Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Sep. 05, 2019 | Dec. 31, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | General Finance CORP | ||
Entity Central Index Key | 0001342287 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding | 30,528,431 | ||
Entity Public Float | $ 122,778,000 | ||
Entity Address, State or Province | CA | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | GFN | ||
Title of 12(g) Security | Common Stock | ||
Security Exchange Name | NASDAQ | ||
Series C Cumulative Redeemable Perpetual Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | GFNCP | ||
Title of 12(g) Security | 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock (Liquidation Preference $100 per share) | ||
Security Exchange Name | NASDAQ | ||
8.125% Senior Notes due 2021 [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | GFNSL | ||
Title of 12(g) Security | 8.125% Senior Notes due 2021 | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Assets | ||
Cash and cash equivalents | $ 10,359 | $ 21,617 |
Trade and other receivables, net of allowance for doubtful accounts of $5,687 and $5,490 at June 30, 2018 and June 30, 2019, respectively | 56,204 | 50,525 |
Inventories | 29,077 | 22,731 |
Prepaid expenses and other | 9,823 | 8,023 |
Property, plant and equipment, net | 22,895 | 22,310 |
Lease fleet, net | 456,822 | 429,388 |
Goodwill | 111,323 | 109,943 |
Other intangible assets, net | 21,809 | 25,150 |
Total assets | 718,312 | 689,687 |
Liabilities | ||
Trade payables and accrued liabilities | 48,460 | 50,545 |
Income taxes payable | 506 | 361 |
Unearned revenue and advance payments | 22,671 | 19,226 |
Senior and other debt, net | 411,141 | 427,218 |
Fair value of bifurcated derivatives in Convertible Note | 19,782 | 15,583 |
Deferred tax liabilities | 38,711 | 34,969 |
Total liabilities | 541,271 | 547,902 |
Commitments and contingencies (Note 10) | ||
Equity | ||
Cumulative preferred stock, $.0001 par value: 1,000,000 shares authorized; 400,100 shares issued and outstanding (in series) and liquidation value of $40,722 at June 30, 2018 and 2019 | 40,100 | 40,100 |
Common stock, $.0001 par value: 100,000,000 shares authorized; 27,017,606 shares issued and outstanding at June 30, 2018 and 30,471,406 at June 30, 2019 | 3 | 3 |
Additional paid-in capital | 183,933 | 139,547 |
Accumulated other comprehensive loss | (18,755) | (17,091) |
Accumulated deficit | (28,744) | (21,278) |
Total General Finance Corporation stockholders' equity | 176,537 | 141,281 |
Equity of noncontrolling interests | 504 | 504 |
Total equity | 177,041 | 141,785 |
Total liabilities and equity | $ 718,312 | $ 689,687 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts on trade and other receivables | $ 5,490 | $ 5,687 |
Cumulative preferred stock, par value | $ 0.0001 | $ 0.0001 |
Cumulative preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Cumulative preferred stock, shares issued | 400,100 | 400,100 |
Cumulative preferred stock, shares outstanding | 400,100 | 400,100 |
Cumulative preferred stock, liquidation value | $ 40,722 | $ 40,722 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 30,471,406 | 27,017,606 |
Common stock, shares outstanding | 30,471,406 | 27,017,606 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | |||
Sales | $ 137,716 | $ 132,317 | $ 100,659 |
Leasing | 240,490 | 214,985 | 176,269 |
Total revenues | 378,206 | 347,302 | 276,928 |
Costs and expenses | |||
Manufactured units | 8,478 | 9,212 | 6,336 |
Direct costs of leasing operations | 91,286 | 89,201 | 76,306 |
Selling and general expenses | 81,965 | 77,650 | 67,705 |
Depreciation and amortization | 41,704 | 39,761 | 39,300 |
Operating income | 61,590 | 43,699 | 19,066 |
Interest income | 191 | 112 | 66 |
Interest expense (includes cash flow hedge reclassifications from AOCI of an unrealized gain of $1,073 in 2017 and $12 in 2018) | (35,344) | (33,991) | (19,653) |
Change in valuation of bifurcated derivatives in Convertible Note (Note 5) | (24,570) | (13,719) | |
Foreign exchange and other | (3,513) | (5,887) | (351) |
Total costs and expenses | (63,236) | (53,485) | (19,938) |
Loss before benefit for income taxes | (1,646) | (9,786) | (872) |
Provision (benefit) for income taxes | 5,820 | (679) | (25) |
Net loss | (7,466) | (9,107) | (847) |
Preferred stock dividends | (3,658) | (3,658) | (3,658) |
Noncontrolling interest | 801 | (2,115) | |
Net loss attributable to common stockholders | $ (11,124) | $ (11,964) | $ (6,620) |
Net loss per common share: | |||
Basic | $ (0.38) | $ (0.46) | $ (0.25) |
Diluted | $ (0.38) | $ (0.46) | $ (0.25) |
Weighted average shares outstanding: | |||
Basic | 29,318,511 | 26,269,931 | 26,348,344 |
Diluted | 29,318,511 | 26,269,931 | 26,348,344 |
Lease inventories and fleet [Member] | |||
Revenues | |||
Sales | $ 126,932 | $ 122,467 | $ 95,764 |
Costs and expenses | |||
Lease inventories and fleet (exclusive of the items shown separately below) | 93,183 | 87,779 | 68,215 |
Manufactured units [Member] | |||
Revenues | |||
Sales | $ 10,784 | $ 9,850 | $ 4,895 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (7,466) | $ (9,107) | $ (847) |
Other comprehensive income (loss): | |||
Change in fair value, net of cash flow hedge reclassifications to the statement of operations of an unrealized gain of $1,073 in 2017 and $12 in 2018, and net of income tax effect of $325, $28 and $606 in 2017, 2018 and 2019, respectively | (1,399) | (80) | (222) |
Cumulative translation adjustment | (265) | 1,988 | 3,814 |
Total comprehensive income (loss) | (9,130) | (7,199) | 2,745 |
Allocated to noncontrolling interests | (1,095) | (3,933) | |
Comprehensive loss allocable to General Finance Corporation stockholders | $ (9,130) | $ (8,294) | $ (1,188) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/LOSS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Gain (loss) on portion of cash flow hedge | $ 12 | $ 1,073 | |
Change in fair value, income tax provision (benefit) | $ 606 | $ 28 | $ 325 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common 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, 2016 | $ 224,612 | $ 3 | $ 122,568 | $ (14,129) | $ (10,010) | $ 138,532 | $ 86,080 | $ 40,100 |
Share-based compensation | 1,374 | 1,406 | 1,406 | (32) | ||||
Preferred stock dividends | (3,658) | (3,658) | (3,658) | |||||
Dividends and distributions by subsidiaries | (1,879) | (1,879) | ||||||
Issuance of shares of common stock on exercises of stock options | 54 | 54 | 54 | |||||
Grant of shares, restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Grant of shares of common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net loss attributable to stockholders | (847) | (2,962) | (2,962) | 2,115 | ||||
Fair value change in derivative, net of related tax effect | (222) | (113) | (113) | (109) | ||||
Cumulative translation adjustment | 3,814 | 1,887 | 1,887 | 1,927 | ||||
Total comprehensive income (loss) | 2,745 | (1,188) | 3,933 | |||||
Balance at Jun. 30, 2017 | 223,248 | 3 | 120,370 | (12,355) | (12,972) | 135,146 | 88,102 | 40,100 |
Share-based compensation | 3,658 | 3,067 | 3,067 | 591 | ||||
Preferred stock dividends | (3,658) | (3,658) | (3,658) | |||||
Dividends and distributions by subsidiaries | (1,038) | (1,038) | ||||||
Issuance of shares of common stock on exercises of stock options | 1,150 | 1,150 | 1,150 | |||||
Grant of shares, restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Grant of shares of common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Refund from terminated Royal Wolf LTI Plan trust | 338 | 338 | 338 | |||||
Net loss attributable to stockholders | (9,107) | (8,306) | (8,306) | (801) | ||||
Fair value change in derivative, net of related tax effect | (80) | (141) | (141) | 61 | ||||
Cumulative translation adjustment | 1,988 | 153 | 153 | 1,835 | ||||
Total comprehensive income (loss) | (7,199) | (8,294) | 1,095 | |||||
Acquisition of noncontrolling interest in Royal Wolf | (74,714) | 18,280 | (4,748) | 13,532 | (88,246) | |||
Balance at Jun. 30, 2018 | 141,785 | 3 | 139,547 | (17,091) | (21,278) | 141,281 | 504 | 40,100 |
Share-based compensation | 2,680 | 2,680 | 2,680 | |||||
Preferred stock dividends | (3,658) | (3,658) | (3,658) | |||||
Issuance of shares of common stock on exercises of stock options | 858 | 858 | 858 | |||||
Grant of shares, restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Vesting of restricted stock units into 66,073 shares of common stock | 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 loss attributable to stockholders | (7,466) | (7,466) | (7,466) | |||||
Fair value change in derivative, net of related tax effect | (1,399) | (1,399) | (1,399) | |||||
Cumulative translation adjustment | (265) | (265) | (265) | |||||
Total comprehensive income (loss) | (9,130) | (9,130) | ||||||
Balance at Jun. 30, 2019 | $ 177,041 | $ 3 | $ 183,933 | $ (18,755) | $ (28,744) | $ 176,537 | $ 504 | $ 40,100 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - shares | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance of shares of common stock on exercises of stock options | 237,260 | 21,500 |
Restricted stock granted | 125,885 | 349,304 |
Grant of shares of common stock | 42,773 | 22,112 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | |||
Net loss attributable to stockholders | $ (7,466) | $ (9,107) | $ (847) |
Adjustments to reconcile net loss to cash flows from operating activities: | |||
Gain on sales and disposals of property, plant and equipment | (149) | (2) | (126) |
Gain on sales of lease fleet | (9,967) | (8,464) | (3,700) |
Gain on bargain purchase of businesses | (1,767) | ||
Unrealized foreign exchange loss (gain) | (5,163) | 6,138 | 375 |
Non-cash realized foreign exchange loss on forced conversion of Convertible Note | 3,554 | ||
Unrealized loss (gain) on forward exchange contracts | 311 | (697) | 12 |
Unrealized gain on interest rate swaps | (12) | (1,073) | |
Change in valuation of bifurcated derivatives in Convertible Note | 24,570 | 13,719 | |
Depreciation and amortization | 42,108 | 40,335 | 40,092 |
Amortization of deferred financing costs | 2,915 | 2,293 | 1,504 |
Accretion of interest | (529) | 822 | 316 |
Interest deferred on Senior Term Note | 4,798 | 3,272 | |
Share-based compensation expense | 2,680 | 3,658 | 1,374 |
Deferred income taxes | 3,989 | (2,981) | (1,194) |
Changes in operating assets and liabilities (excluding assets and liabilities from acquisitions): | |||
Trade and other receivables, net | (6,368) | (6,446) | (5,445) |
Inventories | (3,980) | 7,021 | 6,253 |
Prepaid expenses and other | (1,847) | 1,170 | 492 |
Trade payables, accrued liabilities and unearned revenues | 4,108 | 6,975 | (1,843) |
Income taxes | 290 | 1,081 | (883) |
Net cash provided by operating activities | 52,087 | 58,775 | 35,307 |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (18,598) | (15,084) | (4,993) |
Acquisition of noncontrolling interest in Royal Wolf | (73,251) | ||
Proceeds from sales of property, plant and equipment | 483 | 281 | 267 |
Purchases of property, plant and equipment | (7,213) | (4,784) | (3,693) |
Proceeds from sales of lease fleet | 32,391 | 27,481 | 24,030 |
Purchases of lease fleet | (70,891) | (48,566) | (45,812) |
Other intangible assets | (172) | (577) | (521) |
Net cash used in investing activities | (64,000) | (114,500) | (30,722) |
Cash flows from financing activities: | |||
Proceeds from (repayments of) equipment financing activities, net | 122 | (512) | (483) |
Repayment of Credit Suisse Term Loan | (10,000) | ||
Repayment of ANZ/CBA Credit Facility | (81,521) | ||
Proceeds from issuance of Bison Notes | 80,000 | ||
Repayment of Bison Capital Senior Term Note | (63,311) | ||
Proceeds from (repayments of) senior and other debt borrowings, net | 67,997 | 89,942 | (2,782) |
Proceeds from issuances of 8.125% senior notes | 5,390 | ||
Deferred financing costs | (427) | (3,980) | (2,801) |
Proceeds from issuances of common stock | 858 | 1,150 | 54 |
Dividends and distributions by subsidiaries | (1,038) | (1,879) | |
Refund from terminated Royal Wolf LTI Plan trust | 338 | ||
Preferred stock dividends | (3,658) | (3,658) | (3,658) |
Net cash provided by (used in) financing activities | 1,581 | 70,721 | (6,159) |
Net increase (decrease) in cash | (10,332) | 14,996 | (1,574) |
Cash and equivalents at beginning of period | 21,617 | 7,792 | 9,342 |
The effect of foreign currency translation on cash | (926) | (1,171) | 24 |
Cash and equivalents at end of period | 10,359 | 21,617 | 7,792 |
Cash paid during the period: | |||
Interest | 31,943 | 31,091 | 18,914 |
Income taxes | $ 1,131 | $ 587 | $ 2,529 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) | Sep. 10, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Business acquisition cost holdback | $ 1,907,000 | $ 1,044,000 | $ 376,000 | |
Forced conversion of Convertible Note, shares of common stock | 3,058,824 | |||
Forced conversion of Convertible Note, value of common stock | $ 44,506,000 | |||
Senior Secured Convertible Promissory Notes [Member] | ||||
Aggregate principal balance of Convertible Note | $ 26,000,000 | $ 26,000,000 | ||
Forced conversion of Convertible Note, shares of common stock | 3,058,824 | 3,058,824 | ||
Forced conversion of Convertible Note, value of common stock | $ 44,506,000 |
Organization and Business Opera
Organization and Business Operations | 12 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | Note 1. Organization and Business Operations General Finance Corporation (“GFN”) was incorporated in Delaware in October 2005. References to the “Company” in these Notes are to GFN and its consolidated subsidiaries. These subsidiaries include GFN U.S. Australasia Holdings, Inc., a Delaware corporation (“GFN U.S.”); GFN Insurance Corporation, an Arizona corporation (“GFNI”); GFN North America Leasing Corporation, a Delaware corporation (“GFNNA Leasing”); GFN North America Corp., a Delaware corporation (“GFNNA”); GFN Realty Company, LLC, a Delaware limited liability company (“GFNRC”); GFN Manufacturing Corporation, a Delaware corporation (“GFNMC”), and its subsidiary, Southern Frac, LLC, a Texas limited liability company (collectively “Southern Frac”); Pac-Van, “Pac-Van”); The Company does business in three two Pan-Pacific) Pac-Van |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Unless otherwise indicated, references to “FY 2017,” “FY 2018” and “FY 2019” are to the fiscal years ended June 30, 2017, 2018 and 2019, respectively. Certain amounts have been reclassified or revised to conform with the current year presentation. The most significant are the income taxes paid for FY 2017 and FY 2018, which are disclosed supplementally in the consolidated statements of cash flows. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Foreign Currency Translation The Company’s functional currencies for its foreign operations are the respective local currencies, the Australian (“AUS”) and New Zealand (“NZ”) dollars in the Asia-Pacific area and the Canadian (“C”) dollar in North America. All adjustments resulting from the translation of the accompanying consolidated financial statements from the functional currency into reporting currency are recorded as a component of stockholders’ equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Matters Non-monetary Non-monetary Segment Information FASB ASC Topic 280, Segment Reporting Pac-Van 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. Cash Equivalents The Company considers highly liquid investments with maturities of three months or less, when purchased, to be cash equivalents. The Company maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on its cash balances. Inventories Inventories are stated at the lower of cost or net realizable value and consist of primarily finished goods for containers, modular buildings and mobile offices held for sale or lease; as well as raw materials, work in-process first-in, first-out June 30, 2018 2019 Finished goods $ 18,971 $ 25,576 Work in-process 1,442 1,275 Raw materials 2,318 2,226 $ 22,731 $ 29,077 Derivative Financial Instruments The Company may use derivative financial instruments to hedge its exposure to foreign currency and interest rate risks arising from operating, financing and investing activities. The Company does not hold or issue derivative financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivative financial instruments are recognized initially at fair value. Subsequent to initial recognition, derivative financial instruments are stated at fair value. The gain or loss on the remeasurement to fair value on unhedged (or the ineffective portion of hedged) derivative financial instruments is recognized in the statement of operations. Also, as more fully discussed in Note 5, the Company accounts for the fair value of embedded derivatives in a convertible note that required bifurcation. Accounting for Stock Options For the issuances of stock options, the Company follows the fair value provisions of FASB ASC Topic 718, Stock Compensation non-employee non-employee Fair Value Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 6. Fair value estimates would involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates Property, Plant and Equipment Owned assets Property, plant and equipment are stated at cost, less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labor, the initial estimate (where relevant) of the costs of dismantling and removing the items and restoring the site on which they are located; and an appropriate allocation of production overhead, where applicable. Depreciation for property, plant and equipment is recorded on the straight-line basis over the estimated useful lives of the related asset. The residual value, the useful life and the depreciation method applied to an asset are reassessed at least annually. Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, 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 47,433 Furniture, fixtures and office equipment 3 — 10 years 11,959 13,786 62,098 68,280 Less accumulated depreciation and amortization (39,788 ) (45,385 ) $ 22,310 $ 22,895 Capital leases Leases under which substantially all the risks and benefits incidental to ownership of the leased assets are assumed by the Company are classified as capital leases. Other leases are classified as operating leases. A lease asset and a lease liability equal to the present value of the minimum lease payments, or the fair value of the leased item, whichever is the lower, are capitalized and recorded at the inception of the lease. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly to the statement of operations. Capitalized leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term. Capitalized leased assets as of June 30, 2018 and 2019, include gross costs of $6,660,000 and $10,804,000, and accumulated amortization of $3,247,000 and $5,655,000, resulting in a net book value of $3,413,000 and $5,149,000, respectively. Operating leases Payments made under operating leases are expensed on the straight-line basis over the term of the lease, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased property. Where leases have fixed rate increases, these increases are accrued and amortized over the entire lease period, yielding a constant periodic expense over the term of the lease. Lease Fleet The Company has a fleet of storage, portable building, office and portable liquid storage tank containers, mobile offices, modular buildings and steps that it primarily leases to customers under operating lease agreements with varying terms. The value of the lease fleet (or lease or rental equipment) is recorded at cost and depreciated on the straight-line basis over the estimated useful life (5 - 20 years), after the date the units are put in service, down to their estimated residual values (up to 70% of cost). In the opinion of management, estimated residual values are at or below net realizable values. The Company periodically reviews these depreciation policies in light of various factors, including the practices of the larger competitors in the industry, and its own historical experience. Costs incurred on lease fleet units subsequent to initial acquisition are capitalized when it is probable that future economic benefits in excess of the originally assessed performance will result; otherwise, they are expensed as incurred. At June 30, 2018 and 2019, the gross costs of the lease fleet were $555,263,000 and $598,757,000, respectively. Units in the lease fleet are also available for sale. The cost of sales of a unit in the lease fleet is recognized at the carrying amount at the date of sale. Impairment of Long-Lived Assets The Company periodically reviews for the impairment of long-lived assets and assesses when an event or change in circumstances indicates the carrying value of an asset may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and the eventual disposition is less than its carrying amount. The Company has determined that no impairment provision related to long-lived assets was required to be recorded as of June 30, 2018 and 2019. Goodwill The purchase consideration of acquired businesses have been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates (see Note 4). Based on these values, the excess purchase consideration over the fair value of the net assets acquired was allocated to goodwill. The Company accounts for goodwill in accordance with FASB ASC Topic 350, Intangibles — Goodwill and Other. Pac-Van, The Company assesses the potential impairment of goodwill on an annual basis or if a determination is made based on a qualitative assessment that it is more likely than not (i.e., greater than 50%) that the fair value of the reporting unit is less than its carrying amount. Qualitative factors which could cause an impairment include (1) significant underperformance relative to historical, expected or projected future operating results; (2) significant changes in the manner of use of the acquired businesses or the strategy for the Company’s overall business; (3) significant changes during the period in the Company’s market capitalization relative to net book value; and (4) significant negative industry or general economic trends. If the Company did determine that fair value is more likely than not less than the carrying amount, a quantitative process for potential impairment is performed where the fair value of the reporting unit is compared to its carrying value to determine if the goodwill is impaired. If the carrying value