other things, facilitate direct and global payments using electronic banking services. The ANZ/CBA Credit Facility, as amended, is subject to certain financial and other customary covenants, including, among other things, compliance with specified interest coverage and net debt ratios based on earnings before interest, income taxes, impairment, depreciation and amortization and other non-operating costs and income (“EBITDA”) on a semi-annual basis and that borrowings may not exceed a multiple of 3.5 times EBITDA, as defined, through June 30, 2016, and 3.25 times EBITDA thereafter. At June 30, 2016, total borrowings and availability under the ANZ/CBA Credit Facility totaled $76,050,000 (AUS$102,184,000) and $26,946,000 (AUS$36,205,000), respectively. Of the total borrowings, $73,348,000 (AUS$98,553,000) is drawn under Facility A and $2,702,000 (AUS$3,631,000) is drawn under Facility B. The above amounts were translated based upon the exchange rate of one Australian dollar to $0.74425 U.S. dollar at June 30, 2016. North America Senior Credit Facility The North America leasing (Pac-Van and Lone Star) and manufacturing operations (Southern Frac) have a combined $232,000,000 senior secured revolving credit facility, as amended, with a syndicate led by Wells Fargo Bank, National Association (“Wells Fargo”) that also includes HSBC Bank USA, NA, the Private Bank and Trust Company, Capital One Business Credit Corp. and OneWest Bank N.A. (the “Wells Fargo Credit Facility”). The Wells Fargo Credit Facility, which matures on September 7, 2017, effectively not only finances the Company’s North American operations, but also the funding requirements for the Series C Preferred Stock (see Note 3), the term loan with Credit Suisse (“Credit Suisse”) and the publicly-traded unsecured senior notes (see below). The Wells Fargo Credit Facility includes a $20,000,000 real estate sub-facility to allow the borrowers (including GFNRC) to acquire real estate as collateral. In addition, subject to certain conditions, the amount that may be borrowed under the Wells Fargo Credit Facility may increase by $20,000,000 to a maximum of $252,000,000. The maximum amount of intercompany dividends that Pac-Van and Lone Star are allowed to pay in each fiscal year to GFN for the funding requirements of GFN’s senior and other debt and the Series C Preferred Stock are (a) the lesser of $5,000,000 for the Series C Preferred Stock or the amount equal to the dividend rate of the Series C Preferred Stock and its aggregate liquidation preference and the actual amount of dividends required to be paid to the Series C Preferred Stock; (b) the lesser of $3,125,000 for the term loan with Credit Suisse or the actual annual interest to be paid; and (c) $6,120,000 for the public offering of unsecured senior notes or the actual amount of annual interest required to be paid; provided that (i) the payment of such dividends does not cause a default or event of default; (ii) each of Pac-Van and Lone Star is solvent; (iii) excess availability, as defined, is $5,000,000 or more under the Wells Fargo Credit Facility; (iv) the fixed charge coverage ratio, as defined, will be greater than 1.25 to 1.00; and (v) the dividends are paid no earlier than ten business days prior to the date they are due. Borrowings under the Wells Fargo Credit Facility accrue interest, at the Company’s option, either at the base rate, plus 0.5% and a range of 1.00% to 1.50%, or the LIBOR rate, plus 1.0% and a range of 2.50% to 3.00%. Borrowings under the $20,000,000 real estate sub-facility accrue interest, at the Company’s option, either at the base rate, plus a range of 1.50% to 2.00%, or the LIBOR rate, plus a range of 3.0% to 3.50%. The Wells Fargo Credit Facility contains, among other things, certain financial covenants, including fixed charge coverage ratios, and other covenants, representations, warranties, indemnification provisions, and events of default that are customary for senior secured credit facilities; including a covenant that would require repayment upon a change in control, as defined. At June 30, 2016, borrowings and availability under the Wells Fargo Credit Facility totaled $187,591,000 and $26,864,000, respectively. Credit Suisse Term Loan On March 31, 2014, the Company entered into a $25,000,000 facility agreement, as amended, with Credit Suisse (“Credit Suisse Term Loan”) as part of the financing for the acquisition of Lone Star and, on April 3, 2014, the Company borrowed the $25,000,000 available to it. The Credit Suisse Term Loan provides that the amount borrowed will bear interest at LIBOR plus 7.50% per year, will be payable quarterly and that all principal and interest will mature on July 1, 2017. In addition, the Credit Suisse Term Loan is secured by a first ranking pledge over substantially all shares of RWH owned by GFN U.S., requires a certain coverage maintenance ratio in U.S. dollars based on the value of the RWH shares and, among other things, that an amount equal to six-months interest be deposited in an interest reserve account pledged to secure repayment of all amounts borrowed. The Company has repaid, prior to maturity, $15,000,000 of the outstanding borrowings of the Credit Suisse Term Loan and, as of June 30, 2016, $10,000,000 remained outstanding. Senior Notes The Company has outstanding publicly-traded senior notes (the “Senior Notes”) in an aggregate principal amount of $72,000,000. The Senior Notes were issued in minimum denominations of $25 and integral multiples of $25 in excess thereof and pursuant to the First Supplemental Indenture (the “First Supplemental Indenture”) dated as of June 18, 2014 by and between the Company and Wells Fargo, as trustee (the “Trustee”). The First Supplemental Indenture supplements the Indenture entered into by and between the Company and the Trustee dated as of June 18, 2014 (the “Base Indenture” and, together with the First Supplemental Indenture, the “Indenture”). The Senior Notes bear interest at the rate of 8.125% per annum, mature on July 31, 2021 and are not subject to any sinking fund. Interest on the Senior Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31, commencing on July 31, 2014. The Senior Notes rank equally in right of payment with all of the Company’s existing and future unsecured senior debt and senior in right of payment to all of its existing and future subordinated debt. The Senior Notes are effectively subordinated to any of the Company’s existing and future secured debt, to the extent of the value of the assets securing such debt. The Senior Notes are structurally subordinated to all existing and future liabilities of the Company’s subsidiaries and are not guaranteed by any of the Company’s subsidiaries. The Company may, at its option, prior to July 31, 2017, redeem the Senior Notes in whole or in part upon the payment of 100% of the principal amount of the Senior Notes being redeemed plus any additional amount required by the Indenture. In addition, the Company may from time to time redeem up to 35% of the aggregate outstanding principal amount of the Senior Notes before July 31, 2017 with the net cash proceeds from certain equity offerings at a redemption price of 108.125% of the principal amount plus accrued and unpaid interest. If the Company sells certain of its assets or experiences specific kinds of changes in control, as defined, it must offer to redeem the Senior Notes. The Company may, at its option, at any time and from time to time, on or after July 31, 2017, redeem the Senior Notes in whole or in part. The Senior Notes will be redeemable at a redemption price initially equal to 106.094% of the principal amount of the Senior Notes (and which declines each year on July 31) plus accrued and unpaid interest to the date of redemption. On and after any redemption date, interest will cease to accrue on the redeemed Senior Notes. The Indenture contains covenants which, among other things, limit the Company’s ability to make certain payments, to pay dividends and to incur additional indebtedness if the incurrence of such indebtedness would cause the company’s consolidated fixed charge coverage ratio, as defined in the Indenture, to be below 2.0 to 1.0. The Senior Notes are listed on NASDAQ under the symbol “GFNSL.” Other At June 30, 2016, other debt totaled $8,818,000. The Company was in compliance with the financial covenants under all its credit facilities as of June 30, 2016. The weighted-average interest rate in the Asia-Pacific area was 5.7%, 5.4% and 5.4% in FY 2014, FY 2015 and FY 2016, respectively; which does not include the effect of translation, interest rate swap contracts and options and the amortization of deferred financing costs. The weighted-average interest rate in North America was 4.1%, 5.2% and 4.9% in FY 2014, FY 2015 and FY 2016, respectively, which does not include the effect of the amortization of deferred financing costs and accretion of interest. Senior and other debt consisted of the following at June 30, 2015 and 2016 (in thousands): June 30, 2015 2016 ANZ/CBA Credit Facility $ 96,492 $ 76,050 Wells Fargo Credit Facility 163,348 187,591 Credit Suisse Term Loan 15,000 10,000 Senior Notes 72,000 72,000 Other 9,893 8,818 $ 356,733 $ 354,459 Scheduled Maturities on Senior and Other Debt The scheduled maturities for the senior credit facilities senior subordinated notes and other debt at June 30, 2016 were as follows (in thousands): Year Ending June 30, 2017 $ 4,107 2018 272,655 2019 1,753 2020 2,999 2021 163 Thereafter 72,782 $ 354,459 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 6. Financial Instruments Fair Value Measurements FASB ASC Topic 820, Fair Value Measurements and Disclosures Level 1 - Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2 - Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company’s derivative instruments are not traded on a market exchange; therefore, the fair values are determined using valuation models that include assumptions about yield curve at the reporting dates as well as counter-party credit risk. The assumptions are generally derived from market-observable data. The Company has consistently applied these calculation techniques to all periods presented, which are considered Level 2. Derivative instruments measured at fair value and their classification in the consolidated balances sheets and statements of operations are as follows (in thousands): Derivative – Fair Value (Level 2) Type of Derivative Contract Balance Sheet Classification June 30, 2015 June 30, 2016 Swap Contracts and Options (Caps and Collars) Trade payables and accrued liabilities $ 1,429 $ 871 Forward-Exchange Contracts Trade payables and accrued liabilities — 255 Forward-Exchange Contracts Trade and other receivables 120 — Type of Derivative Contract Statement of Operations Classification FY 2014 FY 2015 FY 2016 Swap Contracts and Options (Caps and Collars) Unrealized gain (loss) included in interest expense $ (219 ) $ 104 $ — Forward-Exchange Contracts Unrealized foreign currency exchange gain (loss) and other (939 ) 383 (367 ) Interest Rate Swap Contracts The Company’s exposure to market risk for changes in interest rates relates primarily to its senior and other debt obligations. The Company’s policy is to manage its interest expense by using a mix of fixed and variable rate debt. To manage its exposure to variable interest rates in a cost-efficient manner, the Company enters into interest rate swaps and interest rate options, in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount. These swaps and options are designated to hedge changes in the interest rate of a portion of the outstanding borrowings in the Asia-Pacific area. The Company believes that financial instruments designated as interest rate hedges were highly effective; however, prior to August 2012, documentation of such, as required by FASB ASC Topic 815 , Derivatives and Hedging, The Company’s interest rate derivative instruments are not traded on a market exchange; therefore, the fair values are determined using valuation models which include assumptions about the interest rate yield curve at the reporting dates (Level 2 fair value measurement). As of June 30, 2015 and June 30, 2016, there was one open interest rate swap contract that was designated as a cash flow hedge and matures in June 2017, as follows (dollars in thousands): June 30, 2015 June 30, 2016 Swap Option (Cap) Swap Option Notional amounts $ 38,290 $ — $ 37,213 $ — Fixed/Strike Rates 3.98 % — 3.98 % — Floating Rates 2.09 % — 1.90 % — Fair Value of Combined Contracts $ (1,429 ) $ — $ (871 ) $ — Foreign Currency Risk The Company has transactional currency exposures. Such exposure arises from sales or purchases in currencies other than the functional currency. The currency giving rise to this risk is primarily U.S. dollars. Royal Wolf has a bank account denominated in U.S. dollars into which a small number of customers pay their debts. This is a natural hedge against fluctuations in the exchange rate. The funds are then used to pay suppliers, avoiding the need to convert to Australian dollars. Royal Wolf uses forward currency and participating forward contracts to eliminate the currency exposures on the majority of its transactions denominated in foreign currencies, either by transaction if the amount is significant, or on a general cash flow hedge basis. The forward currency and participating forward contracts are always in the same currency as the hedged item. The Company believes that financial instruments designated as foreign currency hedges are highly effective. However documentation of such as required by ASC Topic 815 does not exist. Therefore, all movements in the fair values of these hedges are reported in the statement of operations in the period in which fair values change. As of June 30, 2015, there were 27 open forward exchange and two participating forward contracts that mature between July 2015 and December 2015; and as of June 30, 2016, there were 49 open forward exchange contracts that mature between July 2016 and November 2016, as follows (dollars in thousands): June 30, 2015 June 30, 2016 Forward Exchange Participating Forward Exchange Participating Notional amounts $ 9,540 $ — $ 8,617 $ — Exchange/Strike Rates (AUD to USD) 0.7506 – 1.0286 — 0.6460 – 0.7803 — Fair Value of Combined Contracts $ 120 $ — $ (255 ) $ — In FY 2014, FY 2015 and FY 2016, net unrealized and realized foreign exchange gains (losses) totaled $217,000 and $(628,000), $(512,000) and $(180,000) and $(103,000) and $80,000, respectively. Fair Value of Other Financial Instruments The fair value of the Company’s borrowings under the Senior Notes was determined based on a Level 1 input and for borrowings under its senior credit facilities and Credit Suisse Term Loan determined based on Level 3 inputs; including a comparison to a group of comparable industry debt issuances (“Industry Comparable Debt Issuances”) and a study of credit (“Credit Spread Analysis”). Under the Industry Comparable Debt Issuance method, the Company compared the debt facilities to several industry comparable debt issuances. This method consisted of an analysis of the offering yields compared to the current yields on publicly traded debt securities. Under the Credit Spread Analysis, the Company first examined the implied credit spreads of the United States Federal Reserve. Based on this analysis the Company was able to assess the credit market. The fair value of the Company’s senior credit facilities as of June 30, 2015 and 2016 was determined to be approximately $345,534,000 and $336,901,000, respectively. The Company also determined that the fair value of its other debt of $9,893,000 and $8,818,000 at June 30, 2015 and 2016, respectively, approximated or would not vary significantly from their carrying values. Under the provisions of FASB ASC Topic 825, Financial Instruments, Credit Risk and Allowance for Doubtful Accounts Financial instruments potentially exposing the Company to concentrations of credit risk consist primarily of receivables. Concentrations of credit risk with respect to receivables are limited due to the large number of customers spread over a large geographic area in many industry sectors and no single customer accounted for more than 10% of consolidated revenues or trade receivables during and at the periods presented. However, in our North American leasing operations a significant portion of the business activity are with companies in the construction and energy (oil and gas and mining) industries. Revenues from the construction industry totaled $28,726,000 during FY 2014. Revenues and receivables from the construction industry totaled $34,077,000 and $5,415,000 during FY 2015 and at June 30, 2015, respectively; and $42,799,000 and $6,032,000, during FY 2016 and at June 30, 2016, respectively. Revenues of $23,924,000, $61,537,000 and $29,866,000 during FY 2014, FY 2015 and FY 2016, respectively; and receivables of $14,375,000 and $3,971,000 at June 30, 2015 and 2016, respectively, were from the energy industry. In addition, substantially all of the Company’s North American manufacturing revenues at Southern Frac during FY 2014 and FY 2015 were from the energy industry. The Company’s receivables related to sales of lease inventories and fleet are generally secured by the equipment sold to the customer. The Company’s receivables related to leasing operations are primarily amounts generated from both off-site and on-site customers. The Company has the right to repossess lease equipment for nonpayment. It is the Company’s policy that all customers who wish to purchase or lease containers on credit terms are subject to credit verification procedures and the Company will agree to terms with customers believed to be creditworthy. In addition, receivable balances are monitored on an ongoing basis with the result that the Company’s exposure to bad debts is not typically significant; however, in FY 2016 the Company has provided more than historically normal provision and write-offs for bad debts, primarily for customers in the energy sector. Net allowance for doubtful accounts provided and uncollectible accounts written off, net of recoveries and other, was $2,994,000 and $1,464,000, $4,434,000 and $1,348,000 and $5,570,000 and $3,357,000 for FY 2014, FY 2015 and FY 2016, respectively. The translation gain (loss) to the allowance for doubtful accounts for FY 2014 and FY 2015 was $43,000 and $(271,000), respectively. There was no translation gain or loss in FY 2016. With respect to credit risk arising from the other significant financial assets of the Company, which comprise cash and cash equivalents, available-for-sale financial assets and certain derivative instruments, the Company’s exposure to credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amount of these instruments. As the counter party for derivative instruments is nearly always a bank, the Company has assessed this as a low risk. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes Income (loss) before provision for income taxes consisted of the following (in thousands): FY 2014 FY 2015 FY 2016 North America $ 6,609 $ 6,234 $ (13,607 ) Asia-Pacific 20,160 15,508 8,130 $ 26,769 $ 21,742 $ (5,477 ) The provision for income taxes consisted of the following (in thousands): FY 2014 FY 2015 FY 2016 Current: U.S. Federal $ — $ — $ — State — — 203 Foreign 1,427 4,582 1,842 1,427 4,582 2,045 Deferred: U.S. Federal 4,431 4,152 (4,364 ) State 506 474 (39 ) Foreign 5,256 (511 ) 167 10,193 4,115 (4,236 ) $ 11,620 $ 8,697 $ (2,191 ) The components of the net deferred tax liability are as follows (in thousands): June 30, 2015 2016 Deferred tax assets: Net operating loss and tax credit carryforwards $ 15,837 $ 19,594 Accrued compensation and other benefits 2,355 3,070 Allowance for doubtful accounts 1,563 3,079 Total deferred tax assets 19,755 25,743 Deferred tax liabilities: Accelerated tax depreciation and amortization (61,844 ) (64,749 ) Deferred revenue and expenses (1,153 ) — Total deferred tax liabilities (62,997 ) (64,749 ) Net deferred tax liabilities $ (43,242 ) $ (39,006 ) At June 30, 2016, the Company had a U.S. federal net operating loss carryforward of $68,180,000, which expires if unused during fiscal years 2019 – 2036, and state net operating loss carryforwards of $34,239,000, which will begin expiring in fiscal year 2019. As a result of the stock ownership change in the Pac-Van acquisition in October 2008, the available deduction of the net operating loss carryforward of $21,444,000 is generally limited to approximately $2,400,000 on a yearly basis. Management evaluates the ability to realize its deferred tax assets on a quarterly basis and adjusts the amount of its valuation allowance if necessary. No valuation allowance has been determined to be required as of June 30, 2015 and 2016. A reconciliation of the U.S. federal statutory rate to the Company’s effective tax rate is as follows: FY 2014 FY 2015 FY 2016 Federal statutory rate 35.0 % 35.0 % 35.0 % Adjustments to federal statutory rate in current year (a) 2.2 — — State and Asia-Pacific taxes, net of U.S. federal benefit and credit 6.2 5.0 5.0 Effective tax rate 43.4 % 40.0 % 40.0 % (a) Represents an adjustment of $594,000 in FY 2014 to deferred taxes prior to July 1, 2013. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 8. Related-Party Transactions Effective January 31, 2008, the Company entered into a lease with an affiliate of Ronald F. Valenta for its corporate headquarters in Pasadena, California. The rent is $7,393 per month, effective March 1, 2009, plus allocated charges for common area maintenance, real property taxes and insurance, for approximately 3,000 square feet of office space. The term of the lease is five years, with two five-year renewal options, and the rent is adjusted yearly based on the consumer price index. On October 11, 2012, the Company exercised its option to renew the lease for an additional five-year term commencing February 1, 2013. Rental payments were $110,000 in each of FY 2014, FY 2015 and FY 2016. Effective October 1, 2008, the Company entered into a services agreement with an affiliate of Mr. Valenta for certain accounting, administrative and secretarial services to be provided at the corporate offices and for certain operational, technical, sales and marketing services to be provided directly to the Company’s operating subsidiaries. Charges for services rendered at the corporate offices will be, until further notice, at $7,000 per month and charges for services rendered to the Company’s subsidiaries will vary depending on the scope of services provided. The services agreement provides for, among other things, mutual modifications to the scope of services and rates charged and automatically renews for successive one-year terms, unless terminated in writing by either party prior to the fiscal year end. Total charges to the Company at the corporate office for services rendered under this agreement totaled $84,000 in FY 2014. The services agreement was terminated by the Company effective June 30, 2014. Revenues at Pac-Van from affiliates of Mr. Valenta totaled $33,000 during FY 2014. There were no revenues from affiliates in FY 2015 and FY 2016. The premises of Pac-Van’s Las Vegas branch is owned by and leased from the acting branch manager through December 31, 2014, with the right for an additional two-year extension through December 31, 2016. On December 29, 2014, the Company extended the lease for the additional two years. Rental payments on this lease totaled $118,000 during FY 2014, FY 2015 and FY 2016. |
Equity Plans
Equity Plans | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Plans | Note 9. Equity Plans On September 11, 2014, the Board of Directors of the Company adopted the 2014 Stock Incentive Plan (the “2014 Plan”), which was approved by the stockholders at the Company’s annual meeting on December 4, 2014 and amended and restated by the stockholders at the annual meeting on December 3, 2015. The 2014 Plan is an “omnibus” incentive plan permitting a variety of equity programs designed to provide flexibility in implementing equity and cash awards, including incentive stock options, nonqualified stock options, restricted stock grants (“non-vested equity shares”), restricted stock units, stock appreciation rights, performance stock, performance units and other stock-based awards. Participants in the 2014 Plan may be granted any one of the equity awards or any combination of them, as determined by the Board of Directors or the Compensation Committee. Upon the approval of the 2014 Plan by the stockholders, the Company suspended further grants under its previous equity plans, the General Finance Corporation 2006 Stock Option Plan (the “2006 Plan”) and the 2009 Stock Incentive Plan (the “2009 Plan”) (collectively the “Predecessor Plans”), which had a total of 2,500,000 shares reserved for grant. Any stock options which are forfeited under the Predecessor Plans will become available for grant under the 2014 Plan, but the total number of shares available under the 2014 Plan will not exceed the 1,500,000 shares reserved for grant under the 2014 Plan, plus any options which were forfeited or are available for grant under the Predecessor Plans. If not sooner terminated by the Board of Directors, the 2014 Plan will expire on December 4, 2024, which is the tenth anniversary of the date it was approved by the Company’s stockholders. The 2006 Plan expired on June 30, 2016 and the 2009 Plan will expire on December 10, 2019. The Predecessor Plans and the 2014 Plan are referred to collectively as the “Stock Incentive Plan.” There have been no grants or awards of restricted stock units, stock appreciation rights, performance stock or performance units under the Stock Incentive Plan. All grants to-date consist of incentive and non-qualified stock options that vest over a period of up to five years (“time-based”), non-qualified stock options that vest over varying periods that are dependent on the attainment of certain defined EBITDA and other targets (“performance-based”) and non-vested equity shares. At June 30, 2016, 1,045,943 shares remained available for grant. On June 19, 2014 (the “June 2014 Grant”), the Company granted time-based options to 13 key employees of Pac-Van to purchase 45,000 shares of common stock at an exercise price equal to the closing market price of the Company’s common stock as of that date, or $9.25 per share. The options under the June 2014 Grant vest over 39 months from the date of grant. The weighted-average fair value of the stock options in the June 2014 Grant was $6.35, determined using the Black-Scholes option-pricing model using the following assumptions: a risk-free interest rate of 2.18% , On January 22, 2015 (the “January 2015 Grant”), the Company granted time-based options to three key employees of GFN and Pac-Van to purchase 33,000 shares of common stock at an exercise price equal to the closing market price of the Company’s common stock as of that date, or $8.29 per share. The options under the January 2015 Grant vest over 36 months from the date of grant. On June 15, 2015 (the “June 2015 Grant”), the Company granted time-based options to 22 key employees of GFN, Pac-Van, Lone Star and Southern Frac to purchase 240,000 shares of common stock at an exercise price equal to the closing market price of the Company’s common stock as of that date, or $5.45 per share. The options under the June 2015 Grant vest over 36 months from the date of grant. In FY 2015, the weighted-average fair value of the stock options granted to officers and key employees was $4.02, determined using the Black-Scholes option-pricing model using the following assumptions: a risk-free interest rate of 1.65% - 2.10% , On June 8, 2016 (the “June 2016 Grant”), “), the Company granted time-based options to 21 key employees of GFN, Pac-Van, Lone Star and Southern Frac to purchase 106,700 shares of common stock at an exercise price equal to the closing market price of the Company’s common stock as of that date, or $4.11 per share. The options under the June 2016 Grant vest over 36 months from the date of grant. Since inception, the range of the fair value of the stock options granted (other than to non-employee consultants) and the assumptions used are as follows: Fair value of stock options $0.81 - $6.35 Assumptions used: Risk-free interest rate 1.19% - 4.8% Expected life (in years) 7.5 Expected volatility 26.5% - 84.6% Expected dividends — At June 30, 2016, there were no significant outstanding stock options held by non-employee consultants that were not fully vested. A summary of the Company’s stock option activity and related information for FY 2014, FY 2015 and FY 2016 follows: Number of Weighted- Weighted- Outstanding at June 30, 2013 2,170,598 $ 4.93 Granted 45,000 9.25 Exercised (6,668 ) 1.22 Forfeited or expired (56,110 ) 5.10 Outstanding at June 30, 2014 2,152,820 $ 5.03 5.6 Vested and expected to vest at June 30, 2014 2,152,820 $ 5.03 5.6 Exercisable at June 30, 2014 1,091,694 $ 6.76 4.2 Number of Weighted- Weighted- Outstanding at June 30, 2014 2,152,820 $ 5.03 Granted 273,000 5.79 Exercised (195,879 ) 2.84 Forfeited or expired (119,750 ) 4.61 Outstanding at June 30, 2015 2,110,191 $ 5.35 5.4 Vested and expected to vest at June 30, 2015 2,110,191 $ 5.35 5.4 Exercisable at June 30, 2015 1,443,443 $ 5.59 3.9 Number of Weighted- Weighted- Outstanding at June 30, 2015 2,110,191 $ 5.35 Granted 106,700 4.11 Exercised (13,000 ) 3.09 Forfeited or expired (20,667 ) 6.05 Outstanding at June 30, 2016 2,183,224 $ 5.30 4.6 Vested and expected to vest at June 30, 2016 2,183,224 $ 5.30 4.6 Exercisable at June 30, 2016 1,852,190 $ 5.24 3.8 At June 30, 2016, outstanding time-based options and performance-based options totaled 1,411,514 and 771,710, respectively. Also at that date, the Company’s market price for its common stock was $4.25 per share, which was below the exercise prices of 53.5% of the outstanding stock options. The intrinsic value of the outstanding stock options at that date was $911,000. Share-based compensation of $6,625,000 related to stock options has been recognized in the consolidated statements of operations, with a corresponding benefit to equity, from inception through June 30, 2016. At that date, there remains $1,116,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining weighted-average vesting period of 2.1 years. A deduction is not allowed for U.S. income tax purposes with respect to non-qualified options granted in the United States until the stock options are exercised or, with respect to incentive stock options issued in the United States, unless the optionee makes a disqualifying disposition of the underlying shares. The amount of any deduction will be the difference between the fair value of the Company’s common stock and the exercise price at the date of exercise. Accordingly, there is a deferred tax asset recorded for the U.S. tax effect of the financial statement expense recorded related to stock option grants in the United States. The tax effect of the U.S. income tax deduction in excess of the financial statement expense, if any, will be recorded as an increase to additional paid-in capital. A summary of the Company’s non-vested equity share activity follows: Shares Weighted- Fair Value Nonvested at June 30, 2013 115,000 $ 4.43 Granted 90,320 8.52 Vested — — Forfeited — — Nonvested at June 30, 2014 205,320 6.23 Granted 117,370 6.10 Vested (21,719 ) 6.22 Forfeited (6,988 ) 6.15 Nonvested at June 30, 2015 293,983 6.18 Granted 263,007 4.10 Vested (117,370 ) 6.10 Forfeited (66,113 ) 9.25 Nonvested at June 30, 2016 373,507 $ 4.20 Share-based compensation of $1,485,000 related to non-vested equity shares has been recognized in the consolidated statements of operations, with a corresponding benefit to equity, from inception through June 30, 2016. At that date, there remains $1,296,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining vesting period of over approximately 0.24 year – 3.00 years for the non-vested equity shares. On June 15, 2015, the Company granted a total of 29,358 equity shares to an officer of GFN at a value equal to the closing market price of the Company’s common stock as of that date, or $5.45 per share. The fair value of this equity share grant of $160,000 has been recognized in the consolidated statements of operations, with a corresponding benefit to equity. Royal Wolf Long Term Incentive Plan Royal Wolf established the Royal Wolf Long Term Incentive Plan (the “LTI Plan”) in conjunction with its initial public offering in May 2011. Under the LTI Plan, the RWH Board of Directors may grant, at its discretion, options, performance rights and/or restricted shares of RWH capital stock to Royal Wolf employees and executive directors. Vesting terms and conditions may be up to four years and, generally, will be subject to performance criteria based primarily on enhancing shareholder returns using a number of key financial benchmarks, including EBITDA. In addition, unless the RWH Board determines otherwise, if an option, performance right or restricted share has not lapsed or been forfeited earlier, it will terminate at the seventh anniversary from the date of grant. It is intended that up to one percent of RWH’s outstanding capital stock will be reserved for grant under the LTI Plan and a trust will be established to hold RWH shares for this purpose. However, so long as the Company holds more than 50% of the outstanding shares of RWH capital stock, RWH shares reserved for grant under the LTI Plan are required to be purchased in the open market unless the Company agrees otherwise. The LTI Plan, among other provisions, does not permit the transfer, sale, mortgage or encumbering of options, performance rights and restricted shares without the prior approval of the RWH Board. In the event of a change of control, the RWH Board, at its discretion, will determine whether, and how many, unvested options, performance rights and restricted shares will vest. In addition, if, in the RWH Board’s opinion, a participant acts fraudulently or dishonestly or is in breach of his obligations to Royal Wolf, the RWH Board may deem any options, performance rights and restricted shares held by or reserved for the participant to have lapsed or been forfeited. As of June 30, 2016, Royal Wolf has granted, net of forfeitures, 1,908,212 performance rights to key management personnel under the LTI Plan, which includes a special incentive grant of 106,112 performance rights to the RWH chief executive officer in FY 2015 that generally will vest ratably each year over the three years commencing on July 1, 2016. Also, as of June 30, 2016, 607,211 of the performance rights have been converted into RWH capital stock through purchases in the open market. In FY 2014, FY 2015 and FY 2016, share-based compensation of $840,000, $858,000 and $959,000, respectively, related to the LTI Plan has been recognized in the consolidated statements of operations, with a corresponding benefit to equity. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies Operating Lease Rentals The Company leases primarily facilities and office equipment under operating leases. The leases have terms of between one and nine years, some with an option to renew the lease after that period. None of the leases includes contingent rentals. There are no restrictions placed upon the lessee by entering into these leases. Non-cancellable operating lease rentals at June 30, 2016 are payable as follows (in thousands): Year Ending June 30, 2017 $ 8,142 2018 6,529 2019 4,891 2020 3,859 2021 2,892 Thereafter 10,435 $ 36,748 Rental expense on non-cancellable operating leases was $9,989,000, $9,559,000 and $10,382,000 in FY 2014, FY 2015 and FY 2016, respectively. Sales-Type and Operating Fleet Leases Future minimum receipts under sales-type and operating fleet leases at June 30, 2016 are as follows (in thousands): Year Ending June 30, 2017 $ 13,140 2018 3,468 2019 1,462 2020 863 2021 629 Thereafter 532 $ 20,094 Other Matters The Company is not involved in any material lawsuits or claims arising out of the normal course of business. The nature of its business is such that disputes can occasionally arise with employees, vendors (including suppliers and subcontractors) and customers over warranties, contract specifications and contract interpretations among other things. The Company assesses these matters on a case-by-case basis as they arise. Reserves are established, as required, based on its assessment of its exposure. The Company has insurance policies to cover general liability and workers compensation related claims. In the opinion of management, the ultimate amount of liability not covered by insurance under pending litigation and claims, if any, will not have a material adverse effect on our financial position, operating results or cash flows. |
Detail of Certain Accounts
