Filed 14 May 19

Document and Entity Information

Document and Entity Information - shares9 Months Ended
Mar. 31, 2019May 02, 2019
Document And Entity Information [Abstract]
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 31,
2019
Document Fiscal Year Focus2019
Document Fiscal Period FocusQ3
Trading SymbolGFN
Entity Registrant NameGeneral Finance CORP
Entity Central Index Key0001342287
Current Fiscal Year End Date--06-30
Entity Filer CategoryAccelerated Filer
Entity Common Stock, Shares Outstanding30,341,321
Entity Emerging Growth Companyfalse
Entity Small Businessfalse

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in ThousandsMar. 31, 2019Jun. 30, 2018
Assets
Cash and cash equivalents $ 6,814 $ 21,617
Trade and other receivables, net of allowance for doubtful accounts of $5,687 and $5,843 at June 30, 2018 and March 31, 2019, respectively54,912 50,525
Inventories36,962 22,731
Prepaid expenses and other11,384 8,023
Property, plant and equipment, net23,272 22,310
Lease fleet, net455,634 429,388
Goodwill111,403 109,943
Other intangible assets, net22,774 25,150
Total assets723,155 689,687
Liabilities
Trade payables and accrued liabilities46,169 50,545
Income taxes payable361
Unearned revenue and advance payments21,825 19,226
Senior and other debt, net424,670 427,218
Fair value of bifurcated derivatives in Convertible Note18,041 15,583
Deferred tax liabilities38,969 34,969
Total liabilities549,674 547,902
Commitments and contingencies (Note 9)
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, 2018 and $40,702 at March 31, 201940,100 40,100
Common stock, $.0001 par value: 100,000,000 shares authorized; 27,017,606 shares issued and outstanding at June 30, 2018 and 30,341,321 at March 31, 20193 3
Additional paid-in capital184,141 139,547
Accumulated other comprehensive loss(17,287)(17,091)
Accumulated deficit(33,980)(21,278)
Total General Finance Corporation stockholders' equity172,977 141,281
Equity of noncontrolling interests504 504
Total equity173,481 141,785
Total liabilities and equity $ 723,155 $ 689,687

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2019Jun. 30, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts on trade and other receivables $ 5,843 $ 5,687
Cumulative preferred stock, par value $ 0.0001 $ 0.0001
Cumulative preferred stock, shares authorized1,000,000 1,000,000
Cumulative preferred stock, shares issued400,100 400,100
Cumulative preferred stock, shares outstanding400,100 400,100
Cumulative preferred stock, liquidation value $ 40,702 $ 40,722
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized100,000,000 100,000,000
Common stock, shares issued30,341,321 27,017,606
Common stock, shares outstanding30,341,321 27,017,606

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
Revenues
Sales $ 26,636 $ 29,600 $ 100,594 $ 95,030
Leasing59,573 54,821 181,400 158,438
Total revenues86,209 84,421 281,994 253,468
Costs and expenses
Manufactured units1,231 2,126 6,600 6,266
Direct costs of leasing operations22,923 22,684 68,851 65,690
Selling and general expenses20,647 18,996 60,310 56,224
Depreciation and amortization10,897 10,014 31,952 29,671
Operating income12,411 10,872 46,071 31,578
Interest income27 43 108 81
Interest expense(10,207)(9,398)(27,700)(24,667)
Change in valuation of bifurcated derivatives in Convertible Note (Note 5)(1,131)(504)(22,829)(2,221)
Foreign exchange and other(3)(1,348)(3,296)(2,685)
Total costs and expenses(11,314)(11,207)(53,717)(29,492)
Income (loss) before provision for income taxes1,097 (335)(7,646)2,086
Provision for income taxes1,429 228 5,056 519
Net income (loss)(332)(563)(12,702)1,567
Preferred stock dividends(922)(922)(2,766)(2,766)
Noncontrolling interests801
Net loss attributable to common stockholders $ (1,254) $ (1,485) $ (15,468) $ (398)
Net loss per common share:
Basic $ (0.04) $ (0.06) $ (0.53) $ (0.02)
Diluted $ (0.04) $ (0.06) $ (0.53) $ (0.02)
Weighted average shares outstanding:
Basic29,975,295 26,301,706 29,084,947 26,210,697
Diluted29,975,295 26,301,706 29,084,947 26,210,697
Lease inventories and fleet [Member]
Revenues
Sales $ 25,204 $ 27,251 $ 92,653 $ 88,698
Costs and expenses
Lease inventories and fleet (exclusive of the items shown separately below)18,100 19,729 68,210 64,039
Manufactured units [Member]
Revenues
Sales $ 1,432 $ 2,349 $ 7,941 $ 6,332

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income/Loss (Unaudited) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss) $ (332) $ (563) $ (12,702) $ 1,567
Other comprehensive income (loss):
Change in fair value change of interest rate swap, net of income tax effect(135)(184)(170)(100)
Cumulative translation adjustment416 (138)(26)3,491
Total comprehensive income (loss)(51)(885)(12,898)4,958
Allocated to noncontrolling interests(1,095)
Comprehensive income (loss) allocable to General Finance Corporation stockholders $ (51) $ (885) $ (12,898) $ 3,863

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income/Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Change in fair value change of interest rate swap, income tax provision (benefit) $ 34 $ 78 $ 94 $ 7

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in ThousandsTotalCommon Stock [Member]Additional Paid-in Capital [Member]Accumulated Other Comprehensive Income (Loss) [Member]Accumulated Deficit [Member]Total General Finance Corporation Stockholders' Equity [Member]Equity of Noncontrolling Interests [Member]Cumulative Preferred Stock [Member]
Balance at Jun. 30, 2017 $ 223,248 $ 3 $ 120,370 $ (12,355) $ (12,972) $ 135,146 $ 88,102 $ 40,100
Share-based compensation1,658 1,067 1,067 591
Preferred stock dividends(922)(922)(922)
Dividends and distributions by subsidiaries(1,038)(1,038)
Net income (loss)(844)(43)(43)(801)
Fair value change in derivative, net of related tax effect125 64 64 61
Cumulative translation adjustment3,878 2,043 2,043 1,835
Total comprehensive income3,159 2,064 1,095
Acquisition of noncontrolling interest in Royal Wolf(75,250)17,744 (4,748)12,996 (88,246)
Balance at Sep. 30, 2017150,855 3 138,259 (14,996)(13,015)150,351 504 40,100
Balance at Jun. 30, 2017223,248 3 120,370 (12,355)(12,972)135,146 88,102 40,100
Net income (loss)1,567
Fair value change in derivative, net of related tax effect(100)
Cumulative translation adjustment3,491
Total comprehensive income4,958
Balance at Mar. 31, 2018153,173 3 138,778 (15,608)(10,604)152,669 504 40,100
Balance at Sep. 30, 2017150,855 3 138,259 (14,996)(13,015)150,351 504 40,100
Share-based compensation439 439 439
Preferred stock dividends(922)(922)(922)
Issuance of shares of common stock on exercises of stock options34 34 34
Grant of shares, restricted stock0 0 0 0 0 0 0 0
Net income (loss)2,974 2,974 2,974
Fair value change in derivative, net of related tax effect(41)(41)(41)
Cumulative translation adjustment(249)(249)(249)
Total comprehensive income2,684 2,684
Acquisition of noncontrolling interest in Royal Wolf523 523 523
Balance at Dec. 31, 2017153,613 3 138,333 (15,286)(10,041)153,109 504 40,100
Share-based compensation889 889 889
Preferred stock dividends(922)(922)(922)
Issuance of shares of common stock on exercises of stock options127 127 127
Grant of shares, restricted stock0 0 0 0 0 0 0 0
Refund from terminated Royal Wolf LTI Plan trust338 338 338
Net income (loss)(563)(563)(563)
Fair value change in derivative, net of related tax effect(184)(184)(184)
Cumulative translation adjustment(138)(138)(138)
Total comprehensive income(885)(885)
Acquisition of noncontrolling interest in Royal Wolf13 13 13
Balance at Mar. 31, 2018153,173 3 138,778 (15,608)(10,604)152,669 504 40,100
Balance at Jun. 30, 2018141,785 3 139,547 (17,091)(21,278)141,281 504 40,100
Share-based compensation678 678 678
Preferred stock dividends(922)(922)(922)
Issuance of shares of common stock on exercises of stock options634 634 634
Vesting of restricted stock units into 66,073 shares of common stock0 0 0 0 0 0 0 0
Forced conversion of Convertible Note into 3,058,824 shares of common stock (Note 5)44,506 44,506 44,506
Net income (loss)(8,164)(8,164)(8,164)
Fair value change in derivative, net of related tax effect(14)(14)(14)
Cumulative translation adjustment341 341 341
Total comprehensive income(7,837)(7,837)
Balance at Sep. 30, 2018178,844 3 184,443 (16,764)(29,442)178,340 504 40,100
Balance at Jun. 30, 2018141,785 3 139,547 (17,091)(21,278)141,281 504 40,100
Net income (loss)(12,702)
Fair value change in derivative, net of related tax effect(170)
Cumulative translation adjustment(26)
Total comprehensive income(12,898)
Balance at Mar. 31, 2019173,481 3 184,141 (17,287)(33,980)172,977 504 40,100
Balance at Sep. 30, 2018178,844 3 184,443 (16,764)(29,442)178,340 504 40,100
Share-based compensation663 663 663
Preferred stock dividends(922)(922)(922)
Issuance of shares of common stock on exercises of stock options222 222 222
Grant of shares, restricted stock0 0 0 0 0 0 0 0
Net income (loss)(4,206)(4,206)(4,206)
Fair value change in derivative, net of related tax effect(21)(21)(21)
Cumulative translation adjustment(783)(783)(783)
Total comprehensive income(5,010)(5,010)
Balance at Dec. 31, 2018173,797 3 184,406 (17,568)(33,648)173,293 504 40,100
Share-based compensation655 655 655
Preferred stock dividends(922)(922)(922)
Issuance of shares of common stock on exercises of stock options2 2 2
Grant of shares, restricted stock0 0 0 0 0 0 0 0
Vesting of restricted stock units into 66,073 shares of common stock0 0 0 0 0 0 0 0
Net income (loss)(332)(332)(332)
Fair value change in derivative, net of related tax effect(135)(135)(135)
Cumulative translation adjustment416 416 416
Total comprehensive income(51)(51)
Balance at Mar. 31, 2019 $ 173,481 $ 3 $ 184,141 $ (17,287) $ (33,980) $ 172,977 $ 504 $ 40,100

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - shares3 Months Ended9 Months Ended
Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Mar. 31, 2018Dec. 31, 2017Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Issuance of shares of common stock on exercises of stock options500 41,094 101,369 40,863 22,500 142,963
Restricted stock granted31,000 24,855 42,773 35,430
Vesting of restricted stock units, shares of common stock66,073 66,073
Forced conversion of Convertible Note, shares of common stock3,058,824

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands9 Months Ended
Mar. 31, 2019Mar. 31, 2018
Statement of Cash Flows [Abstract]
Net cash provided by operating activities (Note 10) $ 27,980 $ 32,856
Cash flows from investing activities:
Business acquisitions, net of cash acquired(17,077)(14,397)
Acquisition of the noncontrolling interest in Royal Wolf(73,251)
Proceeds from sales of property, plant and equipment244 72
Purchases of property, plant and equipment(5,855)(3,068)
Proceeds from sales of lease fleet20,635 19,505
Purchases of lease fleet(53,681)(37,979)
Other intangible assets(105)(126)
Net cash used in investing activities(55,839)(109,244)
Cash flows from financing activities:
Repayments of equipment financing activities(342)(384)
Repayment of Credit Suisse Term Loan(10,000)
Repayment of ANZ/CBA Credit Facility(81,521)
Proceeds from issuance of Bison Capital Notes80,000
Repayment of Bison Capital Senior Term Note(63,311)
Proceeds from senior and other debt borrowings, net79,938 100,228
Deferred financing costs(427)(3,836)
Proceeds from issuances of common stock858 161
Dividends and distributions by subsidiaries(1,038)
Refund from terminated Royal Wolf LTI Plan trust338
Preferred stock dividends(2,766)(2,766)
Net cash provided by financing activities13,950 81,182
Net increase (decrease) in cash(13,909)4,794
Cash and equivalents at beginning of period21,617 7,792
The effect of foreign currency translation on cash(894)(1,759)
Cash and equivalents at end of period $ 6,814 $ 10,827

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)Sep. 10, 2018Sep. 30, 2018Mar. 31, 2019Mar. 31, 2018Sep. 25, 2017Sep. 19, 2017
Business acquisitions, non-cash holdback and other adjustment $ 1,734,000 $ 919,000
Forced conversion of Convertible Note, shares of common stock3,058,824
Senior Secured Convertible Promissory Notes [Member]
Aggregate principal balance of Convertible Note $ 26,000 $ 26,000,000 $ 24,136,000 $ 26,000,000
Forced conversion of Convertible Note, shares of common stock3,058,824 3,058,824

Organization and Business Opera

Organization and Business Operations9 Months Ended
Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business OperationsNote 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
subsidiary, Southern Frac, LLC, a Texas limited liability company
(collectively “Southern Frac”); Pac-Van, “Pac-Van”);
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) Pac-Van