of the net assets assigned to the reporting unit were to exceed its fair value, then in accordance with FASB Accounting Standards Update (“ASU”) No. 2017-04, The Company’s annual impairment assessment at June 30, 2018 and 2019 concluded that the fair value of the goodwill of each of its reporting units was greater than their respective carrying amounts. Determining the fair value of a reporting unit requires judgment and involves the use of significant estimates and assumptions. The Company based its fair value estimates on assumptions that it believes are reasonable, but are uncertain and subject to changes in market conditions. The change in the balance of goodwill was as follows (in thousands): June 30, 2017 2018 2019 Beginning of year (a) $ 102,546 $ 105,129 $ 109,943 Additions to goodwill 1,673 5,827 2,819 Impairment of goodwill — — — Other adjustments, primarily foreign translation effect 910 (1,013 ) (1,439 ) End of year (b) $ 105,129 $ 109,943 $ 111,323 (a) Net of accumulated impairment losses of $16,172 at June 30, 2016, 2017 and 2018. (b) Net of accumulated impairment losses of $16,172 at June 30, 2017, 2018 and 2019. Goodwill recorded from domestic acquisitions of businesses under asset purchase agreements is deductible for U.S. federal income tax purposes over 15 years, even though goodwill is not amortized for financial reporting purposes. Intangible Assets Intangible assets include those with indefinite (trademark and trade name) and finite (primarily customer base and lists, non-compete non-compete June 30, 2018 June 30, 2019 Gross Accumulated Net Gross Accumulated Net Trademark and trade name $ 5,486 $ (453 ) $ 5,033 $ 5,486 $ (453 ) $ 5,033 Customer base and lists 29,057 (14,150 ) 14,907 31,069 (17,174 ) 13,895 Non-compete agreements 9,005 (7,130 ) 1,875 8,782 (8,031 ) 751 Deferred financing costs 3,522 (1,905 ) 1,617 3,563 (2,290 ) 1,273 Other 4,683 (2,965 ) 1,718 4,328 (3,471 ) 857 $ 51,753 $ (26,603 ) $ 25,150 $ 53,228 $ (31,419 ) $ 21,809 The Company reviews intangible assets (those assets resulting from acquisitions) for impairment if it determines, based on a qualitative assessment, that it is more likely than not (i.e., greater than 50%) that fair value might be less than the carrying amount. If the Company determines that fair value is more likely than not less than the carrying amount, then impairment would be quantitatively tested, using historical cash flows and other relevant facts and circumstances as the primary basis for estimates of future cash flows. If it determines that fair value is not likely to be less than the carrying amount, then no further testing would be required. The Company conducted its review at each year end, which did not result in an impairment adjustment at June 30, 2018 and 2019. Determining the fair value of intangible assets involves the use of significant estimates and assumptions, which the Company believes are reasonable, but are uncertain and subject to changes in market conditions. The estimated future amortization of intangible assets with finite useful lives as of June 30, 2019 is as follows (in thousands): Year Ending June 30, 2020 $ 4,258 2021 2,977 2022 2,388 2023 1,706 2024 1,312 Thereafter 4,135 $ 16,776 The weighted-average remaining useful life of the finite intangible assets was approximately 8.7 years at June 30, 2019. Defined Contribution Benefit Plan Obligations for contributions to defined contribution benefit plans are recognized as an expense in the statement of operations as incurred. Contributions to defined contribution benefit plans in FY 2017, FY 2018 and FY 2019 were $1,586,000, $1,552,000 and $1,588,000, respectively. 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 rental revenue portions of the Company’s revenues that arise from lease arrangements are accounted for in accordance with Topic 840, Leases 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 payment terms. Specific customers have extended terms for payment, but no terms are greater than one year from the invoice date. 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 FY 2019, FY 2018 and FY 2017 were $55,235,000, $47,600,000 and $38,239,000, 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 upon the return of the equipment. Customers may utilize our equipment transportation services and other on-site services in conjunction with the rental of equipment, but are not required to do so. Given the short duration of these services, equipment transportation services and other on-site services revenue of a rented unit is recognized in leasing revenue upon completion of the service. Non-Lease Revenue Non-lease revenues consist primarily of the sale of new and used units, and to a lesser extent, sales of manufactured units are all accounted for under Topic 606. Sales contracts generally have a single performance obligation that is satisfied at the time of delivery, which is the point in time control over the unit transfers and the Company is entitled to consideration due under the contract with its customer. 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 June 30, 2019 and June 30, 2018, we had approximately $22,671,000 and $19,226,000, respectively, of unearned rental revenue included in unearned revenue and advance payments in the accompanying consolidated balance sheets. Revenues of $12,538,000, which were included in the unearned rental revenue balance at June 30, 2018, were recognized during FY 2019. The Company’s uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future service revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is generally variable based on the costs ultimately incurred to provide those services and therefore we are applying the optional exemption to omit disclosure of such amounts. 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 June 30, 2019 and June 30, 2018, the Company had $219,331 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. FY 2019 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Consolidated Non-lease: Sales lease inventories and fleet $ 72,241 $ — $ 72,241 $ — $ — $ 72,241 $ 54,691 $ 126,932 Sales manufactured units — — — 14,922 (4,138 ) 10,784 — 10,784 Total non-lease revenues 72,241 — 72,241 14,922 (4,138 ) 83,025 54,691 137,716 Leasing: Rental revenue 101,830 25,269 127,099 — (1,862 ) 125,237 49,813 175,050 Rental-related services 28,631 21,955 50,586 — — 50,586 14,854 65,440 Total leasing revenues 130,461 47,224 177,685 — (1,862 ) 175,823 64,667 240,490 Total revenues $ 202,702 $ 47,224 $ 249,926 $ 14,922 $ (6,000 ) $ 258,848 $ 119,358 $ 378,206 FY 2018 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Consolidated Non-lease: Sales lease inventories and fleet $ 55,438 $ 20 $ 55,458 $ — $ — $ 55,458 $ 67,009 $ 122,467 Sales manufactured units — — — 13,565 (3,715 ) 9,850 — 9,850 Total non-lease revenues 55,438 20 55,458 13,565 (3,715 ) 65,308 67,009 132,317 Leasing: Rental revenue 76,693 22,769 99,462 — (1,132 ) 98,330 49,404 147,734 Rental-related services 35,334 17,191 52,525 — — 52,525 14,726 67,251 Total leasing revenues 112,027 39,960 151,987 — (1,132 ) 150,855 64,130 214,985 Total revenues $ 167,465 $ 39,980 $ 207,445 $ 13,565 $ (4,847 ) $ 216,163 $ 131,139 $ 347,302 FY 2017 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Consolidated Non-lease: Sales lease inventories and fleet $ 47,640 $ — $ 47,640 $ — $ — $ 47,640 $ 48,124 $ 95,764 Sales manufactured units — — — 6,944 (2,049 ) 4,895 — 4,895 Total non-lease revenues 47,640 — 47,640 6,944 (2,049 ) 52,535 48,124 100,659 Leasing: Rental revenue 64,751 10,481 75,232 — (291 ) 74,941 46,188 121,129 Rental-related services 32,632 8,616 41,248 — — 41,248 13,892 55,140 Total leasing revenues 97,383 19,097 116,480 — (291 ) 116,189 60,080 176,269 Total revenues $ 145,023 $ 19,097 $ 164,120 $ 6,944 $ (2,340 ) $ 168,724 $ 108,204 $ 276,928 Advertising Advertising costs are generally expensed as incurred. At June 30, 2018 and 2019, prepaid advertising costs were not significant. Advertising costs expensed were approximately $3,478,000, $3,834,000 and $3,587,000 for FY 2017, FY 2018 and FY 2019, respectively. Shipping and Handling Costs The Company reports shipping and handling costs, primarily related to outbound freight in its North American manufacturing operations, as a component of selling and general expenses. Shipping and handling costs totaled $172,000, $483,000 and $546,000 in FY 2017, FY 2018 and FY 2019, respectively. Freight charges billed to customers are recorded as revenue and included in sales. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities at the balance sheet date multiplied by the applicable tax rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period. The Company files U.S. Federal tax returns, multiple U.S. state (and state franchise) tax returns and Australian, New Zealand and Canadian tax returns. For U.S. Federal tax purposes, all periods subsequent to June 30, 2016 are subject to examination by the U.S. Internal Revenue Service (“IRS”); and, for U.S. state tax purposes, with few exceptions and depending on the state, periods subsequent to June 30, 2014 are subject to examination by the respective state’s taxation authorities. Periods subsequent to June 30, 2015, June 30, 2014 and June 30, 2012 are subject to examination by the respective taxation authorities in Canada, Australia and New Zealand, respectively. Tax records are required to be kept for five years and seven years in Australia and New Zealand, respectively. The Company believes that its income tax filing positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change. Therefore, no reserves for uncertain income tax positions have been recorded. In addition, the Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months. The Company’s policy for recording interest and penalties, if any, will be to record such items as a component of income taxes. Enacted U.S. Federal Tax Legislation Introduced initially as the Tax Cuts and Jobs Act, the Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the “Act”) was enacted on December 22, 2017. The Act applied to corporations generally beginning with taxable years starting after December 31, 2017, or the fiscal year ending June 30, 2019 for the Company, and reduced the corporate tax rate from a graduated set of rates with a maximum 35% tax rate to a flat 21% tax rate. Additionally, the Act introduced other changes that impact corporations, including a net operating loss (“NOL”) deduction annual limitation, an interest expense deduction annual limitation, elimination of the alternative minimum tax, and immediate expensing of the full cost of qualified property. The Act also introduced an international tax reform that moved the U.S. toward a territorial system, in which income earned in other countries will generally not be subject to U.S. taxation. However, the accumulated foreign earnings of certain foreign corporations was subject to a one-time In accordance with ASC Topic 740, Income Taxes re-measured re-measurement During FY 2019, the remeasurement offset was adjusted to $4,493,000 for the transition tax and a valuation allowance of $529,000. The net benefit of $151,000 has been recorded through the FY 2019 income tax provision. 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 FY 2017 FY 2018 FY 2019 Basic 26,348,344 26,269,931 29,318,511 Dilutive effect of common stock equivalents — — — Diluted 26,348,344 26,269,931 29,318,511 Potential common stock equivalents totaling 1,635,025, 5,475,347 and 2,144,800 for FY 2017, FY 2018 and FY 2019, respectively, have been excluded from the computation of diluted earnings per share because the effect is anti-dilutive. Recently Issued Accounting Pronouncements In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) The Company, upon its adoption on July 1, 2019, intends on utilizing a modified retrospective transition approach and to choose the effective date as the date of initial application. If so, financial information will not be updated and the disclosures required under the new accounting standard will not be provided for dates and periods before July 1, 2019. The accounting standard includes optional transitional practical expedients intended to simplify its adoption and the Company intends to adopt the package of practical expedients, which would allow it to retain the historical lease classification determined under legacy U.S. GAAP, as well as relief from reviewing expired or existing contracts to determine if they contain leases. In addition, the accounting for contracts in which the Company is the lessor is not affected and the Company does not plan to elect the practical expedient for lessor accounting. The Company does not expect the adoption of this accounting standard to materially impact its consolidated statements of operations or cash flows. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities |
Equity Transactions
Equity Transactions | 12 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Equity Transactions | Note 3. Equity Transactions Preferred Stock Upon issuance of shares of preferred stock, the Company records the liquidation value as the preferred equity in the consolidated balance sheet, with any underwriting discount and issuance or offering costs recorded as a reduction in additional paid-in capital. Series B Preferred Stock The Company has outstanding privately-placed 8.00% Series B Cumulative Preferred Stock, par value of $0.0001 per share and liquidation value of $1,000 per share (“Series B Preferred Stock”). The Series B Preferred Stock is offered primarily in connection with business combinations. At June 30, 2018 and 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 2019, the Company had outstanding 400,000 shares of Series C Preferred Stock with an aggregate liquidation preference totaling $40,620,000. Dividends on the Series C Preferred Stock are cumulative from the date of original issue and will be payable on the 31 st th Dividends As of June 30, 2019, since issuance, dividends paid or payable totaled $101,000 for the Series B Preferred Stock and dividends paid totaled $21,740,000 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 10, 2016, the Board of Directors of Royal Wolf declared a dividend of AUS$0.025 per RWH share payable on October 4, 2016 to shareholders of record on September 16, 2016 and on February 7, 2017, the Board of Directors of Royal Wolf declared a dividend of AUS$0.025 per RWH share payable on April 4, 2017 to shareholders of record on March 16, 2017. 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 (see Note 4). The consolidated financial statements reflect the amount of the dividends pertaining to the noncontrolling interest. |
Acquisitions
Acquisitions | 12 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4. Acquisitions The Company can enhance its business and market share by entering into new markets in various ways, including starting up a new location or acquiring a business consisting of container, modular unit or mobile office assets of another entity. An acquisition generally provides the Company with operations that enables it to at least cover existing overhead costs and is preferable to a start-up FY 2017 Acquisitions On July 22, 2016, the Company, through Pac-Van, On July 27, 2016, the Company, through Pac-Van, On December 1, 2016, the Company, through Royal Wolf, purchased the container businesses of All Direct Container Sales Pty Limited and ADC Storage Pty Limited as Trustee for the ADC Storage Unit Trust (collectively “All Direct”), for $3,040,000 (AUS$4,109,000), which included holdback and other adjustment amounts totaling $154,000 (AUS$209,000). All Direct leases and sells containers in the southeast Queensland market, particularly in the Brisbane, Gold Coast and Toowoomba regions. The allocations for the acquisitions in FY 2017 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values was as follows (in thousands): GCC July 22, 2016 CSS July 27, 2016 All Direct December 1, 2016 Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ 5 $ 57 $ — $ 62 Inventories 66 211 — 277 Property, plant and equipment 23 44 44 111 Lease fleet 352 615 1,646 2,613 Accounts payables and accrued liabilities — (7 ) (45 ) (52 ) Unearned revenue and advance payments (21 ) (36 ) — (57 ) Deferred income taxes — (241 ) (201 ) (442 ) Total net tangible assets acquired and liabilities assumed 425 643 1,444 2,512 Fair value of intangible assets acquired: Non-compete agreement 21 29 350 400 Customer lists/relationships 138 312 334 784 Goodwill 78 683 912 1,673 Total intangible assets acquired 237 1,024 1,596 2,857 Total purchase consideration $ 662 $ 1,667 $ 3,040 $ 5,369 The FY 2017 operating results of all acquisitions prior to and since their respective dates of acquisition were not considered significant. Acquisition of Noncontrolling Interest of Royal Wolf On July 12, 2017, the Company announced that it commenced, through GFNAPH, an off-market The accounting for the purchase consideration and total transaction-related costs of $70,402,000 and $2,299,000 (net of income tax effect of $550,000), respectively, as well as the adjustment to the accumulated other comprehensive income (loss) and reclassification of the noncontrolling interest of Royal Wolf to the Company’s equity accounts, have been recorded as equity transactions in the accompanying consolidated balance sheet in FY 2018. FY 2018 Acquisitions On September 1, 2017, the Company, through Pac-Van, On December 1, 2017, the Company, through Pac-Van, On January 26, 2018, the Company, through Pac-Van, On April 6, 2018, the Company, through Pac-Van, The allocation for the acquisition in FY 2018 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values was as follows (in thousands): Advantage September 1, 2017 Gauthier December 1, 2017 Lucky’s Lease January 26, 2018 Acorn April 6, 2018 Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ — $ 390 $ — $ — $ 390 Inventories 234 444 203 85 966 Property, plant and equipment 55 339 135 32 561 Lease fleet 558 4,216 1,092 341 6,207 Unearned revenue and advance payments (25 ) (237 ) (36 ) (14 ) (312 ) Total net tangible assets acquired and liabilities assumed 822 5,152 1,394 444 7,812 Fair value of intangible assets acquired: Non-compete agreement 56 143 44 130 373 Customer lists/relationships 97 1,085 676 8 1,866 Other — 250 — — 250 Goodwill 601 3,741 1,255 230 5,827 Total intangible assets acquired 754 5,219 1,975 368 8,316 Total purchase consideration $ 1,576 $ 10,371 $ 3,369 $ 812 $ 16,128 The FY 2018 operating results prior to and since the respective date of acquisition were not considered significant. 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, On May 7, 2019, the Company, through Pac-Van, The 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 September 21, Tilton October 5, BBS Leasing March 27, Pier May 7, Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ — $ — $ — $ — $ — $ — $ — Inventories 995 157 555 318 355 682 3,062 Property, plant and equipment 79 38 465 329 — 195 1,106 Lease fleet 6,834 893 3,013 2,775 234 504 14,253 Unearned revenue and advance payments (5 ) (112 ) (289 ) (260 ) (35 ) (30 ) (731 ) Deferred income taxes (225 ) — — — — — (225 ) Total net tangible assets acquired and liabilities assumed 7,678 976 3,744 3,162 554 1,351 17,465 Fair value of intangible assets acquired: Non-compete agreement $ 67 $ 7 $ 44 $ 42 $ 15 $ 15 $ 190 Customer lists/relationships 734 — 369 576 254 171 2,104 Other — — (306 ) — — — (306 ) Goodwill — — 717 1,651 294 157 2,819 Total intangible assets acquired 801 7 824 2,269 563 343 4,807 Total net tangible and intangible assets acquired $ 8,479 $ 983 $ 4,568 $ 5,431 $ 1,117 $ 1,694 $ 22,272 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. In FY 2017, the goodwill recognized in the GCC, CSS and All Direct acquisitions are not deductible for U.S. income tax purposes. The goodwill recognized in the FY 2018 acquisitions are deductible for U.S. income tax purposes and the goodwill recognized in the Instant Storage, Tilton, BBS Leasing and Pier Mobile acquisitions are deductible for U.S. income tax purposes. The Company incurred approximately $44,000 during FY 2017, $163,000 during FY 2018 and $399,000 during FY 2019 of incremental transaction costs associated with acquisition-related activity that were expensed as incurred and are included in selling and general expenses in the accompanying consolidated statements of operations. |
Senior and Other Debt