Detail of Certain Accounts | 12 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Detail of Certain Accounts | Note 11. Detail of Certain Accounts Trade payables and accrued liabilities consist of the following (in thousands): June 30, 2015 2016 Trade payables $ 18,979 $ 22,825 Payroll and related 7,498 8,815 Taxes, other than income 2,083 1,809 Fair value of interest swap and option and forward currency exchange contacts 1,429 1,580 Accrued interest 1,769 1,126 Deferred consideration 3,203 2,310 Other accruals 2,629 5,011 $ 37,590 $ 43,476 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 12. Segment Reporting We have two geographic areas that include four operating segments; the Asia-Pacific area, consisting of the leasing operations of Royal Wolf, and North America, consisting of the combined leasing operations of Pac-Van and Lone Star, and the manufacturing operations of Southern Frac. Discrete financial data on each of the Company’s products is not available and it would be impractical to collect and maintain financial data in such a manner. In managing the Company’s business, senior management focuses on primarily growing its leasing revenues and operating cash flow (EBITDA), and investing in its lease fleet through capital purchases and acquisitions. Transactions between reportable segments included in the tables below are recorded on an arms-length basis at market in conformity with U.S. GAAP and the Company’s significant accounting policies (see Note 2). The tables below represent the Company’s revenues from external customers, share-based compensation expense, depreciation and amortization, operating income, interest income and expense, expenditures for additions to long-lived assets (consisting of lease fleet and property, plant and equipment), long-lived assets and goodwill; as attributed to its geographic and operating segments (in thousands): FY 2016 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Consolidated Revenues: Sales $ 47,973 $ — $ 47,973 $ 8,130 $ (1,951 ) $ 54,152 $ 63,466 $ 117,618 Leasing 88,877 23,378 112,255 — (275 ) 111,980 56,253 168,233 $ 136,850 $ 23,378 $ 160,228 $ 8,130 $ (2,226 ) $ 166,132 $ 119,719 $ 285,851 Share-based compensation $ 374 $ 22 $ 396 $ 100 $ 933 $ 1,429 $ 959 $ 2,388 Impairment of goodwill and trade name $ — $ — $ — $ 3,068 $ — $ 3,068 $ — $ 3,068 Depreciation and amortization $ 13,154 $ 10,529 $ 23,683 $ 1,343 $ (746 ) $ 24,280 $ 14,354 $ 38,634 Operating income (loss) $ 17,984 $ (1,541 ) $ 16,443 $ (9,464 ) $ (5,430 ) $ 1,549 $ 12,834 $ 14,383 Interest income $ — $ — $ — $ — $ — $ 5 $ 92 $ 97 Interest expense $ 5,802 $ 1,453 $ 7,255 $ 291 $ 7,473 $ 15,019 $ 4,629 $ 19,648 Additions to long-lived assets $ 32,225 $ 245 $ 32,470 $ 183 $ (97 ) $ 32,556 $ 20,988 $ 53,544 At June 30, 2016 Long-lived assets $ 239,459 $ 58,492 $ 297,951 $ 3,318 $ (10,975 ) $ 290,294 $ 156,002 $ 446,296 Goodwill $ 55,122 $ 20,782 $ 75,904 $ — $ — $ 75,904 $ 26,642 $ 102,546 FY 2015 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Consolidated Revenues: Sales $ 35,283 $ 25 $ 35,308 $ 34,307 $ (20,326 ) $ 49,289 $ 54,967 $ 104,256 Leasing 80,796 50,138 130,934 — (88 ) 130,846 68,723 199,569 $ 116,079 $ 50,163 $ 166,242 $ 34,307 $ (20,414 ) $ 180,135 $ 123,690 $ 303,825 Share-based compensation $ 303 $ 11 $ 314 $ 114 $ 884 $ 1,312 $ 862 $ 2,174 Depreciation and amortization $ 11,306 $ 11,345 $ 22,651 $ 1,076 $ (678 ) $ 23,049 $ 15,522 $ 38,571 Operating income $ 18,425 $ 8,233 $ 26,658 $ 4,200 $ (9,202 ) $ 21,656 $ 21,387 $ 43,043 Interest income $ — $ — $ — $ — $ — $ — $ 68 $ 68 Interest expense $ 4,106 $ 2,448 $ 6,554 $ 311 $ 8,325 $ 15,190 $ 5,906 $ 21,096 Additions to long-lived assets $ 44,720 $ 18,233 $ 62,953 $ 378 $ (5,311 ) $ 58,020 $ 38,476 $ 96,496 At June 30, 2015 Long-lived assets $ 222,445 $ 65,099 $ 287,544 $ 3,944 $ (11,624 ) $ 279,864 $ 170,573 $ 450,437 Goodwill $ 48,484 $ 20,782 $ 69,266 $ 2,681 $ — $ 71,947 $ 27,397 $ 99,344 FY 2014 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 31,516 $ — $ 31,516 $ 48,287 $ (31,419 ) $ 48,384 $ 87,711 $ 136,095 Leasing 62,359 14,658 77,017 — — 77,017 73,993 151,010 $ 93,875 $ 14,658 $ 108,533 $ 48,287 $ (31,419 ) $ 125,401 $ 161,704 $ 287,105 Share-based compensation $ 312 $ 1 $ 313 $ 81 $ 686 $ 1,080 $ 858 $ 1,938 Depreciation and amortization $ 7,928 $ 2,656 $ 10,584 $ 993 $ (227 ) $ 11,350 $ 15,777 $ 27,127 Operating income $ 13,323 $ 4,311 $ 17,634 $ 6,079 $ (11,248 ) $ 12,465 $ 27,576 $ 40,041 Interest income $ — $ — $ — $ — $ — $ — $ 52 $ 52 Interest expense $ 3,402 $ 812 $ 4,214 $ 614 $ 809 $ 5,637 $ 6,315 $ 11,952 Additions to long-lived assets $ 45,295 $ 16,717 $ 62,012 $ 695 $ (5,407 ) $ 57,300 $ 44,210 $ 101,510 Intersegment net revenues related to sales of primarily portable liquid storage containers from Southern Frac to the North American leasing operations totaled $28,640,000, $20,326,000 and $1,951,000 during FY 2014, FY 2015 and FY 2016, respectively, and intrasegment net revenues related to sales of portable liquid storage containers from Pac-Van to Lone Star totaled $2,779,000 during the fourth quarter of FY 2014. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13. Subsequent Events On July 15, 2016, the Company announced that its Board of Directors declared a cash dividend of $2.30 per share on the Series C Preferred Stock (see Note 3). The dividend is for the period commencing on April 30, 2016 through July 30, 2016, and payable on August 1, 2016 to holders of record as of July 30, 2016. On July 22, 2016, the Company, through Pac-Van, purchased the container business of The Great Container Company, Ltd. (“GCC”), for approximately $691,000 (C$895,000), which included holdback and other adjustment amounts totaling approximately $122,000 (C$158,000). GCC is located in Vancouver, British Columbia. On July 27, 2016, the Company, through Pac-Van, purchased the business of Container Systems Storage, Inc. (“CSS”), for approximately $1,700,000, which included holdback and other adjustment amounts totaling approximately $153,000. CSS, which is located in Yakima, Washington, leases and sells storage containers in the state of Washington and in northern Oregon. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Jun. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant | SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT GENERAL FINANCE CORPORATION (PARENT COMPANY INFORMATION) CONDENSED BALANCE SHEETS June 30, 2015 2016 (in thousands) Cash and cash equivalents $ 314 $ 3,442 Property and equipment, net 1 8 Other assets 5,485 11,904 Investment and intercompany accounts 230,164 207,736 Total Assets $ 235,964 $ 223,090 Accounts payable, accrued and other liabilities $ 2,099 $ 2,558 Senior and other debt 87,000 82,000 General Finance Corporation stockholders’ equity 146,865 138,532 Total Liabilities and Stockholders’ Equity $ 235,964 $ 223,090 CONDENSED STATEMENTS OF OPERATIONS Year Ended June 30, 2014 2015 2016 (in thousands) General and administrative expenses $ 5,605 $ 5,362 $ 6,030 Equity in earnings (losses) of subsidiaries 3,184 (264 ) (11,842 ) Intercompany income 9,824 16,791 14,959 Interest expense (809 ) (8,325 ) (7,473 ) Other income, net — — 5 12,199 8,202 (4,351 ) Income (loss) before income taxes 6,594 2,840 (10,381 ) Income tax benefit (799 ) (4,293 ) (5,024 ) Net income (loss) attributable to stockholders 7,393 7,133 (5,357 ) Preferred stock dividends 3,489 3,658 3,668 Net income (loss) attributable to common stockholders $ 3,904 $ 3,475 $ (9,025 ) CONDENSED STATEMENTS OF CASH FLOWS Year Ended June 30, 2014 2015 2016 (in thousands) Cash flows from operating activities: Net income (loss) attributable to stockholders $ 7,393 $ 7,133 $ (5,357 ) Equity in (earnings) losses of subsidiaries (3,184 ) 264 11,842 Depreciation and amortization 33 783 687 Share-based compensation expense 686 884 933 Deferred income taxes (799 ) (4,293 ) (5,024 ) Changes in operating assets and liabilities 108 1,636 (1,487 ) Net cash provided by operating activities 4,237 6,407 1,594 Cash flows from investing activities: Purchases of property and equipment — — (9 ) Net cash used in investing activities — — (9 ) Cash flows from financing activities: Repayments of senior and other debt borrowings (37 ) (10,000 ) (5,000 ) Proceeds from issuances of senior notes 72,000 — — Proceeds from term loan borrowings 25,000 — — Deferred financing costs (3,605 ) — (134 ) Proceeds from issuances of common stock 8 556 40 Preferred stock dividends (3,489 ) (3,658 ) (3,668 ) Intercompany transfers (97,164 ) 6,907 10,305 Net cash provided by (used in) financing activities (7,287 ) (6,195 ) 1,543 Net increase (decrease) in cash (3,050 ) 212 3,128 Cash at beginning of period 3,152 102 314 Cash at end of period $ 102 $ 314 $ 3,442 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. Unless otherwise indicated, references to “FY 2014,” “FY 2015” and “FY 2016” are to the fiscal years ended June 30, 2014, 2015 and 2016, respectively. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Foreign Currency Translation | Foreign Currency Translation The Company’s functional currencies for its foreign operations are the respective local currencies, the Australian (“AUS”) and New Zealand (“NZ”) dollars in the Asia-Pacific area and the Canadian (“C”) dollar in North America. All adjustments resulting from the translation of the accompanying consolidated financial statements from the functional currency into reporting currency are recorded as a component of stockholders’ equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Matters |
Segment Information | Segment Information FASB ASC Topic 280, Segment Reporting |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include assumptions used in assigning value to identifiable intangible assets at the acquisition date, the assessment for impairment of goodwill, the assessment for impairment of other intangible assets, the allowance for doubtful accounts, share-based compensation expense, residual value of the lease fleet and deferred tax assets and liabilities. Assumptions and factors used in the estimates are evaluated on an annual basis or whenever events or changes in circumstances indicate that the previous assumptions and factors have changed. The results of the analysis could result in adjustments to estimates. |
Cash Equivalents | Cash Equivalents The Company considers highly liquid investments with maturities of three months or less, when purchased, to be cash equivalents. The Company maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on its cash balances. |
Inventories | Inventories Inventories are stated at the lower of cost or fair value (net realizable value) and consist of primarily finished goods for containers, modular buildings and mobile offices held for sale or lease; as well as raw materials, work in-process and finished goods of manufactured portable liquid storage tank containers. Costs for leasing operations are assigned to individual items on the basis of specific identification and include expenditures incurred in acquiring the inventories and bringing them to their existing condition and location; while costs for manufactured units are determined using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business. Expenses of marketing, selling and distribution to customers, as well as costs of completion, are estimated and are deducted from the estimated selling price to establish net realizable value. Portable liquid storage tank container inventories were reduced by lower of cost or net realizable value write-downs of $1,350,000 at June 30, 2016. Inventories are comprised of the following (in thousands): June 30, 2015 2016 Finished goods $ 30,428 $ 29,790 Work in-process 3,678 2,298 Raw materials 2,769 2,521 $ 36,875 $ 34,609 |
Derivative Financial Instruments | Derivative Financial Instruments The Company may use derivative financial instruments to hedge its exposure to foreign currency and interest rate risks arising from operating, financing and investing activities. The Company does not hold or issue derivative financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivative financial instruments are recognized initially at fair value. Subsequent to initial recognition, derivative financial instruments are stated at fair value. The gain or loss on the remeasurement to fair value on unhedged (or the ineffective portion of hedged) derivative financial instruments is recognized in the statement of operations. |
Accounting for Stock Options | Accounting for Stock Options For the issuances of stock options, the Company follows the fair value provisions of FASB ASC Topic 718, Stock Compensation |
Fair Value | Fair Value Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 6. Fair value estimates would involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates |
Property, Plant and Equipment | Property, Plant and Equipment Owned assets Property, plant and equipment are stated at cost, less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labor, the initial estimate (where relevant) of the costs of dismantling and removing the items and restoring the site on which they are located; and an appropriate allocation of production overhead, where applicable. Depreciation for property, plant and equipment is recorded on the straight-line basis over the estimated useful lives of the related asset. The residual value, the useful life and the depreciation method applied to an asset are reassessed at least annually. Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, 2015 2016 Land — $ 9,656 $ 2,168 Building and improvements 10 — 40 years 6,580 4,887 Transportation and plant equipment (including capital lease assets) 3 — 20 years 37,362 38,424 Furniture, fixtures and office equipment 3 — 10 years 8,613 9,531 Construction in-process 4 — 62,215 55,010 Less accumulated depreciation and amortization (22,763 ) (28,059 ) $ 39,452 $ 26,951 |
Lease Fleet | Lease Fleet The Company has a fleet of storage, portable building, office and portable liquid storage tank containers, mobile offices, modular buildings and steps that it primarily leases to customers under operating lease agreements with varying terms. The value of the lease fleet (or lease or rental equipment) is recorded at cost and depreciated on the straight-line basis over the estimated useful life (5 - 20 years), after the date the units are put in service, down to their estimated residual values (up to 70% of cost). In the opinion of management, estimated residual values are at or below net realizable values. The Company periodically reviews these depreciation policies in light of various factors, including the practices of the larger competitors in the industry, and its own historical experience. Costs incurred on lease fleet units subsequent to initial acquisition are capitalized when it is probable that future economic benefits in excess of the originally assessed performance will result; otherwise, they are expensed as incurred. At June 30, 2015 and 2016, the gross costs of the lease fleet were $478,416,000 and $516,502,000, respectively. Units in the lease fleet are also available for sale. The cost of sales of a unit in the lease fleet is recognized at the carrying amount at the date of sale. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company periodically reviews for the impairment of long-lived assets and assesses when an event or change in circumstances indicates the carrying value of an asset may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and the eventual disposition is less than its carrying amount. The Company has determined that no impairment provision related to long-lived assets was required to be recorded as of June 30, 2015 and 2016. |
Goodwill | Goodwill The purchase consideration of acquired businesses have been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates (see Note 4). Based on these values, the excess purchase consideration over the fair value of the net assets acquired was allocated to goodwill. The Company accounts for goodwill in accordance with FASB ASC Topic 350, Intangibles — Goodwill and Other. The Company assesses the potential impairment of goodwill on an annual basis or if a determination is made based on a qualitative assessment that it is more likely than not (i.e., greater than 50%) that the fair value of the reporting unit is less than its carrying amount. Qualitative factors which could cause an impairment include (1) significant underperformance relative to historical, expected or projected future operating results; (2) significant changes in the manner of use of the acquired businesses or the strategy for the Company’s overall business; (3) significant changes during the period in the Company’s market capitalization relative to net book value; and (4) significant negative industry or general economic trends. If the Company did determine that fair value is more likely than not less than the carrying amount, a quantitative two-step impairment test process would be applied. The first step in this quantitative process is a screen for potential impairment where the fair value of the reporting unit is compared to its carrying value to determine if the goodwill is impaired. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, then goodwill is not impaired and no further testing is required. If, however, the carrying value of the net assets assigned to the reporting unit were to exceed its fair value, then the second step is performed by determining the implied fair value of a reporting unit’s goodwill and comparing it to the carrying value of the goodwill. This would involve allocating the fair value of the reporting unit to its respective assets and liabilities (as if it had been acquired in a separate and individual business combination and the fair value was the price paid to acquire it), with the excess of the fair value over the amounts assigned being the implied fair value of goodwill. If the implied fair value is less than the carrying value of the goodwill, an impairment loss would be recorded for the difference. The Company conducted its annual impairment analysis at June 30, 2014 and June 30, 2015 and concluded that goodwill was not impaired as of those dates. In particular, the step one impairment analysis performed on the North American reporting units, Pac-Van, Lone Star and Southern Frac, calculated that the amount by which the excess of the estimated fair values exceeded their respective carrying value of invested capital was approximately 29%, 31% and 33%, respectively, of their respective book value (carrying value of net assets) as of June 30, 2015. At March 31, 2016, the Company determined that qualitative factors in its North American leasing and manufacturing operations, pertaining primarily to conditions in the oil and gas market, required an update of the step one impairment analysis for Lone Star and Southern Frac. This updated analysis calculated that even though the excess of the estimated fair value of Lone Star over the carrying value of its invested capital declined to approximately 11%, its implied value of goodwill was still greater than its carrying value. However, the Company determined that the implied value of Southern Frac’s goodwill was less than the carrying value of its goodwill, resulting in an impairment charge of $2,681,000 at March 31, 2016. At June 30, 2016, the annual step one impairment analysis performed on the North American reporting units, Pac-Van and Lone Star, calculated that the value of goodwill was still greater than its carrying value and that the amount by which the excess of the estimated fair values exceeded their respective carrying value of invested capital at that date was approximately 21% and 12%, respectively, of their book value. Determining the fair value of a reporting unit requires judgment and involves the use of significant estimates and assumptions. The Company based its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions. The change in the balance of goodwill was as follows (in thousands): June 30, 2014 2015 2016 Beginning of year (a) $ 68,692 $ 93,166 $ 99,344 Additions to goodwill 23,608 12,008 6,367 Impairment of goodwill — — 2,681 Other adjustments, primarily foreign translation effect 866 (5,830 ) (5,846 ) Impairment of goodwill — — — End of year (b) $ 93,166 $ 99,344 $ 102,546 (a) Net of accumulated impairment losses of $13,491. (b) Net of accumulated impairment losses of $13,491 at June 30, 2014 and 2015, and $16,172 at June 30, 2016. Goodwill recorded from domestic acquisitions of businesses under asset purchase agreements is deductible for U.S. federal income tax purposes over 15 years, even though goodwill is not amortized for financial reporting purposes. |