Summary of Significant Accounti

Summary of Significant Accounting Policies9 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting PoliciesNote 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial
statements have been prepared in conformity with United States
generally accepted accounting principles (“U.S. GAAP”)
applicable to interim financial information and the instructions to
Form 10-Q Regulation S-X. 10-K for
Unless otherwise indicated, references to “FY 2018” and
“FY 2019” are to the nine months ended March 31,
2018 and 2019, respectively.
Principles of Consolidation
The condensed 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.
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, derivative liability valuation 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.
Inventories
Inventories are comprised of the following (in thousands):
June 30, March 31,
2018 2019
Finished goods $ 18,971 $ 32,255
Work in progress 1,442 2,389
Raw materials 2,318 2,318
$ 22,731 $ 36,962
Property, Plant and Equipment
Property, plant and equipment consist of the following (in
thousands):
Estimated
Useful Life
June 30,
March 31,
2018
2019
Land
— $ 2,168 $ 2,168
Building and improvements 10 — 40 years 4,893 4,893
Transportation and plant equipment (including capital lease
assets) 3 — 20 years 43,078 47,340
Furniture, fixtures and office equipment 3 — 10 years 11,959 13,251
62,098 67,652
Less accumulated depreciation and amortization (39,788) (44,380)
$
22,310 $
23,272
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. 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. At June 30, 2018 and March 31, 2019, the gross
costs of the lease fleet were $555,263,000 and $595,586,000,
respectively.
Goodwill and Other Intangible Assets
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. Pac-Van,
Other intangible assets include those with indefinite (trademark
and trade name) and finite (primarily customer base and
lists, non-compete
June 30,
2018 March 31,
2019
Gross Amount Accumulated
Net Carrying Gross Accumulated
Net Carrying
Trademark and trade name $ 5,486 $ (453) $ 5,033 $ 5,484 $ (453) $ 5,031
Customer base and lists 29,057 (14,150) 14,907 30,908 (16,396) 14,512
Non-compete 9,005 (7,130) 1,875 8,774 (7,898) 876
Deferred financing costs 3,522 (1,905) 1,617 3,563 (2,174) 1,389
Other 4,683 (2,965) 1,718 4,303 (3,337) 966
$ 51,753 $ (26,603) $ 25,150 $
53,032 $ (30,258) $ 22,774
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, vested 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 related to stock
options, non-vested
Quarter Ended March 31, Nine Months Ended March 31,
2018 2019 2018 2019
Basic 26,301,706 29,975,295 26,210,697 29,084,947
Dilutive effect of common stock equivalents — — — —
Diluted 26,301,706 29,975,295 26,210,697 29,084,947
Potential common stock equivalents totaling 5,681,959 for both the
quarter ended March 31, 2018 and FY 2018, respectively, and
2,167,371 for both the quarter ended March 31, 2019 and FY
2019 have been excluded from the computation of diluted earnings
per share because the effect is anti-dilutive.
Revenue from Contracts with Customers
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 provides other
ancillary products and services. The Company recognizes revenue in
accordance with two accounting standards. The portions of the
Company’s revenues that arise from lease arrangements are
accounted for in accordance with Topic
840, Leases non-lease No. 2014-09, Revenue
from Contracts with Customers
Our portable storage and modular space rental customers are
generally billed in advance for services, which generally includes
fleet pickup. Liquid containment rental customers are typically
billed in arrears monthly and sales transactions are generally
billed upon transfer of the sold items. Payments from customers are
generally due upon receipt or 30-day
Leasing Revenue
Typical rental contracts include the direct rental of fleet, which
is accounted for under Topic 840. Rental-related services
include fleet delivery and fleet pickup, as well as other ancillary
services, which are primarily accounted for under Topic
606. The total amounts of rental-related services related to
Topic 606 recognized during the quarter ended March 31, 2019
and FY 2019 and the quarter ended March 31, 2018 and FY 2018
were $13,855,000 and $41,560,000 and $12,114,000 and $34,963,000,
respectively. A small portion of the rental-related services,
include subleasing, special events leases and other miscellaneous
streams, are accounted for under Topic 840. For contracts that
have multiple performance obligations, revenue is allocated to each
performance obligation in the contract based on the Company’s
best estimate of the standalone selling prices of each distinct
performance obligation. The standalone selling price is determined
using methods and assumptions developed consistently across similar
customers and markets generally applying an expected cost plus an
estimated margin to each performance obligation.
Rental contracts are based on a monthly rate for our portable
storage and modular space fleet and a daily rate for our liquid
containment fleet. Rental revenue is recognized ratably over the
rental period. The rental continues until the end of the initial
term of the lease or when cancelled by the customer or the Company.
If equipment is returned prior to the end of the contractual lease
period, customers are typically billed a cancellation fee, which is
recorded as rental revenue in the period billed. Customers may
utilize our equipment transportation services and
other on-site on-site
Non-Lease
Non-lease
Contract Costs and Liabilities
The Company incurs commission costs to obtain rental contracts and
for sales of new and used units. We expect the period benefitted by
each commission to be less than one year. Therefore, we have
applied the practical expedient for incremental costs of obtaining
a contract and expense commissions as incurred.
When customers are billed in advance for rentals, end of lease
services, and deposit payments, we defer revenue and reflect
unearned rental revenue at the end of the period. As of
March 31, 2019 and June 30, 2018, we had approximately
$21,825,000 and $19,226,000, respectively, of unearned rental
revenue included in trade payables and accrued liabilities in the
accompanying consolidated balance sheets. Revenues of $1,005,000
and $11,405,000, which were included in the unearned rental revenue
balance at June 30, 2018, were recognized during the quarter
ended March 31, 2019 and FY 2019, respectively. We expect to
perform the remaining performance obligations and recognize the
unearned rental revenue generally within the next twelve
months.
Sales taxes charged to customers are excluded from revenues and
expenses.
Sales of new modular buildings not manufactured by the Company are
typically covered by warranties provided by the manufacturer of the
products sold. Certain sales of manufactured units are covered by
assurance-type warranties and as of March 31, 2019 and
June 30, 2018, the Company had $238,556 and $238,956,
respectively, of warranty reserve included in trade payables and
accrued liabilities in the accompanying consolidated balance
sheets.
Disaggregated Rental Revenue
In the following table, total revenue is disaggregated by revenue
type for the periods indicated. The table also includes a
reconciliation of the disaggregated rental revenue to our
reportable segments.
Quarter Ended
March 31, 2019
North America
Leasing
Pac-Van Lone Star Combined Manufacturing
Corporate and Total
Asia – Pacific
Consolidated
Non-lease:
Sales lease inventories and fleet $
14,386 $ - $ 14,386 $ - $ - $
14,386 $
10,818 $ 25,204
Sales manufactured units - - - 2,736 (1,304 ) 1,432 - 1,432
Total non-lease 14,386 - 14,386 2,736 (1,304 ) 15,818 10,818 26,636
Leasing:
Rental revenue 22,519 5,906 28,425 - (424 ) 28,001 12,872 40,873
Rental-related services 9,289 5,508 14,797 - - 14,797 3,903 18,700
Total leasing revenues 31,808 11,414 43,222 - (424 ) 42,798 16,775 59,573
Total revenues $ 46,194 $
11,414 $
57,608 $
2,736 $ (1,728 ) $ 58,616 $ 27,593 $ 86,209
Nine Months
Ended March 31, 2019
North America
Leasing
Pac-Van Lone Star Combined Manufacturing
Corporate and Total
Asia – Pacific
Consolidated
Non-lease:
Sales lease inventories and fleet $ 53,949 $ - $ 53,949 $ - $ - $ 53,949 $ 38,704 $
92,653
Sales manufactured units - - - 10,670 (2,729 ) 7,941 - 7,941
Total non-lease 53,949 - 53,949 10,670 (2,729 ) 61,890 38,704 100,594
Leasing:
Rental revenue 68,483 20,029 88,512 - (1,515 ) 86,997 37,958 124,955
Rental-related services 27,980 17,301 45,281 - - 45,281 11,164 56,445
Total leasing revenues 96,463 37,330 133,793 - (1,515 ) 132,278 49,122 181,400
Total revenues $
150,412 $ 37,330 $
187,742 $ 10,670 $ (4,244 ) $
194,168 $
87,826 $ 281,994
Quarter Ended
March 31, 2018
North America
Leasing
Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia –
Consolidated
Non-lease:
Sales lease inventories and fleet $ 13,667 $ 20 $ 13,687 $ - $ - $ 13,687 $ 13,564 $ 27,251
Sales manufactured units - - - 3,272 (923 ) 2,349 - 2,349
Total non-lease 13,667 20 13,687 3,272 (923 ) 16,036 13,564 29,600
Leasing:
Rental revenue 18,885 5,991 24,876 - (304 ) 24,572 12,881 37,453
Rental-related services 9,183 4,375 13,558 - - 13,558 3,810 17,368
Total leasing revenues 28,068 10,366 38,434 - (304 ) 38,130 16,691 54,821
Total revenues $ 41,735 $ 10,386 $ 52,121 $ 3,272 $ (1,227 ) $ 54,166 $ 30,255 $ 84,421
Nine Months
Ended March 31, 2018
North America
Leasing
Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia –
Consolidated
Non-lease:
Sales lease inventories and fleet $ 39,005 $ 20 $ 39,025 $ - $ - $ 39,025 $ 49,673 $ 88,698
Sales manufactured units - - - 9,856 (3,524 ) 6,332 - 6,332
Total non-lease 39,005 20 39,025 9,856 (3,524 ) 45,357 49,673 95,030
Leasing:
Rental revenue 56,201 16,075 72,276 - (797 ) 71,479 37,433 108,912
Rental-related services 26,214 12,199 38,413 - - 38,413 11,113 49,526
Total leasing revenues 82,415 28,274 110,689 - (797 ) 109,892 48,546 158,438
Total revenues $ 121,420 $ 28,294 $ 149,714 $ 9,856 $ (4,321 ) $ 155,249 $ 98,219 $ 253,468
Recently Issued Accounting Pronouncements
In February 2016, the FASB issued new lease accounting guidance in
ASU No. 2016-02, Leases
(Topic 842) No. 2018-01 No. 2018-10 No. 2018-11 No. 2018-20 No. 2019-01 off-balance No. 2016-02, “right-of-use” right-of-use No. 2016-02 No. 2016-02
In August 2017, the FASB issued ASU No. 2017-12, Derivatives
and Hedging (Topic 815) – Targeted Improvements to Accounting
for Hedging Activities No. 2017-12 non-financial No. 2017-12 No. 2017-12

Equity Transactions

Equity Transactions9 Months Ended
Mar. 31, 2019
Federal Home Loan Banks [Abstract]
Equity TransactionsNote 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
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, 2018 and
March 31, 2019, 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, 2018 and March 31, 2019, the
Company had outstanding 400,000 shares of Series C Preferred Stock
with an aggregate liquidation preference totaling $40,620,000 and
$40,600,000, respectively. Dividends on the Series C Preferred
Stock are cumulative from the date of original issue and will be
payable on the 31 st th non-consecutive
Dividends
As of March 31, 2019, since issuance, dividends paid or
payable totaled $99,000 for the Series B Preferred Stock and
dividends paid totaled $20,850,000 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 2, 2017, Royal Wolf paid a special dividend of
AUS$0.0265 per RWH share to shareholders of record on July 18,
2017. The consolidated financial statements reflect the amount of
the dividend pertaining to the noncontrolling interest.

Acquisitions

Acquisitions9 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]
AcquisitionsNote 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
FY 2019 Acquisitions
On July 2, 2018, the Company, through Royal Wolf, purchased
the container business of Spacewise (N.Z.) Limited
(“Spacewise NZ”), for approximately $7,337,000
(NZ$10,901,000) which included holdback and other adjustment
amounts totaling approximately $615,000 (NZ$914,000). Spacewise
operates from eight major locations in New Zealand.
On August 9, 2018, the Company,
through Pac-Van,
On September 21, 2018, the Company,
through Pac-Van, Opa-Locka
On October 5, 2018, the Company,
through Pac-Van,
On March 27, 2019, the Company,
through Pac-Van,
The preliminary allocation for the acquisition in FY 2019 to
tangible and intangible assets acquired and liabilities assumed
based on their estimated fair market values was as follows (in
thousands):
Spacewise NZ July 2, 2018
Delmarva August 9,
Instant Storage September 21,
Tilton October 5,
BBS Leasing March 27,
Total
Fair value of the net tangible assets acquired and liabilities
assumed:
Trade and other receivables $ — $ — $ — $ — $ — $

Inventories 995 157 555 318 355 2,380
Property, plant and equipment 79 38 465 329 — 911
Lease fleet 6,834 893 3,013 2,775 234 13,749
Unearned revenue and advance payments (5) (112) (289) (260) (35) (701)
Deferred income taxes (225) — — — — (225)
Total net tangible assets acquired and liabilities assumed 7,678 976 3,744 3,162 554 16,114
Fair value of intangible assets acquired:
Non-compete 67 7 44 42 15 175
Customer lists/relationships 734 — 369 576 254 1,933
Other — — (306) — — (306)
Goodwill — — 717 1,651 294 2,662
Total intangible assets acquired 801 7 824 2,269 563 4,464
Total purchase consideration $ 8,479 $ 983 $ 4,568 $ 5,431 $ 1,117 $ 20,578
The FY 2019 operating results prior to and since the respective
date of acquisition were not considered significant.
The estimated fair value of the tangible and intangible assets
acquired and liabilities assumed exceeded the purchase prices of
Spacewise NZ and Delmarva resulting in estimated bargain purchase
gains of $1,142,000 and $625,000, respectively. These gains have
been recorded as non-operating
Goodwill recognized is attributable primarily to expected corporate
synergies, the assembled workforce and other factors. The goodwill
recognized in the Instant Storage, Tilton and BBS Leasing
acquisitions are deductible for U.S. income tax purposes.
The Company incurred approximately $20,000 and $84,000 during the
quarter ended March 31, 2018 and FY 2018, respectively; and
$162,000 and $285,000 during the quarter ended March 31, 2019
and FY 2019, respectively, 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 Debt9 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]
Senior and Other DebtNote 5. Senior and Other Debt
Asia-Pacific Leasing Senior Credit Facility
The Company’s operations in the Asia-Pacific area had an
AUS$150,000,000 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”). On October 26, 2017, RWH and its
subsidiaries, Deutsche Bank AG, Sydney Branch (“Deutsche
Bank”), CSL Fund (PB) Lux Sarl II, Aiguilles Rouges Lux Sarl
II, Perpetual Corporate Trust Limited and P.T. Limited entered into
a Syndicated Facility Agreement (the “Syndicated Facility
Agreement”). Pursuant to the Syndicated Facility Agreement,
the parties entered into a senior secured credit facility and
repaid the ANZ/CBA Credit Facility on November 3, 2017. The
senior secured credit facility, as amended on June 25, 2018
and March 22, 2019 (the “Deutsche Bank Credit
Facility”), consists of a $30,530,000 (AUS$43,000,000)
Facility A that will amortize semi-annually; a $82,714,000
(AUS$116,500,000) Facility B that has no scheduled amortization; a
$14,200,000 (AUS$20,000,000) revolving Facility C that is used for
working capital, capital expenditures and general corporate
purposes; and a $26,625,000 (AUS$37,500,000) revolving Term Loan
Facility D. Borrowings bear interest at the three-month bank bill
swap interest rate in Australia (“BBSY”), plus a margin
of 4.25% to 5.50% per annum, as determined by net leverage, as
defined. In addition, financing fees totaling $2,038,700
(AUS$2,871,400) are payable quarterly in advance through maturity.
The Deutsche Bank Credit Facility is secured by substantially all
of the assets of Royal Wolf and by the pledge of all the capital
stock of GFNAPH and its subsidiaries and matures on
November 2, 2023. However, an exit fee of $746,600
(AUS$1,051,600) is due on November 3, 2020 from the original
November 3, 2017 financing. Prepayment penalties equal to 3.0%
and 1.0% of any amount prepaid under the Deutsche Bank Credit
Facility will expire on March 22, 2020 and 2021, with no
prepayment penalty due after March 22, 2021.
The Deutsche Bank Credit Facility is subject to certain financial
and other customary covenants, including, among other things,
compliance with specified net leverage and debt requirement or
fixed charge ratios based on earnings before interest, income
taxes, impairment, depreciation and amortization and other
non-operating
At March 31, 2019, the Deutsche Bank Credit Facility totaled
$140,785,000 (AUS$198,291,000), net of deferred financing costs of
$1,331,000 (AUS$1,874,000), and availability, including cash at the
bank, totaled $14,337,000 (AUS$20,193,000).
The above amounts were translated based upon the exchange rate of
one Australian dollar to 0.709992 U.S. dollar and one New Zealand
dollar to 0.681018 U.S. dollar at March 31, 2019.
Bison Capital Notes
General
On September 19, 2017, Bison Capital Equity Partners V, L.P
and its affiliates (“Bison Capital”), GFN, GFN U.S.,
GFNAPH and GFN Asia Pacific Finance Pty Ltd, an Australian
corporation (“GFNAPF”), entered into that certain
Amended and Restated Securities Purchase Agreement dated
September 19, 2017 (the “Amended Securities Purchase
Agreement”). On September 25, 2017, pursuant to the
Amended Securities Purchase Agreement, GFNAPH and GFNAPF issued and
sold to Bison an 11.9% secured senior convertible promissory note
dated September 25, 2017 in the original principal amount of
$26,000,000 (the “Convertible Note”) and an 11.9%
secured senior promissory note dated September 25, 2017 in the
original principal amount of $54,000,000 (the “Senior Term
Note” and collectively with the Convertible Note, the
“Bison Capital Notes”). Net proceeds from the sale of
the Bison Capital Notes were used to repay in full all principal,
interest and other amounts due under the term loan to Credit
Suisse, to acquire the 49,188,526 publicly-traded shares of RWH not
owned by the Company and to pay all related fees and expenses.
The Bison Capital Notes had a maturity of five years and bore
interest from the date of issuance, payable quarterly in arrears
beginning on January 2, 2018. The Bison Capital Notes may have
been prepaid at 102% of the original principal amount, plus accrued
interest, after the first anniversary and prior to the second
anniversary of issuance, at 101% of the original principal amount,
plus accrued interest, after the second anniversary and prior to
the third anniversary of issuance and with no prepayment premium
after the third anniversary of issuance. The Company may have
elected to defer interest under the Bison Capital Notes until the
second anniversary of issuance. Interest on the Bison Capital Notes
were payable in Australian dollars, but the principal was to be
repaid in U.S. dollars. The Bison Capital Notes were secured by a
first priority security interest over all of the assets of GFN
U.S., GFNAPH and GFNAPF, by the pledge by GFN U.S. of the capital
stock of GFNAPH and GFNAPF and by of all of the capital stock of
RWH. The Bison Capital Notes were subject to all terms, conditions
and covenants set forth in the Amended Securities Purchase
Agreement. The Amended Securities Purchase Agreement contained
certain financial and other customary and restrictive covenants,
including, among other things, a minimum EBITDA requirement to
equal or exceed AUS$30,000,000 per trailing 12-month
On March 25, 2019, the Senior Term Note was repaid in full by
proceeds totaling $63,311,000 (AUS$89,804,000) borrowed under the
Deutsche Bank Credit Facility, which included interest the Company
elected to defer and a prepayment fee of two percent.
Convertible Note
At any time prior to maturity, Bison Capital may have converted
unpaid principal and interest under the Convertible Note into
shares of GFN common stock based upon a price of $8.50 per share
(3,058,824 shares based on the original $26,000,000 principal
amount), subject to adjustment as described in the Convertible
Note. If GFN common stock trades above 150% of the conversion price
over 30 consecutive trading days and the aggregate dollar value of
all GFN common stock traded on NASDAQ exceeds $600,000 over the
last 20 consecutive days of the same 30-day .
The Company evaluated the Convertible Note at its issuance and
determined that certain conversion rights were an embedded
derivative that required bifurcation because they were not deemed
to be clearly and closely related to the Convertible Note, met the
definition of a derivative and none of the exceptions
applied. As a result, the Company separately accounted for
these conversion rights as a standalone derivative. As of the date
of issuance on September 25, 2017, the fair value of this
bifurcated derivative was determined to be $1,864,000, resulting in
a principal balance of $24,136,000 for the Convertible Note. The
Company determined the fair value of the bifurcated derivative
using a valuation model and market prices and reassessed its fair
value at the end of each reporting period, with any changes in
value reported in the accompanying consolidated statements of
operations. At September 10, 2018, prior to conversion, the
fair value of this bifurcated derivative was $29,288,000, of which
$20,370,000 was extinguished upon the conversion of the Convertible
Note into shares of the Company’s common stock. The value of
the shares received was recorded as a benefit to equity of
$44,506,000 in FY 2019.
North America Senior Credit Facility
The North America leasing (Pac-Van First-In, Last-Out
The Wells Fargo Credit Facility is secured by substantially all of
the rental fleet, inventory and other assets of the Company’s
North American leasing and manufacturing operations. The Wells
Fargo Credit Facility effectively not only finances the North
American operations, but also the funding requirements for the
Series C Preferred Stock (see Note 3) and the publicly-traded
unsecured senior notes. The maximum amount of intercompany
dividends that Pac-Van Pac-Van
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%. The FILO Term Loan that was within the
Wells Fargo Credit Facility bore interest at 11.00% above the LIBOR
rate, with a LIBOR rate floor of 1.00%. 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 March 31, 2019, borrowings and availability under the Wells
Fargo Credit Facility totaled $201,800,000 and $51,937,000,
respectively.
Senior Notes
On June 18, 2014, the Company completed the sale of unsecured
senior notes (the “Senior Notes”) in a public offering
for an aggregate principal amount of $72,000,000. On April 24,
2017, the Company completed the sale of a “tack-on” Pac-Van Pac-Van ‘tack-on”
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”). 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.
On October 31, 2018, the Company successfully completed a
consent solicitation to amend the Base Indenture and First
Supplemental Indenture to permit the Company to incur additional
indebtedness from time to time, including pursuant to its existing
Wells Fargo Credit Facility and existing master capital lease
agreement, or such new capital lease obligations as the Company may
enter into from time to time. The consent of at least a majority in
the aggregate principal amount outstanding of the Senior Notes as
of the record date (as defined in the consent solicitation
statement dated October 16, 2018) was required to approve the
proposed amendments and the Company received consents from
approximately 63.3% of the holders of the Senior Notes. Upon the
terms and subject to the conditions described in the consent
solicitation statement, the Company made cash payments totaling
$195,820, or $0.10 per $25 of Senior Notes held by each holder as
of the record date who had validly delivered consent. As a result
of the successful consent solicitation, the Company and the Trustee
entered into the Second Supplemental Indenture dated
October 31, 2018 (the “Second Supplemental
Indenture” and, together with the Base Indenture and First
Supplemental Indenture, the “Indenture”).
The Company had an option, prior to July 31, 2017, to 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 have redeemed 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 Company has not
redeemed any of its 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 March 31, 2019, equipment financing and other debt totaled
$6,047,000.
The Company was in compliance with the financial covenants under
all its credit facilities as of March 31, 2019.
The weighted-average interest rate in the Asia-Pacific area was
10.4% and 10.0% during the quarter ended March 31, 2018 and FY
2018, respectively, and 13.7% and 10.7% during the quarter ended
March 31, 2019 and FY 2019, respectively; which does not
include the effect of translation, derivative valuation,
amortization of deferred financing costs and
accretion. The weighted-average interest
rate in North America was 6.2% and 6.0% during the quarter ended
March 31, 2018 and FY 2018, respectively, and 6.2% and 6.7%
during the quarter ended March 31, 2019 and FY 2019,
respectively; which does not include the effect of the amortization
of deferred financing costs and accretion.