Senior and Other Debt | 12 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Senior and Other Debt | Note 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 (subsequently replaced by GFNAPH) and its subsidiaries and a syndicate led by Deutsche Bank AG, Sydney Branch (“Deutsche Bank”) 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 $30,223,000 (AUS$43,000,000) Facility A that will amortize semi-annually; a $81,884,000 (AUS$116,500,000) Facility B that has no scheduled amortization; a $14,057,000 (AUS$20,000,000) revolving Facility C that is used for working capital, capital expenditures and general corporate purposes; and a $26,358,000 (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 $2,018,200 (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 $739,100 (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 costs and income (“EBITDA”), as defined. The Deutsche Bank Credit Facility Agreement also requires Royal Wolf to prepay amounts borrowed by a percentage of excess cash flow, as defined, as of the end of each fiscal year, depending on the net leverage ratio as of such date. At June 30, 2019, the Deutsche Bank Credit Facility totaled $134,414,000 (AUS$191,236,000), net of deferred financing costs of $1,108,000 (AUS$1,577,000), and availability, including cash at the bank, totaled $20,080,000 (AUS$28,568,000). The above amounts were translated based upon the exchange rate of one Australian dollar to 0.702871 U.S. dollar and one New Zealand dollar to 0.672146 U.S. dollar at June 30, 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 period. In addition, the Bison Capital Notes must have been repaid upon a change of control, as defined. GFNAPF was dissolved in September 2018. 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 period, GFN may force Bison Capital to convert all or a portion of the Convertible Note. Such a conversion threshold occurred on September 5, 2018, and on September 6, 2018 the Company elected to force the conversion and delivered a notice to the holders requiring the conversion of the Convertible Note into 3,058,824 shares of the Company’s common stock effective September 10, 2018. The Convertible Note included a provision which required GFNAPH to pay Bison Capital, via the payment of principal, interest and the realized value of GFN common stock received after conversion of the Convertible Note, a minimum return of 1.75 times the original principal amount . 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 and Lone Star) and manufacturing operations (Southern Frac) have a combined $260,000,000 senior secured revolving credit facility, as amended, with a syndicate led by Wells Fargo Bank, National Association (“Wells Fargo”) that also includes East West Bank, CIT Bank, N.A., the Canadian Imperial Bank of Commerce (“CIBC”), KeyBank, National Association, Bank Hapoalim B.M. and Associated Bank, N.A. (the “Wells Fargo Credit Facility”). In addition, the Wells Fargo Credit Facility provides an accordion feature that may be exercised by the syndicate, subject to the terms in the credit agreement, to increase the maximum amount that may be borrowed by an additional $25,000,000. The Wells Fargo Credit Facility matures on March 24, 2022, assuming the Company’s publicly-traded senior notes due July 31, 2021(see below) are extended at least 90 days past this scheduled maturity date; otherwise the Wells Fargo Credit Facility would mature on March 24, 2021. There was also a separate loan agreement with Great American Capital Partners (“GACP”), where GACP provided a First-In, Last-Out Term Loan (“FILO Term Loan”) within the Wells Fargo Credit Facility in the amount of $20,000,000 that had the same maturity date and commenced principal amortization on October 1, 2018 at $500,000 per quarter. On December 24, 2018, 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. 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 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. 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 June 30, 2019, borrowings and availability under the Wells Fargo Credit Facility totaled $193,587,000 and $60,150,000, respectively. Credit Suisse Term Loan On March 31, 2014, the Company entered into a $25,000,000 facility agreement, as amended, with Credit Suisse (“Credit Suisse Term Loan”) as part of the financing for the acquisition of Lone Star and, on April 3, 2014, the Company borrowed the $25,000,000 available to it. The Credit Suisse Term Loan provided that the amount borrowed would bear interest at LIBOR plus 7.50% per year, would be payable quarterly and that all principal and interest would mature on July 1, 2018. In addition, the Credit Suisse Term Loan was secured by a first ranking pledge over substantially all shares of RWH owned by GFN U.S., required a certain coverage maintenance ratio in U.S. dollars based on the value of the RWH shares and, among other things, that an amount equal to six-months interest be deposited in an interest reserve account pledged to secure repayment of all amounts borrowed. The Company had repaid, prior to maturity, $15,000,000 of the outstanding borrowings of the Credit Suisse Term Loan and, as of June 30, 2017, $9,920,000 remained outstanding, net of unamortized debt issuance costs of $80,000. On September 25, 2017, in connection with the acquisition of the noncontrolling interest of Royal Wolf (see Note 4), the Credit Suisse Term Loan was fully repaid. 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” offering of its publicly-traded Senior Notes for an aggregate principal amount of $5,390,000 that was priced at $24.95 per denomination. Net proceeds were $5,190,947, after deducting an aggregate original issue discount (“OID”) of $10,780 and underwriting discount of $188,273. In both offerings, the Company used at least 80% of the gross proceeds to reduce indebtedness at Pac-Van and Lone Star under the Wells Fargo Credit Facility in order to permit the payment of intercompany dividends by Pac-Van and Lone Star to GFN to fund the interest requirements of the Senior Notes. For the ‘tack-on” offering, this amounted to $4,303,376 of the net proceeds. The Company has total outstanding publicly-traded Senior Notes in an aggregate principal amount of $77,390,000 ($75,824,000 and $76,184,000, net of unamortized debt issuance costs of $1,566,000 and $1,206,000, at June 30, 2018 and 2019, respectively). 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% (104.063% at June 30, 2019) 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 June 30, 2019, equipment financing and other debt totaled $6,956,000. The Company was in compliance with the financial covenants under all its credit facilities as of June 30, 2019. The weighted-average interest rate in the Asia-Pacific area was 5.0%, 10.1% and 10.0% in FY 2017, FY 2018 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 5.3%, 6.2% and 6.6% in FY 2017, FY 2018 and FY 2019, respectively, which does not include the effect of the amortization of deferred financing costs and accretion. Senior and other debt consisted of the following at June 30, 2018 and 2019 (in thousands): June 30, 2018 2019 Deutsche Bank Credit Facility $ 79,745 $ 134,414 Bison Capital Notes 81,048 — Wells Fargo Credit Facility 183,949 193,587 Senior Notes 75,824 76,184 Equipment Financing and Other 6,652 6,956 $ 427,218 $ 411,141 Scheduled Maturities on Senior and Other Debt The scheduled maturities for the senior credit facilities senior subordinated notes and other debt at June 30, 2019 were as follows (in thousands): Year Ending June 30, 2020 $ 9,982 2021 7,542 2022 277,865 (a) 2023 7,275 2024 110,699 Thereafter 92 413,455 Less – deferred financing costs (2,314 ) $ 411,141 (a) Wells Fargo Credit Facility is reflected as maturing on March 24, 2022. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 6. Financial Instruments Fair Value Measurements FASB ASC Topic 820, Fair Value Measurements and Disclosures Level 1 - Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2 - Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company’s derivative instruments are not traded on a market exchange; therefore, the fair values are determined using valuation models that include assumptions about yield curve at the reporting dates as well as counter-party credit risk. The assumptions are generally derived from market-observable data. The Company has consistently applied these calculation techniques to all periods presented, which are considered Level 2. Derivative instruments measured at fair value and their classification in the consolidated balances sheets and statements of operations are as follows (in thousands): Derivative – Fair Value (Level 2) Type of Derivative Contract Balance Sheet Classification June 30, 2018 June 30, 2019 Swap Contracts Trade payables and accrued liabilities $ 223 $ 2,223 Forward-Exchange Contracts Trade and other receivables 298 2 Trade payables and accrued liabilities — 18 Bifurcated Derivatives Fair value of bifurcated derivatives in Convertible Note 15,583 19,782 Type of Derivative Contract Statement of Operations Classification FY 2017 FY 2018 FY 2019 Swap Contracts Unrealized gain (loss) included in interest expense $ 1,073 $ 12 $ — Forward-Exchange Contracts Unrealized foreign currency exchange gain (loss) (12 ) 697 (311 ) Bifurcated Derivatives Change in valuation of bifurcated derivatives in Convertible Note — 13,719 24,570 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 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. In FY 2017 and FY 2018, unrealized gains of $1,073,000 and $12,000, respectively, were recorded in interest expense. In FY 2018, 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 April 2019, this interest swap contract was amended and extended. 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 2019, the open interest rate swap contracts were as follows (dollars in thousands): June 30, June 30, 2018 2019 Notional amounts $ 37,055 $ 70,287 Fixed/Strike Rates 7.414 % 6.92 % Floating Rates 7.16 % 1.2046 % Fair Value of Combined Contracts $ (223 ) $ (2,233 ) 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 that mature between July 2018 and November 2018; and, as of June 30, 2019, there 21 open forward exchange contracts that mature between July 2019 and October 2019, as follows (dollars in thousands): June 30, June 30, 2018 2019 Notional amounts $ 8,950 $ 9,305 Exchange/Strike Rates (AUD to USD) 0.68142 - 0.80004 0.67313 - 0.72039 Fair Value of Combined Contracts $ 298 $ (16 ) In FY 2017, FY 2018 and FY 2019, net unrealized and realized foreign exchange gains (losses) totaled $(375,000) and $(39,000), $(6,138,00) and $(451,000) and 5,163,000 and $(10,159,000), 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 and 2019 was determined to be approximately $423,029,000 (carrying value of $425,133,000, gross of deferred financing costs of $4,567,000) and $402,245,000 (carrying value of $406,499,000, gross of deferred financing costs of $2,314,000), respectively. The Company also determined that the fair value of its other debt of $6,652,000 and $6,956,000 at June 30, 2018 and 2019, respectively, approximated or would not vary significantly from their carrying values. Under the provisions of FASB ASC Topic 825, Financial Instruments, Credit Risk and Allowance for Doubtful Accounts Financial instruments potentially exposing the Company to concentrations of credit risk consist primarily of receivables. Concentrations of credit risk with respect to receivables are limited due to the large number of customers spread over a large geographic area in many industry sectors and no single customer accounted for more than 10% of consolidated revenues or trade receivables during and at the periods presented. However, in our North American leasing operations a significant portion of the business activity are with companies in the construction and energy (oil and gas and mining) industries. Revenues from the construction industry totaled $40,739,000 in FY 2017; and revenues and receivables from the construction industry totaled $44,769,000 and $6,298,000 during FY 2018 and at June 30, 2018, respectively; and $55,455,000 and $8,142,000 during FY 2019 and at June 30, 2019, respectively. Revenues of $24,964,000, $49,322,000 and $58,511,000 during FY 2017, FY 2018 and FY 2019, respectively; and receivables of $11,869,000 and $13,967,000 at June 30, 2018 and 2019, respectively, were from the energy industry. The Company’s receivables related to sales of lease inventories and fleet are generally secured by the equipment sold to the customer. The Company’s receivables related to leasing operations are primarily amounts generated from both off-site and on-site customers. The Company has the right to repossess lease equipment for nonpayment. It is the Company’s policy that all customers who wish to purchase or lease containers on credit terms are subject to credit verification procedures and the Company will agree to terms with customers believed to be creditworthy. In addition, receivable balances are monitored on an ongoing basis with the result that the Company’s exposure to bad debts is not typically significant. Net allowance for doubtful accounts provided and uncollectible accounts written off, net of recoveries and other, was $2,529,000 and $5,060,000, $1,850,000 and $2,570,000, and $1,559,000 and $1,702,000 for FY 2017, FY 2018 and FY 2019, respectively. The translation gain (loss) to the allowance for doubtful accounts for FY 2017, FY 2018 and FY 2019 was $42,000, $20,000 and $(54,000), respectively. With respect to credit risk arising from the other significant financial assets of the Company, which comprise cash and cash equivalents, available-for-sale financial assets and certain derivative instruments, the Company’s exposure to credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amount of these instruments. As the counter party for derivative instruments is nearly always a bank, the Company has assessed this as a low risk. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes Income (loss) before provision for income taxes consisted of the following (in thousands): FY 2017 FY 2018 FY 2019 North America $ (8,234 ) $ 11,739 $ 29,205 Asia-Pacific 7,362 (21,525 ) (30,851 ) $ (872 ) $ (9,786 ) $ (1,646 ) The provision (benefit) for income taxes consisted of the following (in thousands): FY 2017 FY 2018 FY 2019 Current: U.S. Federal $ — $ — $ — State 172 481 504 Foreign 703 1,925 1,574 875 2,406 2,078 Deferred: U.S. Federal (3,351 ) (1,323 ) 5,026 State (120 ) 844 1,397 Foreign 2,571 (2,606 ) (2,681 ) (900 ) (3,085 ) 3,742 $ (25 ) $ (679 ) $ 5,820 The components of the net deferred tax liability are as follows (in thousands): June 30, 2018 2019 Deferred tax assets: Net operating loss and tax credit carryforwards $ 21,094 $ 16,928 Accrued compensation and other benefits 3,025 3,029 Allowance for doubtful accounts 1,314 1,279 Deferred revenue and expenses 4,252 3,892 Total deferred tax assets 29,685 25,128 Deferred tax liabilities: Accelerated tax depreciation and amortization (64,324 ) (63,310 ) Total deferred tax liabilities (64,324 ) (63,310 ) Valuation allowance (330 ) (529 ) Net deferred tax liabilities $ (34,969 ) $ (38,711 ) At June 30, 2019, the Company had a U.S. federal net operating loss carryforward of $71,746,000, which expires if unused during fiscal years 2030 – 2039, and state net operating loss carryforwards of $23,380,000, which will begin expiring in fiscal year 2021. As a result of transactions of its publicly-held common stock, it is possible to have a change in ownership for federal income tax purposes, which can limit the amount of net operating loss currently available as a deduction. The Company has determined that, as of June 30, 2019, there was not a significant limitation from any such ownership changes. As a result of the stock ownership change in the Pac-Van acquisition in October 2008, there was a limitation on the net operating loss carryforward for the period preceding the ownership change. However, this net operating loss carryforward is expected to be fully available and fully utilized in the current year. For income tax purposes, deductible compensation related to non-qualified stock option awards is based on the value of the award when realized, which may be different than the compensation expense recognized in the consolidated financial statements, which is based on the award value on the date of grant. The difference between the value of the award upon grant and the value of the award when ultimately realized creates either additional tax benefits or a tax shortfall. Prior to July 1, 2017, tax benefits resulting from tax deductions in excess of the compensation cost recognized for share-based awards would have been recognized as increases to additional paid in capital only if an incremental income tax benefit would be realized after considering all other tax attributes presently available. Tax shortfalls, which would occur when the tax deduction for share-based awards is less than the compensation cost recognized, would have been recorded as a reduction to additional paid in capital to the extent that, cumulatively, the shortfalls do not exceed the cumulative excess tax benefits recognized (including excess tax benefits not yet recognized in additional paid in capital). Should cumulative tax shortfalls have exceeded cumulative excess tax benefits, the difference would have been reflected as additional tax expense in the consolidated financial statements. The Company did not recognize excess tax benefits in FY 2017 because it has not paid U.S. federal income taxes in those years. Effective July 1, 2017, the difference between the deductible compensation related to share-based awards based on the value of the award when realized and the compensation expense recognized in the consolidated financial statements based on the award value on the date of grant is recognized upon realization as an additional tax expense or benefit in the consolidated statements of operations. Management evaluates the ability to realize its deferred tax assets on a quarterly basis and adjusts the amount of its valuation allowance if necessary. As of June 30, 2018 and 2019, the Company recorded a valuation allowance of $330,000 and $529,000, respectively, for foreign tax credit carryforwards that it believes will not be realized. A reconciliation of the U.S. federal statutory rate to the Company’s effective tax rate is as follows: FY 2017 FY 2018 FY 2019 Federal statutory rate 35.0 % 28.0 % 21.0 % Adjustment to estimated state deferred tax liability, net of U.S. federal tax benefit (a) (34.1 ) — — Change in valuation of bifurcated derivative in Convertible Note — (42.7 ) (521.3 ) State and Asia-Pacific taxes, net of U.S. federal tax benefit (2.1 ) 6.0 117.2 Adjustment of net deferred tax liability for enacted tax rate change by the Act — 18.8 21.2 Adjustment for previously unrecognized net tax deficiency related to equity compensation activity prior to July 1, 2017 — (1.1 ) — Net tax benefit related to equity compensation activity — 0.4 15.4 Valuation allowance — (3.4 ) (12.1 ) Other 4.1 0.9 5.0 Effective tax rate 2.9 % 6.9 % (353.6 %) (a) Adjustment for estimated state taxes of $297,000. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 8. Related-Party Transactions Effective January 31, 2008, the Company entered into a lease with an affiliate of 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 $113,000 in FY 2017, $112,000 in FY 2018 and $111,000 in FY 2019. The premises of Pac-Van’s month-to-month two-year |
Equity Plans
Equity Plans | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Plans | Note 9. Equity Plans On September 11, 2014, the Board of Directors of the Company adopted the 2014 Stock Incentive Plan (the “2014 Plan”), which was approved by the stockholders at the Company’s annual meeting on December 4, 2014 and amended and restated by the stockholders at the annual meeting on December 3, 2015. The 2014 Plan is an “omnibus” incentive plan permitting a variety of equity programs designed to provide flexibility in implementing equity and cash awards, including incentive stock options, nonqualified stock options, restricted stock grants (“non-vested equity shares”), restricted stock units, stock appreciation rights, performance stock, performance units and other stock-based awards. Participants in the 2014 Plan may be granted any one of the equity awards or any combination of them, as determined by the Board of Directors or the Compensation Committee. Upon the approval of the 2014 Plan by the stockholders, the Company suspended further grants under its previous equity plans, the General Finance Corporation 2006 Stock Option Plan (the “2006 Plan”) and the 2009 Stock Incentive Plan (the “2009 Plan”) (collectively the “Predecessor Plans”), which had a total of 2,500,000 shares reserved for grant. Any stock options which are forfeited under the Predecessor Plans will become available for grant under the 2014 Plan, but the total number of shares available under the 2014 Plan will not exceed the 1,500,000 shares reserved for grant under the 2014 Plan, plus any options which were forfeited or are available for grant under the Predecessor Plans. If not sooner terminated by the Board of Directors, the 2014 Plan will expire on December 4, 2024, which is the tenth anniversary of the date it was approved by the Company’s stockholders. The 2006 Plan expired on June 30, 2016 and the 2009 Plan will expire on December 10, 2019. On December 7, 2017, the stockholders approved an amendment unanimously approved by the Board of Directors of the Company that increased the number of shares reserved for issuance under the 2014 Plan by 1,000,000 shares, from 1,500,000 to 2,500,000 shares of common stock, plus any options which were forfeited or are available for grant under the 2009 Plan. The Predecessor Plans and the 2014 Plan are referred to collectively as the “Stock Incentive Plan.” All grants to-date consist of incentive and non-qualified stock options that vest over a period of up to five years (“time-based”), non-qualified stock options that vest over varying periods that are dependent on the attainment of certain defined EBITDA and other targets (“performance-based”), non-vested equity shares (“restricted stock”) and restricted stock units (“RSU”). At June 30, 2019, 697,474 shares remained available for grant. On February 7, 2017 (the “February 2017 Grant”), the Company granted time-based options to an officer of GFN to purchase 225,000 shares of common stock at an exercise price equal to the closing market price of the Company’s common stock as of that date, or $5.10 per share. The options under the February 2017 Grant vest over 36 months from the date of grant. The weighted-average fair value of the stock options in the February 2017 Grant was $3.35, determined using the Black-Scholes option-pricing model using the following assumptions: a risk-free interest rate of 2.13% , On December 15, 2017 (the “December 2017 Grant”), the Company granted time-based options to an officer of GFN to purchase 225,000 shares of common stock at an exercise price equal to the closing market price of the Company’s common stock as of that date, or $6.25 per share. The options under the December 2017 Grant vest over 36 months from the date of grant. The fair value of the stock options in the December 2017 Grant was $3.45, determined using the Black-Scholes option-pricing model using the following assumptions: a risk-free interest rate of 2.26% , On February 6, 2018 (the “February 2018 Grant”), the Company granted time-based options to a key employee of Royal Wolf to purchase 81,280 shares of common stock at an exercise price equal to the closing market price of the Company’s common stock as of that date, or $7.15 per share. The options under the February 2018 Grant vest over 28.8 months from the date of grant. The fair value of the stock options in the February 2018 Grant was $4.00, determined using the Black-Scholes option-pricing model using the following assumptions: a risk-free interest rate of 2.66% , In FY 2018, the weighted-average fair value of the stock options granted to officers and key employees was $3.60. On February 12, 2019 (the “February 2019 Grant”), the Company granted 1,625 time-based and 1,624 performance-based options to a key employee of Royal Wolf to purchase a total of 3,249 shares of common stock at an exercise price equal to the closing market price of the Company’s common stock as of that date, or $10.34 per share. The options under the February 2019 Grant vest over 36 months from the date of grant, with the vesting of the performance-based options subject to the attainment of the targets. The fair value of the stock options in the February 2019 Grant was $5.05, determined using the Black-Scholes option-pricing model using the following assumptions: a risk-free interest rate of 2.584% , Since inception, the range of the fair value of the stock options granted (other than to non-employee consultants) and the assumptions used are as follows: Fair value of stock options $0.81 - $6.35 Assumptions used: Risk-free interest rate 1.19% - 4.8% Expected life (in years) 7.5 Expected volatility 26.5% - 84.6% Expected dividends — At June 30, 2019, there were no significant outstanding stock options held by non-employee consultants that were not fully vested. A summary of the Company’s stock option activity and related information for FY 2017, FY 2018 and FY 2019 follows: Number of Weighted- Weighted- Outstanding at June 30, 2016 2,183,224 $ 5.30 Granted 225,000 5.10 Exercised (21,500 ) 2.50 Forfeited or expired (325,667 ) 7.75 Outstanding at June 30, 2017 2,061,057 $ 4.92 4.9 Exercisable at June 30, 2017 1,632,256 $ 4.78 3.8 Number of Weighted- Weighted- Outstanding at June 30, 2017 2,061,057 $ 4.92 Granted 306,280 6.49 Exercised (237,260 ) 4.85 Forfeited or expired (305,167 ) 8.96 Outstanding at June 30, 2018 1,824,910 $ 4.52 5.8 Exercisable at June 30, 2018 1,333,564 $ 4.01 4.5 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 June 30, 2019 1,676,196 $ 4.39 5.0 Vested and expected to vest at June 30, 2019 1,676,196 $ 4.39 5.0 Exercisable at June 30, 2019 1,360,361 $ 4.03 4.4 At June 30, 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 $8.37 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 $6,926,800. Share-based compensation of $8,935,000 related to stock options has been recognized in the consolidated statements of operations, with a corresponding benefit to equity, from inception through June 30, 2019. At that date, there remains $678,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining weighted-average vesting period of 0.8 years. A deduction is not allowed for U.S. income tax purposes with respect to non-qualified options granted in the United States until the stock options are exercised or, with respect to incentive stock options issued in the United States, unless the optionee makes a disqualifying disposition of the underlying shares. The amount of any deduction will be the difference between the fair value of the Company’s common stock and the exercise price at the date of exercise. Accordingly, there is a deferred tax asset recorded for the U.S. tax effect of the financial statement expense recorded related to stock option grants in the United States. Effective July 1, 2017, the tax effect of the U.S. income tax deduction in excess of the financial statement expense, if any, will be recorded as a benefit in the consolidated statement of operations. 