Intangible Assets | Intangible Assets Intangible assets include those with indefinite (trademark and trade name) and finite (primarily customer base and lists, non-compete agreements and deferred financing costs) useful lives. Customer base and lists and non-compete agreements are amortized on the straight-line basis over the expected period of benefit which range from one to fourteen years. Costs to obtain long-term financing are deferred and amortized over the term of the related debt using the straight-line method. Amortizing the deferred financing costs using the straight-line method does not produce significantly different results than that of the effective interest method. Intangible assets consist of the following (in thousands): June 30, 2015 June 30, 2016 Gross Accumulated Net Carrying Gross Accumulated Net Carrying Trademark and trade name $ 5,875 $ — $ 5,875 $ 5,486 $ (302 ) $ 5,184 Customer base and lists 49,141 (25,887 ) 23,254 50,669 (30,064 ) 20,605 Non-compete agreements 13,902 (7,674 ) 6,228 14,169 (9,810 ) 4,359 Deferred financing costs 7,305 (2,569 ) 4,736 7,534 (4,087 ) 3,447 Other 2,839 (1,538 ) 1,301 3,447 (1,455 ) 1,992 $ 79,062 $ (37,668 ) $ 41,394 $ 81,305 $ (45,718 ) $ 35,587 The Company reviews intangible assets (those assets resulting from acquisitions) for impairment if it determines, based on a qualitative assessment, that it is more likely than not (i.e., greater than 50%) that fair value might be less than the carrying amount. If the Company determines that fair value is more likely than not less than the carrying amount, then impairment would be quantitatively tested, using historical cash flows and other relevant facts and circumstances as the primary basis for estimates of future cash flows. If it determines that fair value is not likely to be less than the carrying amount, then no further testing would be required. The Company conducted its review at each yearend, which did not result in an impairment adjustment for FY 2014 or FY 2015, but did result in an impairment write-down at June 30, 2016 of $387,000 to the carrying amount of the trade name recorded at Southern Frac. This write-down is included in the caption “Impairment of goodwill and trade name” in the accompanying consolidated statements of operations. Determining the fair value of intangible assets involves the use of significant estimates and assumptions, which the Company believes are reasonable, but are uncertain and subject to changes in market conditions. The estimated future amortization of intangible assets with finite useful lives (including trade name of $453,000 from the LongVANS, Inc. acquisition in FY 2015 – see Note 4) as of June 30, 2016 is as follows (in thousands): Year Ending June 30, 2017 $ 8,934 2018 5,642 2019 4,700 2020 2,874 2021 2,327 Thereafter 6,077 $ 30,554 |
Defined Contribution Benefit Plan | Defined Contribution Benefit Plan Obligations for contributions to defined contribution benefit plans are recognized as an expense in the statement of operations as incurred. Contributions to defined contribution benefit plans in FY 2014, FY 2015 and FY 2016 were $1,638,000, $1,644,000 and $1,507,000, respectively. |
Revenue Recognition | Revenue Recognition The Company leases and sells new and used storage, office, building and portable liquid storage tank containers, modular buildings and mobile offices to its customers, as well as providing other ancillary products and services. Leases to customers generally qualify as operating leases unless there is a bargain purchase option at the end of the lease term. Revenue is recognized as earned in accordance with the lease terms established by the lease agreements and when collectability is reasonably assured. Revenue from sales of the lease fleet is generally recognized upon delivery and when collectability is reasonably assured and revenue from the sales of manufactured units are recognized when title and risk of loss transfers to the purchaser, generally upon shipment. Certain arrangements to sell units under long-term construction-type sales contracts are accounted for under the percentage of completion method. Under this method, income is recognized in proportion to the incurred costs to date under the contract to estimated total costs. Unearned revenue includes end of lease services not yet performed by the Company (such as transport charges for the pick-up of a unit where the actual pick-up has not yet occurred as the unit is still leased), advance rentals and deposit payments. |
Advertising | Advertising Advertising costs are generally expensed as incurred. Direct-response advertising costs, principally yellow page advertising, are monitored through call logs and advertising source codes, are capitalized when paid and amortized over the period in which the benefit is derived. However, the amortization period of the prepaid balance never exceeds 12 months. At June 30, 2015 and 2016, prepaid advertising costs were approximately $29,000 and $2,000, respectively. Advertising costs expensed were approximately $3,164,000, $3,448,000 and $3,284,000 for FY 2014, FY 2015 and FY 2016, respectively. |
Shipping and Handling Costs | Shipping and Handling Costs The Company reports shipping and handling costs, primarily related to outbound freight in its North American manufacturing operations, as a component of selling and general expenses. Shipping and handling costs totaled $1,244,000, $928,000 and $219,000 in FY 2014, FY 2015 and FY 2016, respectively. Freight charges billed to customers are recorded as revenue and included in sales. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities at the balance sheet date multiplied by the applicable tax rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period. The Company files U.S. Federal tax returns, multiple U.S. state (and state franchise) tax returns and Australian, New Zealand and Canadian tax returns. For U.S. Federal tax purposes, all periods subsequent to June 30, 2013 are subject to examination by the U.S. Internal Revenue Service (“IRS”); and, for U.S. state tax purposes, with few exceptions and depending on the state, periods subsequent to June 30, 2011 are subject to examination by the respective state’s taxation authorities. Periods subsequent to June 30, 2012, June 30, 2011 and June 30, 2009 are subject to examination by the respective taxation authorities in Canada, Australia and New Zealand, respectively. Tax records are required to be kept for five years and seven years in Australia and New Zealand, respectively. The Company believes that its income tax filing positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change. Therefore, no reserves for uncertain income tax positions have been recorded. In addition, the Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months. The Company’s policy for recording interest and penalties, if any, will be to record such items as a component of income taxes. |
Net Income per Common Share | Net Income per Common Share Basic net income per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the periods. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential dilutive securities (common stock equivalents) the Company had outstanding were stock options. The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: FY 2014 FY 2015 FY 2016 Basic 24,631,284 25,805,679 26,060,823 Assumed exercise of stock options 1,012,281 427,465 — Diluted 25,643,565 26,233,144 26,060,823 Potential common stock equivalents totaling 1,140,539, 1,682,726 and 2,183,224 for FY 2014, FY 2015 and FY 2016, respectively, have been excluded from the computation of diluted earnings per share because the effect is anti-dilutive. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09 , Revenue from Contracts with Customers Topic 606) In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued two updates relating to Derivatives and Hedging (Topic 815) Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships Contingent Out and Call Options in Debt Instruments In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories are comprised of the following (in thousands): June 30, 2015 2016 Finished goods $ 30,428 $ 29,790 Work in-process 3,678 2,298 Raw materials 2,769 2,521 $ 36,875 $ 34,609 |
Property, Plant and Equipment | Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, 2015 2016 Land — $ 9,656 $ 2,168 Building and improvements 10 — 40 years 6,580 4,887 Transportation and plant equipment (including capital lease assets) 3 — 20 years 37,362 38,424 Furniture, fixtures and office equipment 3 — 10 years 8,613 9,531 Construction in-process 4 — 62,215 55,010 Less accumulated depreciation and amortization (22,763 ) (28,059 ) $ 39,452 $ 26,951 |
Change in Balance of Goodwill | The change in the balance of goodwill was as follows (in thousands): June 30, 2014 2015 2016 Beginning of year (a) $ 68,692 $ 93,166 $ 99,344 Additions to goodwill 23,608 12,008 6,367 Impairment of goodwill — — 2,681 Other adjustments, primarily foreign translation effect 866 (5,830 ) (5,846 ) Impairment of goodwill — — — End of year (b) $ 93,166 $ 99,344 $ 102,546 (a) Net of accumulated impairment losses of $13,491. (b) Net of accumulated impairment losses of $13,491 at June 30, 2014 and 2015, and $16,172 at June 30, 2016. |
Schedule of Intangible Assets | Intangible assets consist of the following (in thousands): June 30, 2015 June 30, 2016 Gross Accumulated Net Carrying Gross Accumulated Net Carrying Trademark and trade name $ 5,875 $ — $ 5,875 $ 5,486 $ (302 ) $ 5,184 Customer base and lists 49,141 (25,887 ) 23,254 50,669 (30,064 ) 20,605 Non-compete agreements 13,902 (7,674 ) 6,228 14,169 (9,810 ) 4,359 Deferred financing costs 7,305 (2,569 ) 4,736 7,534 (4,087 ) 3,447 Other 2,839 (1,538 ) 1,301 3,447 (1,455 ) 1,992 $ 79,062 $ (37,668 ) $ 41,394 $ 81,305 $ (45,718 ) $ 35,587 |
Estimated Future Amortization of Intangible Assets | The estimated future amortization of intangible assets with finite useful lives (including trade name of $453,000 from the LongVANS, Inc. acquisition in FY 2015 – see Note 4) as of June 30, 2016 is as follows (in thousands): Year Ending June 30, 2017 $ 8,934 2018 5,642 2019 4,700 2020 2,874 2021 2,327 Thereafter 6,077 $ 30,554 |
Reconciliation of Weighted Average Shares Outstanding | The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: FY 2014 FY 2015 FY 2016 Basic 24,631,284 25,805,679 26,060,823 Assumed exercise of stock options 1,012,281 427,465 — Diluted 25,643,565 26,233,144 26,060,823 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Fair Market Values of Tangible and Intangible Assets and Liabilities | The allocations for the acquisitions in FY 2014 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values were as follows (in thousands): Intermodal Kookaburra September 10, 2013 Pinnacle Rental November 7, 2013 Lone Star April 7, 2014 Other Acquisitions Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ — $ — $ 14,968 $ 164 $ 15,132 Inventories 496 50 6,035 1,046 7,627 Prepaid expenses and other — — 122 6 128 Property, plant and equipment 50 — 7,291 390 7,731 Lease fleet 3,479 5,271 33,338 2,213 44,301 Accounts payables and accrued liabilities (76 ) — (3,609 ) (41 ) (3,726 ) Unearned revenue and advance payments (35 ) (99 ) — (133 ) (267 ) Senior and other debt — — (1,238 ) — (1,238 ) Deferred tax liabilities — — — (974 ) (974 ) Total net tangible assets acquired and liabilities assumed 3,914 5,222 56,907 2,671 68,714 Fair value of intangible assets acquired: Non-compete agreement 385 231 5,000 207 5,823 Customer lists/relationships 83 184 17,900 427 18,594 Trade name — — 2,500 — 2,500 Goodwill 849 542 20,111 2,106 23,608 Total intangible assets acquired 1,317 957 45,511 2,740 50,525 Total purchase consideration $ 5,231 $ 6,179 $ 102,418 $ 5,411 $ 119,239 The allocations for the acquisitions in FY 2015 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values were as follows (in thousands): Black Angus July 1, 2014 LongVANS October 20, 1014 A-One November 14, 2014 Falcon Containers January 9, 2015 Other Acquisitions Total Fair value of the net tangible assets acquired and liabilities assumed: Cash $ — $ — $ — $ 373 $ — $ 373 Trade and other receivables 139 631 — 256 1,026 Inventories — 22 — — 288 310 Prepaid expenses and other — 44 — — 16 60 Property, plant and equipment 249 609 302 255 89 1,504 Lease fleet 2,020 6,228 4,803 3,300 2,102 18,453 Accounts payables and accrued liabilities — (340 ) — (224 ) (32 ) (596 ) Unearned revenue and advance payments (84 ) (626 ) (299 ) (204 ) (53 ) (1,266 ) Deferred tax liabilities — — — (853 ) — (853 ) Total net tangible assets acquired and liabilities assumed 2,324 6,568 4,806 2,903 2,410 19,011 Fair value of intangible assets acquired: Non-compete agreement 261 728 160 406 260 1,815 Customer lists/relationships 851 1,400 972 633 589 4,445 Trade name — 453 — — — 453 Goodwill 1,425 4,620 2,370 3,148 445 12,008 Total intangible assets acquired 2,537 7,201 3,502 4,187 1,294 18,721 Total purchase consideration $ 4,861 $ 13,769 $ 8,308 $ 7,090 $ 3,704 $ 37,732 The allocations for the acquisitions in FY 2016 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values were as follows (in thousands): MSS August 28, 2015 McKinney October 16, 2015 Aran April 4, 2016 Other Acquisitions Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ — $ 1,580 $ 97 $ — $ 1,677 Inventories — — — 23 23 Prepaid expenses and other — 8 — — 8 Property, plant and equipment 60 531 206 77 874 Lease fleet 933 6,278 2,897 730 10,838 Accounts payables and accrued liabilities — (984 ) — (22 ) (1,006 ) Unearned revenue and advance payments (27 ) (2 ) (175 ) (56 ) (260 ) Total net tangible assets acquired and liabilities assumed 966 7,411 3,025 752 12,154 Fair value of intangible assets acquired: Non-compete agreement 132 239 52 76 499 Customer lists/relationships 226 2,371 353 104 3,054 Other — 89 416 — 505 Goodwill 173 5,154 909 131 6,367 Total intangible assets acquired 531 7,853 1,730 311 10,425 Total purchase consideration $ 1,497 $ 15,264 $ 4,755 $ 1,063 $ 22,579 |
Lone Star [Member] | |
Schedule of Unaudited Pro Forma Information | The following unaudited pro forma information for FY 2014 assumes the acquisition of Lone Star occurred at the beginning of the period presented (in thousands, except per share data): FY 2014 (Unaudited) Revenues $ 325,821 Net income 19,494 Net income attributable to common stockholders 8,249 Net income per common share: Basic $ 0.32 Diluted 0.31 |
Senior and Other Debt (Tables)
Senior and Other Debt (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Senior and Other Debt | Senior and other debt consisted of the following at June 30, 2015 and 2016 (in thousands): June 30, 2015 2016 ANZ/CBA Credit Facility $ 96,492 $ 76,050 Wells Fargo Credit Facility 163,348 187,591 Credit Suisse Term Loan 15,000 10,000 Senior Notes 72,000 72,000 Other 9,893 8,818 $ 356,733 $ 354,459 |
Scheduled Maturities for Senior Credit Facilities Senior Subordinated Notes and Other Debt | The scheduled maturities for the senior credit facilities senior subordinated notes and other debt at June 30, 2016 were as follows (in thousands): Year Ending June 30, 2017 $ 4,107 2018 272,655 2019 1,753 2020 2,999 2021 163 Thereafter 72,782 $ 354,459 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments at Fair Value, Classification in Consolidated Balances Sheets | Derivative instruments measured at fair value and their classification in the consolidated balances sheets and statements of operations are as follows (in thousands): Derivative – Fair Value (Level 2) Type of Derivative Contract Balance Sheet Classification June 30, 2015 June 30, 2016 Swap Contracts and Options (Caps and Collars) Trade payables and accrued liabilities $ 1,429 $ 871 Forward-Exchange Contracts Trade payables and accrued liabilities — 255 Forward-Exchange Contracts Trade and other receivables 120 — |
Derivative Instruments at Fair Value, Statements of Operations | Type of Derivative Contract Statement of Operations Classification FY 2014 FY 2015 FY 2016 Swap Contracts and Options (Caps and Collars) Unrealized gain (loss) included in interest expense $ (219 ) $ 104 $ — Forward-Exchange Contracts Unrealized foreign currency exchange gain (loss) and other (939 ) 383 (367 ) |
Open Interest Rate Swap Contract | As of June 30, 2015 and June 30, 2016, there was one open interest rate swap contract that was designated as a cash flow hedge and matures in June 2017, as follows (dollars in thousands): June 30, 2015 June 30, 2016 Swap Option (Cap) Swap Option Notional amounts $ 38,290 $ — $ 37,213 $ — Fixed/Strike Rates 3.98 % — 3.98 % — Floating Rates 2.09 % — 1.90 % — Fair Value of Combined Contracts $ (1,429 ) $ — $ (871 ) $ — |
Open Forward Exchange and Participating Forward Contracts | As of June 30, 2016, there were 49 open forward exchange contracts that mature between July 2016 and November 2016, as follows (dollars in thousands): June 30, 2015 June 30, 2016 Forward Exchange Participating Forward Exchange Participating Notional amounts $ 9,540 $ — $ 8,617 $ — Exchange/Strike Rates (AUD to USD) 0.7506 – 1.0286 — 0.6460 – 0.7803 — Fair Value of Combined Contracts $ 120 $ — $ (255 ) $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Provision for Income Taxes | Income (loss) before provision for income taxes consisted of the following (in thousands): FY 2014 FY 2015 FY 2016 North America $ 6,609 $ 6,234 $ (13,607 ) Asia-Pacific 20,160 15,508 8,130 $ 26,769 $ 21,742 $ (5,477 ) |
Provision for Income Taxes | The provision for income taxes consisted of the following (in thousands): FY 2014 FY 2015 FY 2016 Current: U.S. Federal $ — $ — $ — State — — 203 Foreign 1,427 4,582 1,842 1,427 4,582 2,045 Deferred: U.S. Federal 4,431 4,152 (4,364 ) State 506 474 (39 ) Foreign 5,256 (511 ) 167 10,193 4,115 (4,236 ) $ 11,620 $ 8,697 $ (2,191 ) |
Components of Net Deferred Tax Liability | The components of the net deferred tax liability are as follows (in thousands): June 30, 2015 2016 Deferred tax assets: Net operating loss and tax credit carryforwards $ 15,837 $ 19,594 Accrued compensation and other benefits 2,355 3,070 Allowance for doubtful accounts 1,563 3,079 Total deferred tax assets 19,755 25,743 Deferred tax liabilities: Accelerated tax depreciation and amortization (61,844 ) (64,749 ) Deferred revenue and expenses (1,153 ) — Total deferred tax liabilities (62,997 ) (64,749 ) Net deferred tax liabilities $ (43,242 ) $ (39,006 ) |
Reconciliation of U.S. Federal Statutory Rate | A reconciliation of the U.S. federal statutory rate to the Company’s effective tax rate is as follows: FY 2014 FY 2015 FY 2016 Federal statutory rate 35.0 % 35.0 % 35.0 % Adjustments to federal statutory rate in current year (a) 2.2 — — State and Asia-Pacific taxes, net of U.S. federal benefit and credit 6.2 5.0 5.0 Effective tax rate 43.4 % 40.0 % 40.0 % (a) Represents an adjustment of $594,000 in FY 2014 to deferred taxes prior to July 1, 2013. |
Equity Plans (Tables)
Equity Plans (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Fair Value of Stock Options Granted | Since inception, the range of the fair value of the stock options granted (other than to non-employee consultants) and the assumptions used are as follows: Fair value of stock options $0.81 - $6.35 Assumptions used: Risk-free interest rate 1.19% - 4.8% Expected life (in years) 7.5 Expected volatility 26.5% - 84.6% Expected dividends — |
Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information for FY 2014, FY 2015 and FY 2016 follows: Number of Weighted- Weighted- Outstanding at June 30, 2013 2,170,598 $ 4.93 Granted 45,000 9.25 Exercised (6,668 ) 1.22 Forfeited or expired (56,110 ) 5.10 Outstanding at June 30, 2014 2,152,820 $ 5.03 5.6 Vested and expected to vest at June 30, 2014 2,152,820 $ 5.03 5.6 Exercisable at June 30, 2014 1,091,694 $ 6.76 4.2 Number of Weighted- Weighted- Outstanding at June 30, 2014 2,152,820 $ 5.03 Granted 273,000 5.79 Exercised (195,879 ) 2.84 Forfeited or expired (119,750 ) 4.61 Outstanding at June 30, 2015 2,110,191 $ 5.35 5.4 Vested and expected to vest at June 30, 2015 2,110,191 $ 5.35 5.4 Exercisable at June 30, 2015 1,443,443 $ 5.59 3.9 Number of Weighted- Weighted- Outstanding at June 30, 2015 2,110,191 $ 5.35 Granted 106,700 4.11 Exercised (13,000 ) 3.09 Forfeited or expired (20,667 ) 6.05 Outstanding at June 30, 2016 2,183,224 $ 5.30 4.6 Vested and expected to vest at June 30, 2016 2,183,224 $ 5.30 4.6 Exercisable at June 30, 2016 1,852,190 $ 5.24 3.8 |
Summary of Non-Vested Equity Share Activity | A summary of the Company’s non-vested equity share activity follows: Shares Weighted- Fair Value Nonvested at June 30, 2013 115,000 $ 4.43 Granted 90,320 8.52 Vested — — Forfeited — — Nonvested at June 30, 2014 205,320 6.23 Granted 117,370 6.10 Vested (21,719 ) 6.22 Forfeited (6,988 ) 6.15 Nonvested at June 30, 2015 293,983 6.18 Granted 263,007 4.10 Vested (117,370 ) 6.10 Forfeited (66,113 ) 9.25 Nonvested at June 30, 2016 373,507 $ 4.20 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Non-Cancellable Operating Lease Rentals Payable | Non-cancellable operating lease rentals at June 30, 2016 are payable as follows (in thousands): Year Ending June 30, 2017 $ 8,142 2018 6,529 2019 4,891 2020 3,859 2021 2,892 Thereafter 10,435 $ 36,748 |
Future Minimum Receipts under Sales-Type and Operating Fleet Leases | Future minimum receipts under sales-type and operating fleet leases at June 30, 2016 are as follows (in thousands): Year Ending June 30, 2017 $ 13,140 2018 3,468 2019 1,462 2020 863 2021 629 Thereafter 532 $ 20,094 |
Detail of Certain Accounts (Tab
Detail of Certain Accounts (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Summary of Trade Payables and Accrued Liabilities | Trade payables and accrued liabilities consist of the following (in thousands): June 30, 2015 2016 Trade payables $ 18,979 $ 22,825 Payroll and related 7,498 8,815 Taxes, other than income 2,083 1,809 Fair value of interest swap and option and forward currency exchange contacts 1,429 1,580 Accrued interest 1,769 1,126 Deferred consideration 3,203 2,310 Other accruals 2,629 5,011 $ 37,590 $ 43,476 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information | The tables below represent the Company’s revenues from external customers, share-based compensation expense, depreciation and amortization, operating income, interest income and expense, expenditures for additions to long-lived assets (consisting of lease fleet and property, plant and equipment), long-lived assets and goodwill; as attributed to its geographic and operating segments (in thousands): FY 2016 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Consolidated Revenues: Sales $ 47,973 $ — $ 47,973 $ 8,130 $ (1,951 ) $ 54,152 $ 63,466 $ 117,618 Leasing 88,877 23,378 112,255 — (275 ) 111,980 56,253 168,233 $ 136,850 $ 23,378 $ 160,228 $ 8,130 $ (2,226 ) $ 166,132 $ 119,719 $ 285,851 Share-based compensation $ 374 $ 22 $ 396 $ 100 $ 933 $ 1,429 $ 959 $ 2,388 Impairment of goodwill and trade name $ — $ — $ — $ 3,068 $ — $ 3,068 $ — $ 3,068 Depreciation and amortization $ 13,154 $ 10,529 $ 23,683 $ 1,343 $ (746 ) $ 24,280 $ 14,354 $ 38,634 Operating income (loss) $ 17,984 $ (1,541 ) $ 16,443 $ (9,464 ) $ (5,430 ) $ 1,549 $ 12,834 $ 14,383 Interest income $ — $ — $ — $ — $ — $ 5 $ 92 $ 97 Interest expense $ 5,802 $ 1,453 $ 7,255 $ 291 $ 7,473 $ 15,019 $ 4,629 $ 19,648 Additions to long-lived assets $ 32,225 $ 245 $ 32,470 $ 183 $ (97 ) $ 32,556 $ 20,988 $ 53,544 At June 30, 2016 Long-lived assets $ 239,459 $ 58,492 $ 297,951 $ 3,318 $ (10,975 ) $ 290,294 $ 156,002 $ 446,296 Goodwill $ 55,122 $ 20,782 $ 75,904 $ — $ — $ 75,904 $ 26,642 $ 102,546 FY 2015 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Consolidated Revenues: Sales $ 35,283 $ 25 $ 35,308 $ 34,307 $ (20,326 ) $ 49,289 $ 54,967 $ 104,256 Leasing 80,796 50,138 130,934 — (88 ) 130,846 68,723 199,569 $ 116,079 $ 50,163 $ 166,242 $ 34,307 $ (20,414 ) $ 180,135 $ 123,690 $ 303,825 Share-based compensation $ 303 $ 11 $ 314 $ 114 $ 884 $ 1,312 $ 862 $ 2,174 Depreciation and amortization $ 11,306 $ 11,345 $ 22,651 $ 1,076 $ (678 ) $ 23,049 $ 15,522 $ 38,571 Operating income $ 18,425 $ 8,233 $ 26,658 $ 4,200 $ (9,202 ) $ 21,656 $ 21,387 $ 43,043 Interest income $ — $ — $ — $ — $ — $ — $ 68 $ 68 Interest expense $ 4,106 $ 2,448 $ 6,554 $ 311 $ 8,325 $ 15,190 $ 5,906 $ 21,096 Additions to long-lived assets $ 44,720 $ 18,233 $ 62,953 $ 378 $ (5,311 ) $ 58,020 $ 38,476 $ 96,496 At June 30, 2015 Long-lived assets $ 222,445 $ 65,099 $ 287,544 $ 3,944 $ (11,624 ) $ 279,864 $ 170,573 $ 450,437 Goodwill $ 48,484 $ 20,782 $ 69,266 $ 2,681 $ — $ 71,947 $ 27,397 $ 99,344 FY 2014 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated Revenues: Sales $ 31,516 $ — $ 31,516 $ 48,287 $ (31,419 ) $ 48,384 $ 87,711 $ 136,095 Leasing 62,359 14,658 77,017 — — 77,017 73,993 151,010 $ 93,875 $ 14,658 $ 108,533 $ 48,287 $ (31,419 ) $ 125,401 $ 161,704 $ 287,105 Share-based compensation $ 312 $ 1 $ 313 $ 81 $ 686 $ 1,080 $ 858 $ 1,938 Depreciation and amortization $ 7,928 $ 2,656 $ 10,584 $ 993 $ (227 ) $ 11,350 $ 15,777 $ 27,127 Operating income $ 13,323 $ 4,311 $ 17,634 $ 6,079 $ (11,248 ) $ 12,465 $ 27,576 $ 40,041 Interest income $ — $ — $ — $ — $ — $ — $ 52 $ 52 Interest expense $ 3,402 $ 812 $ 4,214 $ 614 $ 809 $ 5,637 $ 6,315 $ 11,952 Additions to long-lived assets $ 45,295 $ 16,717 $ 62,012 $ 695 $ (5,407 ) $ 57,300 $ 44,210 $ 101,510 |
Organization and Business Ope36
Organization and Business Operations - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2016Segment | |
Organization And Business Operations [Line Items] | |
Number of distinct business units | 3 |
Number of geographic units | 2 |
GFN U.S. [Member] | |
Organization And Business Operations [Line Items] | |
Percentage in owned subsidiary | 90.00% |
Majority interest owned | 50.00% |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||||
Jun. 30, 2016USD ($)Segmentshares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 20, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||
Number of geographic units | Segment | 2 | |||||
Number of operating segments | Segment | 4 | |||||
Maturity of investments | Three months or less | |||||
Net realizable value write downs of inventories | $ 1,350,000 | |||||
Percentage of depreciation of lease fleet to cost | 70.00% | |||||
Gross costs of the lease fleet | $ 516,502,000 | $ 478,416,000 | ||||
Impairment provision related to long-lived assets | $ 0 | 0 | ||||
Fair value of the reporting unit | 50.00% | |||||
Impairment of goodwill | $ 16,172,000 | 13,491,000 | $ 13,491,000 | |||
Goodwill deductible for income tax purpose, years | 15 years | |||||
Contributions to defined contribution benefit plans | $ 1,507,000 | 1,644,000 | 1,638,000 | |||
Prepaid advertising costs | 2,000 | 29,000 | ||||
Advertising costs | 3,284,000 | 3,448,000 | 3,164,000 | |||
Shipping and handling costs | $ 219,000 | $ 928,000 | $ 1,244,000 | |||
Period for anticipation for change in total unrecognized tax benefit related to any particular tax position period | 12 months | |||||
Potential common stock equivalents excluded from computation of diluted earnings per share | shares | 2,183,224 | 1,682,726 | 1,140,539 | |||
Trade name [Member] | LongVANS, Inc. [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total intangible assets acquired | $ 453,000 | $ 453,000 | ||||
Pac-Van [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Percentage of fair value in excess of carrying amount | 21.00% | 29.00% | ||||
Lone Star [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Percentage of fair value in excess of carrying amount | 12.00% | 31.00% | 11.00% | |||
Southern Frac [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Percentage of fair value in excess of carrying amount | 33.00% | |||||
Impairment of goodwill | $ 2,681,000 | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Expected period of benefit for customers base and lists and non-compete agreements | 1 year | |||||
Minimum [Member] | Lease Fleet [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated useful life of lease fleet | 5 years | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Expected period of benefit for customers base and lists and non-compete agreements | 14 years | |||||
Maximum [Member] | Lease Fleet [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated useful life of lease fleet | 20 years |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Accounting Policies [Abstract] | ||
Finished goods | $ 29,790 | $ 30,428 |
Work in-process | 2,298 | 3,678 |
Raw materials | 2,521 | 2,769 |
Total | $ 34,609 | $ 36,875 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 55,010 | $ 62,215 |
Less accumulated depreciation and amortization | (28,059) | (22,763) |
Property, plant and equipment, net | 26,951 | 39,452 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,168 | 9,656 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,887 | 6,580 |
Building and improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Building and improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 40 years | |
Transportation and plant equipment (including capital lease assets) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 38,424 | 37,362 |
Transportation and plant equipment (including capital lease assets) [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Transportation and plant equipment (including capital lease assets) [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 20 years | |
Furniture, fixtures and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 9,531 | 8,613 |
Furniture, fixtures and office equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Furniture, fixtures and office equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Construction in-process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Change in Balance of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | |||
Beginning of year | $ 99,344 | $ 93,166 | $ 68,692 |
Additions to goodwill | 6,367 | 12,008 | 23,608 |
Impairment of goodwill | 2,681 | ||
Other adjustments, primarily foreign translation effect | (5,846) | (5,830) | 866 |
Impairment of goodwill | 2,681 | ||
End of year | $ 102,546 | $ 99,344 | $ 93,166 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Change in Balance of Goodwill (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Accounting Policies [Abstract] | |||
Accumulated impairment losses, net | $ 16,172 | $ 13,491 | $ 13,491 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 81,305 | $ 79,062 |
Accumulated Amortization | (45,718) | (37,668) |
Net Carrying Amount | 35,587 | 41,394 |
Trademark and Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,486 | 5,875 |
Accumulated Amortization | (302) | |
Net Carrying Amount | 5,184 | 5,875 |
Customer Base and Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 50,669 | 49,141 |
Accumulated Amortization | (30,064) | (25,887) |
Net Carrying Amount | 20,605 | 23,254 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,169 | 13,902 |
Accumulated Amortization | (9,810) | (7,674) |
Net Carrying Amount | 4,359 | 6,228 |
Deferred Financing Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,534 | 7,305 |
Accumulated Amortization | (4,087) | (2,569) |
Net Carrying Amount | 3,447 | 4,736 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,447 | 2,839 |
Accumulated Amortization | (1,455) | (1,538) |
Net Carrying Amount | $ 1,992 | $ 1,301 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Estimated Future Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Accounting Policies [Abstract] | ||
2,016 | $ 8,934 | |
2,017 | 5,642 | |
2,018 | 4,700 | |
2,019 | 2,874 | |
2,020 | 2,327 | |
Thereafter | 6,077 | |
Net Carrying Amount | $ 35,587 | $ 41,394 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Outstanding (Detail) - shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | |||
Basic | 26,060,823 | 25,805,679 | 24,631,284 |
Assumed exercise of stock options | 427,465 | 1,012,281 | |
Diluted | 26,060,823 | 26,233,144 | 25,643,565 |
Equity Transactions - Additiona
Equity Transactions - Additional Information (Detail) | Jun. 30, 2016USD ($)$ / sharesshares | Feb. 08, 2016AUD / shares | Aug. 12, 2015AUD / shares | Feb. 10, 2015AUD / shares | Aug. 12, 2014AUD / shares | Feb. 05, 2014AUD / shares | Aug. 13, 2013AUD / shares | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares |
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Preferred Stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Preferred Stock, outstanding | shares | 400,100 | 400,100 | 400,100 | ||||||
Preferred Stock, aggregate liquidation preference | $ | $ 40,722,000 | $ 40,722,000 | $ 40,722,000 | ||||||
Dividend declared | AUD / shares | AUD 0.03 | AUD 0.05 | AUD 0.040 | AUD 0.055 | AUD 0.05 | AUD 0.05 | |||
Dividend payable date | Apr. 4, 2016 | Oct. 2, 2015 | Apr. 2, 2015 | Oct. 3, 2014 | Apr. 3, 2014 | Oct. 3, 2013 | |||
Dividend payable record date | Mar. 16, 2016 | Sep. 17, 2015 | Mar. 18, 2015 | Sep. 18, 2014 | Mar. 19, 2014 | Sep. 24, 2013 | |||
Series B Preferred Stock [Member] | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Preferred Stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Cumulative Preferred Stock, liquidation preference | $ / shares | $ 1,000 | $ 1,000 | |||||||
Preferred Stock, outstanding | shares | 100 | 100 | 100 | ||||||
Preferred Stock, aggregate liquidation preference | $ | $ 102,000 | $ 102,000 | $ 102,000 | ||||||
Cumulative Preferred Stock, dividend percentage | 8.00% | ||||||||
Preferred stock, voting rights | No voting rights | ||||||||
Dividend on Preferred Stock | $ | $ 77,000 | ||||||||
Series C Preferred Stock [Member] | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Preferred Stock, par value | $ / shares | $ 2 | $ 2 | |||||||
Cumulative Preferred Stock, liquidation preference | $ / shares | $ 100 | $ 100 | |||||||
Preferred Stock, outstanding | shares | 400,000 | 400,000 | 400,000 | ||||||
Preferred Stock, aggregate liquidation preference | $ | $ 40,620,000 | $ 40,620,000 | $ 40,620,000 | ||||||
Cumulative Preferred Stock, dividend percentage | 9.00% | ||||||||
Preferred stock, voting rights | No voting rights | ||||||||
Preferred Stock redemption price per share | $ / shares | $ 100 | $ 100 | |||||||
Preferred Stock, dividend rate | 2.00% | 2.00% | |||||||
Stated liquidation value for every increase in dividend rate | $ | $ 100 | $ 100 | |||||||
Dividend on Preferred Stock | $ | $ 10,790,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information - 2014 Acquisitions (Detail) | Apr. 07, 2014USD ($)$ / sharesshares | Dec. 20, 2013USD ($) | Nov. 07, 2013USD ($) | Oct. 31, 2013USD ($) | Oct. 31, 2013AUD | Sep. 10, 2013USD ($) | Sep. 10, 2013AUD | Sep. 06, 2013USD ($) | Sep. 06, 2013CAD | Aug. 01, 2013USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Oct. 31, 2013AUD | Sep. 10, 2013AUD | Sep. 06, 2013CAD |
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition cost holdback | $ 7,937,000 | $ 1,849,000 | $ 1,126,000 | $ 3,152,000 | ||||||||||||
Amount payable under purchase consideration | $ 2,310,000 | $ 3,203,000 | ||||||||||||||
Business acquisition cost holdback note discounted | 9,616,000 | |||||||||||||||
Line of credit borrowings | 25,000,000 | |||||||||||||||
Lone Star [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 75,000,000 | |||||||||||||||
Total purchase consideration | 102,418,000 | |||||||||||||||
Effective date of acquisition | Apr. 1, 2014 | |||||||||||||||
Purchase consideration, value of common stock issued | $ 9,865,000 | |||||||||||||||
Issuance of common stock for business acquisition | shares | 1,230,012 | |||||||||||||||
Purchase consideration, common stock price per share | $ / shares | $ 8.13 | |||||||||||||||
Revenues since date of acquisition | 14,658,000 | |||||||||||||||
Net income since date of acquisition | $ 1,990,000 | |||||||||||||||
Lone Star [Member] | Amended Wells Fargo Credit Facility [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Line of credit borrowings | $ 50,000,000 | |||||||||||||||
Lone Star [Member] | Credit Suisse [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Line of credit borrowings | 25,000,000 | |||||||||||||||
Lone Star [Member] | General indemnity holdback [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Amount payable under purchase consideration | 5,000,000 | |||||||||||||||
Business acquisition cost holdback note discounted | $ 4,243,000 | |||||||||||||||
Purchase consideration payable term | 2 years | |||||||||||||||
Lone Star [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Amount payable under purchase consideration | $ 5,000,000 | |||||||||||||||
Business acquisition cost holdback note discounted | $ 3,694,000 | |||||||||||||||
Purchase consideration payable term | 5 years | |||||||||||||||
Lone Star [Member] | Working Capital And Other Adjustments [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Amount payable under purchase consideration | $ 10,481,000 | |||||||||||||||
Business acquisition cost holdback note discounted | $ 9,616,000 | |||||||||||||||
Harper Hot Shot Service, Inc. [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 3,267,000 | |||||||||||||||
Business acquisition cost holdback | $ 148,000 | |||||||||||||||
Canadian Storage Containers Inc. [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 1,527,000 | CAD 1,602,000 | ||||||||||||||
Business acquisition cost holdback | $ 258,000 | CAD 271,000 | ||||||||||||||
Intermodal Kookaburra [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 5,231,000 | AUD 5,680,000 | ||||||||||||||
Business acquisition cost holdback | $ 368,000 | AUD 400,000 | ||||||||||||||
DBCS [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 333,000 | AUD 351,000 | ||||||||||||||
Business acquisition cost holdback | $ 33,000 | AUD 35,000 | ||||||||||||||
Pinnacle Rental & Supply, LLC [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 6,179,000 | |||||||||||||||
Business acquisition cost holdback | $ 293,000 | |||||||||||||||
Rumpke [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 284,000 | |||||||||||||||
Business acquisition cost holdback | $ 26,000 |
Acquisitions - Fair Market Valu
Acquisitions - Fair Market Values of Tangible and Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Apr. 04, 2016 | Dec. 31, 2015 | Oct. 29, 2015 | Oct. 16, 2015 | Aug. 28, 2015 | Jun. 30, 2015 | Jan. 09, 2015 | Nov. 14, 2014 | Oct. 20, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Apr. 07, 2014 | Nov. 07, 2013 | Sep. 10, 2013 | Jun. 30, 2013 |
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Trade and other receivables | $ 1,677 | |||||||||||||||
Inventories | 23 | |||||||||||||||
Prepaid expenses and other | 8 | |||||||||||||||
Property, plant and equipment | 874 | |||||||||||||||
Lease fleet | 10,838 | |||||||||||||||
Accounts payables and accrued liabilities | (1,006) | |||||||||||||||
Unearned revenue and advance payments | (260) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 12,154 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 102,546 | $ 99,344 | $ 93,166 | $ 68,692 | ||||||||||||
Total intangible assets acquired | 10,425 | |||||||||||||||