Financial Instruments

Financial Instruments9 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial InstrumentsNote 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, 2018
March 31, 2019
Swap Contracts Trade payables and accrued liabilities $
223 $
451
Forward-Exchange Contracts Trade and other receivables 298 20
Trade payables and accrued liabilities — 5
Bifurcated Derivatives Fair value of bifurcated
derivatives in Convertible Note 15,583 18,041
Quarter Ended March 31, Nine Months Ended
Type of Derivative Contract
Statement of Operations
2018
2019
2018
2019
Swap Contracts Unrealized gain (loss) included in “Interest
expense” $ 9 $ — $ 9 $

Forward Exchange Contracts Unrealized foreign currency exchange gain (loss)
included in “Foreign exchange and other” 10 (152) 402 (279)
Bifurcated Derivatives Change in valuation of bifurcated derivatives in
Convertible Note (504) (1,131) (2,221) (22,829)
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 has entered into interest rate
swaps and interest rate options, in which the Company agreed 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 were designated
to hedge changes in the interest rate of a portion of the
outstanding borrowings in the Asia-Pacific area. In the year ended
June 30, 2017 (“FY 2017”), the Company entered
into two interest rate swaps that were designated as cash flow
hedges. The Company expected these derivatives to remain effective
during their remaining terms, but recorded any changes in the
portion of the hedges considered ineffective in interest expense in
the consolidated statement of operations. There was no ineffective
portion recorded in FY 2017 and only a nominal gain in FY 2018.
During the quarter ended December 31, 2017, these two interest
rate swap contracts were closed, with the Company incurring break
costs of $148,000. In January 2018, the Company entered into
another interest rate swap contract that was also designated as a
cash flow hedge. The Company expects this derivative to remain
highly effective during its term; however, any changes in the
portion of the hedge considered ineffective would also be recorded
in interest expense in the consolidated statement of operations. In
the quarter ended March 31, 2018, the Company recorded in
interest expense an unrealized gain of $9,000 for the portion
considered ineffective. There was no ineffective portion recorded
in FY 2019.
The Company’s interest rate derivative instruments were not
traded on a market exchange; therefore, the fair values were
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, 2018 and March 31,
2019, the open interest rate swap contracts were as follows
(dollars in thousands):
June 30, March 31,
2018 2019
Notional amounts $ 37,055 $ 35,450
Fixed/Strike Rates 7.414% 7.414%
Floating Rates 7.16% 6.821%
Fair Value of Combined Contracts $ (223) $ (451)
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, 2018, there
were 32 open forward exchange contracts that mature between July
2018 and November 2018; and, as of March 31, 2019, there were
39 open forward exchange contracts that mature between May 2019 and
August 2019, as follows (dollars in thousands):
June 30, March 31,
2018 2019
Notional amounts $ 8,950 $ 5,769
Exchange/Strike Rates (AUD to USD) 0.68142 – 0.80004 0.67233 – 0.72032
Fair Value of Combined Contracts $ 298 $ 15
For the quarter ended March 31, 2018 and 2019, net unrealized
and realized foreign exchange gains (losses) totaled $(1,390,000)
and $37,000 and $6,602,000 and $(6,454,000), respectively. In FY
2018 and FY 2019, net unrealized and realized foreign exchange
gains (losses) totaled $(2,722,000) and $(369,000), and $5,334,000
and $(10,141,000), 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 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,
which are based on data published by 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, 2018 was determined to be
approximately $423,029,000. The Company also determined that
the fair value of its other debt of $6,652,000 at June 30,
2018 approximated or would not vary significantly from their
carrying values. The Company believes that market conditions at
March 31, 2019 have not changed significantly from
June 30, 2018. Therefore, the proportion of the fair value to
the carrying value of the Company’s senior credit facilities
and other debt at March 31, 2019 would not vary significantly
from the proportion determined at June 30, 2018.
Under the provisions of FASB ASC Topic 825, Financial
Instruments,

Related-Party Transactions

Related-Party Transactions9 Months Ended
Mar. 31, 2019
Related Party Transactions [Abstract]
Related-Party TransactionsNote 7. Related-Party Transactions
Effective January 31, 2008, the Company entered into a lease
with an affiliate of the Company’s then Chief Executive
Officer (now Executive Chairman of the Board of Directors) 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 the first option to
renew the lease for an additional five-year term commencing
February 1, 2013 and on August 7, 2017, it exercised its
second option for an additional five-year term commencing on
February 1, 2018. Rental payments were $28,000 and $84,000
during the quarter ended March 31, 2018 and FY 2018,
respectively; and $29,000 and $84,000 during the quarter ended
March 31, 2019 and FY 2019, respectively.
The premises of Pac-Van’s month-to-month two-year

Equity Plans

Equity Plans9 Months Ended
Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity PlansNote 8. 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
All grants to-date non-qualified non-qualified non-vested
Since inception, the range of the fair value of the stock options
granted (other than to non-employee
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 March 31, 2019, there were no significant outstanding stock
options held by non-employee
Number of Weighted- Weighted-
Outstanding at June 30, 2018 1,824,910 $ 4.52
Granted 3,249 10.34
Exercised (142,963) 6.01
Forfeited or expired (9,000) 6.50
Outstanding at March 31, 2019 1,676,196 $ 4.39 5.3
Vested and expected to vest at March 31, 2019 1,676,196 $ 4.39 5.3
Exercisable at March 31, 2019 1,360,361 $ 4.03 4.6
At March 31, 2019, outstanding time-based options and
performance-based options totaled 1,087,972 and 588,224,
respectively. Also at that date, the Company’s market price
for its common stock was $9.33 per share, which was above the
exercise prices of substantially all of the outstanding stock
options, and the intrinsic value of the outstanding stock options
at that date was $8,514,800. Share-based compensation of $8,755,000
related to stock options has been recognized in the consolidated
statements of operations, with a corresponding benefit to equity,
from inception through March 31, 2019. At that date, there
remains $860,000 of unrecognized compensation expense to be
recorded on a straight-line basis over the remaining
weighted-average vesting period of 0.9 years.
A deduction is not allowed for U.S. income tax purposes with
respect to non-qualified
A summary of the Company’s restricted stock and RSU activity
follows:
Restricted Stock RSU
Shares Weighted-Average Shares Weighted-Average
Nonvested at June 30, 2018
379,850 $ 6.32
211,763 $ 7.15
Granted 55,855 11.11 20,590 10.34
Vested (83,717) 5.46 (66,073) 7.15
Forfeited — — (27,093) 7.15
Nonvested at March 31, 2019 351,988 $ 7.29 139,187 $ 7.62
Share-based compensation of $4,168,000 and $693,000 related to
restricted stock and RSU, respectively, has been recognized in the
consolidated statements of operations, with a corresponding benefit
to equity, from inception through March 31, 2019. At that
date, there remains $1,843,000 for the restricted stock and
$861,000 for the RSU of unrecognized compensation expense to be
recorded on a straight-line basis over the remaining vesting period
of less than a year to 2.9 years for the restricted stock and 1.3
to 2.5 years for the RSU.
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 have granted, 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
were up to four years and, generally, were 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 determined otherwise, if an option,
performance right or restricted share had not lapsed or been
forfeited earlier, it would have terminated at the seventh
anniversary from the date of grant. It was intended that up to one
percent of RWH’s outstanding capital stock would be reserved
for grant under the LTI Plan and a trust was established to hold
RWH shares for this purpose. However, since the Company held more
than 50% of the outstanding shares of RWH capital stock, RWH shares
reserved for grant under the LTI Plan were purchased in the open
market. The LTI Plan, among other provisions, did 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, would have determined whether, and how many, unvested
options, performance rights and restricted shares would have
vested. In addition, if, in the RWH Board’s opinion, a
participant acted fraudulently or dishonestly or was in breach of
his obligations to Royal Wolf, the RWH Board may have deemed any
options, performance rights and restricted shares held by or
reserved for the participant to have lapsed or been forfeited.
With the Company’s acquisition of the noncontrolling interest
of Royal Wolf (see Note 5), the LTI Plan was terminated in
September 2017 and the RWH Board determined that 582,370
performance rights were deemed vested, resulting in payments
totaling A$1,066,000 ($835,000) to participants. At the date of its
termination, Royal Wolf had granted, net of forfeitures, 2,582,723
performance rights to key management personnel under the LTI Plan.
Also, through the date of termination, 677,953 of the performance
rights had been converted into RWH capital stock through purchases
in the open market. In FY 2018, share-based compensation of
$1,207,000 related to the LTI Plan had been recognized in the
consolidated statements of operations, with a corresponding benefit
to equity. In addition, in the quarter ended March 31, 2018,
$338,000 (A$458,000) was refunded back to Royal Wolf by the trust
established to make the open market purchases of RWH shares
reserved for grant under the LTI Plan. This refund was recorded as
a benefit to equity.

Commitments and Contingencies

Commitments and Contingencies9 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesNote 9. Commitments and Contingencies
Self-Insurance
The Company has insurance policies to cover auto liability, general
liability, directors and officers liability and workers
compensation-related claims. Effective on February 1, 2017,
the Company became self-insured for auto liability and general
liability through GFNI, a wholly-owned captive insurance company,
up to a maximum of $1,200,000 per policy period. Claims and
expenses are reported when it is probable that a loss has occurred
and the amount of the loss can be reasonably estimated. These
losses include an estimate of claims that have been incurred but
not reported. At June 30, 2018 and March 31, 2019,
reported liability totaled $691,000 and $1,091,000, respectively,
and has been recorded in the caption “Trade payables and
accrued liabilities” in the accompanying consolidated balance
sheets.
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

Cash Flows from Operating Activ

Cash Flows from Operating Activities and Other Financial Information9 Months Ended
Mar. 31, 2019
Text Block [Abstract]
Cash Flows from Operating Activities and Other Financial InformationNote 10. Cash Flows from Operating Activities and Other
Financial Information
The following table provides a detail of cash flows from operating
activities (in thousands):
Nine Months Ended March 31,
2018 2019
Cash flows from operating activities
Net loss $ 1,567 $ (12,702)
Adjustments to reconcile net income loss to cash flows from
operating activities:
Gain on sales and disposals of property, plant and equipment (11) (76)
Gain on sales of lease fleet (5,407) (6,219)
Gains on bargain purchases of businesses — (1,767)
Unrealized foreign exchange loss (gain) 2,722 (5,334)
Non-cash — 3,554
Unrealized (gain) loss on forward exchange contracts (402) 279
Unrealized gain on interest rate swap (9)

Change in valuation of bifurcated derivatives in Convertible
Note 2,221 22,829
Depreciation and amortization 30,123 32,256
Amortization of deferred financing costs 1,822 2,446
Accretion of interest 596 (529)
Interest deferred on Senior Term Note — 4,798
Share-based compensation expense 2,986 1,996
Deferred income taxes (1,386) 4,233
Changes in operating assets and liabilities (excluding assets and
liabilities from acquisitions):
Trade and other receivables, net (9,129) (4,858)
Inventories 851 (12,456)
Prepaid expenses and other (1,195) (3,404)
Trade payables, accrued liabilities and unearned revenues 6,668 3,225
Income taxes 839 (291)
Net cash provided by operating
activities $
32,856 $
27,980