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, 2016 373,507 4.20 — $ — Granted 349,304 4.10 — — Vested (242,501 ) 6.10 — — Forfeited — — — — Nonvested at June 30, 2017 480,310 4.54 — — Granted 125,885 9.69 211,763 7.15 Vested (226,345 ) 4.42 — — Forfeited — — — — Nonvested at June 30, 2018 379,850 6.32 211,763 7.15 Granted 185,940 8.91 20,590 10.34 Vested (236,373 ) 5.63 (66,073 ) 7.15 Forfeited — — (27,093 ) 7.15 Nonvested at June 30, 2019 329,417 $ 8.28 139,187 $ 7.62 Share-based compensation of $4,525,000 and $840,000 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 June 30, 2019. At that date, there remains $2,416,000 and $694,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining vesting period of over approximately 0.43 year – 2.95 years and 1.00 - 2.20 years, respectively, for the restricted stock and RSU. On October 12, 2016, the Company granted a total of 22,112 equity shares to an officer of GFN at a value equal to the closing market price of the Company’s common stock as of that date, or $4.45 per share. The fair value of this equity share grant of $98,000 has been recognized in the consolidated statements of operations as share-based compensation, with a corresponding benefit to equity. On January 2, 2018, the Company granted a total of 42,773 equity shares to an officer of GFN at a value equal to the closing market price of the Company’s common stock as of that date, or $6.80 per share. The fair value of this equity share grant of $291,000 has been recognized as share-based compensation in the consolidated statements of operations, with a corresponding benefit to equity. Royal Wolf Long Term Incentive Plan Royal Wolf established the Royal Wolf Long Term Incentive Plan (the “LTI Plan”) in conjunction with its initial public offering in May 2011. Under the LTI Plan, the RWH Board of Directors may 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 4), 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 2017 and FY 2018, share-based compensation of $(74,000) and $1,207,000, respectively, related to the LTI Plan had been recognized in the consolidated statements of operations, with a corresponding benefit to equity. In addition, in FY 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 Contingencies | 12 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies Operating Lease Rentals The Company leases primarily facilities and office equipment under operating leases. The leases have terms of between one and nine years, some with an option to renew the lease after that period. None of the leases includes contingent rentals. There are no restrictions placed upon the lessee by entering into these leases. Non-cancellable operating lease rentals at June 30, 2019 are payable as follows (in thousands): Year Ending June 30, 2020 $ 11,655 2021 9,198 2022 6,585 2023 4,992 2024 3,103 Thereafter 9,091 $ 44,624 Rental expense on non-cancellable Sales-Type and Operating Fleet Leases Future minimum receipts under sales-type and operating fleet leases at June 30, 2019 are as follows (in thousands): Year Ending June 30, 2020 $ 20,833 2021 4,907 2022 2,403 2023 1,524 2024 1,197 Thereafter 1,155 $ 32,019 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 June 30, 2019, reported liability totaled $721,000 and $1,335,000, 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 |
Detail of Certain Accounts
Detail of Certain Accounts | 12 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Detail of Certain Accounts | Note 11. Detail of Certain Accounts Trade payables and accrued liabilities consist of the following (in thousands): June 30, 2018 2019 Trade payables $ 23,112 $ 20,448 Checks written in excess of bank balance 1,295 104 Payroll and related 11,012 11,506 Taxes, other than income 1,820 1,970 Fair value of interest swap and forward currency exchange contacts 223 2,233 Accrued interest 4,005 3,682 Deferred consideration 2,568 1,831 Self-insured reported liability 721 1,335 Other accruals 5,789 5,351 $ 50,545 $ 48,460 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 12. Segment Reporting We have two geographic areas that include four operating segments; the Asia-Pacific area, consisting of the leasing operations of Royal Wolf, and North America, consisting of the combined leasing operations of Pac-Van Transactions between reportable segments included in the tables below are recorded on an arms-length basis at market in conformity with U.S. GAAP and the Company’s significant accounting policies (see Note 2). The tables below represent the Company’s revenues from external customers, share-based compensation expense, depreciation and amortization, operating income, interest income and expense, expenditures for additions to long-lived assets (consisting of lease fleet and property, plant and equipment), long-lived assets and goodwill; as attributed to its geographic and operating segments (in thousands): FY 2019 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Consolidated Revenues: Sales $ 72,241 $ — $ 72,241 $ 14,922 $ (4,138 ) $ 83,025 $ 54,691 $ 137,716 Leasing 130,461 47,224 177,685 — (1,862 ) 175,823 64,667 240,490 $ 202,702 $ 47,224 $ 249,926 $ 14,922 $ (6,000 ) $ 258,848 $ 119,358 $ 378,206 Share-based compensation $ 331 $ 33 $ 364 $ 27 $ 1,562 $ 1,953 $ 727 $ 2,680 Depreciation and amortization $ 15,524 $ 8,936 $ 24,460 $ 404 $ (741 ) $ 24,123 $ 17,985 $ 42,108 Operating income $ 39,497 $ 14,236 $ 53,733 $ 1,044 $ (6,708 ) $ 48,069 $ 13,521 $ 61,590 Interest income $ — $ — $ — $ — $ 7 $ 7 $ 184 $ 191 Interest expense $ 11,215 $ 1,130 $ 12,345 $ 257 $ 6,843 $ 19,445 $ 15,899 $ 35,344 Additions to long-lived assets $ 53,235 $ 1,783 $ 55,018 $ 27 $ (227 ) $ 54,818 $ 23,286 $ 78,104 At June 30, 2019 Long-lived assets $ 301,233 $ 44,694 $ 345,927 $ 1,707 $ (9,606 ) $ 338,028 $ 141,689 $ 479,717 Goodwill $ 64,517 $ 20,782 $ 85,299 $ — $ — $ 85,299 $ 26,024 $ 111,323 FY 2018 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Consolidated Revenues: Sales $ 55,438 $ 20 $ 55,458 $ 13,565 $ (3,715 ) $ 65,308 $ 67,009 $ 132,317 Leasing 112,027 39,960 151,987 — (1,132 ) 150,855 64,130 214,985 $ 167,465 $ 39,980 $ 207,445 $ 13,565 $ (4,847 ) $ 216,163 $ 131,139 $ 347,302 Share-based compensation $ 309 $ 41 $ 350 $ 46 $ 1,749 $ 2,145 $ 1,513 $ 3,658 Depreciation and amortization $ 14,233 $ 9,161 $ 23,394 $ 574 $ (731 ) $ 23,237 $ 17,098 $ 40,335 Operating income $ 28,689 $ 8,798 $ 37,487 $ (351 ) $ (6,709 ) $ 30,427 $ 13,272 $ 43,699 Interest income $ — $ — $ — $ — $ 9 $ 9 $ 103 $ 112 Interest expense $ 9,172 $ 1,770 $ 10,942 $ 384 $ 7,291 $ 18,617 $ 15,374 $ 33,991 Additions to long-lived assets $ 33,628 $ 3,326 $ 36,954 $ 131 $ (334 ) $ 36,751 $ 16,599 $ 53,350 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 FY 2017 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Consolidated Revenues: Sales $ 47,640 $ — $ 47,640 $ 6,944 $ (2,049 ) $ 52,535 $ 48,124 $ 100,659 Leasing 97,383 19,097 116,480 — (291 ) 116,189 60,080 176,269 $ 145,023 $ 19,097 $ 164,120 $ 6,944 $ (2,340 ) $ 168,724 $ 108,204 $ 276,928 Share-based compensation $ 333 $ 41 $ 374 $ 62 $ 1,012 $ 1,448 $ (74 ) $ 1,374 Depreciation and amortization $ 13,663 $ 9,666 $ 23,329 $ 792 $ (728 ) $ 23,393 $ 16,699 $ 40,092 Operating income (loss) $ 19,551 $ (3,916 ) $ 15,635 $ (2,430 ) $ (4,907 ) $ 8,298 $ 10,768 $ 19,066 Interest income $ — $ — $ — $ — $ 25 $ 25 $ 41 $ 66 Interest expense $ 7,304 $ 1,369 $ 8,673 $ 392 $ 7,325 $ 16,390 $ 3,263 $ 19,653 Additions to long-lived assets $ 26,024 $ 47 $ 26,071 $ — $ (247 ) $ 25,824 $ 23,681 $ 49,505 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 $2,049,000, $3,715,000 and $4,138,000 during FY 2017, FY 2018 and FY 2019, respectively; and 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 Events | 12 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13. Subsequent Events On July 12, 2019, the Company announced that its Board of Directors declared a cash dividend of $2.30 per share on the Series C Preferred Stock (see Note 3). The dividend is for the period commencing on April 30, 2019 through July 30, 2019, and payable on July 31, 2019 to holders of record as of July 30, 2019. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant | CONDENSED BALANCE SHEETS June 30, 2018 2019 (in thousands) Cash and cash equivalents $ 89 $ 266 Property and equipment, net 14 23 Other assets 19,489 7,528 Investment and intercompany accounts 200,294 247,638 Total Assets $ 219,886 $ 255,455 Accounts payable, accrued and other liabilities $ 2,781 $ 2,734 Senior and other debt 75,824 76,184 General Finance Corporation stockholders’ equity 141,281 176,537 Total Liabilities and Stockholders’ Equity $ 219,886 $ 255,455 CONDENSED STATEMENTS OF OPERATIONS Year Ended June 30, 2017 2018 2019 (in thousands) General and administrative expenses $ 5,473 $ 7,022 $ 7,299 Depreciation and amortization 28 36 20 Operating loss (5,501 ) (7,058 ) (7,319 ) Equity in losses of subsidiaries (8,568 ) (16,886 ) (10,703 ) Intercompany income 13,806 16,138 14,164 Interest expense (7,325 ) (7,291 ) (6,843 ) Other income, net 21 7 — (2,066 ) (8,032 ) (3,382 ) Loss before income taxes (7,567 ) (15,090 ) (10,701 ) Income tax benefit (4,605 ) (6,784 ) (3,235 ) Net loss attributable to stockholders (2,962 ) (8,306 ) (7,466 ) Preferred stock dividends 3,658 3,658 3,658 Net loss attributable to common stockholders $ (6,620 ) $ (11,964 ) $ (11,124 ) CONDENSED STATEMENTS OF CASH FLOWS Year Ended June 30, 2017 2018 2019 (in thousands) Cash flows from operating activities: Net loss attributable to stockholders $ (2,962 ) $ (8,306 ) $ (7,466 ) Equity in losses of subsidiaries 8,568 16,886 10,703 Depreciation and amortization 28 36 20 Amortization of deferred financing costs 565 587 555 Share-based compensation expense 1,012 1,749 1,562 Deferred income taxes (4,605 ) (6,784 ) (3,342 ) Changes in operating assets and liabilities 418 1,950 449 Net cash provided by operating activities 3,024 6,118 2,481 Cash flows from investing activities: Purchases of property and equipment (21 ) (5 ) (23 ) Other intangible assets (50 ) — — Net cash used in investing activities (71 ) (5 ) (23 ) Cash flows from financing activities: Repayments of senior and other debt borrowings — (10,000 ) — Proceeds from issuances of senior notes 5,390 — — Deferred financing costs (477 ) (31 ) (196 ) Proceeds from issuances of common stock 54 1,150 858 Preferred stock dividends (3,658 ) (3,658 ) (3,658 ) Intercompany transfers (3,760 ) 2,571 715 Net cash used in financing activities (2,451 ) (9,968 ) (2,281 ) Net increase (decrease) in cash 502 (3,855 ) 177 Cash at beginning of period 3,442 3,944 89 Cash at end of period $ 3,944 $ 89 $ 266 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Federal Home Loan Banks [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Unless otherwise indicated, references to “FY 2017,” “FY 2018” and “FY 2019” are to the fiscal years ended June 30, 2017, 2018 and 2019, respectively. Certain amounts have been reclassified or revised to conform with the current year presentation. The most significant are the income taxes paid for FY 2017 and FY 2018, which are disclosed supplementally in the consolidated statements of cash flows. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Foreign Currency Translation | Foreign Currency Translation The Company’s functional currencies for its foreign operations are the respective local currencies, the Australian (“AUS”) and New Zealand (“NZ”) dollars in the Asia-Pacific area and the Canadian (“C”) dollar in North America. All adjustments resulting from the translation of the accompanying consolidated financial statements from the functional currency into reporting currency are recorded as a component of stockholders’ equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Matters Non-monetary Non-monetary |
Segment Information | Segment Information FASB ASC Topic 280, Segment Reporting Pac-Van |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include assumptions used in assigning value to identifiable intangible assets at the acquisition date, the assessment for impairment of goodwill, the assessment for impairment of other intangible assets, the allowance for doubtful accounts, share-based compensation expense, residual value of the lease fleet, 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. |
Cash Equivalents | Cash Equivalents The Company considers highly liquid investments with maturities of three months or less, when purchased, to be cash equivalents. The Company maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on its cash balances. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value and consist of primarily finished goods for containers, modular buildings and mobile offices held for sale or lease; as well as raw materials, work in-process first-in, first-out June 30, 2018 2019 Finished goods $ 18,971 $ 25,576 Work in-process 1,442 1,275 Raw materials 2,318 2,226 $ 22,731 $ 29,077 |
Derivative Financial Instruments | Derivative Financial Instruments The Company may use derivative financial instruments to hedge its exposure to foreign currency and interest rate risks arising from operating, financing and investing activities. The Company does not hold or issue derivative financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivative financial instruments are recognized initially at fair value. Subsequent to initial recognition, derivative financial instruments are stated at fair value. The gain or loss on the remeasurement to fair value on unhedged (or the ineffective portion of hedged) derivative financial instruments is recognized in the statement of operations. Also, as more fully discussed in Note 5, the Company accounts for the fair value of embedded derivatives in a convertible note that required bifurcation. |
Accounting for Stock Options | Accounting for Stock Options For the issuances of stock options, the Company follows the fair value provisions of FASB ASC Topic 718, Stock Compensation non-employee non-employee |
Fair Value | Fair Value Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 6. Fair value estimates would involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates |
Property, Plant and Equipment | Property, Plant and Equipment Owned assets Property, plant and equipment are stated at cost, less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labor, the initial estimate (where relevant) of the costs of dismantling and removing the items and restoring the site on which they are located; and an appropriate allocation of production overhead, where applicable. Depreciation for property, plant and equipment is recorded on the straight-line basis over the estimated useful lives of the related asset. The residual value, the useful life and the depreciation method applied to an asset are reassessed at least annually. Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, 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 47,433 Furniture, fixtures and office equipment 3 — 10 years 11,959 13,786 62,098 68,280 Less accumulated depreciation and amortization (39,788 ) (45,385 ) $ 22,310 $ 22,895 Capital leases Leases under which substantially all the risks and benefits incidental to ownership of the leased assets are assumed by the Company are classified as capital leases. Other leases are classified as operating leases. A lease asset and a lease liability equal to the present value of the minimum lease payments, or the fair value of the leased item, whichever is the lower, are capitalized and recorded at the inception of the lease. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly to the statement of operations. Capitalized leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term. Capitalized leased assets as of June 30, 2018 and 2019, include gross costs of $6,660,000 and $10,804,000, and accumulated amortization of $3,247,000 and $5,655,000, resulting in a net book value of $3,413,000 and $5,149,000, respectively. Operating leases Payments made under operating leases are expensed on the straight-line basis over the term of the lease, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased property. Where leases have fixed rate increases, these increases are accrued and amortized over the entire lease period, yielding a constant periodic expense over the term of the lease. |
Lease Fleet | Lease Fleet The Company has a fleet of storage, portable building, office and portable liquid storage tank containers, mobile offices, modular buildings and steps that it primarily leases to customers under operating lease agreements with varying terms. The value of the lease fleet (or lease or rental equipment) is recorded at cost and depreciated on the straight-line basis over the estimated useful life (5 - 20 years), after the date the units are put in service, down to their estimated residual values (up to 70% of cost). In the opinion of management, estimated residual values are at or below net realizable values. The Company periodically reviews these depreciation policies in light of various factors, including the practices of the larger competitors in the industry, and its own historical experience. Costs incurred on lease fleet units subsequent to initial acquisition are capitalized when it is probable that future economic benefits in excess of the originally assessed performance will result; otherwise, they are expensed as incurred. At June 30, 2018 and 2019, the gross costs of the lease fleet were $555,263,000 and $598,757,000, respectively. Units in the lease fleet are also available for sale. The cost of sales of a unit in the lease fleet is recognized at the carrying amount at the date of sale. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company periodically reviews for the impairment of long-lived assets and assesses when an event or change in circumstances indicates the carrying value of an asset may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and the eventual disposition is less than its carrying amount. The Company has determined that no impairment provision related to long-lived assets was required to be recorded as of June 30, 2018 and 2019. |