Total purchase consideration | 22,579 | |||||||||||||||
Other [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 505 | |||||||||||||||
Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 499 | |||||||||||||||
Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 3,054 | |||||||||||||||
Intermodal Kookaburra [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Inventories | $ 496 | |||||||||||||||
Property, plant and equipment | 50 | |||||||||||||||
Lease fleet | 3,479 | |||||||||||||||
Accounts payables and accrued liabilities | (76) | |||||||||||||||
Unearned revenue and advance payments | (35) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 3,914 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 849 | |||||||||||||||
Total intangible assets acquired | 1,317 | |||||||||||||||
Total purchase consideration | 5,231 | |||||||||||||||
Intermodal Kookaburra [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 385 | |||||||||||||||
Intermodal Kookaburra [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 83 | |||||||||||||||
Pinnacle Rental & Supply, LLC [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Inventories | $ 50 | |||||||||||||||
Lease fleet | 5,271 | |||||||||||||||
Unearned revenue and advance payments | (99) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 5,222 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 542 | |||||||||||||||
Total intangible assets acquired | 957 | |||||||||||||||
Total purchase consideration | 6,179 | |||||||||||||||
Pinnacle Rental & Supply, LLC [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 231 | |||||||||||||||
Pinnacle Rental & Supply, LLC [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 184 | |||||||||||||||
Lone Star [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Trade and other receivables | $ 14,968 | |||||||||||||||
Inventories | 6,035 | |||||||||||||||
Prepaid expenses and other | 122 | |||||||||||||||
Property, plant and equipment | 7,291 | |||||||||||||||
Lease fleet | 33,338 | |||||||||||||||
Accounts payables and accrued liabilities | (3,609) | |||||||||||||||
Senior and other debt | (1,238) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 56,907 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 20,111 | |||||||||||||||
Total intangible assets acquired | 45,511 | |||||||||||||||
Total purchase consideration | 102,418 | |||||||||||||||
Lone Star [Member] | Trade name [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 2,500 | |||||||||||||||
Lone Star [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 5,000 | |||||||||||||||
Lone Star [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 17,900 | |||||||||||||||
Black Angus Steel & Supply Co. [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Trade and other receivables | $ 139 | |||||||||||||||
Property, plant and equipment | 249 | |||||||||||||||
Lease fleet | 2,020 | |||||||||||||||
Unearned revenue and advance payments | (84) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 2,324 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 1,425 | |||||||||||||||
Total intangible assets acquired | 2,537 | |||||||||||||||
Total purchase consideration | 4,861 | |||||||||||||||
Black Angus Steel & Supply Co. [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 261 | |||||||||||||||
Black Angus Steel & Supply Co. [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 851 | |||||||||||||||
LongVANS, Inc. [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Trade and other receivables | $ 631 | |||||||||||||||
Inventories | 22 | |||||||||||||||
Prepaid expenses and other | 44 | |||||||||||||||
Property, plant and equipment | 609 | |||||||||||||||
Lease fleet | 6,228 | |||||||||||||||
Accounts payables and accrued liabilities | (340) | |||||||||||||||
Unearned revenue and advance payments | (626) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 6,568 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 4,620 | |||||||||||||||
Total intangible assets acquired | 7,201 | |||||||||||||||
Total purchase consideration | 13,769 | |||||||||||||||
LongVANS, Inc. [Member] | Trade name [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 453 | 453 | ||||||||||||||
LongVANS, Inc. [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 728 | |||||||||||||||
LongVANS, Inc. [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 1,400 | |||||||||||||||
A-One Storage LLC [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Property, plant and equipment | $ 302 | |||||||||||||||
Lease fleet | 4,803 | |||||||||||||||
Unearned revenue and advance payments | (299) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 4,806 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 2,370 | |||||||||||||||
Total intangible assets acquired | 3,502 | |||||||||||||||
Total purchase consideration | 8,308 | |||||||||||||||
A-One Storage LLC [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 160 | |||||||||||||||
A-One Storage LLC [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 972 | |||||||||||||||
Falcon Containers [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Cash | $ 373 | |||||||||||||||
Trade and other receivables | 256 | |||||||||||||||
Property, plant and equipment | 255 | |||||||||||||||
Lease fleet | 3,300 | |||||||||||||||
Accounts payables and accrued liabilities | (224) | |||||||||||||||
Unearned revenue and advance payments | (204) | |||||||||||||||
Deferred tax liabilities | (853) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 2,903 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 3,148 | |||||||||||||||
Total intangible assets acquired | 4,187 | |||||||||||||||
Total purchase consideration | 7,090 | |||||||||||||||
Falcon Containers [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 406 | |||||||||||||||
Falcon Containers [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 633 | |||||||||||||||
Other Acquisitions [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Trade and other receivables | 164 | |||||||||||||||
Inventories | $ 23 | 288 | 1,046 | |||||||||||||
Prepaid expenses and other | 16 | 6 | ||||||||||||||
Property, plant and equipment | 77 | 89 | 390 | |||||||||||||
Lease fleet | 730 | 2,102 | 2,213 | |||||||||||||
Accounts payables and accrued liabilities | (22) | (32) | (41) | |||||||||||||
Unearned revenue and advance payments | (56) | (53) | (133) | |||||||||||||
Deferred tax liabilities | (974) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 752 | 2,410 | 2,671 | |||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 131 | 445 | 2,106 | |||||||||||||
Total intangible assets acquired | 311 | 1,294 | 2,740 | |||||||||||||
Total purchase consideration | 1,063 | 3,704 | 5,411 | |||||||||||||
Other Acquisitions [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 76 | 260 | 207 | |||||||||||||
Other Acquisitions [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 104 | 589 | 427 | |||||||||||||
FY 2014 Acquisitions [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Trade and other receivables | 15,132 | |||||||||||||||
Inventories | 7,627 | |||||||||||||||
Prepaid expenses and other | 128 | |||||||||||||||
Property, plant and equipment | 7,731 | |||||||||||||||
Lease fleet | 44,301 | |||||||||||||||
Accounts payables and accrued liabilities | (3,726) | |||||||||||||||
Unearned revenue and advance payments | (267) | |||||||||||||||
Senior and other debt | (1,238) | |||||||||||||||
Deferred tax liabilities | (974) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 68,714 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 23,608 | |||||||||||||||
Total intangible assets acquired | 50,525 | |||||||||||||||
Total purchase consideration | 119,239 | |||||||||||||||
FY 2014 Acquisitions [Member] | Trade name [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 2,500 | |||||||||||||||
FY 2014 Acquisitions [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 5,823 | |||||||||||||||
FY 2014 Acquisitions [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 18,594 | |||||||||||||||
FY 2015 Acquisitions [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Cash | 373 | |||||||||||||||
Trade and other receivables | 1,026 | |||||||||||||||
Inventories | 310 | |||||||||||||||
Prepaid expenses and other | 60 | |||||||||||||||
Property, plant and equipment | 1,504 | |||||||||||||||
Lease fleet | 18,453 | |||||||||||||||
Accounts payables and accrued liabilities | (596) | |||||||||||||||
Unearned revenue and advance payments | (1,266) | |||||||||||||||
Deferred tax liabilities | (853) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 19,011 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 12,008 | |||||||||||||||
Total intangible assets acquired | 18,721 | |||||||||||||||
Total purchase consideration | 37,732 | |||||||||||||||
FY 2015 Acquisitions [Member] | Trade name [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 453 | |||||||||||||||
FY 2015 Acquisitions [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 1,815 | |||||||||||||||
FY 2015 Acquisitions [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 4,445 | |||||||||||||||
Mobile Storage Solutions of Mo., LLC [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Property, plant and equipment | $ 60 | |||||||||||||||
Lease fleet | 933 | |||||||||||||||
Unearned revenue and advance payments | (27) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 966 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 173 | |||||||||||||||
Total intangible assets acquired | 531 | |||||||||||||||
Total purchase consideration | 1,497 | |||||||||||||||
Mobile Storage Solutions of Mo., LLC [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 132 | |||||||||||||||
Mobile Storage Solutions of Mo., LLC [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 226 | |||||||||||||||
McKinney Trailer Rentals Inc [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Trade and other receivables | $ 1,580 | |||||||||||||||
Prepaid expenses and other | 8 | |||||||||||||||
Property, plant and equipment | 531 | |||||||||||||||
Lease fleet | 6,278 | |||||||||||||||
Accounts payables and accrued liabilities | (984) | |||||||||||||||
Unearned revenue and advance payments | (2) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 7,411 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 5,154 | |||||||||||||||
Total intangible assets acquired | 7,853 | |||||||||||||||
Total purchase consideration | 15,264 | |||||||||||||||
McKinney Trailer Rentals Inc [Member] | Other [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 89 | |||||||||||||||
McKinney Trailer Rentals Inc [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 239 | |||||||||||||||
McKinney Trailer Rentals Inc [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 2,371 | |||||||||||||||
Aran Trading Ltd [Member] | ||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||
Trade and other receivables | $ 97 | |||||||||||||||
Property, plant and equipment | 206 | |||||||||||||||
Lease fleet | 2,897 | |||||||||||||||
Unearned revenue and advance payments | (175) | |||||||||||||||
Total net tangible assets acquired and liabilities assumed | 3,025 | |||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Goodwill | 909 | |||||||||||||||
Total intangible assets acquired | 1,730 | |||||||||||||||
Total purchase consideration | 4,755 | |||||||||||||||
Aran Trading Ltd [Member] | Other [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 416 | |||||||||||||||
Aran Trading Ltd [Member] | Non-Compete Agreements [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | 52 | |||||||||||||||
Aran Trading Ltd [Member] | Customer lists/relationships [Member] | ||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||
Total intangible assets acquired | $ 353 |
Acquisitions - Schedule of Unau
Acquisitions - Schedule of Unaudited Pro Forma Information (Detail) - Lone Star [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2014USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Revenues | $ 325,821 |
Net income | 19,494 |
Net income attributable to common stockholders | $ 8,249 |
Net income per common share: | |
Basic | $ / shares | $ 0.32 |
Diluted | $ / shares | $ 0.31 |
Acquisitions - Additional Inf49
Acquisitions - Additional Information - 2015 Acquisitions (Detail) | Jun. 10, 2015USD ($) | Jun. 10, 2015AUD | Mar. 20, 2015USD ($) | Feb. 20, 2015USD ($) | Jan. 09, 2015USD ($) | Dec. 01, 2014USD ($) | Dec. 01, 2014AUD | Nov. 14, 2014USD ($) | Oct. 20, 2014USD ($) | Jul. 01, 2014USD ($)shares | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 10, 2015AUD | Dec. 01, 2014AUD | Jun. 30, 2014USD ($) | Apr. 07, 2014USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition cost holdback | $ 1,849,000 | $ 3,152,000 | $ 1,126,000 | $ 7,937,000 | ||||||||||||
Black Angus Steel & Supply Co. [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 4,861,000 | |||||||||||||||
Issuance of common stock for business acquisition | shares | 16,002 | |||||||||||||||
Business acquisition cost holdback | $ 1,468,000 | |||||||||||||||
LongVANS, Inc. [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 13,769,000 | |||||||||||||||
Business acquisition cost holdback | $ 577,000 | |||||||||||||||
A-One Storage LLC [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 8,308,000 | |||||||||||||||
Business acquisition cost holdback | $ 779,000 | |||||||||||||||
YS Container Services [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 1,560,000 | AUD 1,833,000 | ||||||||||||||
Business acquisition cost holdback | $ 147,000 | AUD 172,000 | ||||||||||||||
Falcon Containers [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 7,090,000 | |||||||||||||||
Chet-Jac Trailer Sales [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 1,039,000 | |||||||||||||||
Business acquisition cost holdback | $ 100,000 | |||||||||||||||
Budget Mobile Storage, LLC [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 940,000 | |||||||||||||||
Business acquisition cost holdback | $ 71,000 | |||||||||||||||
Ivans Container [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 165,000 | AUD 217,000 | ||||||||||||||
Business acquisition cost holdback | $ 10,000 | AUD 13,000 |
Acquisitions - Additional Inf50
Acquisitions - Additional Information - 2016 Acquisitions (Detail) | Apr. 04, 2016USD ($) | Feb. 19, 2016USD ($) | Dec. 23, 2015USD ($) | Dec. 23, 2015AUD | Oct. 29, 2015USD ($) | Oct. 29, 2015AUD | Oct. 16, 2015USD ($) | Aug. 28, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Apr. 07, 2014USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Business acquisition cost holdback | $ 1,849,000 | $ 3,152,000 | $ 1,126,000 | $ 7,937,000 | ||||||||
Annual interest rate on promissory note | 8.125% | |||||||||||
Bargain purchase gains | $ 72,000 | |||||||||||
Transaction costs | 422,000 | $ 279,000 | $ 1,175,000 | |||||||||
Mobile Storage Solutions of Mo., LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, gross | $ 1,497,000 | |||||||||||
Business acquisition cost holdback | 139,000 | |||||||||||
Spacewise (Aust) Pty Limited [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, gross | $ 281,000 | AUD 390,000 | ||||||||||
Business acquisition cost holdback and other adjustment | $ 56,000 | AUD 78,000 | ||||||||||
Bargain purchase gains | 72,000 | |||||||||||
McKinney Trailer Rentals Inc [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, gross | $ 15,264,000 | |||||||||||
Business acquisition cost holdback and other adjustment | $ 940,000 | |||||||||||
Revenues | 7,494,000 | |||||||||||
Net income (loss) | $ 1,219,000 | |||||||||||
W.A. Container Services Pty Limited [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, gross | $ 321,000 | AUD 439,000 | ||||||||||
Business acquisition cost holdback and other adjustment | $ 66,000 | AUD 90,000 | ||||||||||
Box Service Company, Inc. [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, gross | $ 461,000 | |||||||||||
Business acquisition cost holdback and other adjustment | $ 35,000 | |||||||||||
Aran Trading Ltd [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, gross | $ 4,755,000 | |||||||||||
Business acquisition cost holdback and other adjustment | $ 500,000 | |||||||||||
Promissory Notes [Member] | Mobile Storage Solutions of Mo., LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Promissory note | $ 613,000 | |||||||||||
Promissory Notes [Member] | Mobile Storage Solutions of Mo., LLC [Member] | Notes Payable, Other Payables [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Annual interest rate on promissory note | 2.00% | |||||||||||
Maturity date of promissory note | 2016-01 |
Senior and Other Debt - ANZ_CBA
Senior and Other Debt - ANZ/CBA Credit Facility and North America Leasing Senior Credit Facility - Additional Information (Detail) | Jun. 30, 2016USD ($)AUD / $ | Apr. 03, 2014USD ($) | Jun. 30, 2016USD ($)AUD / $ | Jun. 30, 2016AUDAUD / $ | Dec. 31, 2015USD ($) | May 08, 2014USD ($) | May 08, 2014AUD |
Line of Credit Facility [Line Items] | |||||||
Intercompany dividend description | The maximum amount of intercompany dividends that Pac-Van and Lone Star are allowed to pay in each fiscal year to GFN for the funding requirements of GFN’s senior and other debt and the Series C Preferred Stock are (a) the lesser of $5,000,000 for the Series C Preferred Stock or the amount equal to the dividend rate of the Series C Preferred Stock and its aggregate liquidation preference and the actual amount of dividends required to be paid to the Series C Preferred Stock; (b) the lesser of $3,125,000 for the term loan with Credit Suisse or the actual annual interest to be paid; and (c) $6,120,000 for the public offering of unsecured senior notes or the actual amount of annual interest required to be paid; provided that (i) the payment of such dividends does not cause a default or event of default; (ii) each of Pac-Van and Lone Star is solvent; (iii) excess availability, as defined, is $5,000,000 or more under the Wells Fargo Credit Facility; (iv) the fixed charge coverage ratio, as defined, will be greater than 1.25 to 1.00; and (v) the dividends are paid no earlier than ten business days prior to the date they are due. | ||||||
Credit Suisse [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 25,000,000 | ||||||
Line of credit facility maturity date | Jul. 1, 2017 | ||||||
Borrowings under credit facility | $ 10,000,000 | $ 10,000,000 | |||||
Payment of intercompany dividends from Pac-Van and Lone Star | 3,125,000 | ||||||
Series C Preferred Stock [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Payment of intercompany dividends from Pac-Van and Lone Star | 5,000,000 | ||||||
Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility additional borrowing capacity | 20,000,000 | 20,000,000 | |||||
Borrowing capacity, additional increase authorized | $ 20,000,000 | 20,000,000 | |||||
Borrowing capacity, after increase | 252,000,000 | ||||||
Payment of intercompany dividends from Pac-Van and Lone Star | $ 5,000,000 | ||||||
Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Fixed charge coverage ratio | 1.25 | 1.25 | 1.25 | ||||
Pac-Van [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowings under credit facility | $ 187,591,000 | $ 187,591,000 | |||||
Availability under ANZ credit facility | 26,864,000 | 26,864,000 | |||||
Unsecured senior notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Payment of intercompany dividends from Pac-Van and Lone Star | $ 6,120,000 | ||||||