Segment Reporting

Segment Reporting9 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]
Segment ReportingNote 11. 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
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):
Quarter Ended March 31,
2019
North America
Leasing
Pac-Van Lone Star Combined Manufacturing
Corporate and Total Asia – Pacific Consolidated
Revenues:
Sales $ 14,386 $ - $ 14,386 $ 2,736 $ (1,304) $ 15,818 $ 10,818 $ 26.636
Leasing 31,808 11,414 43,222 - (424) 42,798 16,775 59,573
$ 46,194 $ 11,414 $ 57,608 $ 2,736 $ (1,728) $ 58,616 $ 27,593 $ 86,209
Share-based compensation $ 86 $ 9 $ 95 $ 7 $ 393 $ 495 $ 160 $ 655
Depreciation and
amortization $ 3,950 $ 2,403 $ 6,353 $ 101 $ (189) $ 6,265 $ 4,733 $ 10,998
Operating income $ 8,154 $ 2,708 $ 10,862 $ (91) $ (1,484) $ 9,287 $ 3,124 $ 12,411
Interest income $ - $ - $ - $ - $ 3 $ 3 $ 24 $ 27
Interest expense $ 2,680 $ 250 $ 2,930 $ 53 $ 1,716 $ 4,699 $ 5,508 $ 10,207
Nine Months Ended March 31,
2019
North America
Leasing
Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated
Revenues:
Sales $ 53,949 $ - $ 53,949 $ 10,670 $ (2,729) $ 61,890 $ 38,704 $ 100,594
Leasing 96,463 37,330 133,793 - (1,515) 132,278 49,122 181,400
$ 150,412 $ 37,330 $ 187,742 $ 10,670 $ (4,244) $ 194,168 $ 87,826 $ 281,994
Share-based compensation $ 234 $ 23 $ 257 $ 19 $ 1,176 $ 1,452 $ 544 $ 1,996
Depreciation and
amortization $ 11,455 $ 7,153 $ 18,608 $ 304 $ (562 ) $ 18,350 $ 13,906 $ 32,256
Operating income $ 28,962 $ 11,730 $ 40,692 $ 518 $ (4,116 ) $ 37,094 $ 8,977 $ 46,071
Interest income $ - $ - $ - $ - $ 5 $ 5 $ 103 $ 108
Interest expense $ 8,511 $ 939 $ 9,450 $ 212 $ 5,126 $ 14,788 $ 12,912 $ 27,700
Additions to long-lived
assets $ 39,112 $ 1,771 $ 40,883 $ 20 $ (162 ) $ 40,741 $ 18,795 $ 59,536
At March 31,
2019
Long-lived assets $ 293,773 $ 46,038 $ 339,811 $ 1,800 $ (9,693 ) $ 331,918 $ 146,988 $ 478,906
Goodwill $ 64,336 $ 20,782 $ 85,118 $ - $ - $ 85,118 $ 26,285 $ 111,403
At June 30,
2018
Long-lived assets $ 264,651 $ 49,352 $ 314,003 $ 2,083 $ (10,099 ) $ 305,987 $ 145,711 $ 451,698
Goodwill $ 61,693 $ 20,782 $ 82,475 $ - $ - $ 82,475 $ 27,468 $ 109,943
Quarter Ended March 31,
2018
North America
Leasing
Pac-Van Lone Combined Manufacturing Corporate Total Asia –Pacific Consolidated
Revenues:
Sales $ 13,667 $ 20 $ 13,687 $ 3,272 $ (923 ) $ 16,036 $ 13,564 $ 29,600
Leasing 28,068 10,366 38,434 — (304 ) 38,130 16,691 54,821
$ 41,735 $ 10,386 $ 52,121 $ 3,272 $ (1,227 ) $ 54,166 $ 30,255 $ 84,421
Share-based compensation $ 69 $ 11 $ 80 $ 11 $ 684 $ 775 $ 114 $ 889
Depreciation and
amortization $ 3,546 $ 2,309 $ 5,855 $ 117 $ (183 ) $ 5,789 $ 4,342 $ 10,131
Operating income $ 6,611 $ 2,688 $ 9,299 $ (17 ) $ (1,588 ) $ 7,694 $ 3,178 $ 10,872
Interest income $ - $ - $ - $ - $ 2 $ 2 $ 41 $ 43
Interest expense $ 2,380 $ 452 $ 2,832 $ 94 $ 1,699 $ 4,625 $ 4,773 $ 9,398
Nine Months Ended March 31,
2018
North America
Leasing
Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated
Revenues:
Sales $ 39,005 $ 20 $ 39,025 $ 9,856 $ (3,524 ) $ 45,357 $ 49,673 $ 95,030
Leasing 82,415 28,274 110,689 - (797 ) 109,892 48,546 158,438
$ 121,420 $ 28,294 $ 149,714 $ 9,856 $ (4,321 ) $ 155,249 $ 98,219 $ 253,468
Share-based compensation $ 242 $ 31 $ 273 $ 37 $ 1,355 $ 1,665 $ 1,321 $ 2,986
Depreciation and
amortization $ 10,542 $ 6,840 $ 17,382 $ 452 $ (548 ) $ 17,286 $ 12,837 $ 30,123
Operating income $ 20,627 $ 5,328 $ 25,955 $ (680 ) $ (3,929 ) $ 21,346 $ 10,232 $ 31,578
Interest income $ - $ - $ - $ - $ 8 $ 8 $ 73 $ 81
Interest expense $ 6,631 $ 1,372 $ 8,003 $ 294 $ 5,592 $ 13,889 $ 10,778 $ 24,667
Additions to long-lived
assets $ 25,355 $ 2,973 $ 28,328 $ 5 $ (252 ) $ 28,081 $ 12,966 $ 41,047
Intersegment net revenues related to sales of primarily portable
liquid storage containers and ground level offices from Southern
Frac to the North American leasing operations totaled $923,000 and
$3,524,000 during the quarter ended March 31, 2018 and FY
2018, respectively; and $1,304,000 and $2,729,000 during the
quarter ended March 31, 2019 and FY 2019, respectively.
Intrasegment net revenues in the North American leasing operations
related to primarily the leasing of portable liquid storage
containers from Pac-Van

Subsequent Events

Subsequent Events9 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent EventsNote 12. Subsequent Events
On April 12, 2019, the Company announced that its Board of
Directors declared a cash dividend of $2.225 per share on the
Series C Preferred Stock (see Note 3). The dividend is for the
period commencing on January 31, 2019 through April 29,
2019, and is payable on April 30, 2019 to holders of record as
of April 29, 2019.
On May 7, 2019, the Company,
through Pac-Van,

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)9 Months Ended
Mar. 31, 2019
Federal Home Loan Banks [Abstract]
Basis of PresentationBasis of Presentation
The accompanying unaudited condensed consolidated financial
statements have been prepared in conformity with United States
generally accepted accounting principles (“U.S. GAAP”)
applicable to interim financial information and the instructions to
Form 10-Q Regulation S-X. 10-K for
Unless otherwise indicated, references to “FY 2018” and
“FY 2019” are to the nine months ended March 31,
2018 and 2019, respectively.
Principles of ConsolidationPrinciples of Consolidation
The condensed 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.
Use of EstimatesUse 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, derivative liability valuation 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.
InventoriesInventories
Inventories are comprised of the following (in thousands):
June 30, March 31,
2018 2019
Finished goods $ 18,971 $ 32,255
Work in progress 1,442 2,389
Raw materials 2,318 2,318
$ 22,731 $ 36,962
Property, Plant and EquipmentProperty, Plant and Equipment
Property, plant and equipment consist of the following (in
thousands):
Estimated
Useful Life
June 30,
March 31,
2018
2019
Land
— $ 2,168 $ 2,168
Building and improvements 10 — 40 years 4,893 4,893
Transportation and plant equipment (including capital lease
assets) 3 — 20 years 43,078 47,340
Furniture, fixtures and office equipment 3 — 10 years 11,959 13,251
62,098 67,652
Less accumulated depreciation and amortization (39,788) (44,380)
$
22,310 $
23,272
Lease FleetLease 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. 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. At June 30, 2018 and March 31, 2019, the gross
costs of the lease fleet were $555,263,000 and $595,586,000,
respectively.
Goodwill and Other Intangible AssetsGoodwill and Other Intangible Assets
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. Pac-Van,
Other intangible assets include those with indefinite (trademark
and trade name) and finite (primarily customer base and lists,
non-compete
June 30,
2018 March 31,
2019
Gross Amount Accumulated
Net Carrying Gross Accumulated
Net Carrying
Trademark and trade name $ 5,486 $ (453) $ 5,033 $ 5,484 $ (453) $ 5,031
Customer base and lists 29,057 (14,150) 14,907 30,908 (16,396) 14,512
Non-compete 9,005 (7,130) 1,875 8,774 (7,898) 876
Deferred financing costs 3,522 (1,905) 1,617 3,563 (2,174) 1,389
Other 4,683 (2,965) 1,718 4,303 (3,337) 966
$ 51,753 $ (26,603) $ 25,150 $
53,032 $ (30,258) $ 22,774
Net Income per Common ShareNet 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, vested 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 related to stock
options, non-vested
Quarter Ended March 31, Nine Months Ended March 31,
2018 2019 2018 2019
Basic 26,301,706 29,975,295 26,210,697 29,084,947
Dilutive effect of common stock equivalents — — — —
Diluted 26,301,706 29,975,295 26,210,697 29,084,947
Potential common stock equivalents totaling 5,681,959 for both the
quarter ended March 31, 2018 and FY 2018, respectively, and
2,167,371 for both the quarter ended March 31, 2019 and FY
2019 have been excluded from the computation of diluted earnings
per share because the effect is anti-dilutive.
Revenue from Contracts with CustomersRevenue from Contracts with Customers
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 provides other
ancillary products and services. The Company recognizes revenue in
accordance with two accounting standards. The portions of the
Company’s revenues that arise from lease arrangements are
accounted for in accordance with Topic 840, Leases non-lease No. 2014-09, Revenue from
Contracts with Customers
Our portable storage and modular space rental customers are
generally billed in advance for services, which generally includes
fleet pickup. Liquid containment rental customers are typically
billed in arrears monthly and sales transactions are generally
billed upon transfer of the sold items. Payments from customers are
generally due upon receipt or 30-day
Leasing Revenue
Typical rental contracts include the direct rental of fleet, which
is accounted for under Topic 840. Rental-related services
include fleet delivery and fleet pickup, as well as other ancillary
services, which are primarily accounted for under Topic
606. The total amounts of rental-related services related to
Topic 606 recognized during the quarter ended March 31, 2019
and FY 2019 and the quarter ended March 31, 2018 and FY 2018
were $13,855,000 and $41,560,000 and $12,114,000 and $34,963,000,
respectively. A small portion of the rental-related services,
include subleasing, special events leases and other miscellaneous
streams, are accounted for under Topic 840. For contracts that
have multiple performance obligations, revenue is allocated to each
performance obligation in the contract based on the Company’s
best estimate of the standalone selling prices of each distinct
performance obligation. The standalone selling price is determined
using methods and assumptions developed consistently across similar
customers and markets generally applying an expected cost plus an
estimated margin to each performance obligation.
Rental contracts are based on a monthly rate for our portable
storage and modular space fleet and a daily rate for our liquid
containment fleet. Rental revenue is recognized ratably over the
rental period. The rental continues until the end of the initial
term of the lease or when cancelled by the customer or the Company.
If equipment is returned prior to the end of the contractual lease
period, customers are typically billed a cancellation fee, which is
recorded as rental revenue in the period billed. Customers may
utilize our equipment transportation services and other
on-site on-site
Non-Lease
Non-lease
Contract Costs and Liabilities
The Company incurs commission costs to obtain rental contracts and
for sales of new and used units. We expect the period benefitted by
each commission to be less than one year. Therefore, we have
applied the practical expedient for incremental costs of obtaining
a contract and expense commissions as incurred.
When customers are billed in advance for rentals, end of lease
services, and deposit payments, we defer revenue and reflect
unearned rental revenue at the end of the period. As of
March 31, 2019 and June 30, 2018, we had approximately
$21,825,000 and $19,226,000, respectively, of unearned rental
revenue included in trade payables and accrued liabilities in the
accompanying consolidated balance sheets. Revenues of $1,005,000
and $11,405,000, which were included in the unearned rental revenue
balance at June 30, 2018, were recognized during the quarter
ended March 31, 2019 and FY 2019, respectively. We expect to
perform the remaining performance obligations and recognize the
unearned rental revenue generally within the next twelve
months.
Sales taxes charged to customers are excluded from revenues and
expenses.
Sales of new modular buildings not manufactured by the Company are
typically covered by warranties provided by the manufacturer of the
products sold. Certain sales of manufactured units are covered by
assurance-type warranties and as of March 31, 2019 and
June 30, 2018, the Company had $238,556 and $238,956,
respectively, of warranty reserve included in trade payables and
accrued liabilities in the accompanying consolidated balance
sheets.
Disaggregated Rental Revenue
In the following table, total revenue is disaggregated by revenue
type for the periods indicated. The table also includes a
reconciliation of the disaggregated rental revenue to our
reportable segments.
Quarter Ended
March 31, 2019
North America
Leasing
Pac-Van Lone Star Combined Manufacturing
Corporate and Total
Asia – Pacific
Consolidated
Non-lease:
Sales lease inventories and fleet $
14,386 $ - $ 14,386 $ - $ - $
14,386 $
10,818 $ 25,204
Sales manufactured units - - - 2,736 (1,304 ) 1,432 - 1,432
Total non-lease 14,386 - 14,386 2,736 (1,304 ) 15,818 10,818 26,636
Leasing:
Rental revenue 22,519 5,906 28,425 - (424 ) 28,001 12,872 40,873
Rental-related services 9,289 5,508 14,797 - - 14,797 3,903 18,700
Total leasing revenues 31,808 11,414 43,222 - (424 ) 42,798 16,775 59,573
Total revenues $ 46,194 $
11,414 $
57,608 $
2,736 $ (1,728 ) $ 58,616 $ 27,593 $ 86,209
Nine Months
Ended March 31, 2019
North America
Leasing
Pac-Van Lone Star Combined Manufacturing
Corporate and Total
Asia – Pacific
Consolidated
Non-lease:
Sales lease inventories and fleet $ 53,949 $ - $ 53,949 $ - $ - $ 53,949 $ 38,704 $
92,653
Sales manufactured units - - - 10,670 (2,729 ) 7,941 - 7,941
Total non-lease 53,949 - 53,949 10,670 (2,729 ) 61,890 38,704 100,594
Leasing:
Rental revenue 68,483 20,029 88,512 - (1,515 ) 86,997 37,958 124,955
Rental-related services 27,980 17,301 45,281 - - 45,281 11,164 56,445
Total leasing revenues 96,463 37,330 133,793 - (1,515 ) 132,278 49,122 181,400
Total revenues $
150,412 $ 37,330 $
187,742 $ 10,670 $ (4,244 ) $
194,168 $
87,826 $ 281,994
Quarter Ended
March 31, 2018
North America
Leasing
Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia –
Consolidated
Non-lease:
Sales lease inventories and fleet $ 13,667 $ 20 $ 13,687 $ - $ - $ 13,687 $ 13,564 $ 27,251
Sales manufactured units - - - 3,272 (923 ) 2,349 - 2,349
Total non-lease 13,667 20 13,687 3,272 (923 ) 16,036 13,564 29,600
Leasing:
Rental revenue 18,885 5,991 24,876 - (304 ) 24,572 12,881 37,453
Rental-related services 9,183 4,375 13,558 - - 13,558 3,810 17,368
Total leasing revenues 28,068 10,366 38,434 - (304 ) 38,130 16,691 54,821
Total revenues $ 41,735 $ 10,386 $ 52,121 $ 3,272 $ (1,227 ) $ 54,166 $ 30,255 $ 84,421
Nine Months
Ended March 31, 2018
North America
Leasing
Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia –
Consolidated
Non-lease:
Sales lease inventories and fleet $ 39,005 $ 20 $ 39,025 $ - $ - $ 39,025 $ 49,673 $ 88,698
Sales manufactured units - - - 9,856 (3,524 ) 6,332 - 6,332
Total non-lease 39,005 20 39,025 9,856 (3,524 ) 45,357 49,673 95,030
Leasing:
Rental revenue 56,201 16,075 72,276 - (797 ) 71,479 37,433 108,912
Rental-related services 26,214 12,199 38,413 - - 38,413 11,113 49,526
Total leasing revenues 82,415 28,274 110,689 - (797 ) 109,892 48,546 158,438
Total revenues $ 121,420 $ 28,294 $ 149,714 $ 9,856 $ (4,321 ) $ 155,249 $ 98,219 $ 253,468
Recently Issued Accounting PronouncementsRecently Issued Accounting Pronouncements
In February 2016, the FASB issued new lease accounting guidance in
ASU No. 2016-02, Leases (Topic 842) No. 2018-01 No. 2018-10 No. 2018-11 No. 2018-20 No. 2019-01 off-balance No. 2016-02, “right-of-use” right-of-use No. 2016-02 No. 2016-02
In August 2017, the FASB issued ASU No. 2017-12, Derivatives and
Hedging (Topic 815) – Targeted Improvements to Accounting for
Hedging Activities No. 2017-12 non-financial No. 2017-12 No. 2017-12
Preferred StockPreferred 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