Goodwill | Goodwill The purchase consideration of acquired businesses have been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates (see Note 4). Based on these values, the excess purchase consideration over the fair value of the net assets acquired was allocated to goodwill. The Company accounts for goodwill in accordance with FASB ASC Topic 350, Intangibles — Goodwill and Other. Pac-Van, The Company assesses the potential impairment of goodwill on an annual basis or if a determination is made based on a qualitative assessment that it is more likely than not (i.e., greater than 50%) that the fair value of the reporting unit is less than its carrying amount. Qualitative factors which could cause an impairment include (1) significant underperformance relative to historical, expected or projected future operating results; (2) significant changes in the manner of use of the acquired businesses or the strategy for the Company’s overall business; (3) significant changes during the period in the Company’s market capitalization relative to net book value; and (4) significant negative industry or general economic trends. If the Company did determine that fair value is more likely than not less than the carrying amount, a quantitative process for potential impairment is performed where the fair value of the reporting unit is compared to its carrying value to determine if the goodwill is impaired. If the carrying value of the net assets assigned to the reporting unit were to exceed its fair value, then in accordance with FASB Accounting Standards Update (“ASU”) No. 2017-04, The Company’s annual impairment assessment at June 30, 2018 and 2019 concluded that the fair value of the goodwill of each of its reporting units was greater than their respective carrying amounts. Determining the fair value of a reporting unit requires judgment and involves the use of significant estimates and assumptions. The Company based its fair value estimates on assumptions that it believes are reasonable, but are uncertain and subject to changes in market conditions. The change in the balance of goodwill was as follows (in thousands): June 30, 2017 2018 2019 Beginning of year (a) $ 102,546 $ 105,129 $ 109,943 Additions to goodwill 1,673 5,827 2,819 Impairment of goodwill — — — Other adjustments, primarily foreign translation effect 910 (1,013 ) (1,439 ) End of year (b) $ 105,129 $ 109,943 $ 111,323 (a) Net of accumulated impairment losses of $16,172 at June 30, 2016, 2017 and 2018. (b) Net of accumulated impairment losses of $16,172 at June 30, 2017, 2018 and 2019. Goodwill recorded from domestic acquisitions of businesses under asset purchase agreements is deductible for U.S. federal income tax purposes over 15 years, even though goodwill is not amortized for financial reporting purposes. |
Intangible Assets | Intangible Assets Intangible assets include those with indefinite (trademark and trade name) and finite (primarily customer base and lists, non-compete non-compete June 30, 2018 June 30, 2019 Gross Accumulated Net Gross Accumulated Net Trademark and trade name $ 5,486 $ (453 ) $ 5,033 $ 5,486 $ (453 ) $ 5,033 Customer base and lists 29,057 (14,150 ) 14,907 31,069 (17,174 ) 13,895 Non-compete agreements 9,005 (7,130 ) 1,875 8,782 (8,031 ) 751 Deferred financing costs 3,522 (1,905 ) 1,617 3,563 (2,290 ) 1,273 Other 4,683 (2,965 ) 1,718 4,328 (3,471 ) 857 $ 51,753 $ (26,603 ) $ 25,150 $ 53,228 $ (31,419 ) $ 21,809 The Company reviews intangible assets (those assets resulting from acquisitions) for impairment if it determines, based on a qualitative assessment, that it is more likely than not (i.e., greater than 50%) that fair value might be less than the carrying amount. If the Company determines that fair value is more likely than not less than the carrying amount, then impairment would be quantitatively tested, using historical cash flows and other relevant facts and circumstances as the primary basis for estimates of future cash flows. If it determines that fair value is not likely to be less than the carrying amount, then no further testing would be required. The Company conducted its review at each year end, which did not result in an impairment adjustment at June 30, 2018 and 2019. Determining the fair value of intangible assets involves the use of significant estimates and assumptions, which the Company believes are reasonable, but are uncertain and subject to changes in market conditions. The estimated future amortization of intangible assets with finite useful lives as of June 30, 2019 is as follows (in thousands): Year Ending June 30, 2020 $ 4,258 2021 2,977 2022 2,388 2023 1,706 2024 1,312 Thereafter 4,135 $ 16,776 The weighted-average remaining useful life of the finite intangible assets was approximately 8.7 years at June 30, 2019. |
Defined Contribution Benefit Plan | Defined Contribution Benefit Plan Obligations for contributions to defined contribution benefit plans are recognized as an expense in the statement of operations as incurred. Contributions to defined contribution benefit plans in FY 2017, FY 2018 and FY 2019 were $1,586,000, $1,552,000 and $1,588,000, respectively. |
Revenue from Contracts with Customers | 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 rental revenue portions of the Company’s revenues that arise from lease arrangements are accounted for in accordance with Topic 840, Leases 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 payment terms. Specific customers have extended terms for payment, but no terms are greater than one year from the invoice date. 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 FY 2019, FY 2018 and FY 2017 were $55,235,000, $47,600,000 and $38,239,000, 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 upon the return of the equipment. Customers may utilize our equipment transportation services and other on-site services in conjunction with the rental of equipment, but are not required to do so. Given the short duration of these services, equipment transportation services and other on-site services revenue of a rented unit is recognized in leasing revenue upon completion of the service. Non-Lease Revenue Non-lease revenues consist primarily of the sale of new and used units, and to a lesser extent, sales of manufactured units are all accounted for under Topic 606. Sales contracts generally have a single performance obligation that is satisfied at the time of delivery, which is the point in time control over the unit transfers and the Company is entitled to consideration due under the contract with its customer. 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 June 30, 2019 and June 30, 2018, we had approximately $22,671,000 and $19,226,000, respectively, of unearned rental revenue included in unearned revenue and advance payments in the accompanying consolidated balance sheets. Revenues of $12,538,000, which were included in the unearned rental revenue balance at June 30, 2018, were recognized during FY 2019. The Company’s uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future service revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is generally variable based on the costs ultimately incurred to provide those services and therefore we are applying the optional exemption to omit disclosure of such amounts. 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 June 30, 2019 and June 30, 2018, the Company had $219,331 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. FY 2019 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Consolidated Non-lease: Sales lease inventories and fleet $ 72,241 $ — $ 72,241 $ — $ — $ 72,241 $ 54,691 $ 126,932 Sales manufactured units — — — 14,922 (4,138 ) 10,784 — 10,784 Total non-lease revenues 72,241 — 72,241 14,922 (4,138 ) 83,025 54,691 137,716 Leasing: Rental revenue 101,830 25,269 127,099 — (1,862 ) 125,237 49,813 175,050 Rental-related services 28,631 21,955 50,586 — — 50,586 14,854 65,440 Total leasing revenues 130,461 47,224 177,685 — (1,862 ) 175,823 64,667 240,490 Total revenues $ 202,702 $ 47,224 $ 249,926 $ 14,922 $ (6,000 ) $ 258,848 $ 119,358 $ 378,206 FY 2018 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Consolidated Non-lease: Sales lease inventories and fleet $ 55,438 $ 20 $ 55,458 $ — $ — $ 55,458 $ 67,009 $ 122,467 Sales manufactured units — — — 13,565 (3,715 ) 9,850 — 9,850 Total non-lease revenues 55,438 20 55,458 13,565 (3,715 ) 65,308 67,009 132,317 Leasing: Rental revenue 76,693 22,769 99,462 — (1,132 ) 98,330 49,404 147,734 Rental-related services 35,334 17,191 52,525 — — 52,525 14,726 67,251 Total leasing revenues 112,027 39,960 151,987 — (1,132 ) 150,855 64,130 214,985 Total revenues $ 167,465 $ 39,980 $ 207,445 $ 13,565 $ (4,847 ) $ 216,163 $ 131,139 $ 347,302 FY 2017 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Consolidated Non-lease: Sales lease inventories and fleet $ 47,640 $ — $ 47,640 $ — $ — $ 47,640 $ 48,124 $ 95,764 Sales manufactured units — — — 6,944 (2,049 ) 4,895 — 4,895 Total non-lease revenues 47,640 — 47,640 6,944 (2,049 ) 52,535 48,124 100,659 Leasing: Rental revenue 64,751 10,481 75,232 — (291 ) 74,941 46,188 121,129 Rental-related services 32,632 8,616 41,248 — — 41,248 13,892 55,140 Total leasing revenues 97,383 19,097 116,480 — (291 ) 116,189 60,080 176,269 Total revenues $ 145,023 $ 19,097 $ 164,120 $ 6,944 $ (2,340 ) $ 168,724 $ 108,204 $ 276,928 |
Advertising | Advertising Advertising costs are generally expensed as incurred. At June 30, 2018 and 2019, prepaid advertising costs were not significant. Advertising costs expensed were approximately $3,478,000, $3,834,000 and $3,587,000 for FY 2017, FY 2018 and FY 2019, respectively. |
Shipping and Handling Costs | Shipping and Handling Costs The Company reports shipping and handling costs, primarily related to outbound freight in its North American manufacturing operations, as a component of selling and general expenses. Shipping and handling costs totaled $172,000, $483,000 and $546,000 in FY 2017, FY 2018 and FY 2019, respectively. Freight charges billed to customers are recorded as revenue and included in sales. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities at the balance sheet date multiplied by the applicable tax rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period. The Company files U.S. Federal tax returns, multiple U.S. state (and state franchise) tax returns and Australian, New Zealand and Canadian tax returns. For U.S. Federal tax purposes, all periods subsequent to June 30, 2016 are subject to examination by the U.S. Internal Revenue Service (“IRS”); and, for U.S. state tax purposes, with few exceptions and depending on the state, periods subsequent to June 30, 2014 are subject to examination by the respective state’s taxation authorities. Periods subsequent to June 30, 2015, June 30, 2014 and June 30, 2012 are subject to examination by the respective taxation authorities in Canada, Australia and New Zealand, respectively. Tax records are required to be kept for five years and seven years in Australia and New Zealand, respectively. The Company believes that its income tax filing positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change. Therefore, no reserves for uncertain income tax positions have been recorded. In addition, the Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months. The Company’s policy for recording interest and penalties, if any, will be to record such items as a component of income taxes. |
Recently Enacted U.S. Federal Tax Legislation | Enacted U.S. Federal Tax Legislation Introduced initially as the Tax Cuts and Jobs Act, the Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the “Act”) was enacted on December 22, 2017. The Act applied to corporations generally beginning with taxable years starting after December 31, 2017, or the fiscal year ending June 30, 2019 for the Company, and reduced the corporate tax rate from a graduated set of rates with a maximum 35% tax rate to a flat 21% tax rate. Additionally, the Act introduced other changes that impact corporations, including a net operating loss (“NOL”) deduction annual limitation, an interest expense deduction annual limitation, elimination of the alternative minimum tax, and immediate expensing of the full cost of qualified property. The Act also introduced an international tax reform that moved the U.S. toward a territorial system, in which income earned in other countries will generally not be subject to U.S. taxation. However, the accumulated foreign earnings of certain foreign corporations was subject to a one-time In accordance with ASC Topic 740, Income Taxes re-measured re-measurement During FY 2019, the remeasurement offset was adjusted to $4,493,000 for the transition tax and a valuation allowance of $529,000. The net benefit of $151,000 has been recorded through the FY 2019 income tax provision. |
Net Income per Common Share | Net Income per Common Share Basic net income per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the periods. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, 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 FY 2017 FY 2018 FY 2019 Basic 26,348,344 26,269,931 29,318,511 Dilutive effect of common stock equivalents — — — Diluted 26,348,344 26,269,931 29,318,511 Potential common stock equivalents totaling 1,635,025, 5,475,347 and 2,144,800 for FY 2017, FY 2018 and FY 2019, respectively, have been excluded from the computation of diluted earnings per share because the effect is anti-dilutive. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) The Company, upon its adoption on July 1, 2019, intends on utilizing a modified retrospective transition approach and to choose the effective date as the date of initial application. If so, financial information will not be updated and the disclosures required under the new accounting standard will not be provided for dates and periods before July 1, 2019. The accounting standard includes optional transitional practical expedients intended to simplify its adoption and the Company intends to adopt the package of practical expedients, which would allow it to retain the historical lease classification determined under legacy U.S. GAAP, as well as relief from reviewing expired or existing contracts to determine if they contain leases. In addition, the accounting for contracts in which the Company is the lessor is not affected and the Company does not plan to elect the practical expedient for lessor accounting. The Company does not expect the adoption of this accounting standard to materially impact its consolidated statements of operations or cash flows. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories are comprised of the following (in thousands): June 30, 2018 2019 Finished goods $ 18,971 $ 25,576 Work in-process 1,442 1,275 Raw materials 2,318 2,226 $ 22,731 $ 29,077 |
Property, Plant and Equipment | Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, 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 47,433 Furniture, fixtures and office equipment 3 — 10 years 11,959 13,786 62,098 68,280 Less accumulated depreciation and amortization (39,788 ) (45,385 ) $ 22,310 $ 22,895 |
Change in Balance of Goodwill | The change in the balance of goodwill was as follows (in thousands): June 30, 2017 2018 2019 Beginning of year (a) $ 102,546 $ 105,129 $ 109,943 Additions to goodwill 1,673 5,827 2,819 Impairment of goodwill — — — Other adjustments, primarily foreign translation effect 910 (1,013 ) (1,439 ) End of year (b) $ 105,129 $ 109,943 $ 111,323 (a) Net of accumulated impairment losses of $16,172 at June 30, 2016, 2017 and 2018. (b) Net of accumulated impairment losses of $16,172 at June 30, 2017, 2018 and 2019. |
Schedule of Intangible Assets | Intangible assets consist of the following (in thousands): June 30, 2018 June 30, 2019 Gross Accumulated Net Gross Accumulated Net Trademark and trade name $ 5,486 $ (453 ) $ 5,033 $ 5,486 $ (453 ) $ 5,033 Customer base and lists 29,057 (14,150 ) 14,907 31,069 (17,174 ) 13,895 Non-compete agreements 9,005 (7,130 ) 1,875 8,782 (8,031 ) 751 Deferred financing costs 3,522 (1,905 ) 1,617 3,563 (2,290 ) 1,273 Other 4,683 (2,965 ) 1,718 4,328 (3,471 ) 857 $ 51,753 $ (26,603 ) $ 25,150 $ 53,228 $ (31,419 ) $ 21,809 |
Estimated Future Amortization of Intangible Assets | The estimated future amortization of intangible assets with finite useful lives as of June 30, 2019 is as follows (in thousands): Year Ending June 30, 2020 $ 4,258 2021 2,977 2022 2,388 2023 1,706 2024 1,312 Thereafter 4,135 $ 16,776 |
Reconciliation of the 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. FY 2019 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Consolidated Non-lease: Sales lease inventories and fleet $ 72,241 $ — $ 72,241 $ — $ — $ 72,241 $ 54,691 $ 126,932 Sales manufactured units — — — 14,922 (4,138 ) 10,784 — 10,784 Total non-lease revenues 72,241 — 72,241 14,922 (4,138 ) 83,025 54,691 137,716 Leasing: Rental revenue 101,830 25,269 127,099 — (1,862 ) 125,237 49,813 175,050 Rental-related services 28,631 21,955 50,586 — — 50,586 14,854 65,440 Total leasing revenues 130,461 47,224 177,685 — (1,862 ) 175,823 64,667 240,490 Total revenues $ 202,702 $ 47,224 $ 249,926 $ 14,922 $ (6,000 ) $ 258,848 $ 119,358 $ 378,206 FY 2018 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Consolidated Non-lease: Sales lease inventories and fleet $ 55,438 $ 20 $ 55,458 $ — $ — $ 55,458 $ 67,009 $ 122,467 Sales manufactured units — — — 13,565 (3,715 ) 9,850 — 9,850 Total non-lease revenues 55,438 20 55,458 13,565 (3,715 ) 65,308 67,009 132,317 Leasing: Rental revenue 76,693 22,769 99,462 — (1,132 ) 98,330 49,404 147,734 Rental-related services 35,334 17,191 52,525 — — 52,525 14,726 67,251 Total leasing revenues 112,027 39,960 151,987 — (1,132 ) 150,855 64,130 214,985 Total revenues $ 167,465 $ 39,980 $ 207,445 $ 13,565 $ (4,847 ) $ 216,163 $ 131,139 $ 347,302 FY 2017 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia – Consolidated Non-lease: Sales lease inventories and fleet $ 47,640 $ — $ 47,640 $ — $ — $ 47,640 $ 48,124 $ 95,764 Sales manufactured units — — — 6,944 (2,049 ) 4,895 — 4,895 Total non-lease revenues 47,640 — 47,640 6,944 (2,049 ) 52,535 48,124 100,659 Leasing: Rental revenue 64,751 10,481 75,232 — (291 ) 74,941 46,188 121,129 Rental-related services 32,632 8,616 41,248 — — 41,248 13,892 55,140 Total leasing revenues 97,383 19,097 116,480 — (291 ) 116,189 60,080 176,269 Total revenues $ 145,023 $ 19,097 $ 164,120 $ 6,944 $ (2,340 ) $ 168,724 $ 108,204 $ 276,928 |
Reconciliation of Weighted Average Shares Outstanding | The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: FY 2017 FY 2018 FY 2019 Basic 26,348,344 26,269,931 29,318,511 Dilutive effect of common stock equivalents — — — Diluted 26,348,344 26,269,931 29,318,511 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Fair Market Values of Tangible and Intangible Assets and Liabilities | The allocations for the acquisitions in FY 2017 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values was as follows (in thousands): GCC July 22, 2016 CSS July 27, 2016 All Direct December 1, 2016 Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ 5 $ 57 $ — $ 62 Inventories 66 211 — 277 Property, plant and equipment 23 44 44 111 Lease fleet 352 615 1,646 2,613 Accounts payables and accrued liabilities — (7 ) (45 ) (52 ) Unearned revenue and advance payments (21 ) (36 ) — (57 ) Deferred income taxes — (241 ) (201 ) (442 ) Total net tangible assets acquired and liabilities assumed 425 643 1,444 2,512 Fair value of intangible assets acquired: Non-compete agreement 21 29 350 400 Customer lists/relationships 138 312 334 784 Goodwill 78 683 912 1,673 Total intangible assets acquired 237 1,024 1,596 2,857 Total purchase consideration $ 662 $ 1,667 $ 3,040 $ 5,369 The allocation for the acquisition in FY 2018 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values was as follows (in thousands): Advantage September 1, 2017 Gauthier December 1, 2017 Lucky’s Lease January 26, 2018 Acorn April 6, 2018 Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ — $ 390 $ — $ — $ 390 Inventories 234 444 203 85 966 Property, plant and equipment 55 339 135 32 561 Lease fleet 558 4,216 1,092 341 6,207 Unearned revenue and advance payments (25 ) (237 ) (36 ) (14 ) (312 ) Total net tangible assets acquired and liabilities assumed 822 5,152 1,394 444 7,812 Fair value of intangible assets acquired: Non-compete agreement 56 143 44 130 373 Customer lists/relationships 97 1,085 676 8 1,866 Other — 250 — — 250 Goodwill 601 3,741 1,255 230 5,827 Total intangible assets acquired 754 5,219 1,975 368 8,316 Total purchase consideration $ 1,576 $ 10,371 $ 3,369 $ 812 $ 16,128 The 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 September 21, Tilton October 5, BBS Leasing March 27, Pier May 7, Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ — $ — $ — $ — $ — $ — $ — Inventories 995 157 555 318 355 682 3,062 Property, plant and equipment 79 38 465 329 — 195 1,106 Lease fleet 6,834 893 3,013 2,775 234 504 14,253 Unearned revenue and advance payments (5 ) (112 ) (289 ) (260 ) (35 ) (30 ) (731 ) Deferred income taxes (225 ) — — — — — (225 ) Total net tangible assets acquired and liabilities assumed 7,678 976 3,744 3,162 554 1,351 17,465 Fair value of intangible assets acquired: Non-compete agreement $ 67 $ 7 $ 44 $ 42 $ 15 $ 15 $ 190 Customer lists/relationships 734 — 369 576 254 171 2,104 Other — — (306 ) — — — (306 ) Goodwill — — 717 1,651 294 157 2,819 Total intangible assets acquired 801 7 824 2,269 563 343 4,807 Total net tangible and intangible assets acquired $ 8,479 $ 983 $ 4,568 $ 5,431 $ 1,117 $ 1,694 $ 22,272 |
Senior and Other Debt (Tables)
Senior and Other Debt (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Senior and Other Debt | Senior and other debt consisted of the following at June 30, 2018 and 2019 (in thousands): June 30, 2018 2019 Deutsche Bank Credit Facility $ 79,745 $ 134,414 Bison Capital Notes 81,048 — Wells Fargo Credit Facility 183,949 193,587 Senior Notes 75,824 76,184 Equipment Financing and Other 6,652 6,956 $ 427,218 $ 411,141 |
Scheduled Maturities for Senior Credit Facilities Senior Subordinated Notes and Other Debt | The scheduled maturities for the senior credit facilities senior subordinated notes and other debt at June 30, 2019 were as follows (in thousands): Year Ending June 30, 2020 $ 9,982 2021 7,542 2022 277,865 (a) 2023 7,275 2024 110,699 Thereafter 92 413,455 Less – deferred financing costs (2,314 ) $ 411,141 (a) Wells Fargo Credit Facility is reflected as maturing on March 24, 2022. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments at Fair Value, Classification in Consolidated Balances Sheets | Derivative instruments measured at fair value and their classification in the consolidated balances sheets and statements of operations are as follows (in thousands): Derivative – Fair Value (Level 2) Type of Derivative Contract Balance Sheet Classification June 30, 2018 June 30, 2019 Swap Contracts Trade payables and accrued liabilities $ 223 $ 2,223 Forward-Exchange Contracts Trade and other receivables 298 2 Trade payables and accrued liabilities — 18 Bifurcated Derivatives Fair value of bifurcated derivatives in Convertible Note 15,583 19,782 |
Derivative Instruments at Fair Value, Statements of Operations | Type of Derivative Contract Statement of Operations Classification FY 2017 FY 2018 FY 2019 Swap Contracts Unrealized gain (loss) included in interest expense $ 1,073 $ 12 $ — Forward-Exchange Contracts Unrealized foreign currency exchange gain (loss) (12 ) 697 (311 ) Bifurcated Derivatives Change in valuation of bifurcated derivatives in Convertible Note — 13,719 24,570 |