North America [Member] | Senior Secured Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 232,000,000 | ||||||
ANZ/CBA Credit Facility A [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 93,031,000 | AUD 125,000,000 | |||||
Line of credit facility maturity date | Jul. 31, 2017 | ||||||
Borrowings under credit facility | $ 73,348,000 | $ 73,348,000 | AUD 98,553,000 | ||||
ANZ/CBA Credit Facility A [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.10% | ||||||
ANZ/CBA Credit Facility A [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.10% | ||||||
ANZ/CBA Credit Facility B [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | 37,213,000 | 50,000,000 | |||||
Line of credit facility maturity date | Jul. 31, 2019 | ||||||
Borrowings under credit facility | $ 2,702,000 | $ 2,702,000 | 3,631,000 | ||||
ANZ/CBA Credit Facility B [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.35% | ||||||
ANZ/CBA Credit Facility B [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.40% | ||||||
ANZ/CBA Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility base rate description | The 30-day and 90-day BBSY and BKBM were 1.895% and 2.010% and 2.450% and 2.510%, respectively. | ||||||
Borrowings under credit facility | $ 76,050,000 | $ 76,050,000 | 102,184,000 | ||||
Availability under ANZ credit facility | $ 26,946,000 | $ 26,946,000 | AUD 36,205,000 | ||||
Foreign currency exchange rate, translation | AUD / $ | 0.74425 | 0.74425 | 0.74425 | ||||
ANZ/CBA Credit Facility [Member] | Sub-Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 2,233,000 | $ 2,233,000 | AUD 3,000,000 | ||||
ANZ/CBA Credit Facility [Member] | Commonwealth Bank of Australia [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | 52,098,000 | 70,000,000 | |||||
Interest rate | 0.10% | ||||||
ANZ/CBA Credit Facility [Member] | ANZ Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 78,146,000 | AUD 105,000,000 | |||||
ANZ/CBA Credit Facility [Member] | Royal Wolf [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 130,244,000 | $ 130,244,000 | AUD 175,000,000 | ||||
Base Rate [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 0.50% | ||||||
Base Rate [Member] | Minimum [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.00% | ||||||
Base Rate [Member] | Minimum [Member] | Real Estate Sub Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.50% | ||||||
Base Rate [Member] | Maximum [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.50% | ||||||
Base Rate [Member] | Maximum [Member] | Real Estate Sub Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Credit Suisse [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 7.50% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.50% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Real Estate Sub Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 3.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 3.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Real Estate Sub Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 3.50% |
Senior and Other Debt - Credit
Senior and Other Debt - Credit Suisse Term Loan - Additional Information (Detail) - Credit Suisse [Member] - USD ($) | Apr. 03, 2014 | Jun. 30, 2016 |
Line of Credit Facility [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 25,000,000 | |
Line of credit facility description | An amount equal to six-months interest be deposited in an interest reserve account pledged to secure repayment of all amounts borrowed. | |
Repayments of debt | $ 15,000,000 | |
Borrowings outstanding under credit facility | $ 10,000,000 | |
Line of credit facility maturity date | Jul. 1, 2017 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 7.50% |
Senior and Other Debt - Senior
Senior and Other Debt - Senior Notes and Other Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 18, 2014 | |
Line of Credit Facility [Line Items] | ||||
Interest rate of senior notes | 8.125% | |||
Other debt | $ 8,818,000 | |||
Other [Member] | Asia-Pacific [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Weighted-average interest rate | 5.40% | 5.40% | 5.70% | |
Other [Member] | North America [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Weighted-average interest rate | 4.90% | 5.20% | 4.10% | |
Senior Notes 8.125% [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Terms of principal amount redemption | The Company may, at its option, prior to July 31, 2017, redeem the Senior Notes in whole or in part upon the payment of 100% of the principal amount of the Senior Notes being redeemed plus any additional amount required by the Indenture. In addition, the Company may from time to time redeem up to 35% of the aggregate outstanding principal amount of the Senior Notes before July 31, 2017 with the net cash proceeds from certain equity offerings at a redemption price of 108.125% of the principal amount plus accrued and unpaid interest. | |||
Senior notes redemption percentage on principal amount | 35.00% | |||
Redemption price percentage on principal amount plus accrued and unpaid interest | 108.125% | |||
Senior Notes 8.125% [Member] | Unsecured senior notes [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Aggregate principle amount of senior notes issued | $ 72,000,000 | |||
Notes issued denominations and multiples of denominations | $ 25 | |||
Interest rate of senior notes | 8.125% | |||
Debt instrument maturity date | Jul. 31, 2021 | |||
Frequency of interest payments | Quarterly | |||
Interest payment terms | Interest on the Senior Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31, commencing on July 31, 2014. | |||
Senior Notes 8.125% [Member] | On or after July 31, 2017 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Redemption price percentage on principal amount plus accrued and unpaid interest | 106.094% | |||
Senior Notes 8.125% [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Senior notes redemption percentage on principal amount | 100.00% | |||
Fixed charge coverage ratio | 2 |
Senior and Other Debt - Schedul
Senior and Other Debt - Schedule of Senior and Other Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Debt Instrument [Line Items] | ||
Senior and other debt | $ 354,459 | $ 356,733 |
ANZ/CBA Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Senior and other debt | 76,050 | 96,492 |
Wells Fargo Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Senior and other debt | 187,591 | 163,348 |
Credit Suisse [Member] | ||
Debt Instrument [Line Items] | ||
Senior and other debt | 10,000 | 15,000 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior and other debt | 72,000 | 72,000 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Senior and other debt | $ 8,818 | $ 9,893 |
Senior and Other Debt - Sched55
Senior and Other Debt - Scheduled Maturities for Senior Credit Facilities Senior Subordinated Notes and Other Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Debt Disclosure [Abstract] | ||
2,017 | $ 4,107 | |
2,018 | 272,655 | |
2,019 | 1,753 | |
2,020 | 2,999 | |
2,021 | 163 | |
Thereafter | 72,782 | |
Senior and other debt | $ 354,459 | $ 356,733 |
Financial Instruments - Derivat
Financial Instruments - Derivative Instruments at Fair Value, Classification in Consolidated Balances Sheets (Detail) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Swap Contracts and Options (Caps and Collars) [Member] | Trade Payables and Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | $ 871 | $ 1,429 |
Forward-Exchange Contracts [Member] | Trade Payables and Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Forward-Exchange Contracts, Trade and other receivables | $ 255 | |
Forward-Exchange Contracts [Member] | Trade and Other Receivables [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | $ 120 |
Financial Instruments - Deriv57
Financial Instruments - Derivative Instruments at Fair Value, Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) in Income | $ 104 | $ (219) | |
Swap Contracts and Options (Caps and Collars) [Member] | Unrealized gain (loss) included in interest expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) in Income | 104 | (219) | |
Forward-Exchange Contracts [Member] | Unrealized foreign currency exchange gain (loss) and other [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) in Income | $ (367) | $ 383 | $ (939) |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2016USD ($)Contract | Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($) | |
Derivative [Line Items] | |||
Gain (loss) on ineffective portion of cash flow hedge | $ 104,000 | $ (219,000) | |
Unrealized foreign exchange gains (losses) | $ (103,000) | (512,000) | 217,000 |
Realized foreign exchange gains (losses) | 80,000 | (180,000) | (628,000) |
Revenues | 285,851,000 | 303,825,000 | 287,105,000 |
Net allowance for doubtful accounts provided | 5,570,000 | 4,434,000 | 2,994,000 |
Uncollectible accounts written off, net of recoveries and other | 3,357,000 | 1,348,000 | 1,464,000 |
Translation gain (loss) to allowance for doubtful accounts | 0 | (271,000) | 43,000 |
Construction Industry [Member] | |||
Derivative [Line Items] | |||
Revenues | 42,799,000 | 34,077,000 | 28,726,000 |
Construction Industry [Member] | Trade Receivables [Member] | |||
Derivative [Line Items] | |||
Accounts receivable | 6,032,000 | 5,415,000 | |
Energy Industry [Member] | |||
Derivative [Line Items] | |||
Revenues | 29,866,000 | 61,537,000 | 23,924,000 |
Energy Industry [Member] | Trade Receivables [Member] | |||
Derivative [Line Items] | |||
Accounts receivable | $ 3,971,000 | $ 14,375,000 | |
Interest rate swap contract [Member] | |||
Derivative [Line Items] | |||
Number of derivative contract | Contract | 1 | 1 | |
Derivative maturity date | 2017-06 | ||
Forward-Exchange [Member] | |||
Derivative [Line Items] | |||
Number of derivative contract | Contract | 49 | 27 | |
Forward-Exchange [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative maturity date | 2016-07 | 2015-07 | |
Forward-Exchange [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative maturity date | 2016-11 | 2015-12 | |
Customer Concentration Risk [Member] | |||
Derivative [Line Items] | |||
Concentrations of credit risk, percentage | 10.00% | ||
Unrealized gain (loss) included in interest expense [Member] | Interest rate swap contract [Member] | |||
Derivative [Line Items] | |||
Gain (loss) on ineffective portion of cash flow hedge | $ 104,000 | $ (219,000) | |
Senior credit facilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Derivative [Line Items] | |||
Fair value of borrowings | $ 336,901,000 | 345,534,000 | |
Other debt [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Derivative [Line Items] | |||
Fair value of borrowings | $ 8,818,000 | $ 9,893,000 |
Financial Instruments - Open In
Financial Instruments - Open Interest Rate Swap Contract (Detail) - Interest rate swap contract [Member] - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Derivatives, Fair Value [Line Items] | ||
Notional amounts | $ 37,213,000 | $ 38,290,000 |
Fixed/Strike Rates | 3.98% | 3.98% |
Floating Rates | 1.90% | 2.09% |
Fair Value of Combined Contracts | $ (871,000) | $ (1,429,000) |
Financial Instruments - Open Fo
Financial Instruments - Open Forward Exchange and Participating Forward Contracts (Detail) - Forward-Exchange [Member] | Jun. 30, 2016USD ($)AUD / $ | Jun. 30, 2015USD ($)AUD / $ |
Derivatives, Fair Value [Line Items] | ||
Notional amounts | $ | $ 8,617,000 | $ 9,540,000 |
Fair Value of Combined Contracts | $ | $ (255,000) | $ 120,000 |
Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exchange/Strike Rates (AUD to USD) | AUD / $ | 0.6460 | 0.7506 |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exchange/Strike Rates (AUD to USD) | AUD / $ | 0.7803 | 1.0286 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Line Items] | |||
Income (loss) before provision for income taxes | $ (5,477) | $ 21,742 | $ 26,769 |
North America [Member] | |||
Income Taxes [Line Items] | |||
Income (loss) before provision for income taxes | (13,607) | 6,234 | 6,609 |
Asia-Pacific [Member] | |||
Income Taxes [Line Items] | |||
Income (loss) before provision for income taxes | $ 8,130 | $ 15,508 | $ 20,160 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Current: | |||
U.S. Federal | $ 0 | $ 0 | $ 0 |
State | 203 | ||
Foreign | 1,842 | 4,582 | 1,427 |
Total current taxes | 2,045 | 4,582 | 1,427 |
Deferred: | |||
U.S. Federal | (4,364) | 4,152 | 4,431 |
State | (39) | 474 | 506 |
Foreign | 167 | (511) | 5,256 |
Total deferred taxes | (4,236) | 4,115 | 10,193 |
Provision (benefit) for income taxes | $ (2,191) | $ 8,697 | $ 11,620 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Deferred tax assets: | ||
Net operating loss and tax credit carryforwards | $ 19,594 | $ 15,837 |
Accrued compensation and other benefits | 3,070 | 2,355 |
Allowance for doubtful accounts | 3,079 | 1,563 |
Total deferred tax assets | 25,743 | 19,755 |
Deferred tax liabilities: | ||
Accelerated tax depreciation and amortization | (64,749) | (61,844) |
Deferred revenue and expenses | (1,153) | |
Total deferred tax liabilities | (64,749) | (62,997) |
Net deferred tax liabilities | $ (39,006) | $ (43,242) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Contingency [Line Items] | ||
Net operating loss carryforward | $ 2,400,000 | |
Maximum amount to be carried forward on yearly basis | 21,444,000 | |
Valuation allowance | $ 0 | $ 0 |
State [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards, expiration year | 2,019 | |
Pac-Van [Member] | State [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforward | $ 34,239,000 | |
North America [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforward | $ 68,180,000 | |
Minimum [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards, expiration year | 2,019 | |
Maximum [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards, expiration year | 2,036 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of U.S. Federal Statutory Rate (Detail) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Adjustments to federal statutory rate in current year | 2.20% | ||
State and Asia-Pacific taxes, net of U.S. federal benefit and credit | 5.00% | 5.00% | 6.20% |
Effective tax rate | 40.00% | 40.00% | 43.40% |
Income Taxes - Reconciliation66
Income Taxes - Reconciliation of U.S. Federal Statutory Rate (Parenthetical) (Detail) | 12 Months Ended |
Jun. 30, 2014USD ($) | |
Income Tax Disclosure [Abstract] | |
Adjustment amount | $ 594,000 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) | Dec. 29, 2014 | Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($)ft² | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Related Party Transaction [Line Items] | |||||
Rental payment | $ 10,382,000 | $ 9,559,000 | $ 9,989,000 | ||
Services Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total charges of services rendered | $ 7,000 | 84,000 | |||
Related-party transaction renewal terms and manner of settlement | The services agreement provides for, among other things, mutual modifications to the scope of services and rates charged and automatically renews for successive one-year terms, unless terminated in writing by either party prior to the fiscal year end. | ||||
Pac-Van [Member] | Mr Valenta [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenues | $ 0 | 0 | 33,000 | ||
Affiliate of Ronald F. Valenta [Member] | |||||
Related Party Transaction [Line Items] | |||||
Rental payment | $ 7,393 | $ 110,000 | 110,000 | 110,000 | |
Office space | ft² | 3,000 | ||||
Term of lease | 5 years | ||||
Renewal options of lease | 5 years | ||||
Pac Van Las Vegas [Member] | |||||
Related Party Transaction [Line Items] | |||||
Rental payment | $ 118,000 | $ 118,000 | $ 118,000 | ||
Renewal options of lease | 2 years | 2 years | |||
Lease expiration date | Dec. 31, 2016 |
Equity Plans - Additional Infor
Equity Plans - Additional Information (Detail) | Jul. 01, 2016 | Jun. 15, 2016Employees$ / sharesshares | Jun. 15, 2015USD ($)Employees$ / sharesshares | Jan. 22, 2015Employees$ / sharesshares | Jun. 19, 2014USD ($)Employees$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($)$ / sharesshares | Sep. 11, 2014shares | Jun. 30, 2013shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 2 years 1 month 6 days | |||||||||
Number of performance rights granted | 110,382 | 110,382 | 90,320 | |||||||
Shares available for grant | 106,700 | 273,000 | 45,000 | |||||||
Stock options granted exercise price | $ / shares | $ 4.11 | $ 5.79 | $ 9.25 | |||||||
Market price of common stock | $ / shares | $ 4.25 | |||||||||
Outstanding stock options | 2,183,224 | 2,110,191 | 2,152,820 | 2,170,598 | ||||||
Intrinsic value of the outstanding stock options | $ | $ 911,000 | |||||||||
Share-based compensation expense | $ | 2,388,000 | $ 2,174,000 | $ 1,938,000 | |||||||
Unrecognized compensation expense to be recorded on a straight-line basis | $ | $ 1,116,000 | |||||||||
Minimum percentage of outstanding shares in capital stock | 50.00% | |||||||||
2014 Grants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 39 months | |||||||||
Number of key employees, options granted | Employees | 13 | |||||||||
Stock options granted exercise price | $ / shares | $ 9.25 | |||||||||
Expected life (in years) | 7 years 6 months | |||||||||
Expected volatility | 69.60% | |||||||||
Risk-free interest rate | 2.18% | |||||||||
Weighted average fair value of the options outstanding | $ / shares | $ 6.35 | |||||||||
Expected dividend | $ | $ 0 | |||||||||
January 2015 Grant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 36 months | |||||||||
Shares available for grant | 33,000 | |||||||||
Market price of common stock | $ / shares | $ 8.29 | |||||||||
June 2015 Grant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 36 months | |||||||||
Number of key employees, options granted | Employees | 22 | |||||||||
Market price of common stock | $ / shares | $ 5.45 | |||||||||
June 2016 Grant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 36 months | |||||||||
Number of key employees, options granted | Employees | 21 | |||||||||
Market price of common stock | $ / shares | $ 4.11 | |||||||||
Officers and key employees [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expected life (in years) | 7 years 6 months | |||||||||
Expected dividend | $ | $ 0 | |||||||||
Weighted-average fair value of the stock options granted | $ / shares | $ 4.02 | |||||||||
Risk-free interest rate, minimum | 1.65% | |||||||||
Risk-free interest rate, maximum | 2.10% | |||||||||
Expected volatility, minimum | 70.20% | |||||||||
Expected volatility, maximum | 71.10% | |||||||||
Time-based options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Outstanding stock options | 1,411,514 | |||||||||
Time-based options [Member] | 2014 Grants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares available for grant | 45,000 | |||||||||
Time-based options [Member] | January 2015 Grant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of key employees, options granted | Employees | 3 | |||||||||
Time-based options [Member] | June 2015 Grant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares available for grant | 240,000 | |||||||||
Time-based options [Member] | June 2016 Grant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares available for grant | 106,700 | |||||||||