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)9 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of InventoriesInventories are comprised of the following (in thousands):
June 30, March 31,
2018 2019
Finished goods $ 18,971 $ 32,255
Work in progress 1,442 2,389
Raw materials 2,318 2,318
$ 22,731 $ 36,962
Property, Plant and EquipmentEstimated
Useful Life
June 30,
March 31,
2018
2019
Land
— $ 2,168 $ 2,168
Building and improvements 10 — 40 years 4,893 4,893
Transportation and plant equipment (including capital lease
assets) 3 — 20 years 43,078 47,340
Furniture, fixtures and office equipment 3 — 10 years 11,959 13,251
62,098 67,652
Less accumulated depreciation and amortization (39,788) (44,380)
$
22,310 $
23,272
Schedule of Other Intangible AssetsOther intangible assets include those with indefinite (trademark
and trade name) and finite (primarily customer base and lists,
non-compete
June 30,
2018 March 31,
2019
Gross Amount Accumulated
Net Carrying Gross Accumulated
Net Carrying
Trademark and trade name $ 5,486 $ (453) $ 5,033 $ 5,484 $ (453) $ 5,031
Customer base and lists 29,057 (14,150) 14,907 30,908 (16,396) 14,512
Non-compete 9,005 (7,130) 1,875 8,774 (7,898) 876
Deferred financing costs 3,522 (1,905) 1,617 3,563 (2,174) 1,389
Other 4,683 (2,965) 1,718 4,303 (3,337) 966
$ 51,753 $ (26,603) $ 25,150 $
53,032 $ (30,258) $ 22,774
Reconciliation of Weighted Average Shares OutstandingThe following is a reconciliation of weighted average shares
outstanding used in calculating earnings per common share:
Quarter Ended March 31, Nine Months Ended March 31,
2018 2019 2018 2019
Basic 26,301,706 29,975,295 26,210,697 29,084,947
Dilutive effect of common stock equivalents — — — —
Diluted 26,301,706 29,975,295 26,210,697 29,084,947
Reconciliation of the Disaggregated Rental RevenueIn the following table, total revenue is disaggregated by revenue
type for the periods indicated. The table also includes a
reconciliation of the disaggregated rental revenue to our
reportable segments.
Quarter Ended
March 31, 2019
North America
Leasing
Pac-Van Lone Star Combined Manufacturing
Corporate and Total
Asia – Pacific
Consolidated
Non-lease:
Sales lease inventories and fleet $
14,386 $ - $ 14,386 $ - $ - $
14,386 $
10,818 $ 25,204
Sales manufactured units - - - 2,736 (1,304 ) 1,432 - 1,432
Total non-lease 14,386 - 14,386 2,736 (1,304 ) 15,818 10,818 26,636
Leasing:
Rental revenue 22,519 5,906 28,425 - (424 ) 28,001 12,872 40,873
Rental-related services 9,289 5,508 14,797 - - 14,797 3,903 18,700
Total leasing revenues 31,808 11,414 43,222 - (424 ) 42,798 16,775 59,573
Total revenues $ 46,194 $
11,414 $
57,608 $
2,736 $ (1,728 ) $ 58,616 $ 27,593 $ 86,209
Nine Months
Ended March 31, 2019
North America
Leasing
Pac-Van Lone Star Combined Manufacturing
Corporate and Total
Asia – Pacific
Consolidated
Non-lease:
Sales lease inventories and fleet $ 53,949 $ - $ 53,949 $ - $ - $ 53,949 $ 38,704 $
92,653
Sales manufactured units - - - 10,670 (2,729 ) 7,941 - 7,941
Total non-lease 53,949 - 53,949 10,670 (2,729 ) 61,890 38,704 100,594
Leasing:
Rental revenue 68,483 20,029 88,512 - (1,515 ) 86,997 37,958 124,955
Rental-related services 27,980 17,301 45,281 - - 45,281 11,164 56,445
Total leasing revenues 96,463 37,330 133,793 - (1,515 ) 132,278 49,122 181,400
Total revenues $
150,412 $ 37,330 $
187,742 $ 10,670 $ (4,244 ) $
194,168 $
87,826 $ 281,994
Quarter Ended
March 31, 2018
North America
Leasing
Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia –
Consolidated
Non-lease:
Sales lease inventories and fleet $ 13,667 $ 20 $ 13,687 $ - $ - $ 13,687 $ 13,564 $ 27,251
Sales manufactured units - - - 3,272 (923 ) 2,349 - 2,349
Total non-lease 13,667 20 13,687 3,272 (923 ) 16,036 13,564 29,600
Leasing:
Rental revenue 18,885 5,991 24,876 - (304 ) 24,572 12,881 37,453
Rental-related services 9,183 4,375 13,558 - - 13,558 3,810 17,368
Total leasing revenues 28,068 10,366 38,434 - (304 ) 38,130 16,691 54,821
Total revenues $ 41,735 $ 10,386 $ 52,121 $ 3,272 $ (1,227 ) $ 54,166 $ 30,255 $ 84,421
Nine Months
Ended March 31, 2018
North America
Leasing
Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia –
Consolidated
Non-lease:
Sales lease inventories and fleet $ 39,005 $ 20 $ 39,025 $ - $ - $ 39,025 $ 49,673 $ 88,698
Sales manufactured units - - - 9,856 (3,524 ) 6,332 - 6,332
Total non-lease 39,005 20 39,025 9,856 (3,524 ) 45,357 49,673 95,030
Leasing:
Rental revenue 56,201 16,075 72,276 - (797 ) 71,479 37,433 108,912
Rental-related services 26,214 12,199 38,413 - - 38,413 11,113 49,526
Total leasing revenues 82,415 28,274 110,689 - (797 ) 109,892 48,546 158,438
Total revenues $ 121,420 $ 28,294 $ 149,714 $ 9,856 $ (4,321 ) $ 155,249 $ 98,219 $ 253,468

Acquisitions (Tables)

Acquisitions (Tables)9 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]
Fair Market Values of Tangible and Intangible Assets and LiabilitiesThe preliminary allocation for the acquisition in FY 2019 to
tangible and intangible assets acquired and liabilities assumed
based on their estimated fair market values was as follows (in
thousands):
Spacewise NZ July 2, 2018
Delmarva August 9,
Instant Storage September 21,
Tilton October 5,
BBS Leasing March 27,
Total
Fair value of the net tangible assets acquired and liabilities
assumed:
Trade and other receivables $ — $ — $ — $ — $ — $

Inventories 995 157 555 318 355 2,380
Property, plant and equipment 79 38 465 329 — 911
Lease fleet 6,834 893 3,013 2,775 234 13,749
Unearned revenue and advance payments (5) (112) (289) (260) (35) (701)
Deferred income taxes (225) — — — — (225)
Total net tangible assets acquired and liabilities assumed 7,678 976 3,744 3,162 554 16,114
Fair value of intangible assets acquired:
Non-compete 67 7 44 42 15 175
Customer lists/relationships 734 — 369 576 254 1,933
Other — — (306) — — (306)
Goodwill — — 717 1,651 294 2,662
Total intangible assets acquired 801 7 824 2,269 563 4,464
Total purchase consideration $ 8,479 $ 983 $ 4,568 $ 5,431 $ 1,117 $ 20,578

Financial Instruments (Tables)

Financial Instruments (Tables)9 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments at Fair Value, Classification in Consolidated Balances SheetsDerivative 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, 2018
March 31, 2019
Swap Contracts Trade payables and accrued liabilities $
223 $
451
Forward-Exchange Contracts Trade and other receivables 298 20
Trade payables and accrued liabilities — 5
Bifurcated Derivatives Fair value of bifurcated
derivatives in Convertible Note 15,583 18,041
Derivative Instruments at Fair Value, Statements of OperationsQuarter Ended March 31, Nine Months Ended
Type of Derivative Contract
Statement of Operations
2018
2019
2018
2019
Swap Contracts Unrealized gain (loss) included in “Interest
expense” $ 9 $ — $ 9 $

Forward Exchange Contracts Unrealized foreign currency exchange gain (loss)
included in “Foreign exchange and other” 10 (152) 402 (279)
Bifurcated Derivatives Change in valuation of bifurcated derivatives in
Convertible Note (504) (1,131) (2,221) (22,829)
Open Interest Rate Swap ContractAs of June 30, 2018 and March 31, 2019, the open interest
rate swap contracts were as follows (dollars in thousands):
June 30, March 31,
2018 2019
Notional amounts $ 37,055 $ 35,450
Fixed/Strike Rates 7.414% 7.414%
Floating Rates 7.16% 6.821%
Fair Value of Combined Contracts $ (223) $ (451)
Open Forward Exchange and Participating Forward ContractsAs of June 30, 2018, there were 32 open forward exchange
contracts that mature between July 2018 and November 2018; and, as
of March 31, 2019, there were 39 open forward exchange
contracts that mature between May 2019 and August 2019, as follows
(dollars in thousands):
June 30, March 31,
2018 2019
Notional amounts $ 8,950 $ 5,769
Exchange/Strike Rates (AUD to USD) 0.68142 – 0.80004 0.67233 – 0.72032
Fair Value of Combined Contracts $ 298 $ 15

Equity Plans (Tables)

Equity Plans (Tables)9 Months Ended
Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Fair Value of Stock Options GrantedSince inception, the range of the fair value of the stock options
granted (other than to non-employee
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 InformationA summary of the Company’s stock option activity and related
information for FY 2019 follows:
Number of Weighted- Weighted-
Outstanding at June 30, 2018 1,824,910 $ 4.52
Granted 3,249 10.34
Exercised (142,963) 6.01
Forfeited or expired (9,000) 6.50
Outstanding at March 31, 2019 1,676,196 $ 4.39 5.3
Vested and expected to vest at March 31, 2019 1,676,196 $ 4.39 5.3
Exercisable at March 31, 2019 1,360,361 $ 4.03 4.6
Summary of Restricted Stock and RSU ActivityA summary of the Company’s restricted stock and RSU activity
follows:
Restricted Stock RSU
Shares Weighted-Average Shares Weighted-Average
Nonvested at June 30, 2018
379,850 $ 6.32
211,763 $ 7.15
Granted 55,855 11.11 20,590 10.34
Vested (83,717) 5.46 (66,073) 7.15
Forfeited — — (27,093) 7.15
Nonvested at March 31, 2019 351,988 $ 7.29 139,187 $ 7.62

Cash Flows from Operating Act_2

Cash Flows from Operating Activities and Other Financial Information (Tables)9 Months Ended
Mar. 31, 2019
Text Block [Abstract]
Summary of Cash Flows from Operating ActivitiesThe following table provides a detail of cash flows from operating
activities (in thousands):
Nine Months Ended March 31,
2018 2019
Cash flows from operating activities
Net loss $ 1,567 $ (12,702)
Adjustments to reconcile net income loss to cash flows from
operating activities:
Gain on sales and disposals of property, plant and equipment (11) (76)
Gain on sales of lease fleet (5,407) (6,219)
Gains on bargain purchases of businesses — (1,767)
Unrealized foreign exchange loss (gain) 2,722 (5,334)
Non-cash — 3,554
Unrealized (gain) loss on forward exchange contracts (402) 279
Unrealized gain on interest rate swap (9)

Change in valuation of bifurcated derivatives in Convertible
Note 2,221 22,829
Depreciation and amortization 30,123 32,256
Amortization of deferred financing costs 1,822 2,446
Accretion of interest 596 (529)
Interest deferred on Senior Term Note — 4,798
Share-based compensation expense 2,986 1,996
Deferred income taxes (1,386) 4,233
Changes in operating assets and liabilities (excluding assets and
liabilities from acquisitions):
Trade and other receivables, net (9,129) (4,858)
Inventories 851 (12,456)
Prepaid expenses and other (1,195) (3,404)
Trade payables, accrued liabilities and unearned revenues 6,668 3,225
Income taxes 839 (291)
Net cash provided by operating
activities $
32,856 $
27,980

Segment Reporting (Tables)

Segment Reporting (Tables)9 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]
Summary of Segment Reporting InformationThe 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):
Quarter Ended March 31,
2019
North America
Leasing
Pac-Van Lone Star Combined Manufacturing
Corporate and Total Asia – Pacific Consolidated
Revenues:
Sales $ 14,386 $ - $ 14,386 $ 2,736 $ (1,304) $ 15,818 $ 10,818 $ 26.636
Leasing 31,808 11,414 43,222 - (424) 42,798 16,775 59,573
$ 46,194 $ 11,414 $ 57,608 $ 2,736 $ (1,728) $ 58,616 $ 27,593 $ 86,209
Share-based compensation $ 86 $ 9 $ 95 $ 7 $ 393 $ 495 $ 160 $ 655
Depreciation and
amortization $ 3,950 $ 2,403 $ 6,353 $ 101 $ (189) $ 6,265 $ 4,733 $ 10,998
Operating income $ 8,154 $ 2,708 $ 10,862 $ (91) $ (1,484) $ 9,287 $ 3,124 $ 12,411
Interest income $ - $ - $ - $ - $ 3 $ 3 $ 24 $ 27
Interest expense $ 2,680 $ 250 $ 2,930 $ 53 $ 1,716 $ 4,699 $ 5,508 $ 10,207
Nine Months Ended March 31,
2019
North America
Leasing
Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated
Revenues:
Sales $ 53,949 $ - $ 53,949 $ 10,670 $ (2,729) $ 61,890 $ 38,704 $ 100,594
Leasing 96,463 37,330 133,793 - (1,515) 132,278 49,122 181,400
$ 150,412 $ 37,330 $ 187,742 $ 10,670 $ (4,244) $ 194,168 $ 87,826 $ 281,994
Share-based compensation $ 234 $ 23 $ 257 $ 19 $ 1,176 $ 1,452 $ 544 $ 1,996
Depreciation and
amortization $ 11,455 $ 7,153 $ 18,608 $ 304 $ (562 ) $ 18,350 $ 13,906 $ 32,256
Operating income $ 28,962 $ 11,730 $ 40,692 $ 518 $ (4,116 ) $ 37,094 $ 8,977 $ 46,071
Interest income $ - $ - $ - $ - $ 5 $ 5 $ 103 $ 108
Interest expense $ 8,511 $ 939 $ 9,450 $ 212 $ 5,126 $ 14,788 $ 12,912 $ 27,700
Additions to long-lived
assets $ 39,112 $ 1,771 $ 40,883 $ 20 $ (162 ) $ 40,741 $ 18,795 $ 59,536
At March 31,
2019
Long-lived assets $ 293,773 $ 46,038 $ 339,811 $ 1,800 $ (9,693 ) $ 331,918 $ 146,988 $ 478,906
Goodwill $ 64,336 $ 20,782 $ 85,118 $ - $ - $ 85,118 $ 26,285 $ 111,403
At June 30,
2018
Long-lived assets $ 264,651 $ 49,352 $ 314,003 $ 2,083 $ (10,099 ) $ 305,987 $ 145,711 $ 451,698
Goodwill $ 61,693 $ 20,782 $ 82,475 $ - $ - $ 82,475 $ 27,468 $ 109,943
Quarter Ended March 31,
2018
North America
Leasing
Pac-Van Lone Combined Manufacturing Corporate Total Asia –Pacific Consolidated
Revenues:
Sales $ 13,667 $ 20 $ 13,687 $ 3,272 $ (923 ) $ 16,036 $ 13,564 $ 29,600
Leasing 28,068 10,366 38,434 — (304 ) 38,130 16,691 54,821
$ 41,735 $ 10,386 $ 52,121 $ 3,272 $ (1,227 ) $ 54,166 $ 30,255 $ 84,421
Share-based compensation $ 69 $ 11 $ 80 $ 11 $ 684 $ 775 $ 114 $ 889
Depreciation and
amortization $ 3,546 $ 2,309 $ 5,855 $ 117 $ (183 ) $ 5,789 $ 4,342 $ 10,131
Operating income $ 6,611 $ 2,688 $ 9,299 $ (17 ) $ (1,588 ) $ 7,694 $ 3,178 $ 10,872
Interest income $ - $ - $ - $ - $ 2 $ 2 $ 41 $ 43
Interest expense $ 2,380 $ 452 $ 2,832 $ 94 $ 1,699 $ 4,625 $ 4,773 $ 9,398
Nine Months Ended March 31,
2018
North America
Leasing
Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Pacific Consolidated
Revenues:
Sales $ 39,005 $ 20 $ 39,025 $ 9,856 $ (3,524 ) $ 45,357 $ 49,673 $ 95,030
Leasing 82,415 28,274 110,689 - (797 ) 109,892 48,546 158,438
$ 121,420 $ 28,294 $ 149,714 $ 9,856 $ (4,321 ) $ 155,249 $ 98,219 $ 253,468
Share-based compensation $ 242 $ 31 $ 273 $ 37 $ 1,355 $ 1,665 $ 1,321 $ 2,986
Depreciation and
amortization $ 10,542 $ 6,840 $ 17,382 $ 452 $ (548 ) $ 17,286 $ 12,837 $ 30,123
Operating income $ 20,627 $ 5,328 $ 25,955 $ (680 ) $ (3,929 ) $ 21,346 $ 10,232 $ 31,578
Interest income $ - $ - $ - $ - $ 8 $ 8 $ 73 $ 81
Interest expense $ 6,631 $ 1,372 $ 8,003 $ 294 $ 5,592 $ 13,889 $ 10,778 $ 24,667
Additions to long-lived
assets $ 25,355 $ 2,973 $ 28,328 $ 5 $ (252 ) $ 28,081 $ 12,966 $ 41,047

Organization and Business Ope_2

Organization and Business Operations - Additional Information (Detail)9 Months Ended
Mar. 31, 2019Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of distinct business units3
Number of geographic units2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Inventories (Detail) - USD ($) $ in ThousandsMar. 31, 2019Jun. 30, 2018
Accounting Policies [Abstract]
Finished goods $ 32,255 $ 18,971
Work in progress2,389 1,442
Raw materials2,318 2,318
Total $ 36,962 $ 22,731