Open Interest Rate Swap Contract | As of June 30, 2018 and 2019, the open interest rate swap contracts were as follows (dollars in thousands): June 30, June 30, 2018 2019 Notional amounts $ 37,055 $ 70,287 Fixed/Strike Rates 7.414 % 6.92 % Floating Rates 7.16 % 1.2046 % Fair Value of Combined Contracts $ (223 ) $ (2,233 ) |
Open Forward Exchange and Participating Forward Contracts | As of June 30, 2018, there were 32 open forward exchange that mature between July 2018 and November 2018; and, as of June 30, 2019, there 21 open forward exchange contracts that mature between July 2019 and October 2019, as follows (dollars in thousands): June 30, June 30, 2018 2019 Notional amounts $ 8,950 $ 9,305 Exchange/Strike Rates (AUD to USD) 0.68142 - 0.80004 0.67313 - 0.72039 Fair Value of Combined Contracts $ 298 $ (16 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Provision for Income Taxes | Income (loss) before provision for income taxes consisted of the following (in thousands): FY 2017 FY 2018 FY 2019 North America $ (8,234 ) $ 11,739 $ 29,205 Asia-Pacific 7,362 (21,525 ) (30,851 ) $ (872 ) $ (9,786 ) $ (1,646 ) |
Provision for Income Taxes | The provision (benefit) for income taxes consisted of the following (in thousands): FY 2017 FY 2018 FY 2019 Current: U.S. Federal $ — $ — $ — State 172 481 504 Foreign 703 1,925 1,574 875 2,406 2,078 Deferred: U.S. Federal (3,351 ) (1,323 ) 5,026 State (120 ) 844 1,397 Foreign 2,571 (2,606 ) (2,681 ) (900 ) (3,085 ) 3,742 $ (25 ) $ (679 ) $ 5,820 |
Components of Net Deferred Tax Liability | The components of the net deferred tax liability are as follows (in thousands): June 30, 2018 2019 Deferred tax assets: Net operating loss and tax credit carryforwards $ 21,094 $ 16,928 Accrued compensation and other benefits 3,025 3,029 Allowance for doubtful accounts 1,314 1,279 Deferred revenue and expenses 4,252 3,892 Total deferred tax assets 29,685 25,128 Deferred tax liabilities: Accelerated tax depreciation and amortization (64,324 ) (63,310 ) Total deferred tax liabilities (64,324 ) (63,310 ) Valuation allowance (330 ) (529 ) Net deferred tax liabilities $ (34,969 ) $ (38,711 ) |
Reconciliation of U.S. Federal Statutory Rate | A reconciliation of the U.S. federal statutory rate to the Company’s effective tax rate is as follows: FY 2017 FY 2018 FY 2019 Federal statutory rate 35.0 % 28.0 % 21.0 % Adjustment to estimated state deferred tax liability, net of U.S. federal tax benefit (a) (34.1 ) — — Change in valuation of bifurcated derivative in Convertible Note — (42.7 ) (521.3 ) State and Asia-Pacific taxes, net of U.S. federal tax benefit (2.1 ) 6.0 117.2 Adjustment of net deferred tax liability for enacted tax rate change by the Act — 18.8 21.2 Adjustment for previously unrecognized net tax deficiency related to equity compensation activity prior to July 1, 2017 — (1.1 ) — Net tax benefit related to equity compensation activity — 0.4 15.4 Valuation allowance — (3.4 ) (12.1 ) Other 4.1 0.9 5.0 Effective tax rate 2.9 % 6.9 % (353.6 %) (a) Adjustment for estimated state taxes of $297,000. |
Equity Plans (Tables)
Equity Plans (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Fair Value of Stock Options Granted | Since inception, the range of the fair value of the stock options granted (other than to non-employee consultants) and the assumptions used are as follows: Fair value of stock options $0.81 - $6.35 Assumptions used: Risk-free interest rate 1.19% - 4.8% Expected life (in years) 7.5 Expected volatility 26.5% - 84.6% Expected dividends — |
Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information for FY 2017, FY 2018 and FY 2019 follows: Number of Weighted- Weighted- Outstanding at June 30, 2016 2,183,224 $ 5.30 Granted 225,000 5.10 Exercised (21,500 ) 2.50 Forfeited or expired (325,667 ) 7.75 Outstanding at June 30, 2017 2,061,057 $ 4.92 4.9 Exercisable at June 30, 2017 1,632,256 $ 4.78 3.8 Number of Weighted- Weighted- Outstanding at June 30, 2017 2,061,057 $ 4.92 Granted 306,280 6.49 Exercised (237,260 ) 4.85 Forfeited or expired (305,167 ) 8.96 Outstanding at June 30, 2018 1,824,910 $ 4.52 5.8 Exercisable at June 30, 2018 1,333,564 $ 4.01 4.5 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 June 30, 2019 1,676,196 $ 4.39 5.0 Vested and expected to vest at June 30, 2019 1,676,196 $ 4.39 5.0 Exercisable at June 30, 2019 1,360,361 $ 4.03 4.4 |
Summary of Restricted Stock and RSU Activity | 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, 2016 373,507 4.20 — $ — Granted 349,304 4.10 — — Vested (242,501 ) 6.10 — — Forfeited — — — — Nonvested at June 30, 2017 480,310 4.54 — — Granted 125,885 9.69 211,763 7.15 Vested (226,345 ) 4.42 — — Forfeited — — — — Nonvested at June 30, 2018 379,850 6.32 211,763 7.15 Granted 185,940 8.91 20,590 10.34 Vested (236,373 ) 5.63 (66,073 ) 7.15 Forfeited — — (27,093 ) 7.15 Nonvested at June 30, 2019 329,417 $ 8.28 139,187 $ 7.62 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Non-Cancellable Operating Lease Rentals Payable | Non-cancellable operating lease rentals at June 30, 2019 are payable as follows (in thousands): Year Ending June 30, 2020 $ 11,655 2021 9,198 2022 6,585 2023 4,992 2024 3,103 Thereafter 9,091 $ 44,624 |
Future Minimum Receipts under Sales-Type and Operating Fleet Leases | Sales-Type and Operating Fleet Leases Future minimum receipts under sales-type and operating fleet leases at June 30, 2019 are as follows (in thousands): Year Ending June 30, 2020 $ 20,833 2021 4,907 2022 2,403 2023 1,524 2024 1,197 Thereafter 1,155 $ 32,019 |
Detail of Certain Accounts (Tab
Detail of Certain Accounts (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Summary of Trade Payables and Accrued Liabilities | Trade payables and accrued liabilities consist of the following (in thousands): June 30, 2018 2019 Trade payables $ 23,112 $ 20,448 Checks written in excess of bank balance 1,295 104 Payroll and related 11,012 11,506 Taxes, other than income 1,820 1,970 Fair value of interest swap and forward currency exchange contacts 223 2,233 Accrued interest 4,005 3,682 Deferred consideration 2,568 1,831 Self-insured reported liability 721 1,335 Other accruals 5,789 5,351 $ 50,545 $ 48,460 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information | The tables below represent the Company’s revenues from external customers, share-based compensation expense, depreciation and amortization, operating income, interest income and expense, expenditures for additions to long-lived assets (consisting of lease fleet and property, plant and equipment), long-lived assets and goodwill; as attributed to its geographic and operating segments (in thousands): FY 2019 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Consolidated Revenues: Sales $ 72,241 $ — $ 72,241 $ 14,922 $ (4,138 ) $ 83,025 $ 54,691 $ 137,716 Leasing 130,461 47,224 177,685 — (1,862 ) 175,823 64,667 240,490 $ 202,702 $ 47,224 $ 249,926 $ 14,922 $ (6,000 ) $ 258,848 $ 119,358 $ 378,206 Share-based compensation $ 331 $ 33 $ 364 $ 27 $ 1,562 $ 1,953 $ 727 $ 2,680 Depreciation and amortization $ 15,524 $ 8,936 $ 24,460 $ 404 $ (741 ) $ 24,123 $ 17,985 $ 42,108 Operating income $ 39,497 $ 14,236 $ 53,733 $ 1,044 $ (6,708 ) $ 48,069 $ 13,521 $ 61,590 Interest income $ — $ — $ — $ — $ 7 $ 7 $ 184 $ 191 Interest expense $ 11,215 $ 1,130 $ 12,345 $ 257 $ 6,843 $ 19,445 $ 15,899 $ 35,344 Additions to long-lived assets $ 53,235 $ 1,783 $ 55,018 $ 27 $ (227 ) $ 54,818 $ 23,286 $ 78,104 At June 30, 2019 Long-lived assets $ 301,233 $ 44,694 $ 345,927 $ 1,707 $ (9,606 ) $ 338,028 $ 141,689 $ 479,717 Goodwill $ 64,517 $ 20,782 $ 85,299 $ — $ — $ 85,299 $ 26,024 $ 111,323 FY 2018 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Consolidated Revenues: Sales $ 55,438 $ 20 $ 55,458 $ 13,565 $ (3,715 ) $ 65,308 $ 67,009 $ 132,317 Leasing 112,027 39,960 151,987 — (1,132 ) 150,855 64,130 214,985 $ 167,465 $ 39,980 $ 207,445 $ 13,565 $ (4,847 ) $ 216,163 $ 131,139 $ 347,302 Share-based compensation $ 309 $ 41 $ 350 $ 46 $ 1,749 $ 2,145 $ 1,513 $ 3,658 Depreciation and amortization $ 14,233 $ 9,161 $ 23,394 $ 574 $ (731 ) $ 23,237 $ 17,098 $ 40,335 Operating income $ 28,689 $ 8,798 $ 37,487 $ (351 ) $ (6,709 ) $ 30,427 $ 13,272 $ 43,699 Interest income $ — $ — $ — $ — $ 9 $ 9 $ 103 $ 112 Interest expense $ 9,172 $ 1,770 $ 10,942 $ 384 $ 7,291 $ 18,617 $ 15,374 $ 33,991 Additions to long-lived assets $ 33,628 $ 3,326 $ 36,954 $ 131 $ (334 ) $ 36,751 $ 16,599 $ 53,350 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 FY 2017 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia – Consolidated Revenues: Sales $ 47,640 $ — $ 47,640 $ 6,944 $ (2,049 ) $ 52,535 $ 48,124 $ 100,659 Leasing 97,383 19,097 116,480 — (291 ) 116,189 60,080 176,269 $ 145,023 $ 19,097 $ 164,120 $ 6,944 $ (2,340 ) $ 168,724 $ 108,204 $ 276,928 Share-based compensation $ 333 $ 41 $ 374 $ 62 $ 1,012 $ 1,448 $ (74 ) $ 1,374 Depreciation and amortization $ 13,663 $ 9,666 $ 23,329 $ 792 $ (728 ) $ 23,393 $ 16,699 $ 40,092 Operating income (loss) $ 19,551 $ (3,916 ) $ 15,635 $ (2,430 ) $ (4,907 ) $ 8,298 $ 10,768 $ 19,066 Interest income $ — $ — $ — $ — $ 25 $ 25 $ 41 $ 66 Interest expense $ 7,304 $ 1,369 $ 8,673 $ 392 $ 7,325 $ 16,390 $ 3,263 $ 19,653 Additions to long-lived assets $ 26,024 $ 47 $ 26,071 $ — $ (247 ) $ 25,824 $ 23,681 $ 49,505 |
Organization and Business Ope_2
Organization and Business Operations - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2019Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of distinct business units | 3 |
Number of geographic units | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Jun. 30, 2019USD ($)SegmentLeaseshares | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($)shares | Jul. 01, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Number of geographic units | Segment | 2 | ||||
Number of operating segments | Segment | 4 | ||||
Maturity of investments | three months or less | ||||
Gross costs of leased assets | $ 10,804,000 | $ 6,660,000 | |||
Accumulated amortization | 5,655,000 | 3,247,000 | |||
Net book value of leased assets | $ 5,149,000 | 3,413,000 | |||
Percentage of depreciation of lease fleet to cost | 70.00% | ||||
Gross costs of the lease fleet | $ 598,757,000 | 555,263,000 | |||
Impairment provision related to long-lived assets | $ 0 | 0 | |||
Fair value of the reporting unit | 50.00% | ||||
Goodwill deductible for income tax purpose, years | 15 years | ||||
Weighted-average remaining useful life of the finite intangible assets | 8 years 8 months 12 days | ||||
Contributions to defined contribution benefit plans | $ 1,588,000 | 1,552,000 | $ 1,586,000 | ||
Advertising costs | 3,587,000 | 3,834,000 | 3,478,000 | ||
Shipping and handling costs | $ 546,000 | $ 483,000 | $ 172,000 | ||
Corporate tax rate | 35.00% | 21.00% | 28.00% | 35.00% | |
Recognized income tax, net of federal benefit | $ 6,979,000 | $ 3,742,000 | $ (3,085,000) | $ (900,000) | |
Rental related services | 137,716,000 | 132,317,000 | $ 100,659,000 | ||
Estimated transition tax offsets estimated tax benefit | 4,843,000 | 4,493,000 | |||
Valuation allowance offsets estimated tax benefit | $ 529,000 | $ 330,000 | |||
Deferred tax assets liabilities other adjustments | $ 299,000 | ||||
Potential common stock equivalents excluded from computation of diluted earnings per share | shares | 2,144,800 | 5,475,347 | 1,635,025 | ||
Number of real estate and vehicle leases | Lease | 150 | ||||
Lease fleet, net | $ 456,822,000 | $ 429,388,000 | |||
Operating lease, liability | 44,624,000 | ||||
Unearned rental revenue included in trade payables and accrued liabilities | 22,671,000 | 19,226,000 | |||
Unearned rental revenue Recognized | 12,538,000 | ||||
Warranty reserve included in trade payables and accrued liabilities | 219,331 | 238,956 | |||
Remeasurement Net Income Tax Benefit Loss | $ 151,000 | ||||
Scenario, Plan [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Corporate tax rate | 21.00% | ||||
Valuation allowance offsets estimated tax benefit | 330,000 | ||||
Scenario, Plan [Member] | Deferred Tax Asset Temporary Differences Roll off [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Corporate tax rate | 28.00% | ||||
Scenario, Plan [Member] | Deferred Tax Asset Temporary Differences And NOL Carry forwards Remain [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Corporate tax rate | 21.00% | ||||
Minimum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Expected period of benefit for customers base and lists and non-compete agreements | 1 year | ||||
Minimum [Member] | Lease Fleet [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life of lease fleet | 5 years | ||||
Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Expected period of benefit for customers base and lists and non-compete agreements | 14 years | ||||
Maximum [Member] | Lease Fleet [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life of lease fleet | 20 years | ||||
Accounting Standards Update 2014-09 [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Rental related services | $ 55,235,000 | $ 47,600,000 | $ 38,239,000 | ||
Accounting Standards Update 2016-02 [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Lease fleet, net | $ 69,100,000 | ||||
Operating lease, liability | $ 69,600,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Accounting Policies [Abstract] | ||
Finished goods | $ 25,576 | $ 18,971 |
Work in-process | 1,275 | 1,442 |
Raw materials | 2,226 | 2,318 |
Total | $ 29,077 | $ 22,731 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 68,280 | $ 62,098 |
Less accumulated depreciation and amortization | (45,385) | (39,788) |
Property, plant and equipment, net | 22,895 | 22,310 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,168 | 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 Life | 10 years | |
Building and improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 40 years | |
Transportation and plant equipment (including capital lease assets) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 47,433 | 43,078 |
Transportation and plant equipment (including capital lease assets) [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Transportation and plant equipment (including capital lease assets) [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 20 years | |
Furniture, fixtures and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 13,786 | $ 11,959 |
Furniture, fixtures and office equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Furniture, fixtures and office equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Change in Balance of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accounting Policies [Abstract] | |||
Beginning of year | $ 109,943 | $ 105,129 | $ 102,546 |
Additions to goodwill | 2,819 | 5,827 | 1,673 |
Impairment of goodwill | |||
Other adjustments, primarily foreign translation effect | (1,439) | (1,013) | 910 |
End of year | $ 111,323 | $ 109,943 | $ 105,129 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Change in Balance of Goodwill (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Accounting Policies [Abstract] | ||||
Accumulated impairment losses, net | $ 16,172 | $ 16,172 | $ 16,172 | $ 16,172 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 53,228 | $ 51,753 |
Accumulated Amortization | (31,419) | (26,603) |
Net Carrying Amount | 21,809 | 25,150 |
Trademark and Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,486 | 5,486 |
Accumulated Amortization | (453) | (453) |
Net Carrying Amount | 5,033 | 5,033 |
Customer Base and Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 31,069 | 29,057 |
Accumulated Amortization | (17,174) | (14,150) |
Net Carrying Amount | 13,895 | 14,907 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,782 | 9,005 |
Accumulated Amortization | (8,031) | (7,130) |
Net Carrying Amount | 751 | 1,875 |
Deferred Financing Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,563 | 3,522 |
Accumulated Amortization | (2,290) | (1,905) |
Net Carrying Amount | 1,273 | 1,617 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,328 | 4,683 |
Accumulated Amortization | (3,471) | (2,965) |
Net Carrying Amount | $ 857 | $ 1,718 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Estimated Future Amortization of Intangible Assets (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Accounting Policies [Abstract] | |
2020 | $ 4,258 |
2021 | 2,977 |
2022 | 2,388 |
2023 | 1,706 |
2024 | 1,312 |
Thereafter | 4,135 |
Total | $ 16,776 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Reconciliation of the Disaggregated Rental Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | |||
Sales | $ 137,716 | $ 132,317 | $ 100,659 |
Total leasing revenues | 240,490 | 214,985 | 176,269 |
Total revenues | 378,206 | 347,302 | 276,928 |
Lease inventories and fleet [Member] | |||
Revenues | |||
Sales | 126,932 | 122,467 | 95,764 |
Manufactured units [Member] | |||
Revenues | |||
Sales | 10,784 | 9,850 | 4,895 |
Rental Revenue [Member] | |||
Revenues | |||
Total leasing revenues | 175,050 | 147,734 | 121,129 |
Rental Related Services [Member] | |||
Revenues | |||
Total leasing revenues | 65,440 | 67,251 | 55,140 |
North America [Member] | |||
Revenues | |||
Sales | 83,025 | 65,308 | 52,535 |
Total leasing revenues | 175,823 | 150,855 | 116,189 |
Total revenues | 258,848 | 216,163 | 168,724 |
North America [Member] | Corporate and Intercompany Adjustments [Member] | |||
Revenues | |||
Sales | (4,138) | (3,715) | (2,049) |
Total leasing revenues | (1,862) | (1,132) | (291) |
Total revenues | (6,000) | (4,847) | (2,340) |
North America [Member] | Lease inventories and fleet [Member] | |||
Revenues | |||
Sales | 72,241 | 55,458 | 47,640 |
North America [Member] | Manufactured units [Member] | |||
Revenues | |||
Sales | 10,784 | 9,850 | 4,895 |
North America [Member] | Manufactured units [Member] | Corporate and Intercompany Adjustments [Member] | |||
Revenues | |||
Sales | (4,138) | (3,715) | (2,049) |
North America [Member] | Rental Revenue [Member] | |||
Revenues | |||
Total leasing revenues | 125,237 | 98,330 | 74,941 |
North America [Member] | Rental Revenue [Member] | Corporate and Intercompany Adjustments [Member] | |||
Revenues | |||
Total leasing revenues | (1,862) | (1,132) | (291) |
North America [Member] | Rental Related Services [Member] | |||
Revenues | |||
Total leasing revenues | 50,586 | 52,525 | 41,248 |
North America [Member] | Pac-Van Leasing [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 72,241 | 55,438 | 47,640 |
Total leasing revenues | 130,461 | 112,027 | 97,383 |
Total revenues | 202,702 | 167,465 | 145,023 |
North America [Member] | Pac-Van Leasing [Member] | Lease inventories and fleet [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 72,241 | 55,438 | 47,640 |
North America [Member] | Pac-Van Leasing [Member] | Rental Revenue [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 101,830 | 76,693 | 64,751 |
North America [Member] | Pac-Van Leasing [Member] | Rental Related Services [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 28,631 | 35,334 | 32,632 |
North America [Member] | Lone Star Leasing [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 20 | ||
Total leasing revenues | 47,224 | 39,960 | 19,097 |
Total revenues | 47,224 | 39,980 | 19,097 |
North America [Member] | Lone Star Leasing [Member] | Corporate and Intercompany Adjustments [Member] | |||
Revenues | |||
Sales | 1,730 | 1,000 | |
North America [Member] | Lone Star Leasing [Member] | Lease inventories and fleet [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 20 | ||
North America [Member] | Lone Star Leasing [Member] | Rental Revenue [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 25,269 | 22,769 | 10,481 |
North America [Member] | Lone Star Leasing [Member] | Rental Related Services [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 21,955 | 17,191 | 8,616 |
North America [Member] | Pac Van and Lone Star Leasing [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 72,241 | 55,458 | 47,640 |
Total leasing revenues | 177,685 | 151,987 | 116,480 |
Total revenues | 249,926 | 207,445 | 164,120 |
North America [Member] | Pac Van and Lone Star Leasing [Member] | Lease inventories and fleet [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 72,241 | 55,458 | 47,640 |
North America [Member] | Pac Van and Lone Star Leasing [Member] | Rental Revenue [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 127,099 | 99,462 | 75,232 |
North America [Member] | Pac Van and Lone Star Leasing [Member] | Rental Related Services [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 50,586 | 52,525 | 41,248 |
North America [Member] | Manufacturing [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 14,922 | 13,565 | 6,944 |
Total revenues | 14,922 | 13,565 | 6,944 |
North America [Member] | Manufacturing [Member] | Manufactured units [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 14,922 | 13,565 | 6,944 |
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 54,691 | 67,009 | 48,124 |
Total leasing revenues | 64,667 | 64,130 | 60,080 |
Total revenues | 119,358 | 131,139 | 108,204 |
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Lease inventories and fleet [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 54,691 | 67,009 | 48,124 |
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Rental Revenue [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 49,813 | 49,404 | 46,188 |
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Rental Related Services [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | $ 14,854 | $ 14,726 | $ 13,892 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Outstanding (Detail) - shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accounting Policies [Abstract] | |||
Basic | 29,318,511 | 26,269,931 | 26,348,344 |
Dilutive effect of common stock equivalents | 0 | 0 | 0 |
Diluted | 29,318,511 | 26,269,931 | 26,348,344 |
Equity Transactions - Additiona
Equity Transactions - Additional Information (Detail) | Aug. 02, 2017$ / shares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Feb. 07, 2017$ / shares | Aug. 10, 2016$ / shares |
Subsidiary or Equity Method Investee [Line Items] | |||||
Preferred Stock, par value | $ 0.0001 | $ 0.0001 | |||
Preferred Stock, outstanding | shares | 400,100 | 400,100 | |||
Preferred Stock, aggregate liquidation preference | $ | $ 40,722,000 | $ 40,722,000 | |||
Royal Wolf Holdings [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Dividends Payable, Amount Per Share | $ 0.025 | $ 0.025 | |||
Royal Wolf Holdings [Member] | Special Dividend [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Dividend declared | $ 0.0265 | ||||