Performance-based options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Outstanding stock options | 771,710 | |||||||||
Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Maximum outstanding capital stock | 1.00% | |||||||||
2014 Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of option granted | 1,500,000 | |||||||||
Stock option plan expiration date | Dec. 4, 2024 | |||||||||
2009 Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock option plan expiration date | Dec. 10, 2019 | |||||||||
Royal Wolf Long Term Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation expense | $ | $ 959,000 | $ 858,000 | $ 840,000 | |||||||
Royal Wolf Long Term Incentive Plan [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 4 years | |||||||||
Predecessor Plans [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of option granted | 2,500,000 | |||||||||
2006 Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock option plan expiration date | Jun. 30, 2016 | |||||||||
Non-qualified stock options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares available for grant | 1,045,943 | |||||||||
Non-qualified stock options [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 5 years | |||||||||
Restricted Stock Units [Member] | 2014 Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of performance rights granted | 1,045,943 | |||||||||
Stock Appreciation Rights [Member] | 2014 Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of performance rights granted | 1,045,943 | |||||||||
Performance rights [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of performance rights granted | 1,908,212 | |||||||||
Performance shares converted to capital stock | 607,211 | |||||||||
Performance rights [Member] | RWH [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of performance rights granted | 106,112 | |||||||||
Performance rights [Member] | RWH [Member] | Subsequent Events [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | |||||||||
Performance rights [Member] | 2014 Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of performance rights granted | 1,045,943 | |||||||||
Stock options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expected life (in years) | 7 years 6 months | |||||||||
Expected dividend | $ | $ 0 | |||||||||
Risk-free interest rate, minimum | 1.19% | |||||||||
Risk-free interest rate, maximum | 4.80% | |||||||||
Expected volatility, minimum | 26.50% | |||||||||
Expected volatility, maximum | 84.60% | |||||||||
Share-based compensation expense | $ | $ 6,625,000 | |||||||||
Stock options [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Weighted-average fair value of the stock options granted | $ / shares | $ 0.81 | |||||||||
Stock options [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Weighted-average fair value of the stock options granted | $ / shares | $ 6.35 | |||||||||
Non-vested equity shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of performance rights granted | 263,007 | 117,370 | 90,320 | |||||||
Unrecognized compensation expense to be recorded on a straight-line basis | $ | $ 1,296,000 | |||||||||
Share-based compensation recognized in statements of operations | $ | $ 1,485,000 | |||||||||
Non-vested equity shares [Member] | Officers and key employees [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares available for grant | 29,358 | |||||||||
Stock options granted exercise price | $ / shares | $ 5.45 | |||||||||
Share-based compensation recognized in statements of operations | $ | $ 160,000 | |||||||||
Number of employees, options granted | Employees | 1 | |||||||||
Non-vested equity shares [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Remaining vesting period | 2 months 27 days | |||||||||
Non-vested equity shares [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Remaining vesting period | 3 years | |||||||||
Nonemployee Consultants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Outstanding stock options | 0 |
Equity Plans - Fair Value of St
Equity Plans - Fair Value of Stock Options Granted (Detail) - Stock options [Member] | 12 Months Ended |
Jun. 30, 2016USD ($)$ / shares | |
Assumptions used: | |
Risk-free interest rate, minimum | 1.19% |
Risk-free interest rate, maximum | 4.80% |
Expected life (in years) | 7 years 6 months |
Expected volatility, minimum | 26.50% |
Expected volatility, maximum | 84.60% |
Expected dividends | $ | $ 0 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of stock options | $ 0.81 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of stock options | $ 6.35 |
Equity Plans - Stock Option Act
Equity Plans - Stock Option Activity and Related Information (Detail) - $ / shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Number of Options (Shares) | |||
Outstanding beginning balance | 2,110,191 | 2,152,820 | 2,170,598 |
Granted | 106,700 | 273,000 | 45,000 |
Exercised | (13,000) | (195,879) | (6,668) |
Forfeited or expired | (20,667) | (119,750) | (56,110) |
Outstanding ending balance | 2,183,224 | 2,110,191 | 2,152,820 |
Vested and expected to vest | 2,183,224 | 2,110,191 | 2,152,820 |
Exercisable | 1,852,190 | 1,443,443 | 1,091,694 |
Weighted-Average Exercise Price | |||
Outstanding beginning balance | $ 5.35 | $ 5.03 | $ 4.93 |
Granted | 4.11 | 5.79 | 9.25 |
Exercised | 3.09 | 2.84 | 1.22 |
Forfeited or expired | 6.05 | 4.61 | 5.10 |
Outstanding ending balance | 5.30 | 5.35 | 5.03 |
Vested and expected to vest | 5.30 | 5.35 | 5.03 |
Exercisable | $ 5.24 | $ 5.59 | $ 6.76 |
Weighted-Average Remaining Contractual Term (Years) | |||
Outstanding | 4 years 7 months 6 days | 5 years 4 months 24 days | 5 years 7 months 6 days |
Vested and expected to vest | 4 years 7 months 6 days | 5 years 4 months 24 days | 5 years 7 months 6 days |
Exercisable | 3 years 9 months 18 days | 3 years 10 months 24 days | 4 years 2 months 12 days |
Equity Plans - Summary of Non-V
Equity Plans - Summary of Non-Vested Equity Share Activity (Detail) - $ / shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 110,382 | 110,382 | 90,320 |
Non-vested equity shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested beginning balance | 293,983 | 205,320 | 115,000 |
Granted | 263,007 | 117,370 | 90,320 |
Vested | (117,370) | (21,719) | |
Forfeited | (66,113) | (6,988) | |
Non-vested ending balance | 373,507 | 293,983 | 205,320 |
Non-vested beginning balance | $ 6.18 | $ 6.23 | $ 4.43 |
Granted | 4.10 | 6.10 | 8.52 |
Vested | 6.10 | 6.22 | |
Forfeited | 9.25 | 6.15 | |
Non-vested ending balance | $ 4.20 | $ 6.18 | $ 6.23 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Commitments [Line Items] | |||
Rental expense on non-cancellable operating leases | $ 10,382,000 | $ 9,559,000 | $ 9,989,000 |
Minimum [Member] | |||
Other Commitments [Line Items] | |||
Operating lease term | 1 year | ||
Maximum [Member] | |||
Other Commitments [Line Items] | |||
Operating lease term | 9 years |
Commitments and Contingencies73
Commitments and Contingencies - Non-Cancellable Operating Lease Rentals Payable (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 8,142 |
2,018 | 6,529 |
2,019 | 4,891 |
2,020 | 3,859 |
2,021 | 2,892 |
Thereafter | 10,435 |
Total | $ 36,748 |
Commitments and Contingencies74
Commitments and Contingencies - Future Minimum Receipts under Sales-Type and Operating Fleet Leases (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2,017 | $ 13,140 |
2,018 | 3,468 |
2,019 | 1,462 |
2,020 | 863 |
2,021 | 629 |
Thereafter | 532 |
Total | $ 20,094 |
Detail of Certain Accounts - Su
Detail of Certain Accounts - Summary of Trade Payables and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade payables | $ 22,825 | $ 18,979 |
Payroll and related | 8,815 | 7,498 |
Taxes, other than income | 1,809 | 2,083 |
Fair value of interest swap and option and forward currency exchange contacts | 1,580 | 1,429 |
Accrued interest | 1,126 | 1,769 |
Deferred consideration | 2,310 | 3,203 |
Other accruals | 5,011 | 2,629 |
Total trade payables and accrued liabilities | $ 43,476 | $ 37,590 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014USD ($) | Jun. 30, 2016USD ($)Segment | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of geographic units | Segment | 2 | |||
Number of operating segments | Segment | 4 | |||
Sales revenue | $ 117,618,000 | $ 104,256,000 | $ 136,095,000 | |
Intersegment Adjustments [Member] | Lone Star [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales revenue | $ 2,779,000 | |||
North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales revenue | 54,152,000 | 49,289,000 | 48,384,000 | |
North America [Member] | Intersegment Adjustments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales revenue | $ 1,951,000 | $ 20,326,000 | $ 28,640,000 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues: | ||||
Sales | $ 117,618 | $ 104,256 | $ 136,095 | |
Leasing | 168,233 | 199,569 | 151,010 | |
Total revenues | 285,851 | 303,825 | 287,105 | |
Share-based compensation | 2,388 | 2,174 | 1,938 | |
Impairment of goodwill and trade name | 3,068 | |||
Depreciation and amortization | 38,634 | 38,571 | 27,127 | |
Operating income | 14,383 | 43,043 | 40,041 | |
Interest income | 97 | 68 | 52 | |
Interest expense | 19,648 | 21,096 | 11,952 | |
Additions to long-lived assets | 53,544 | 96,496 | 101,510 | |
Long-lived assets | 446,296 | 450,437 | ||
Goodwill | 102,546 | 99,344 | 93,166 | $ 68,692 |
North America [Member] | ||||
Revenues: | ||||
Sales | 54,152 | 49,289 | 48,384 | |
Leasing | 111,980 | 130,846 | 77,017 | |
Total revenues | 166,132 | 180,135 | 125,401 | |
Share-based compensation | 1,429 | 1,312 | 1,080 | |
Impairment of goodwill and trade name | 3,068 | |||
Depreciation and amortization | 24,280 | 23,049 | 11,350 | |
Operating income | 1,549 | 21,656 | 12,465 | |
Interest income | 5 | |||
Interest expense | 15,019 | 15,190 | 5,637 | |
Additions to long-lived assets | 32,556 | 58,020 | 57,300 | |
Long-lived assets | 290,294 | 279,864 | ||
Goodwill | 75,904 | 71,947 | ||
North America [Member] | Corporate and Intercompany Adjustments [Member] | ||||
Revenues: | ||||
Sales | (1,951) | (20,326) | (31,419) | |
Leasing | (275) | (88) | ||
Total revenues | (2,226) | (20,414) | (31,419) | |
Share-based compensation | 933 | 884 | 686 | |
Depreciation and amortization | (746) | (678) | (227) | |
Operating income | (5,430) | (9,202) | (11,248) | |
Interest expense | 7,473 | 8,325 | 809 | |
Additions to long-lived assets | (97) | (5,311) | (5,407) | |
Long-lived assets | (10,975) | (11,624) | ||
North America [Member] | Pac-Van Leasing [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Sales | 47,973 | 35,283 | 31,516 | |
Leasing | 88,877 | 80,796 | 62,359 | |
Total revenues | 136,850 | 116,079 | 93,875 | |
Share-based compensation | 374 | 303 | 312 | |
Depreciation and amortization | 13,154 | 11,306 | 7,928 | |
Operating income | 17,984 | 18,425 | 13,323 | |
Interest expense | 5,802 | 4,106 | 3,402 | |
Additions to long-lived assets | 32,225 | 44,720 | 45,295 | |
Long-lived assets | 239,459 | 222,445 | ||
Goodwill | 55,122 | 48,484 | ||
North America [Member] | Lone Star Leasing [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Sales | 25 | |||
Leasing | 23,378 | 50,138 | 14,658 | |
Total revenues | 23,378 | 50,163 | 14,658 | |
Share-based compensation | 22 | 11 | 1 | |
Depreciation and amortization | 10,529 | 11,345 | 2,656 | |
Operating income | (1,541) | 8,233 | 4,311 | |
Interest expense | 1,453 | 2,448 | 812 | |
Additions to long-lived assets | 245 | 18,233 | 16,717 | |
Long-lived assets | 58,492 | 65,099 | ||
Goodwill | 20,782 | 20,782 | ||
North America [Member] | Pac Van and Lone Star Leasing [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Sales | 47,973 | 35,308 | 31,516 | |
Leasing | 112,255 | 130,934 | 77,017 | |
Total revenues | 160,228 | 166,242 | 108,533 | |
Share-based compensation | 396 | 314 | 313 | |
Depreciation and amortization | 23,683 | 22,651 | 10,584 | |
Operating income | 16,443 | 26,658 | 17,634 | |
Interest expense | 7,255 | 6,554 | 4,214 | |
Additions to long-lived assets | 32,470 | 62,953 | 62,012 | |
Long-lived assets | 297,951 | 287,544 | ||
Goodwill | 75,904 | 69,266 | ||
North America [Member] | Manufacturing [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Sales | 8,130 | 34,307 | 48,287 | |
Total revenues | 8,130 | 34,307 | 48,287 | |
Share-based compensation | 100 | 114 | 81 | |
Impairment of goodwill and trade name | 3,068 | |||
Depreciation and amortization | 1,343 | 1,076 | 993 | |
Operating income | (9,464) | 4,200 | 6,079 | |
Interest expense | 291 | 311 | 614 | |
Additions to long-lived assets | 183 | 378 | 695 | |
Long-lived assets | 3,318 | 3,944 | ||
Goodwill | 2,681 | |||
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Sales | 63,466 | 54,967 | 87,711 | |
Leasing | 56,253 | 68,723 | 73,993 | |
Total revenues | 119,719 | 123,690 | 161,704 | |
Share-based compensation | 959 | 862 | 858 | |
Depreciation and amortization | 14,354 | 15,522 | 15,777 | |
Operating income | 12,834 | 21,387 | 27,576 | |
Interest income | 92 | 68 | 52 | |
Interest expense | 4,629 | 5,906 | 6,315 | |
Additions to long-lived assets | 20,988 | 38,476 | $ 44,210 | |
Long-lived assets | 156,002 | 170,573 | ||
Goodwill | $ 26,642 | $ 27,397 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Jul. 27, 2016USD ($) | Jul. 22, 2016USD ($) | Jul. 22, 2016CAD | Jul. 15, 2016$ / shares | Feb. 08, 2016 | Aug. 12, 2015 | Feb. 10, 2015 | Aug. 12, 2014 | Feb. 05, 2014 | Aug. 13, 2013 |
Subsequent Event [Line Items] | ||||||||||
Dividend payable date | Apr. 4, 2016 | Oct. 2, 2015 | Apr. 2, 2015 | Oct. 3, 2014 | Apr. 3, 2014 | Oct. 3, 2013 | ||||
Dividend payable record date | Mar. 16, 2016 | Sep. 17, 2015 | Mar. 18, 2015 | Sep. 18, 2014 | Mar. 19, 2014 | Sep. 24, 2013 | ||||
Subsequent Events [Member] | The Great Container Company Ltd [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Payments to acquire businesses, gross | $ 691,000 | CAD 895,000 | ||||||||
Business acquisition cost holdback and other adjustment | $ 122,000 | CAD 158,000 | ||||||||
Subsequent Events [Member] | Container Systems Storage, Inc. [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Payments to acquire businesses, gross | $ 1,700,000 | |||||||||
Business acquisition cost holdback and other adjustment | $ 153,000 | |||||||||
Subsequent Events [Member] | Series C Preferred Stock [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Cash dividend, amount per share | $ / shares | $ 2.30 | |||||||||
Dividend declared date | Jul. 15, 2016 | |||||||||
Dividend payable date | Aug. 1, 2016 | |||||||||
Dividend payable record date | Jul. 30, 2016 |
Schedule I - Condensed Financ79
Schedule I - Condensed Financial Information of Registrant - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 9,342 | $ 3,716 | $ 5,846 | $ 6,278 |
Property and equipment, net | 26,951 | 39,452 | ||
Total assets | 675,813 | 687,170 | ||
Accounts payable, accrued and other liabilities | 43,476 | 37,590 | ||
Senior and other debt | 354,459 | 356,733 | ||
General Finance Corporation stockholders' equity | 138,532 | 146,865 | ||
Total liabilities and equity | 675,813 | 687,170 | ||
Parent [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 3,442 | 314 | $ 102 | $ 3,152 |
Property and equipment, net | 8 | 1 | ||
Other assets | 11,904 | 5,485 | ||
Investment and intercompany accounts | 207,736 | 230,164 | ||
Total assets | 223,090 | 235,964 | ||
Accounts payable, accrued and other liabilities | 2,558 | 2,099 | ||
Senior and other debt | 82,000 | 87,000 | ||
General Finance Corporation stockholders' equity | 138,532 | 146,865 | ||
Total liabilities and equity | $ 223,090 | $ 235,964 |
Schedule I - Condensed Financ80
Schedule I - Condensed Financial Information of Registrant - Condensed Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||
General and administrative expenses | $ 68,697 | $ 70,602 | $ 62,612 |
Interest expense | (19,648) | (21,096) | (11,952) |
Total costs and expenses | (19,860) | (21,301) | (13,272) |
Income tax benefit | (2,191) | 8,697 | 11,620 |
Net income (loss) | (3,286) | 13,045 | 15,149 |
Preferred stock dividends | 3,668 | 3,658 | 3,489 |
Net income (loss) attributable to common stockholders | (9,025) | 3,475 | 3,904 |
Parent [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
General and administrative expenses | 6,030 | 5,362 | 5,605 |
Equity in earnings (losses) of subsidiaries | (11,842) | (264) | 3,184 |
Intercompany income | 14,959 | 16,791 | 9,824 |
Interest expense | (7,473) | (8,325) | (809) |
Other income, net | 5 | ||
Total costs and expenses | (4,351) | 8,202 | 12,199 |
Income (loss) before income taxes | (10,381) | 2,840 | 6,594 |
Income tax benefit | (5,024) | (4,293) | (799) |
Net income (loss) | (5,357) | 7,133 | 7,393 |
Preferred stock dividends | 3,668 | 3,658 | 3,489 |
Net income (loss) attributable to common stockholders | $ (9,025) | $ 3,475 | $ 3,904 |
Schedule I - Condensed Financ81
Schedule I - Condensed Financial Information of Registrant - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) attributable to stockholders | $ (3,286) | $ 13,045 | $ 15,149 |
Depreciation and amortization | 38,634 | 38,571 | 27,127 |
Share-based compensation expense | 2,388 | 2,174 | 1,938 |
Deferred income taxes | (4,195) | 5,532 | 9,772 |
Net cash provided by operating activities | 48,822 | 38,249 | 51,548 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (4,224) | (17,961) | (7,154) |
Net cash used in investing activities | (35,378) | (107,430) | (163,585) |
Cash flows from financing activities: | |||
Repayments of senior and other debt borrowings | 1,989 | 77,496 | 143,015 |
Proceeds from issuances of senior notes | 72,000 | ||
Proceeds from term loan borrowings | 25,000 | ||
Deferred financing costs | (206) | (243) | (4,284) |
Proceeds from issuances of common stock | 40 | 556 | 8 |
Preferred stock dividends | (3,668) | (3,658) | (3,489) |
Net cash provided by (used in) financing activities | (5,577) | 67,420 | 112,909 |
Cash and equivalents at beginning of period | 3,716 | 5,846 | 6,278 |
Cash and equivalents at end of period | 9,342 | 3,716 | 5,846 |
Parent [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) attributable to stockholders | (5,357) | 7,133 | 7,393 |
Equity in (earnings) losses of subsidiaries | 11,842 | 264 | (3,184) |
Depreciation and amortization | 687 | 783 | 33 |
Share-based compensation expense | 933 | 884 | 686 |
Deferred income taxes | (5,024) | (4,293) | (799) |
Changes in operating assets and liabilities | (1,487) | 1,636 | 108 |
Net cash provided by operating activities | 1,594 | 6,407 | 4,237 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (9) | ||
Net cash used in investing activities | (9) | ||
Cash flows from financing activities: | |||
Repayments of senior and other debt borrowings | (5,000) | (10,000) | (37) |
Proceeds from issuances of senior notes | 72,000 | ||
Proceeds from term loan borrowings | 25,000 | ||
Deferred financing costs | (134) | (3,605) | |
Proceeds from issuances of common stock | 40 | 556 | 8 |
Preferred stock dividends | (3,668) | (3,658) | (3,489) |
Intercompany transfers | 10,305 | 6,907 | (97,164) |
Net cash provided by (used in) financing activities | 1,543 | (6,195) | (7,287) |
Net increase (decrease) in cash | 3,128 | 212 | (3,050) |
Cash and equivalents at beginning of period | 314 | 102 | 3,152 |
Cash and equivalents at end of period | $ 3,442 | $ 314 | $ 102 |