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands9 Months Ended
Mar. 31, 2019Jun. 30, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 67,652 $ 62,098
Less accumulated depreciation and amortization(44,380)(39,788)
Property, plant and equipment, net23,272 22,310
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross2,168 2,168
Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 4,893 4,893
Building and improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life10 years
Building and improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life40 years
Transportation and plant equipment (including capital lease assets) [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 47,340 43,078
Transportation and plant equipment (including capital lease assets) [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life3 years
Transportation and plant equipment (including capital lease assets) [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life20 years
Furniture, fixtures and office equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 13,251 $ 11,959
Furniture, fixtures and office equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life3 years
Furniture, fixtures and office equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life10 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Detail)3 Months Ended6 Months Ended9 Months Ended12 Months Ended
Mar. 31, 2019USD ($)sharesMar. 31, 2018USD ($)sharesDec. 31, 2018LeaseMar. 31, 2019USD ($)Mar. 31, 2018USD ($)Jun. 30, 2019USD ($)sharesJun. 30, 2018USD ($)sharesJul. 01, 2018USD ($)
Property, Plant and Equipment [Line Items]
Gross costs of the lease fleet $ 595,586,000 $ 595,586,000 $ 555,263,000
Fair value of the reporting unit50.00%
Potential common stock equivalents excluded from computation of diluted earnings per share | shares2,167,371 5,681,959 5,681,959
Rental related services $ 26,636,000 $ 29,600,000 $ 100,594,000 $ 95,030,000
Unearned rental revenue included in trade payables and accrued liabilities21,825,000 21,825,000 $ 19,226,000
Unearned rental revenue Recognized11,405,000
Warranty reserve included in trade payables and accrued liabilities238,556 238,556 238,956
Number of real estate leases | Lease120
Lease fleet, net455,634,000 $ 455,634,000 429,388,000
Accounting Standards Update 2016-02 [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Lease fleet, net $ 59,000,000
Operating lease, liability60,800,000
Accounting Standards Update 2016-02 [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Lease fleet, net68,300,000
Operating lease, liability $ 70,200,000
Accounting Standards Update 2014-09 [Member]
Property, Plant and Equipment [Line Items]
Rental related services $ 13,855,000 $ 12,114,000 $ 34,963,000
Scenario, Forecast [Member]
Property, Plant and Equipment [Line Items]
Potential common stock equivalents excluded from computation of diluted earnings per share | shares2,167,371
Unearned rental revenue Recognized $ 1,005,000
Scenario, Forecast [Member] | Accounting Standards Update 2014-09 [Member]
Property, Plant and Equipment [Line Items]
Rental related services $ 41,560,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Other Intangible Assets (Detail) - USD ($) $ in ThousandsMar. 31, 2019Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount $ 53,032 $ 51,753
Accumulated Amortization(30,258)(26,603)
Net Carrying Amount22,774 25,150
Trademark and Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount5,484 5,486
Accumulated Amortization(453)(453)
Net Carrying Amount5,031 5,033
Customer Base and Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount30,908 29,057
Accumulated Amortization(16,396)(14,150)
Net Carrying Amount14,512 14,907
Non-Compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount8,774 9,005
Accumulated Amortization(7,898)(7,130)
Net Carrying Amount876 1,875
Deferred Financing Costs [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount3,563 3,522
Accumulated Amortization(2,174)(1,905)
Net Carrying Amount1,389 1,617
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount4,303 4,683
Accumulated Amortization(3,337)(2,965)
Net Carrying Amount $ 966 $ 1,718

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Outstanding (Detail) - shares3 Months Ended9 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
Accounting Policies [Abstract]
Basic29,975,295 26,301,706 29,084,947 26,210,697
Dilutive effect of common stock equivalents0 0 0 0
Diluted29,975,295 26,301,706 29,084,947 26,210,697

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Reconciliation of the Disaggregated Rental Revenue (Detail) - USD ($) $ in Thousands3 Months Ended9 Months Ended12 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018Jun. 30, 2018
Revenues
Sales $ 26,636 $ 29,600 $ 100,594 $ 95,030
Total leasing revenues59,573 54,821 181,400 158,438
Total revenues86,209 84,421 281,994 253,468
Lease inventories and fleet [Member]
Revenues
Sales25,204 27,251 92,653 88,698
Manufactured units [Member]
Revenues
Sales1,432 2,349 7,941 6,332
Rental Revenue [Member]
Revenues
Total leasing revenues40,873 37,453 124,955 108,912
Rental Related Services [Member]
Revenues
Total leasing revenues18,700 17,368 56,445 49,526
North America [Member]
Revenues
Sales15,818 16,036 61,890 45,357
Total leasing revenues42,798 38,130 132,278 109,892
Total revenues58,616 54,166 194,168 155,249
North America [Member] | Corporate and Intercompany Adjustments [Member]
Revenues
Sales(1,304)(923)(2,729)(3,524) $ 3,524
Total leasing revenues(424)(304)(1,515)(797)
Total revenues(1,728)(1,227)(4,244)(4,321)
North America [Member] | Lease inventories and fleet [Member]
Revenues
Sales14,386 13,687 53,949 39,025
North America [Member] | Manufactured units [Member]
Revenues
Sales1,432 2,349 7,941 6,332
North America [Member] | Manufactured units [Member] | Corporate and Intercompany Adjustments [Member]
Revenues
Sales(1,304)(923)(2,729)(3,524)
North America [Member] | Rental Revenue [Member]
Revenues
Total leasing revenues28,001 24,572 86,997 71,479
North America [Member] | Rental Revenue [Member] | Corporate and Intercompany Adjustments [Member]
Revenues
Total leasing revenues(424)(304)(1,515)(797)
North America [Member] | Rental Related Services [Member]
Revenues
Total leasing revenues14,797 13,558 45,281 38,413
North America [Member] | Pac-Van Leasing [Member] | Operating Segments [Member]
Revenues
Sales14,386 13,667 53,949 39,005
Total leasing revenues31,808 28,068 96,463 82,415
Total revenues46,194 41,735 150,412 121,420
North America [Member] | Pac-Van Leasing [Member] | Lease inventories and fleet [Member] | Operating Segments [Member]
Revenues
Sales14,386 13,667 53,949 39,005
North America [Member] | Pac-Van Leasing [Member] | Rental Revenue [Member] | Operating Segments [Member]
Revenues
Total leasing revenues22,519 18,885 68,483 56,201
North America [Member] | Pac-Van Leasing [Member] | Rental Related Services [Member] | Operating Segments [Member]
Revenues
Total leasing revenues9,289 9,183 27,980 26,214
North America [Member] | Lone Star Leasing [Member] | Operating Segments [Member]
Revenues
Sales20 20
Total leasing revenues11,414 10,366 37,330 28,274
Total revenues11,414 10,386 37,330 28,294
North America [Member] | Lone Star Leasing [Member] | Corporate and Intercompany Adjustments [Member]
Revenues
Sales391 271 $ 698
North America [Member] | Lone Star Leasing [Member] | Lease inventories and fleet [Member] | Operating Segments [Member]
Revenues
Sales20 20
North America [Member] | Lone Star Leasing [Member] | Rental Revenue [Member] | Operating Segments [Member]
Revenues
Total leasing revenues5,906 5,991 20,029 16,075
North America [Member] | Lone Star Leasing [Member] | Rental Related Services [Member] | Operating Segments [Member]
Revenues
Total leasing revenues5,508 4,375 17,301 12,199
North America [Member] | Pac Van and Lone Star Leasing [Member] | Operating Segments [Member]
Revenues
Sales14,386 13,687 53,949 39,025
Total leasing revenues43,222 38,434 133,793 110,689
Total revenues57,608 52,121 187,742 149,714
North America [Member] | Pac Van and Lone Star Leasing [Member] | Lease inventories and fleet [Member] | Operating Segments [Member]
Revenues
Sales14,386 13,687 53,949 39,025
North America [Member] | Pac Van and Lone Star Leasing [Member] | Rental Revenue [Member] | Operating Segments [Member]
Revenues
Total leasing revenues28,425 24,876 88,512 72,276
North America [Member] | Pac Van and Lone Star Leasing [Member] | Rental Related Services [Member] | Operating Segments [Member]
Revenues
Total leasing revenues14,797 13,558 45,281 38,413
North America [Member] | Manufacturing [Member] | Operating Segments [Member]
Revenues
Sales2,736 3,272 10,670 9,856
Total revenues2,736 3,272 10,670 9,856
North America [Member] | Manufacturing [Member] | Manufactured units [Member] | Operating Segments [Member]
Revenues
Sales2,736 3,272 10,670 9,856
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Operating Segments [Member]
Revenues
Sales10,818 13,564 38,704 49,673
Total leasing revenues16,775 16,691 49,122 48,546
Total revenues27,593 30,255 87,826 98,219
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Lease inventories and fleet [Member] | Operating Segments [Member]
Revenues
Sales10,818 13,564 38,704 49,673
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Rental Revenue [Member] | Operating Segments [Member]
Revenues
Total leasing revenues12,872 12,881 37,958 37,433
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Rental Related Services [Member] | Operating Segments [Member]
Revenues
Total leasing revenues $ 3,903 $ 3,810 $ 11,164 $ 11,113

Equity Transactions - Additiona

Equity Transactions - Additional Information (Detail)Mar. 31, 2019USD ($)$ / sharessharesAug. 02, 2017$ / sharesMar. 31, 2019USD ($)$ / sharessharesJun. 30, 2018USD ($)$ / sharesshares
Subsidiary or Equity Method Investee [Line Items]
Preferred Stock, par value $ 0.0001 $ 0.0001 $ 0.0001
Preferred Stock, outstanding | shares400,100 400,100 400,100
Preferred Stock, aggregate liquidation preference | $ $ 40,702,000 $ 40,702,000 $ 40,722,000
Royal Wolf Holdings [Member] | Special Dividend [Member]
Subsidiary or Equity Method Investee [Line Items]
Dividend declared $ 0.0265
Dividend payable record dateJul. 18,
2017
Series B Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Preferred Stock, par value $ 0.0001 $ 0.0001
Cumulative Preferred Stock, liquidation preference $ 1,000 $ 1,000
Preferred Stock, outstanding | shares100 100 100
Preferred Stock, aggregate liquidation preference | $ $ 102,000 $ 102,000 $ 102,000
Cumulative Preferred Stock, dividend percentage8.00%
Preferred stock, voting rightsNo voting rights
Dividend on Preferred Stock | $ $ 99,000
Series C Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Preferred Stock, par value $ 2 $ 2
Cumulative Preferred Stock, liquidation preference $ 100 $ 100
Preferred Stock, outstanding | shares400,000 400,000 400,000
Preferred Stock, aggregate liquidation preference | $ $ 40,600,000 $ 40,600,000 $ 40,620,000
Cumulative Preferred Stock, dividend percentage9.00%
Preferred stock, voting rightsNo voting rights
Preferred Stock redemption price per share $ 100 $ 100
Preferred Stock, dividend rate2.00%2.00%
Stated liquidation value for every increase in dividend rate | $ $ 100 $ 100
Dividend on Preferred Stock | $ $ 20,850,000

Acquisitions - Additional Infor

Acquisitions - Additional Information - 2019 Acquisitions (Detail) $ in Thousands, $ in ThousandsMar. 27, 2019USD ($)Oct. 05, 2018USD ($)Sep. 21, 2018USD ($)Aug. 09, 2018USD ($)Jul. 02, 2018USD ($)LocationJul. 02, 2018NZD ($)LocationMar. 31, 2019USD ($)Mar. 31, 2018USD ($)Mar. 31, 2019USD ($)Mar. 31, 2018USD ($)Jun. 30, 2019USD ($)Jun. 30, 2018USD ($)
Business Acquisition [Line Items]
Payments to acquire businesses, gross $ 73,251
Business acquisition cost holdback and other adjustment $ 1,734 $ 919
Bargain purchase gains $ 1,767
Transaction costs $ 162 $ 20 $ 84
Scenario, Forecast [Member]
Business Acquisition [Line Items]
Transaction costs $ 285
SpacewiseNZ Limited [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, gross $ 7,337 $ 10,901
Business acquisition cost holdback and other adjustment $ 615 $ 914
Number of operating locations | Location8 8
SpacewiseNZ Limited [Member] | Scenario, Forecast [Member]
Business Acquisition [Line Items]
Bargain purchase gains1,142
Delmarva Trailer Sales And Rentals Inc [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, gross $ 358
Business acquisition cost holdback and other adjustment $ 50
Delmarva Trailer Sales And Rentals Inc [Member] | Scenario, Forecast [Member]
Business Acquisition [Line Items]
Bargain purchase gains $ 625
Instant Storage [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, gross $ 4,568
Business acquisition cost holdback and other adjustment $ 464
Tilton Trailer Rental Corp [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, gross $ 5,431
Business acquisition cost holdback and other adjustment $ 505
Bbs Leasing Llp [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, gross $ 1,117
Business acquisition cost holdback and other adjustment $ 100

Acquisitions - Fair Market Valu

Acquisitions - Fair Market Values of Tangible and Intangible Assets and Liabilities (Detail) - USD ($) $ in ThousandsJun. 30, 2019Mar. 31, 2019Mar. 27, 2019Oct. 05, 2018Sep. 21, 2018Aug. 09, 2018Jul. 02, 2018Jun. 30, 2018
Fair value of intangible assets acquired:
Goodwill $ 111,403 $ 109,943
SpacewiseNZ Limited [Member]
Fair value of the net tangible assets acquired and liabilities assumed:
Trade and other receivables $ 0
Inventories995
Property, plant and equipment79
Lease fleet6,834
Unearned revenue and advance payments(5)
Deferred income taxes(225)
Total net tangible assets acquired and liabilities assumed7,678
Fair value of intangible assets acquired:
Total intangible assets acquired801
Total purchase consideration8,479
SpacewiseNZ Limited [Member] | Non-Compete Agreements [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired67
SpacewiseNZ Limited [Member] | Customer Lists/Relationships [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired $ 734
Delmarva Trailer Sales And Rentals Inc [Member]
Fair value of the net tangible assets acquired and liabilities assumed:
Trade and other receivables $ 0
Inventories157
Property, plant and equipment38
Lease fleet893
Unearned revenue and advance payments(112)
Total net tangible assets acquired and liabilities assumed976
Fair value of intangible assets acquired:
Total intangible assets acquired7
Total purchase consideration983
Delmarva Trailer Sales And Rentals Inc [Member] | Non-Compete Agreements [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired $ 7
Instant Storage [Member]
Fair value of the net tangible assets acquired and liabilities assumed:
Trade and other receivables $ 0
Inventories555
Property, plant and equipment465
Lease fleet3,013
Unearned revenue and advance payments(289)
Total net tangible assets acquired and liabilities assumed3,744
Fair value of intangible assets acquired:
Goodwill717
Total intangible assets acquired824
Total purchase consideration4,568
Instant Storage [Member] | Other [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired(306)
Instant Storage [Member] | Non-Compete Agreements [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired44
Instant Storage [Member] | Customer Lists/Relationships [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired $ 369
Tilton Trailer Rental Corp [Member]
Fair value of the net tangible assets acquired and liabilities assumed:
Trade and other receivables $ 0
Inventories318
Property, plant and equipment329
Lease fleet2,775
Unearned revenue and advance payments(260)
Total net tangible assets acquired and liabilities assumed3,162
Fair value of intangible assets acquired:
Goodwill1,651
Total intangible assets acquired2,269
Total purchase consideration5,431
Tilton Trailer Rental Corp [Member] | Non-Compete Agreements [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired42
Tilton Trailer Rental Corp [Member] | Customer Lists/Relationships [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired $ 576
Bbs Leasing Llp [Member]
Fair value of the net tangible assets acquired and liabilities assumed:
Trade and other receivables $ 0
Inventories355
Lease fleet234
Unearned revenue and advance payments(35)
Total net tangible assets acquired and liabilities assumed554
Fair value of intangible assets acquired:
Goodwill294
Total intangible assets acquired563
Total purchase consideration1,117
Bbs Leasing Llp [Member] | Non-Compete Agreements [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired15
Bbs Leasing Llp [Member] | Customer Lists/Relationships [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired $ 254
Scenario, Forecast [Member]
Fair value of the net tangible assets acquired and liabilities assumed:
Trade and other receivables $ 0
Inventories2,380
Property, plant and equipment911
Lease fleet13,749
Unearned revenue and advance payments(701)
Deferred income taxes(225)
Total net tangible assets acquired and liabilities assumed16,114
Fair value of intangible assets acquired:
Goodwill2,662
Total intangible assets acquired4,464
Total purchase consideration20,578
Scenario, Forecast [Member] | Other [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired(306)
Scenario, Forecast [Member] | Non-Compete Agreements [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired175
Scenario, Forecast [Member] | Customer Lists/Relationships [Member]
Fair value of intangible assets acquired:
Total intangible assets acquired $ 1,933