Dividend payable record date | Jul. 18, 2017 | ||||
Series B Preferred Stock [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Preferred Stock, par value | $ 0.0001 | ||||
Cumulative Preferred Stock, liquidation preference | $ 1,000 | ||||
Preferred Stock, outstanding | shares | 100 | 100 | |||
Preferred Stock, aggregate liquidation preference | $ | $ 102,000 | $ 102,000 | |||
Cumulative Preferred Stock, dividend percentage | 8.00% | ||||
Preferred stock, voting rights | no voting rights | ||||
Dividend on Preferred Stock | $ | $ 101,000 | ||||
Series C Preferred Stock [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Preferred Stock, par value | $ 2 | ||||
Cumulative Preferred Stock, liquidation preference | $ 100 | ||||
Preferred Stock, outstanding | shares | 400,000 | 400,000 | |||
Preferred Stock, aggregate liquidation preference | $ | $ 40,620,000 | $ 40,620,000 | |||
Cumulative Preferred Stock, dividend percentage | 9.00% | ||||
Preferred stock, voting rights | no voting rights | ||||
Preferred Stock redemption price per share | $ 100 | ||||
Preferred Stock, dividend rate | 2.00% | ||||
Stated liquidation value for every increase in dividend rate | $ | $ 100 | ||||
Dividend on Preferred Stock | $ | $ 21,740,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands, $ in Thousands | Oct. 31, 2017shares | Sep. 29, 2017shares | Sep. 08, 2017shares | Jul. 12, 2017USD ($)shares | Jul. 12, 2017AUD ($)$ / shares | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Sep. 19, 2017shares | Jul. 12, 2017AUD ($)$ / sharesshares |
Business Acquisition [Line Items] | ||||||||||
Income tax expense (benefit) | $ 5,820 | $ (679) | $ (25) | |||||||
Proceed from financing from bison capital | 80,000 | |||||||||
Repayments of debt | 10,000 | |||||||||
Royal Wolf Holdings [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Ordinary common shares | shares | 49,200,000 | 49,200,000 | ||||||||
Common per share | $ / shares | $ 1.83 | |||||||||
Purchase price consideration | $ 70,401 | $ 88,712 | ||||||||
Purchase Price Consideration Per Share | $ / shares | $ 1.8035 | |||||||||
Business acquisition | 2,299 | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 99.00% | |||||||||
Shares previously owned | shares | 51,200,000 | |||||||||
Shares accepting take over bid | shares | 48,100,000 | |||||||||
Shares paid under business acquisition | shares | 1,100,000 | 48,100,000 | ||||||||
Business Combination consideration | 70,402 | |||||||||
Income tax expense (benefit) | $ 550 | |||||||||
Royal Wolf Holdings [Member] | Bison Capital Notes [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Ordinary common shares | shares | 49,188,526 | |||||||||
Royal Wolf Holdings [Member] | Bison Capital Notes [Member] | Credit Suisse [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Repayments of debt | 10,000 | |||||||||
Royal Wolf Holdings [Member] | Senior Secured Revolving Credit Facility [Member] | North America [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition | $ 1,997 | $ 2,516 | ||||||||
Royal Wolf Holdings [Member] | Special Dividend [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Dividend Declared Per Share Acquiree | $ / shares | $ 0.0265 |
Acquisitions - Additional Inf_2
Acquisitions - Additional Information - 2017 Acquisitions (Detail) $ in Thousands, $ in Thousands, $ in Thousands | Dec. 01, 2016USD ($) | Dec. 01, 2016AUD ($) | Jul. 27, 2016USD ($) | Jul. 22, 2016USD ($) | Jul. 22, 2016CAD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, gross | $ 73,251 | |||||||
Business acquisitions, non-cash holdback and other adjustment | $ 1,907 | $ 1,044 | $ 376 | |||||
The Great Container Company Ltd [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, gross | $ 662 | $ 869 | ||||||
Business acquisitions, non-cash holdback and other adjustment | $ 102 | $ 133 | ||||||
Container Systems Storage Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, gross | $ 1,667 | |||||||
Business acquisitions, non-cash holdback and other adjustment | $ 120 | |||||||
All Direct [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, gross | $ 3,040 | $ 4,109 | ||||||
Business acquisitions, non-cash holdback and other adjustment | $ 154 | $ 209 |
Acquisitions - Additional Inf_3
Acquisitions - Additional Information - 2018 Acquisitions (Detail) $ in Thousands, $ in Thousands | Aug. 09, 2018USD ($) | Jul. 02, 2018USD ($) | Jul. 02, 2018NZD ($) | Apr. 06, 2018USD ($) | Jan. 26, 2018USD ($) | Dec. 01, 2017USD ($) | Sep. 01, 2017USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Gross | $ 73,251 | |||||||||
Business acquisitions, non-cash holdback and other adjustment | $ 1,907 | 1,044 | $ 376 | |||||||
Bargain purchase gains | 1,767 | |||||||||
Transaction costs | 399 | $ 163 | $ 44 | |||||||
Gauthier Homes Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Gross | $ 10,371 | |||||||||
Business acquisitions, non-cash holdback and other adjustment | $ 457 | |||||||||
Advantage Storage Trailer Llc And Big Star Container Llc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Gross | $ 1,576 | |||||||||
Business acquisitions, non-cash holdback and other adjustment | $ 155 | |||||||||
Luckys Lease Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Gross | $ 3,369 | |||||||||
Business acquisitions, non-cash holdback and other adjustment | $ 307 | |||||||||
Acorn Storage Trailers Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Gross | $ 812 | |||||||||
Business acquisitions, non-cash holdback and other adjustment | $ 125 | |||||||||
SpacewiseNZ Limited [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Gross | $ 7,337 | $ 10,901 | ||||||||
Business acquisitions, non-cash holdback and other adjustment | $ 615 | $ 914 | ||||||||
Bargain purchase gains | 1,142 | |||||||||
Delmarva Trailer Sales And Rentals Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Gross | $ 358 | |||||||||
Business acquisitions, non-cash holdback and other adjustment | $ 50 | |||||||||
Bargain purchase gains | $ 625 |
Acquisitions - Additional Inf_4
Acquisitions - Additional Information - 2019 Acquisitions (Detail) $ in Thousands, $ in Thousands | May 07, 2019USD ($) | Mar. 27, 2019USD ($) | Oct. 05, 2018USD ($) | Sep. 21, 2018USD ($) | Aug. 09, 2018USD ($) | Jul. 02, 2018USD ($)Location | Jul. 02, 2018NZD ($)Location | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses, gross | $ 73,251 | |||||||||
Business acquisition cost holdback and other adjustment | $ 1,907 | $ 1,044 | $ 376 | |||||||
Number of operating locations | Location | 0 | 0 | ||||||||
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 | ||||||||
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 | |||||||||
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 | |||||||||
Pier Mobile [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses, gross | $ 1,694 | |||||||||
Business acquisition cost holdback and other adjustment | $ 173 |
Acquisitions - Fair Market Valu
Acquisitions - Fair Market Values of Tangible and Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | May 07, 2019 | Mar. 27, 2019 | Dec. 31, 2018 | Oct. 05, 2018 | Sep. 21, 2018 | Aug. 09, 2018 | Jul. 02, 2018 | Jun. 30, 2018 | Apr. 06, 2018 | Jan. 26, 2018 | Dec. 31, 2017 | Sep. 01, 2017 | Jun. 30, 2017 | Dec. 01, 2016 | Jul. 27, 2016 | Jul. 22, 2016 | Jun. 30, 2016 |
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | $ 111,323 | $ 109,943 | $ 105,129 | $ 102,546 | ||||||||||||||
SpacewiseNZ Limited [Member] | ||||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||||
Inventories | $ 995 | |||||||||||||||||
Property, plant and equipment | 79 | |||||||||||||||||
Lease fleet | 6,834 | |||||||||||||||||
Unearned revenue and advance payments | (5) | |||||||||||||||||
Deferred income taxes | (225) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 7,678 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 801 | |||||||||||||||||
Total net tangible and intangible assets acquired | 8,479 | |||||||||||||||||
SpacewiseNZ Limited [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 67 | |||||||||||||||||
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: | ||||||||||||||||||
Inventories | $ 157 | |||||||||||||||||
Property, plant and equipment | 38 | |||||||||||||||||
Lease fleet | 893 | |||||||||||||||||
Unearned revenue and advance payments | (112) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 976 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 7 | |||||||||||||||||
Total net tangible and intangible assets acquired | 983 | |||||||||||||||||
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: | ||||||||||||||||||
Inventories | $ 555 | |||||||||||||||||
Property, plant and equipment | 465 | |||||||||||||||||
Lease fleet | 3,013 | |||||||||||||||||
Unearned revenue and advance payments | (289) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 3,744 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 717 | |||||||||||||||||
Total intangible assets acquired | 824 | |||||||||||||||||
Total net tangible and intangible assets acquired | 4,568 | |||||||||||||||||
Instant Storage [Member] | Other [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Other | (306) | |||||||||||||||||
Instant Storage [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 44 | |||||||||||||||||
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: | ||||||||||||||||||
Inventories | $ 318 | |||||||||||||||||
Property, plant and equipment | 329 | |||||||||||||||||
Lease fleet | 2,775 | |||||||||||||||||
Unearned revenue and advance payments | (260) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 3,162 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 1,651 | |||||||||||||||||
Total intangible assets acquired | 2,269 | |||||||||||||||||
Total net tangible and intangible assets acquired | 5,431 | |||||||||||||||||
Tilton Trailer Rental Corp [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 42 | |||||||||||||||||
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: | ||||||||||||||||||
Inventories | $ 355 | |||||||||||||||||
Lease fleet | 234 | |||||||||||||||||
Unearned revenue and advance payments | (35) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 554 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 294 | |||||||||||||||||
Total intangible assets acquired | 563 | |||||||||||||||||
Total net tangible and intangible assets acquired | 1,117 | |||||||||||||||||
Bbs Leasing Llp [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 15 | |||||||||||||||||
Bbs Leasing Llp [Member] | Customer Lists/Relationships [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | $ 254 | |||||||||||||||||
The Great Container Company Ltd [Member] | ||||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||||
Trade and other receivables | $ 5 | |||||||||||||||||
Inventories | 66 | |||||||||||||||||
Property, plant and equipment | 23 | |||||||||||||||||
Lease fleet | 352 | |||||||||||||||||
Unearned revenue and advance payments | (21) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 425 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 78 | |||||||||||||||||
Total intangible assets acquired | 237 | |||||||||||||||||
Total net tangible and intangible assets acquired | 662 | |||||||||||||||||
The Great Container Company Ltd [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 21 | |||||||||||||||||
The Great Container Company Ltd [Member] | Customer Lists/Relationships [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | $ 138 | |||||||||||||||||
Container Systems Storage Inc [Member] | ||||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||||
Trade and other receivables | $ 57 | |||||||||||||||||
Inventories | 211 | |||||||||||||||||
Property, plant and equipment | 44 | |||||||||||||||||
Lease fleet | 615 | |||||||||||||||||
Accounts payables and accrued liabilities | (7) | |||||||||||||||||
Unearned revenue and advance payments | (36) | |||||||||||||||||
Deferred income taxes | (241) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 643 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 683 | |||||||||||||||||
Total intangible assets acquired | 1,024 | |||||||||||||||||
Total net tangible and intangible assets acquired | 1,667 | |||||||||||||||||
Container Systems Storage Inc [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 29 | |||||||||||||||||
Container Systems Storage Inc [Member] | Customer Lists/Relationships [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | $ 312 | |||||||||||||||||
All Direct [Member] | ||||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||||
Property, plant and equipment | $ 44 | |||||||||||||||||
Lease fleet | 1,646 | |||||||||||||||||
Accounts payables and accrued liabilities | (45) | |||||||||||||||||
Deferred income taxes | (201) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 1,444 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 912 | |||||||||||||||||
Total intangible assets acquired | 1,596 | |||||||||||||||||
Total net tangible and intangible assets acquired | 3,040 | |||||||||||||||||
All Direct [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 350 | |||||||||||||||||
All Direct [Member] | Customer Lists/Relationships [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | $ 334 | |||||||||||||||||
Acquisitions In Fiscal Year Two Thousand Seventeen [Member] | ||||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||||
Trade and other receivables | $ 62 | |||||||||||||||||
Inventories | 277 | |||||||||||||||||
Property, plant and equipment | 111 | |||||||||||||||||
Lease fleet | 2,613 | |||||||||||||||||
Accounts payables and accrued liabilities | (52) | |||||||||||||||||
Unearned revenue and advance payments | (57) | |||||||||||||||||
Deferred income taxes | (442) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 2,512 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 1,673 | |||||||||||||||||
Total intangible assets acquired | 2,857 | |||||||||||||||||
Total net tangible and intangible assets acquired | 5,369 | |||||||||||||||||
Acquisitions In Fiscal Year Two Thousand Seventeen [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 400 | |||||||||||||||||
Acquisitions In Fiscal Year Two Thousand Seventeen [Member] | Customer Lists/Relationships [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 784 | |||||||||||||||||
Advantage Storage Trailer Llc And Big Star Container Llc [Member] | ||||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||||
Inventories | $ 234 | |||||||||||||||||
Property, plant and equipment | 55 | |||||||||||||||||
Lease fleet | 558 | |||||||||||||||||
Unearned revenue and advance payments | (25) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 822 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 601 | |||||||||||||||||
Total intangible assets acquired | 754 | |||||||||||||||||
Total net tangible and intangible assets acquired | 1,576 | |||||||||||||||||
Advantage Storage Trailer Llc And Big Star Container Llc [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 56 | |||||||||||||||||
Advantage Storage Trailer Llc And Big Star Container Llc [Member] | Customer Lists/Relationships [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | $ 97 | |||||||||||||||||
Gauthier Homes Inc [Member] | ||||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||||
Trade and other receivables | 390 | |||||||||||||||||
Inventories | 444 | |||||||||||||||||
Property, plant and equipment | 339 | |||||||||||||||||
Lease fleet | 4,216 | |||||||||||||||||
Unearned revenue and advance payments | (237) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 5,152 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 3,741 | |||||||||||||||||
Total intangible assets acquired | 5,219 | |||||||||||||||||
Total net tangible and intangible assets acquired | 10,371 | |||||||||||||||||
Gauthier Homes Inc [Member] | Other [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Other | 250 | |||||||||||||||||
Gauthier Homes Inc [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 143 | |||||||||||||||||
Gauthier Homes Inc [Member] | Customer Lists/Relationships [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | $ 1,085 | |||||||||||||||||
Luckys Lease Inc [Member] | ||||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||||
Inventories | $ 203 | |||||||||||||||||
Property, plant and equipment | 135 | |||||||||||||||||
Lease fleet | 1,092 | |||||||||||||||||
Unearned revenue and advance payments | (36) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 1,394 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 1,255 | |||||||||||||||||
Total intangible assets acquired | 1,975 | |||||||||||||||||
Total net tangible and intangible assets acquired | 3,369 | |||||||||||||||||
Luckys Lease Inc [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 44 | |||||||||||||||||
Luckys Lease Inc [Member] | Customer Lists/Relationships [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | $ 676 | |||||||||||||||||
Acorn Storage Trailers Inc [Member] | ||||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||||
Inventories | $ 85 | |||||||||||||||||
Property, plant and equipment | 32 | |||||||||||||||||
Lease fleet | 341 | |||||||||||||||||
Unearned revenue and advance payments | (14) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 444 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 230 | |||||||||||||||||
Total intangible assets acquired | 368 | |||||||||||||||||
Total net tangible and intangible assets acquired | 812 | |||||||||||||||||
Acorn Storage Trailers Inc [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 130 | |||||||||||||||||
Acorn Storage Trailers Inc [Member] | Customer Lists/Relationships [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | $ 8 | |||||||||||||||||
Acquisitions in Fiscal Year 2018 [Member] | ||||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||||
Trade and other receivables | $ 390 | |||||||||||||||||
Inventories | 966 | |||||||||||||||||
Property, plant and equipment | 561 | |||||||||||||||||
Lease fleet | 6,207 | |||||||||||||||||
Unearned revenue and advance payments | (312) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 7,812 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 5,827 | |||||||||||||||||
Total intangible assets acquired | 8,316 | |||||||||||||||||
Total net tangible and intangible assets acquired | 16,128 | |||||||||||||||||
Acquisitions in Fiscal Year 2018 [Member] | Other [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Other | 250 | |||||||||||||||||
Acquisitions in Fiscal Year 2018 [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 373 | |||||||||||||||||
Acquisitions in Fiscal Year 2018 [Member] | Customer Lists/Relationships [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | $ 1,866 | |||||||||||||||||
Pier Mobile [Member] | ||||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||||
Inventories | $ 682 | |||||||||||||||||
Property, plant and equipment | 195 | |||||||||||||||||
Lease fleet | 504 | |||||||||||||||||
Unearned revenue and advance payments | (30) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 1,351 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 157 | |||||||||||||||||
Total intangible assets acquired | 343 | |||||||||||||||||
Total net tangible and intangible assets acquired | 1,694 | |||||||||||||||||
Pier Mobile [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 15 | |||||||||||||||||
Pier Mobile [Member] | Customer Lists/Relationships [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | $ 171 | |||||||||||||||||
Acquisitions In Fiscal Year Two Thousand Nineteen [Member] | ||||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | ||||||||||||||||||
Inventories | 3,062 | |||||||||||||||||
Property, plant and equipment | 1,106 | |||||||||||||||||
Lease fleet | 14,253 | |||||||||||||||||
Unearned revenue and advance payments | (731) | |||||||||||||||||
Deferred income taxes | (225) | |||||||||||||||||
Total net tangible assets acquired and liabilities assumed | 17,465 | |||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Goodwill | 2,819 | |||||||||||||||||
Total intangible assets acquired | 4,807 | |||||||||||||||||
Total net tangible and intangible assets acquired | 22,272 | |||||||||||||||||
Acquisitions In Fiscal Year Two Thousand Nineteen [Member] | Other [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Other | (306) | |||||||||||||||||
Acquisitions In Fiscal Year Two Thousand Nineteen [Member] | Non-Compete Agreements [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | 190 | |||||||||||||||||
Acquisitions In Fiscal Year Two Thousand Nineteen [Member] | Customer Lists/Relationships [Member] | ||||||||||||||||||
Fair value of intangible assets acquired: | ||||||||||||||||||
Total intangible assets acquired | $ 2,104 |
Senior and Other Debt - ANZ_CBA
Senior and Other Debt - ANZ/CBA Credit Facility and North America Leasing Senior Credit Facility - Additional Information (Detail) | Mar. 25, 2019 | Dec. 24, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019AUD ($) | Jun. 30, 2019AUD ($) |
Line of Credit Facility [Line Items] | |||||
Borrowings under credit facility | $ 134,414,000 | $ 191,236,000 | |||
Line of credit facility maturity date | Jul. 31, 2021 | Jul. 31, 2021 | |||
Cash available at bank | $ 20,080,000 | $ 28,568,000 | |||
Deferred financing cost | $ 2,314,000 | ||||
Intercompany dividend description | The maximum amount of intercompany dividends that Pac-Van and Lone Star are allowed to pay in each fiscal year to GFN for the funding requirements of GFN’s senior and other debt and the Series C Preferred Stock are (a) the lesser of $5,000,000 for the Series C Preferred Stock or the amount equal to the dividend rate of the Series C Preferred Stock and its aggregate liquidation preference and the actual amount of dividends required to be paid to the Series C Preferred Stock; 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. | |||
Additional Financing fees | $ 2,018,200 | $ 2,871,400 | |||
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 facility | 193,587,000 | ||||
Availability under ANZ credit facility | $ 60,150,000 | ||||
Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Fixed charge coverage ratio | 1.25 | 1.25 | |||
Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Fixed charge coverage ratio | 1 | 1 | |||
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 | ||||
North America [Member] | Wells Fargo Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility Additional Increase in Maximum Borrowing Capacity | $ 2,500,000 | ||||