Senior and Other Debt - ANZ_CBA

Senior and Other Debt - ANZ/CBA Credit Facility and North America Leasing Senior Credit Facility - Additional Information (Detail)Dec. 24, 2018USD ($)Mar. 31, 2019USD ($)Mar. 31, 2019AUD ($)Mar. 31, 2019USD ($)Mar. 31, 2019AUD ($)Mar. 31, 2019AUD ($)
Line of Credit Facility [Line Items]
Borrowings under credit facility $ 140,785,000 $ 140,785,000 $ 198,291,000
Cash available at bank14,337,000 14,337,000 20,193,000
Deferred financing cost1,331,000 $ 1,331,000 $ 1,874,000
Intercompany dividend descriptionThe 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; and (b) $6,300,000 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.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; and (b) $6,300,000 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.
Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
Payment of intercompany dividends from Pac-Van and Lone Star $ 5,000,000
Pac-Van [Member] | Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
Borrowings under credit facility201,800,000 201,800,000
Availability under ANZ credit facility $ 51,937,000 $ 51,937,000
Minimum [Member]
Line of Credit Facility [Line Items]
Fixed charge coverage ratio1.251.251.25
Series C Preferred Stock [Member]
Line of Credit Facility [Line Items]
Payment of intercompany dividends from Pac-Van and Lone Star $ 5,000,000
North America [Member] | Senior Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity $ 260,000,000 $ 260,000,000
North America [Member] | Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt instrument maturity dateJul. 31,
2021
Jul. 31,
2021
Line of credit facility maturity dateMar. 24,
2022
Mar. 24,
2022
Line of Credit Facility Additional Increase in Maximum Borrowing Capacity $ 25,000,000
Debt instrument extended maturity period90 days90 days
North America [Member] | Great American Capital Partners [Member]
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity20,000,000 $ 20,000,000
Principal amortization of debt amount $ 500,000
Frequency of interest paymentsPer quarterPer quarter
Aggregate principal amount of senior notes issued $ 19,500,000
Prepayment fee percentage1.00%
Interest payment termsThe FILO Term Loan, with a principal balance of $19,500,000, including accrued interest and prepayment fee of one percent, was repaid in full through borrowings from the Wells Fargo Credit Facility and all terms and provisions relating to the FILO Term Loan were terminated within the credit agreement.The FILO Term Loan, with a principal balance of $19,500,000, including accrued interest and prepayment fee of one percent, was repaid in full through borrowings from the Wells Fargo Credit Facility and all terms and provisions relating to the FILO Term Loan were terminated within the credit agreement.
Unsecured senior notes [Member]
Line of Credit Facility [Line Items]
Payment of intercompany dividends from Pac-Van and Lone Star $ 6,300,000
Base Rate [Member] | Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest rate0.50%0.50%
Base Rate [Member] | Minimum [Member] | Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest rate1.00%1.00%
Base Rate [Member] | Maximum [Member] | Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest rate1.50%1.50%
Base Rate [Member] | First In Last Out Term Loan [Member] | Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest rate11.00%11.00%
London Interbank Offered Rate (LIBOR) [Member] | Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest rate1.00%1.00%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest rate2.50%2.50%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest rate3.00%3.00%
London Interbank Offered Rate (LIBOR) [Member] | First In Last Out Term Loan [Member] | Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest rate1.00%1.00%
ANZ/CBA Credit Facility [Member] | Asia-Pacific [Member]
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity $ 150,000,000
Deutsche Bank Credit Facility [Member]
Line of Credit Facility [Line Items]
Borrowings under credit facility26,625,000 $ 26,625,000 $ 37,500,000
Debt instrument, financing fees $ 2,038,700 $ 2,871,400
Debt instrument, fee $ 746,600 $ 1,051,600
Debt instrument maturity dateNov. 3,
2020
Nov. 3,
2020
Line of credit facility maturity dateMar. 22,
2020
Mar. 22,
2020
Line of credit facility expirationMar. 22,
2021
Mar. 22,
2021
Debt instrument, prepayment penalty $ 0
Deutsche Bank Credit Facility [Member] | Australian Dollar [Member]
Line of Credit Facility [Line Items]
Foreign currency exchange rate, translation0.709992 0.709992 0.709992
Deutsche Bank Credit Facility [Member] | New Zealand Dollar [Member]
Line of Credit Facility [Line Items]
Foreign currency exchange rate, translation0.681018 0.681018 0.681018
Deutsche Bank Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt instrument, prepayment penalties percentage1.00%1.00%
Interest rate4.25%4.25%
Deutsche Bank Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt instrument, prepayment penalties percentage3.00%3.00%
Interest rate5.50%5.50%
Deutsche Bank Credit Facility A [Member]
Line of Credit Facility [Line Items]
Borrowings under credit facility $ 30,530,000 $ 30,530,000 $ 43,000,000
Line of credit facility amortization descriptionSemi-annuallySemi-annually
Deutsche Bank Credit Facility B [Member]
Line of Credit Facility [Line Items]
Borrowings under credit facility82,714,000 $ 82,714,000 116,500,000
Deutsche Bank Credit Facility C [Member] | Working Capital [Member]
Line of Credit Facility [Line Items]
Borrowings under credit facility $ 14,200,000 $ 14,200,000 $ 20,000,000

Senior and Other Debt - Bison C

Senior and Other Debt - Bison Capital Notes and Credit Suisse Term Loan - Additional Information (Detail)Mar. 25, 2019USD ($)Sep. 10, 2018USD ($)sharesSep. 30, 2018sharesMar. 31, 2019USD ($)dDays$ / sharessharesMar. 31, 2019AUD ($)dDayssharesJun. 30, 2019USD ($)Mar. 25, 2019AUD ($)Jun. 30, 2018USD ($)Sep. 25, 2017USD ($)Sep. 19, 2017USD ($)shares
Line of Credit Facility [Line Items]
Debt instrument principal amount converted into shares | shares3,058,824
Debt instrument, convertible, terms of conversion featureIn the event that Bison Capital or holders of the Convertible Note receive aggregate proceeds in excess of $48,900,000 from the sale of GFN common stock received after the conversion of the Convertible Note, then 50% of the interest actually paid to Bison Capital (such amount, the “Price Increase”) shall be repaid by Bison Capital or holders of the Convertible Note by either (i) paying such Price Increase to GFNAPH in the form of cash, (ii) returning to GFN shares of GFN Common Stock with a value equal to the Price Increase or (iii) any combination of (i) or (ii) above that if the aggregate equals the Price Increase.In the event that Bison Capital or holders of the Convertible Note receive aggregate proceeds in excess of $48,900,000 from the sale of GFN common stock received after the conversion of the Convertible Note, then 50% of the interest actually paid to Bison Capital (such amount, the “Price Increase”) shall be repaid by Bison Capital or holders of the Convertible Note by either (i) paying such Price Increase to GFNAPH in the form of cash, (ii) returning to GFN shares of GFN Common Stock with a value equal to the Price Increase or (iii) any combination of (i) or (ii) above that if the aggregate equals the Price Increase.
Fair value of bifurcated derivative $ 18,041,000 $ 15,583,000
Senior Secured Convertible Promissory Notes [Member]
Line of Credit Facility [Line Items]
Interest rate of senior notes11.90%
Aggregate principal amount of senior notes issued $ 26,000 $ 26,000,000 $ 24,136,000 $ 26,000,000
Debt instrument principal amount converted into shares | shares3,058,824 3,058,824 3,058,824
Fair value of bifurcated derivative $ 20,370,000 $ 18,041,000 $ 1,864,000
Senior Secured Convertible Promissory Notes [Member] | Debt Instrument Minimum Rate of Return [Member]
Line of Credit Facility [Line Items]
Fair value of bifurcated derivative8,918,000
Senior Secured Convertible Promissory Notes [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt instrument, convertible, conversion ratio1.751.75
Senior Secured Convertible Promissory Notes [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Fair value of bifurcated derivative $ 29,288,000
Senior Secured Convertible Promissory Notes [Member] | Scenario, Forecast [Member]
Line of Credit Facility [Line Items]
Fair value of bifurcated derivative $ 44,506,000
Senior Secured Promissory Notes [Member]
Line of Credit Facility [Line Items]
Interest rate of senior notes11.90%
Aggregate principal amount of senior notes issued $ 54,000,000
Senior Secured Promissory Notes [Member] | Deutsche Bank Credit Facility [Member]
Line of Credit Facility [Line Items]
Aggregate principal amount of senior notes issued $ 63,311,000 $ 89,804,000
Prepayment fee percentage2.00%
Bison Capital Notes [Member]
Line of Credit Facility [Line Items]
Debt instrument, maturity period5 years5 years
Minimum EBITDA requirement $ 30,000,000
Debt Instrument, convertible, stock price trigger | $ / shares $ 8.50
Debt instrument, convertible, threshold percentage of stock price trigger150.00%150.00%
Debt instrument, convertible, threshold consecutive trading days | Days30 30
Bison Capital Notes [Member] | Debt Instrument, Redemption, Period One [Member]
Line of Credit Facility [Line Items]
Prepayment as Percentage of outstanding principal balance plus accrued and unpaid interest102.00%102.00%
Bison Capital Notes [Member] | Debt Instrument, Redemption, Period Two [Member]
Line of Credit Facility [Line Items]
Prepayment as Percentage of outstanding principal balance plus accrued and unpaid interest101.00%101.00%
Bison Capital Notes [Member] | Debt Instrument, Redemption, Period Three [Member]
Line of Credit Facility [Line Items]
Prepayment as Percentage of outstanding principal balance plus accrued and unpaid interest0.00%0.00%
Bison Capital Notes [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Proceeds from convertible debt $ 48,900,000
Bison Capital Notes [Member] | Royal Wolf Holdings [Member]
Line of Credit Facility [Line Items]
Business acquisition, shares to be acquired | shares49,188,526
Bison Capital Notes [Member] | NASDAQ CAPITAL MARKET [Member]
Line of Credit Facility [Line Items]
Debt instrument, convertible, threshold consecutive trading days | d20 20
Debt instrument, convertible, converted value in excess of principal $ 600,000

Senior and Other Debt - Senior

Senior and Other Debt - Senior Notes and Other Debt - Additional Information (Detail)Oct. 31, 2018USD ($)$ / sharesApr. 24, 2017USD ($)Mar. 31, 2019USD ($)Mar. 31, 2018Mar. 31, 2019USD ($)Jun. 30, 2019Jun. 30, 2018USD ($)Jun. 18, 2014USD ($)
Pac Van and Lone Star Leasing [Member]
Line of Credit Facility [Line Items]
Intercompany dividends percentage on senior notes gross proceeds80.00%
Equipment Financing And Other [Member]
Line of Credit Facility [Line Items]
Other debt $ 6,047,000 $ 6,047,000
Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
Repayment of indebtedness $ 4,303,376
Wells Fargo Credit Facility [Member] | North America [Member]
Line of Credit Facility [Line Items]
Debt instrument maturity dateJul. 31,
2021
Other [Member] | Asia-Pacific [Member]
Line of Credit Facility [Line Items]
Weighted-average interest rate0.137%10.40%10.00%
Other [Member] | Asia-Pacific [Member] | Scenario, Forecast [Member]
Line of Credit Facility [Line Items]
Weighted-average interest rate0.137%
Other [Member] | North America [Member]
Line of Credit Facility [Line Items]
Weighted-average interest rate0.062%6.20%6.00%
Other [Member] | North America [Member] | Scenario, Forecast [Member]
Line of Credit Facility [Line Items]
Weighted-average interest rate0.067%
Senior Notes 8.125% [Member]
Line of Credit Facility [Line Items]
Terms of principal amount redemptionThe Company had an option, prior to July 31, 2017, to 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 have redeemed 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 amount35.00%
Redemption price percentage on principal amount plus accrued and unpaid interest108.125%
Senior Notes 8.125% [Member] | Second Supplemental Indenture [Member]
Line of Credit Facility [Line Items]
Notes issued denominations and multiples of denominations $ 25
Percentage of Shareholders concluded a consent solicitation63.30%
Consent fee paid $ 195,820
Notes issued denominations and multiples of denominations, per share | $ / shares $ 0.10
Senior Notes 8.125% [Member] | Unsecured senior notes [Member]
Line of Credit Facility [Line Items]
Aggregate principal amount of senior notes issued5,390,000 $ 77,390,000 $ 72,000,000
Notes issued denominations and multiples of denominations $ 25
Notes issued denominations24.95
Aggregate principal amount of senior notes issued, net of unamortized debt issuance costs $ 76,038,000 $ 76,038,000 75,824,000
Unamortized debt issuance costs $ 1,352,000 $ 1,352,000 $ 1,566,000
Proceeds from issuance of unsecured senior notes net off underwriting discounts and offering costs5,190,947
Debt instrument, aggregate original issue discount10,780
Underwriting discount $ 188,273
Interest rate of senior notes8.125%
Debt instrument maturity dateJul. 31,
2021
Frequency of interest paymentsQuarterly
Interest payment termsInterest 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 interest106.094%
Senior Notes 8.125% [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Senior notes redemption percentage on principal amount100.00%
Fixed charge coverage ratio2 2

Financial Instruments - Derivat

Financial Instruments - Derivative Instruments at Fair Value, Classification in Consolidated Balances Sheets (Detail) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in ThousandsMar. 31, 2019Jun. 30, 2018
Trade Payables and Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Trade payables and accrued liabilities $ 5
Swap Contracts [Member] | Trade Payables and Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Trade payables and accrued liabilities451 $ 223
Forward-Exchange Contracts [Member] | Trade and Other Receivables [Member]
Derivatives, Fair Value [Line Items]
Trade payables and accrued liabilities20 298
Bifurcated Derivatives [Member] | Fair Value of Bifurcated Derivatives in Convertible Note [Member]
Derivatives, Fair Value [Line Items]
Trade payables and accrued liabilities $ 18,041 $ 15,583

Financial Instruments - Deriv_2

Financial Instruments - Derivative Instruments at Fair Value, Statements of Operations (Detail) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) in Income $ 9
Swap Contracts [Member] | Unrealized gain (loss) included in interest expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) in Income $ 9 9
Forward-Exchange Contracts [Member] | Unrealized foreign currency exchange gain (loss) included in Foreign exchange and other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) in Income $ (152)10 $ (279)402
Bifurcated Derivatives [Member] | Change in valuation of bifurcated derivatives in Bifurcated Derivatives Convertible Note [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) in Income $ (1,131) $ (504) $ (22,829) $ (2,221)

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail)3 Months Ended9 Months Ended12 Months Ended
Mar. 31, 2019USD ($)ContractMar. 31, 2018USD ($)Dec. 31, 2017USD ($)Mar. 31, 2019USD ($)ContractMar. 31, 2018USD ($)Jun. 30, 2019USD ($)Jun. 30, 2018USD ($)Contract
Derivative [Line Items]
Derivative Instruments, Gain (Loss) in Income $ 9,000
Unrealized foreign exchange gains (losses) $ 6,602,000 $ (1,390,000) $ 5,334,000 $ (2,722,000) $ (2,722,000)
Realized foreign exchange gains (losses) $ (6,454,000)37,000 $ (369,000)
Scenario, Forecast [Member]
Derivative [Line Items]
Unrealized foreign exchange gains (losses) $ 5,334,000
Realized foreign exchange gains (losses)(10,141,000)
Forward-Exchange [Member]
Derivative [Line Items]
Number of derivative contract | Contract39 39 32
Forward-Exchange [Member] | Minimum [Member]
Derivative [Line Items]
Derivative maturity date2019-052018-07
Forward-Exchange [Member] | Maximum [Member]
Derivative [Line Items]
Derivative maturity date2019-082018-11
Unrealized gain (loss) included in interest expense [Member] | Interest rate swap contract [Member]
Derivative [Line Items]
Debt break cost incurred $ 148,000
Derivative Instruments, Gain (Loss) in Income $ 9,000
Unrealized gain (loss) included in interest expense [Member] | Interest rate swap contract [Member] | Scenario, Forecast [Member]
Derivative [Line Items]
Gain on portion of cash flow hedge $ 0
Senior credit facilities [Member] | Fair Value, Inputs, Level 3 [Member]
Derivative [Line Items]
Fair value of borrowings $ 423,029,000
Other debt [Member] | Fair Value, Inputs, Level 3 [Member]
Derivative [Line Items]
Fair value of borrowings $ 6,652,000

Financial Instruments - Open In

Financial Instruments - Open Interest Rate Swap Contract (Detail) - Interest rate swap contract [Member] - USD ($)Mar. 31, 2019Jun. 30, 2018
Derivatives, Fair Value [Line Items]
Notional amounts $ 35,450,000 $ 37,055,000
Fixed/Strike Rates7.414%7.414%
Floating Rates6.821%7.16%
Fair Value of Combined Contracts $ (451,000) $ (223,000)

Financial Instruments - Open Fo

Financial Instruments - Open Forward Exchange and Participating Forward Contracts (Detail) - Forward-Exchange [Member]Mar. 31, 2019USD ($)$ / $Jun. 30, 2018USD ($)$ / $
Derivatives, Fair Value [Line Items]
Notional amounts | $ $ 5,769,000 $ 8,950,000
Fair Value of Combined Contracts | $ $ 15,000 $ 298,000
Minimum [Member]
Derivatives, Fair Value [Line Items]
Exchange/Strike Rates (AUD to USD) | $ / $0.67233 0.68142
Maximum [Member]
Derivatives, Fair Value [Line Items]
Exchange/Strike Rates (AUD to USD) | $ / $0.72032 0.80004

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail)1 Months Ended3 Months Ended9 Months Ended12 Months Ended
Mar. 31, 2019USD ($)Mar. 31, 2019USD ($)Mar. 31, 2018USD ($)Mar. 31, 2019ft²Jun. 30, 2019USD ($)Jun. 30, 2018USD ($)
Affiliate of Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Rental payment $ 7,393 $ 29,000 $ 28,000 $ 84,000
Office space | ft²3,000
Term of lease5 years5 years5 years
Renewal options of lease5 years5 years5 years
Affiliate of Chief Executive Officer [Member] | Scenario, Forecast [Member]
Related Party Transaction [Line Items]
Rental payment $ 84,000
Pac Van Las Vegas [Member]
Related Party Transaction [Line Items]
Rental payment $ 10,876 $ 38,000 $ 33,000 $ 98,000
Renewal options of lease2 years2 years2 years
Lease expiration dateDec. 31,
2020
Pac Van Las Vegas [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Rental payment $ 11,420
Pac Van Las Vegas [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Rental payment $ 12,590
Pac Van Las Vegas [Member] | Scenario, Forecast [Member]
Related Party Transaction [Line Items]
Rental payment $ 138,000

Equity Plans - Additional Infor

Equity Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands3 Months Ended9 Months Ended12 Months Ended
Mar. 31, 2019USD ($)$ / sharessharesDec. 31, 2018sharesSep. 30, 2018sharesMar. 31, 2018USD ($)sharesMar. 31, 2018AUD ($)sharesDec. 31, 2017sharesSep. 30, 2017USD ($)sharesSep. 30, 2017AUD ($)sharesMar. 31, 2019USD ($)$ / sharessharesMar. 31, 2018USD ($)Jun. 30, 2018USD ($)sharesDec. 07, 2017sharesSep. 11, 2014shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding stock options1,676,196 1,676,196 1,824,910
Market price of common stock | $ / shares $ 9.33 $ 9.33
Intrinsic value of the outstanding stock options | $ $ 8,514,800 $ 8,514,800
Share-based compensation expense | $ $ 1,996,000 $ 2,986,000
Minimum percentage of outstanding shares in capital stock50.00%
Number of performance rights deemed vested66,073 66,073
Number of performance rights granted31,000 24,855 42,773 42,773 35,430
Share-based compensation expense | $ $ 655,000 $ 889,000 $ 1,996,000 2,986,000
Refund from terminated Royal Wolf LTI Plan trust | $ $ 338,000
Time-based options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding stock options1,087,972 1,087,972
Performance-based options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding stock options588,224 588,224
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum outstanding capital stock1.00%
2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of option granted1,500,000 1,500,000
Stock option plan expiration dateDec. 4,
2024
Number of shares reserved for issuance1,000,000
2014 Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of option granted2,500,000
2009 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan expiration dateDec. 10,
2019
Royal Wolf Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $ $ 1,207,000
Royal Wolf Long Term Incentive Plan [Member] | Royal Wolf Holdings [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Refund from terminated Royal Wolf LTI Plan trust $ 338,000 $ 458
Royal Wolf Long Term Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period4 years
Predecessor Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of option granted2,500,000
2006 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan expiration dateJun. 30,
2016
Non-qualified stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant827,559 827,559
Non-qualified stock options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period5 years
RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense to be recorded on a straight-line basis | $ $ 861,000 $ 861,000
Share-based compensation recognized in statements of operations | $ $ 693,000
Number of performance rights deemed vested66,073
Number of performance rights granted20,590
RSU [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining vesting period2 years 6 months
RSU [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining vesting period1 year 3 months 18 days
Performance rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance rights granted2,582,723 2,582,723
Performance shares converted to capital stock677,953 677,953
Performance rights [Member] | Royal Wolf Long Term Incentive Plan [Member] | Royal Wolf Holdings [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long term incentive plan expiration month and year2017-092017-09
Number of performance rights deemed vested582,370 582,370
Payment of performance rights $ 835,000 $ 1,066
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period10 months 24 days
Share-based compensation expense | $ $ 8,755,000
Unrecognized compensation expense to be recorded on a straight-line basis | $ $ 860,000 $ 860,000
Percentage of out-of-money stock options100.00%100.00%
Nonemployee Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding stock options0 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense to be recorded on a straight-line basis | $ $ 1,843,000 $ 1,843,000
Share-based compensation recognized in statements of operations | $ $ 4,168,000
Number of performance rights deemed vested83,717
Number of performance rights granted55,855
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining vesting period2 years 10 months 24 days
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining vesting period0 years

Equity Plans - Fair Value of St

Equity Plans - Fair Value of Stock Options Granted (Detail) - Stock options [Member]9 Months Ended
Mar. 31, 2019USD ($)$ / shares
Assumptions used:
Risk-free interest rate, minimum1.19%
Risk-free interest rate, maximum4.80%
Expected life (in years)7 years 6 months
Expected volatility, minimum26.50%
Expected volatility, maximum84.60%
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) - $ / shares3 Months Ended9 Months Ended
Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Mar. 31, 2018Dec. 31, 2017Mar. 31, 2019
Number of Options (Shares)
Outstanding beginning balance1,824,910 1,824,910
Granted3,249
Exercised(500)(41,094)(101,369)(40,863)(22,500)(142,963)
Forfeited or expired(9,000)
Outstanding ending balance1,676,196 1,676,196
Vested and expected to vest1,676,196 1,676,196
Exercisable1,360,361 1,360,361
Weighted-Average Exercise Price
Outstanding beginning balance $ 4.52 $ 4.52
Granted10.34
Exercised6.01
Forfeited or expired6.50
Outstanding ending balance $ 4.39 4.39
Vested and expected to vest4.394.39
Exercisable $ 4.03 $ 4.03
Weighted-Average Remaining Contractual Term (Years)
Outstanding5 years 3 months 18 days
Vested and expected to vest5 years 3 months 18 days
Exercisable4 years 7 months 6 days

Equity Plans - Summary of Non-V

Equity Plans - Summary of Non-Vested Equity Share Activity (Detail) - $ / shares3 Months Ended9 Months Ended
Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Mar. 31, 2018Dec. 31, 2017Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted31,000 24,855 42,773 35,430
Vested(66,073)(66,073)
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested beginning balance379,850 379,850
Granted55,855
Vested(83,717)
Non-vested ending balance351,988 351,988
Non-vested beginning balance $ 6.32 $ 6.32
Granted11.11
Vested5.46
Non-vested ending balance $ 7.29 $ 7.29
RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested beginning balance211,763 211,763
Granted20,590
Vested(66,073)
Forfeited(27,093)
Non-vested ending balance139,187 139,187
Non-vested beginning balance $ 7.15 $ 7.15
Granted10.34
Vested7.15
Forfeited7.15
Non-vested ending balance $ 7.62 $ 7.62

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)Feb. 01, 2017Mar. 31, 2019Jun. 30, 2018
Commitment And Contingencies [Line Items]
Trade payables and accrued liabilities $ 46,169,000 $ 50,545,000
Self Insured Liabilities [Member]
Commitment And Contingencies [Line Items]
Trade payables and accrued liabilities $ 1,091,000 $ 691,000
Self Insured Liabilities [Member] | Maximum [Member]
Commitment And Contingencies [Line Items]
Insurance liabilities per policy period $ 1,200,000

Cash Flows from Operating Act_3

Cash Flows from Operating Activities and Other Financial Information - Summary of Cash Flows from Operating Activities (Detail) - USD ($) $ in Thousands3 Months Ended9 Months Ended12 Months Ended
Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Mar. 31, 2018Dec. 31, 2017Sep. 30, 2017Mar. 31, 2019Mar. 31, 2018Jun. 30, 2018
Cash flows from operating activities
Net loss $ (332) $ (4,206) $ (8,164) $ (563) $ 2,974 $ (844) $ (12,702) $ 1,567
Adjustments to reconcile net income loss to cash flows from operating activities:
Gain on sales and disposals of property, plant and equipment(76)(11)
Gain on sales of lease fleet(6,219)(5,407)
Gains on bargain purchases of businesses(1,767)
Unrealized foreign exchange loss (gain)(6,602)1,390 (5,334)2,722 $ 2,722
Non-cash realized foreign exchange loss on forced conversion of Convertible Note6,454 (37) $ 369
Unrealized (gain) loss on forward exchange contracts279 (402)
Unrealized gain on interest rate swap(9)
Change in valuation of bifurcated derivatives in Convertible Note1,131 504 22,829 2,221
Depreciation and amortization $ 10,998 $ 10,131 32,256 30,123
Amortization of deferred financing costs2,446 1,822
Accretion of interest(529)596
Interest deferred on Senior Term Note4,798
Share-based compensation expense1,996 2,986
Deferred income taxes4,233 (1,386)
Changes in operating assets and liabilities (excluding assets and liabilities from acquisitions):
Trade and other receivables, net(4,858)(9,129)
Inventories(12,456)851
Prepaid expenses and other(3,404)(1,195)
Trade payables, accrued liabilities and unearned revenues3,225 6,668
Income taxes(291)839
Net cash provided by operating activities27,980 $ 32,856
Convertible Note [Member]
Adjustments to reconcile net income loss to cash flows from operating activities:
Non-cash realized foreign exchange loss on forced conversion of Convertible Note $ 3,554

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) $ in Thousands3 Months Ended9 Months Ended12 Months Ended
Mar. 31, 2019USD ($)Mar. 31, 2018USD ($)Mar. 31, 2019USD ($)SegmentMar. 31, 2018USD ($)Jun. 30, 2019USD ($)Jun. 30, 2018USD ($)
Segment Reporting Information [Line Items]
Number of geographic units | Segment2
Number of operating segments | Segment4
Sales $ 26,636 $ 29,600 $ 100,594 $ 95,030
North America [Member]
Segment Reporting Information [Line Items]
Sales15,818 16,036 61,890 45,357
North America [Member] | Corporate and Intercompany Adjustments [Member]
Segment Reporting Information [Line Items]
Sales(1,304)(923) $ (2,729) $ (3,524) $ 3,524
Lone Star Leasing [Member] | North America [Member] | Corporate and Intercompany Adjustments [Member]
Segment Reporting Information [Line Items]
Sales $ 391 $ 271 $ 698
Scenario, Forecast [Member] | North America [Member] | Corporate and Intercompany Adjustments [Member]
Segment Reporting Information [Line Items]
Sales $ 2,729
Scenario, Forecast [Member] | Lone Star Leasing [Member] | North America [Member] | Corporate and Intercompany Adjustments [Member]
Segment Reporting Information [Line Items]
Sales $ 1,416

Segment Reporting - Summary of

Segment Reporting - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands3 Months Ended9 Months Ended12 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018Jun. 30, 2018
Revenues:
Sales $ 26,636 $ 29,600 $ 100,594 $ 95,030
Leasing59,573 54,821 181,400 158,438
Total revenues86,209 84,421 281,994 253,468
Share-based compensation655 889 1,996 2,986
Depreciation and amortization10,998 10,131 32,256 30,123
Operating income12,411 10,872 46,071 31,578
Interest income27 43 108 81
Interest expense10,207 9,398 27,700 24,667
Additions to long-lived assets59,536 41,047
Long-lived assets478,906 478,906 $ 451,698
Goodwill111,403 111,403 109,943
North America [Member]
Revenues:
Sales15,818 16,036 61,890 45,357
Leasing42,798 38,130 132,278 109,892
Total revenues58,616 54,166 194,168 155,249
Share-based compensation495 775 1,452 1,665
Depreciation and amortization6,265 5,789 18,350 17,286
Operating income9,287 7,694 37,094 21,346
Interest income3 2 5 8
Interest expense4,699 4,625 14,788 13,889
Additions to long-lived assets40,741 28,081
Long-lived assets331,918 331,918 305,987
Goodwill85,118 85,118 82,475
North America [Member] | Corporate and Intercompany Adjustments [Member]
Revenues:
Sales(1,304)(923)(2,729)(3,524)3,524
Leasing(424)(304)(1,515)(797)
Total revenues(1,728)(1,227)(4,244)(4,321)
Share-based compensation393 684 1,176 1,355
Depreciation and amortization(189)(183)(562)(548)
Operating income(1,484)(1,588)(4,116)(3,929)
Interest income3 2 5 8
Interest expense1,716 1,699 5,126 5,592
Additions to long-lived assets(162)(252)
Long-lived assets(9,693)(9,693)(10,099)
North America [Member] | Pac-Van Leasing [Member] | Operating Segments [Member]
Revenues:
Sales14,386 13,667 53,949 39,005
Leasing31,808 28,068 96,463 82,415
Total revenues46,194 41,735 150,412 121,420
Share-based compensation86 69 234 242
Depreciation and amortization3,950 3,546 11,455 10,542
Operating income8,154 6,611 28,962 20,627
Interest expense2,680 2,380 8,511 6,631
Additions to long-lived assets39,112 25,355
Long-lived assets293,773 293,773 264,651
Goodwill64,336 64,336 61,693
North America [Member] | Lone Star Leasing [Member] | Operating Segments [Member]
Revenues:
Sales20 20
Leasing11,414 10,366 37,330 28,274
Total revenues11,414 10,386 37,330 28,294
Share-based compensation9 11 23 31
Depreciation and amortization2,403 2,309 7,153 6,840
Operating income2,708 2,688 11,730 5,328
Interest expense250 452 939 1,372
Additions to long-lived assets1,771 2,973
Long-lived assets46,038 46,038 49,352
Goodwill20,782 20,782 20,782
North America [Member] | Lone Star Leasing [Member] | Corporate and Intercompany Adjustments [Member]
Revenues:
Sales391 271 698
North America [Member] | Pac Van and Lone Star Leasing [Member] | Operating Segments [Member]
Revenues:
Sales14,386 13,687 53,949 39,025
Leasing43,222 38,434 133,793 110,689
Total revenues57,608 52,121 187,742 149,714
Share-based compensation95 80 257 273
Depreciation and amortization6,353 5,855 18,608 17,382
Operating income10,862 9,299 40,692 25,955
Interest expense2,930 2,832 9,450 8,003
Additions to long-lived assets40,883 28,328
Long-lived assets339,811 339,811 314,003
Goodwill85,118 85,118 82,475
North America [Member] | Manufacturing [Member] | Operating Segments [Member]
Revenues:
Sales2,736 3,272 10,670 9,856
Total revenues2,736 3,272 10,670 9,856
Share-based compensation7 11 19 37
Depreciation and amortization101 117 304 452
Operating income(91)(17)518 (680)
Interest expense53 94 212 294
Additions to long-lived assets20 5
Long-lived assets1,800 1,800 2,083
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Operating Segments [Member]
Revenues:
Sales10,818 13,564 38,704 49,673
Leasing16,775 16,691 49,122 48,546
Total revenues27,593 30,255 87,826 98,219
Share-based compensation160 114 544 1,321
Depreciation and amortization4,733 4,342 13,906 12,837
Operating income3,124 3,178 8,977 10,232
Interest income24 41 103 73
Interest expense5,508 $ 4,773 12,912 10,778
Additions to long-lived assets18,795 $ 12,966
Long-lived assets146,988 146,988 145,711
Goodwill $ 26,285 $ 26,285 $ 27,468

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)May 07, 2019Apr. 12, 2019Mar. 31, 2018
Subsequent Event [Line Items]
Payments to acquire business, gross $ 73,251,000
Subsequent Events [Member] | Pier Mobile Storage Inc [Member]
Subsequent Event [Line Items]
Payments to acquire business, gross $ 1,724,000
Subsequent Events [Member] | Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Cash dividend, amount per share $ 2.225
Dividend declared dateApr. 29,
2019
Dividend payable dateApr. 30,
2019
Dividend payable record dateApr. 29,
2019