Debt instrument extended maturity period | 90 days | 90 days | |||
North America [Member] | Great American Capital Partners [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility maximum borrowing capacity | $ 20,000,000 | ||||
Principal amortization of debt amount | $ 500,000 | ||||
Frequency of interest payments | per quarter | per quarter | |||
Aggregate principal amount of senior notes issued | $ 19,500,000 | ||||
Interest payment terms | 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. | 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. | |||
North America [Member] | Prepayment Prior to Second Anniversary [Member] | Great American Capital Partners [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Prepayment fee percentage | 2.00% | 1.00% | |||
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 rate | 0.50% | 0.50% | |||
Base Rate [Member] | Minimum [Member] | Wells Fargo Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate | 1.00% | 1.00% | |||
Base Rate [Member] | Maximum [Member] | Wells Fargo Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate | 1.50% | 1.50% | |||
Base Rate [Member] | First In Last Out Term Loan [Member] | Wells Fargo Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate | 11.00% | 11.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | Wells Fargo Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate | 1.00% | 1.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Wells Fargo Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate | 2.50% | 2.50% | |||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Wells Fargo Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate | 3.00% | 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 rate | 1.00% | 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 facility | $ 26,358,000 | 37,500,000 | |||
Debt instrument, fee | $ 739,100 | $ 1,051,600 | |||
Debt instrument maturity date | Nov. 3, 2020 | Nov. 3, 2020 | |||
Line of credit facility expiration | Mar. 22, 2021 | Mar. 22, 2021 | |||
Deferred financing cost | $ 1,108,000 | $ 1,577,000 | |||
Deutsche Bank Credit Facility [Member] | Australian Dollar [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Foreign currency exchange rate, translation | 0.702871 | 0.702871 | |||
Deutsche Bank Credit Facility [Member] | New Zealand Dollar [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Foreign currency exchange rate, translation | 0.672146 | 0.672146 | |||
Deutsche Bank Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, prepayment penalties percentage | 1.00% | 1.00% | |||
Interest rate | 4.25% | 4.25% | |||
Deutsche Bank Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, prepayment penalties percentage | 3.00% | 3.00% | |||
Interest rate | 5.50% | 5.50% | |||
Deutsche Bank Credit Facility A [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Borrowings under credit facility | $ 30,223,000 | $ 43,000,000 | |||
Line of credit facility amortization description | semi-annually | semi-annually | |||
Deutsche Bank Credit Facility B [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Borrowings under credit facility | $ 81,884,000 | 116,500,000 | |||
Deutsche Bank Credit Facility C [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Borrowings under credit facility | $ 14,057,000 | $ 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 ($) | Sep. 10, 2018USD ($)shares | Apr. 03, 2014USD ($) | Jun. 30, 2019USD ($)Contract$ / sharesshares | Jun. 30, 2017USD ($) | Jun. 30, 2019AUD ($) | Mar. 25, 2019AUD ($) | Jun. 30, 2018USD ($) | Sep. 25, 2017USD ($) | Sep. 19, 2017USD ($)shares | Jul. 12, 2017shares |
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument principal amount converted into shares | shares | 3,058,824 | ||||||||||
Debt instrument, convertible, terms of conversion feature | 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 | $ 19,782,000 | $ 15,583,000 | |||||||||
Line of credit facility maturity date | Jul. 31, 2021 | ||||||||||
Borrowings outstanding under credit facility | $ 134,414,000 | $ 191,236,000 | |||||||||
Credit Suisse [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||||||||
Line of Credit Facility, Description | An amount equal to six-months interest be deposited in an interest reserve account pledged to secure repayment of all amounts borrowed. | ||||||||||
Repayments of Debt | $ 15,000,000 | ||||||||||
Unamortized Debt Issuance Expense | 80,000 | ||||||||||
Line of credit facility maturity date | Jul. 1, 2018 | ||||||||||
Borrowings outstanding under credit facility | $ 9,920,000 | ||||||||||
Deutsche Bank Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Borrowings outstanding under credit facility | $ 26,358,000 | $ 37,500,000 | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Credit Suisse [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate | 7.50% | ||||||||||
Minimum [Member] | Deutsche Bank Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate | 4.25% | ||||||||||
Maximum [Member] | Deutsche Bank Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate | 5.50% | ||||||||||
Royal Wolf Holdings [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Business acquisition, shares to be acquired | shares | 49,200,000 | ||||||||||
Senior Secured Convertible Promissory Notes [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate of senior notes | 11.90% | ||||||||||
Aggregate principal amount of senior notes issued | $ 26,000,000 | $ 26,000,000 | $ 24,136,000 | $ 26,000,000 | |||||||
Debt instrument principal amount converted into shares | shares | 3,058,824 | 3,058,824 | |||||||||
Fair value of bifurcated derivative | $ 20,370,000 | $ 44,506,000 | $ 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 derivative | 8,918,000 | ||||||||||
Senior Secured Convertible Promissory Notes [Member] | Minimum [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, convertible, conversion ratio | 1.75 | ||||||||||
Senior Secured Convertible Promissory Notes [Member] | Maximum [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Fair value of bifurcated derivative | $ 29,288,000 | ||||||||||
Senior Secured Promissory Notes [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate of senior notes | 11.90% | ||||||||||
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 percentage | 2.00% | ||||||||||
Bison Capital Notes [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, maturity period | 5 years | ||||||||||
Minimum EBITDA requirement | $ 30,000,000 | ||||||||||
Debt Instrument, convertible, stock price trigger | $ / shares | $ 8.50 | ||||||||||
Debt instrument, convertible, threshold percentage of stock price trigger | 150.00% | ||||||||||
Debt instrument, convertible, threshold consecutive trading days | Contract | 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 interest | 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 interest | 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 interest | 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 | shares | 49,188,526 | ||||||||||
Bison Capital Notes [Member] | NASDAQ CAPITAL MARKET [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, convertible, threshold consecutive trading days | Contract | 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 ($)$ / shares | Apr. 24, 2017USD ($) | Mar. 31, 2019 | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017 | Jun. 18, 2014USD ($) |
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount of senior notes issued, net of unamortized debt issuance costs | $ 413,455,000 | ||||||
Pac Van and Lone Star Leasing [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Intercompany dividends percentage on senior notes gross proceeds | 80.00% | ||||||
Equipment Financing and Other [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Other debt | $ 6,956,000 | ||||||
Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Fixed charge coverage ratio | 1 | ||||||
Wells Fargo Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Repayment of indebtedness | $ 4,303,376 | ||||||
Other [Member] | Asia-Pacific [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Weighted-average interest rate | 10.00% | 10.10% | 5.00% | ||||
Other [Member] | North America [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Weighted-average interest rate | 6.60% | 6.20% | 5.30% | ||||
Senior Notes 8.125% [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Terms of principal amount redemption | 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. | ||||||
Senior notes redemption percentage on principal amount | 35.00% | ||||||
Redemption price percentage on principal amount plus accrued and unpaid interest | 108.125% | ||||||
Senior Notes 8.125% [Member] | Second Supplemental Indenture [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Notes issued denominations and multiples of denominations | $ 25 | ||||||
Percentage of Shareholders concluded a consent solicitation | 63.30% | ||||||
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 issued | 5,390,000 | $ 77,390,000 | $ 72,000,000 | ||||
Notes issued denominations and multiples of denominations | $ 25 | ||||||
Notes issued denominations | 24.95 | ||||||
Aggregate principal amount of senior notes issued, net of unamortized debt issuance costs | $ 75,824,000 | 76,184,000 | |||||
Unamortized debt issuance costs | $ 1,206,000 | $ 1,566,000 | |||||
Proceeds from issuance of unsecured senior notes net off underwriting discounts and offering costs | 5,190,947 | ||||||
Debt instrument, aggregate original issue discount | 10,780 | ||||||
Underwriting discount | $ 188,273 | ||||||
Interest rate of senior notes | 8.125% | ||||||
Debt instrument maturity date | Jul. 31, 2021 | ||||||
Frequency of interest payments | Quarterly | ||||||
Interest payment terms | Interest on the Senior Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31, commencing on July 31, 2014. | ||||||
Senior Notes 8.125% [Member] | On or after July 31, 2017 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Redemption price percentage on principal amount plus accrued and unpaid interest | 106.094% | 104.063% | |||||
Senior Notes 8.125% [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Senior notes redemption percentage on principal amount | 100.00% | ||||||
Fixed charge coverage ratio | 2 |
Senior and Other Debt - Schedul
Senior and Other Debt - Schedule of Senior and Other Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Long-term Debt | $ 411,141 | $ 427,218 |
Deutsche Bank Credit Facility [Member] | ||
Long-term Debt | 134,414 | 79,745 |
Bison Capital Notes [Member] | ||
Long-term Debt | 81,048 | |
Wells Fargo Credit Facility [Member] | ||
Long-term Debt | 193,587 | 183,949 |
Senior Notes [Member] | ||
Long-term Debt | 76,184 | 75,824 |
Equipment Financing And Other [Member] | ||
Long-term Debt | $ 6,956 | $ 6,652 |
Senior and Other Debt - Sched_2
Senior and Other Debt - Schedule Maturities for Senior Credit Facilities Senior Subordinated Notes and Other Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
2020 | $ 9,982 | ||
2021 | 7,542 | ||
2022 | [1] | 277,865 | |
2023 | 7,275 | ||
2024 | 110,699 | ||
Thereafter | 92 | ||
Senior and other debt | 413,455 | ||
Less - deferred financing costs | (2,314) | ||
Senior and other debt , net | $ 411,141 | $ 427,218 | |
[1] | Wells Fargo Credit Facility is reflected as maturing on March 24, 2022. |
Senior and Other Debt - Sched_3
Senior and Other Debt - Schedule Maturities for Senior Credit Facilities Senior Subordinated Notes and Other Debt (Parenthetical) (Detail) | 12 Months Ended |
Jun. 30, 2019 | |
Wells Fargo Credit Facility [Member] | |
Credit facility maturity date | Mar. 24, 2022 |
Financial Instruments - Derivat
Financial Instruments - Derivative Instruments at Fair Value, Classification in Consolidated Balances Sheets (Detail) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Trade Payables and Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | $ 18 | |
Swap Contracts [Member] | Trade Payables and Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | 2,223 | $ 223 |
Forward-Exchange Contracts [Member] | Trade and Other Receivables [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | 2 | 298 |
Bifurcated Derivatives [Member] | Fair Value of Bifurcated Derivatives in Convertible Note [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | $ 19,782 | $ 15,583 |
Financial Instruments - Deriv_2
Financial Instruments - Derivative Instruments at Fair Value, Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) in Income | $ 12 | $ 1,073 | |
Swap Contracts [Member] | Unrealized gain (loss) included in interest expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) in Income | 12 | 1,073 | |
Forward-Exchange Contracts [Member] | Unrealized foreign currency exchange gain (loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) in Income | $ (311) | 697 | $ (12) |
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 | $ 24,570 | $ 13,719 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | Jun. 30, 2017USD ($) | |
Derivative [Line Items] | |||
Gain on portion of cash flow hedge | $ 12,000 | $ 1,073,000 | |
Derivative Instruments, Gain (Loss) in Income | 12,000 | 1,073,000 | |
Unrealized foreign exchange gains (losses) | $ 5,163,000 | (6,138,000) | (375,000) |
Realized foreign exchange gains (losses) | (10,159,000) | (451,000) | (39,000) |
Revenues | 378,206,000 | 347,302,000 | 276,928,000 |
Net allowance for doubtful accounts provided | 1,559,000 | 1,850,000 | 2,529,000 |
Uncollectible accounts written off, net of recoveries and other | 1,702,000 | 2,570,000 | 5,060,000 |
Translation gain (loss) to allowance for doubtful accounts | (54,000) | 20,000 | 42,000 |
Deferred financing costs,Net | 2,314,000 | ||
Construction Industry [Member] | |||
Derivative [Line Items] | |||
Revenues | 44,769,000 | 40,739,000 | |
Accounts receivable | 55,455,000 | ||
Construction Industry [Member] | Trade Receivables [Member] | |||
Derivative [Line Items] | |||
Revenues | 8,142,000 | ||
Accounts receivable | 6,298,000 | ||
Energy Industry [Member] | |||
Derivative [Line Items] | |||
Revenues | 58,511,000 | 49,322,000 | 24,964,000 |
Energy Industry [Member] | Trade Receivables [Member] | |||
Derivative [Line Items] | |||
Accounts receivable | $ 11,869,000 | $ 13,967,000 | |
Customer Concentration Risk [Member] | |||
Derivative [Line Items] | |||
Concentrations of credit risk, percentage | 10.00% | ||
Forward-Exchange [Member] | |||
Derivative [Line Items] | |||
Number of derivative contract | Contract | 21 | 32 | |
Forward-Exchange [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative maturity date | 2019-07 | 2018-07 | |
Forward-Exchange [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative maturity date | 2019-10 | 2018-11 | |
Unrealized gain (loss) included in interest expense [Member] | Interest rate swap contract [Member] | |||
Derivative [Line Items] | |||
Gain on portion of cash flow hedge | $ 0 | ||
Debt break cost incurred | 148,000 | ||
Derivative Instruments, Gain (Loss) in Income | $ 12,000 | $ 1,073,000 | |
Senior credit facilities [Member] | |||
Derivative [Line Items] | |||
Carrying value of line of credit | 406,499,000 | 425,133,000 | |
Deferred financing costs,Net | 2,314,000 | 4,567,000 | |
Senior credit facilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Derivative [Line Items] | |||
Fair value of borrowings | 402,245,000 | 423,029,000 | |
Other debt [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Derivative [Line Items] | |||
Fair value of borrowings | $ 6,956,000 | $ 6,652,000 |
Financial Instruments - Open In
Financial Instruments - Open Interest Rate Swap Contract (Detail) - Interest rate swap contract [Member] - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Derivatives, Fair Value [Line Items] | ||
Notional amounts | $ 70,287,000 | $ 37,055,000 |
Fixed/Strike Rates | 6.92% | 7.414% |
Floating Rates | 1.2046% | 7.16% |
Fair Value of Combined Contracts | $ (2,233,000) | $ (223,000) |
Financial Instruments - Open Fo
Financial Instruments - Open Forward Exchange and Participating Forward Contracts (Detail) - Forward-Exchange [Member] | Jun. 30, 2019USD ($)$ / $ | Jun. 30, 2018USD ($)$ / $ |
Derivatives, Fair Value [Line Items] | ||
Notional amounts | $ | $ 9,305 | $ 8,950 |
Fair Value of Combined Contracts | $ | $ (16) | $ 298 |
Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exchange/Strike Rates (AUD to USD) | $ / $ | 0.67313 | 0.68142 |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exchange/Strike Rates (AUD to USD) | $ / $ | 0.72039 | 0.80004 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Taxes [Line Items] | |||
Income (loss) before provision for income taxes | $ (1,646) | $ (9,786) | $ (872) |
North America [Member] | |||
Income Taxes [Line Items] | |||
Income (loss) before provision for income taxes | 29,205 | 11,739 | (8,234) |
Asia Pacific [Member] | |||
Income Taxes [Line Items] | |||
Income (loss) before provision for income taxes | $ (30,851) | $ (21,525) | $ 7,362 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Current: | ||||
State | $ 504 | $ 481 | $ 172 | |
Foreign | 1,574 | 1,925 | 703 | |
Total current taxes | 2,078 | 2,406 | 875 | |
Deferred: | ||||
U.S. Federal | 5,026 | (1,323) | (3,351) | |
State | 1,397 | 844 | (120) | |
Foreign | (2,681) | (2,606) | 2,571 | |
Total deferred taxes | $ 6,979 | 3,742 | (3,085) | (900) |
Provision (benefit) for income taxes | $ 5,820 | $ (679) | $ (25) |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Deferred tax assets: | ||
Net operating loss and tax credit carryforwards | $ 16,928 | $ 21,094 |
Accrued compensation and other benefits | 3,029 | 3,025 |
Allowance for doubtful accounts | 1,279 | 1,314 |
Deferred revenue and expenses | 3,892 | 4,252 |
Total deferred tax assets | 25,128 | 29,685 |
Deferred tax liabilities: | ||
Accelerated tax depreciation and amortization | (63,310) | (64,324) |
Total deferred tax liabilities | (63,310) | (64,324) |
Valuation allowance | (529) | (330) |
Net deferred tax liabilities | $ (38,711) | $ (34,969) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of U.S. Federal Statutory Rate (Parenthetical) (Detail) | 12 Months Ended |
Jun. 30, 2019USD ($) | |
State [Member] | |
Income Taxes [Line Items] | |
Adjustment amount | $ 297,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Contingency [Line Items] | |||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 0 | $ 0 | |
Valuation allowance | $ 529,000 | 330,000 | |
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards, expiration year | 2030 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards, expiration year | 2039 | ||
North America [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforward | $ 71,746,000 | ||
Domestic Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Income Taxes Paid | $ 0 | $ 0 | |
State [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards, expiration year | 2021 | ||
State [Member] | Pac-Van [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforward | $ 23,380,000 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of U.S. Federal Statutory Rate (Detail) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Income Tax Disclosure [Abstract] | |||||
Federal statutory rate | 35.00% | 21.00% | 28.00% | 35.00% | |
Adjustment to estimated state deferred tax liability, net of U.S. federal tax benefit | [1] | (34.10%) | |||
Change in valuation of bifurcated derivative in Convertible Note | (521.30%) | (42.70%) | |||
State and Asia-Pacific taxes, net of U.S. federal tax benefit | 117.20% | 6.00% | (2.10%) | ||
Adjustment of net deferred tax liability for enacted tax rate change by the Act | 21.20% | 18.80% | |||
Adjustment for previously unrecognized net tax deficiency related to equity compensation activity prior to July 1, 2017 | (1.10%) | ||||
Net tax benefit related to equity compensation activity | 15.40% | 0.40% | |||
Valuation allowance | (12.10%) | (3.40%) | |||
Other | 5.00% | 0.90% | 4.10% | ||
Effective tax rate | (353.60%) | 6.90% | 2.90% | ||
[1] | Adjustment for estimated state taxes of $297,000. |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($)ft² | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Related Party Transaction [Line Items] | ||||
Rental payment | $ 13,439,000 | $ 13,004,000 | $ 11,911,000 | |
Affiliate of Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rental payment | $ 7,393 | $ 111,000 | 112,000 | 113,000 |
Office space | ft² | 3,000 | |||
Term of lease | 5 years | 5 years | ||
Renewal options of lease | 5 years | 5 years | ||
Pac Van Las Vegas [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rental payment | $ 10,876 | $ 176,000 | $ 131,000 | $ 124,000 |
Renewal options of lease | 2 years | 2 years | ||
Lease expiration date | Dec. 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 |
Equity Plans - Additional Infor
Equity Plans - Additional Information (Detail) | Feb. 06, 2018USD ($)$ / sharesshares | Jan. 02, 2018USD ($)$ / sharesshares | Dec. 15, 2017USD ($)$ / sharesshares | Feb. 07, 2017USD ($)$ / sharesshares | Oct. 12, 2016USD ($)$ / sharesshares | Feb. 12, 2019USD ($)$ / sharesshares | Sep. 30, 2017USD ($)shares | Sep. 30, 2017AUD ($)shares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2018AUD ($)shares | Jun. 30, 2017USD ($)$ / sharesshares | Dec. 07, 2017shares | Jun. 30, 2016shares | Sep. 11, 2014shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Outstanding stock options | 1,676,196 | 1,824,910 | 1,824,910 | 2,061,057 | 2,183,224 | ||||||||||
Market price of common stock | $ / shares | $ 8.37 | ||||||||||||||
Intrinsic value of the outstanding stock options | $ | $ 6,926,800 | ||||||||||||||
Share-based compensation expense | $ | $ 2,680,000 | $ 3,658,000 | $ 1,374,000 | ||||||||||||
Minimum percentage of outstanding shares in capital stock | 50.00% | ||||||||||||||
Number of performance rights deemed vested | 66,073 | ||||||||||||||
Payment of performance rights | $ 835,000 | $ 1,066,000 | |||||||||||||
Number of performance rights granted | 185,940 | 125,885 | 125,885 | 349,304 | |||||||||||
Share-based compensation expense | $ | $ 2,680,000 | $ 3,658,000 | $ 1,374,000 | ||||||||||||
Refund from terminated Royal Wolf LTI Plan trust | $ | $ 338,000 | ||||||||||||||
Stock options granted exercise price | $ / shares | $ 10.34 | $ 6.49 | $ 5.10 | ||||||||||||
Expected dividends | $ | $ 0 | $ 0 | $ 0 | ||||||||||||
Number of option granted | 3,249 | 306,280 | 306,280 | 225,000 | |||||||||||
Issuance of shares of common stock | $ | $ 858,000 | $ 1,150,000 | $ 54,000 | ||||||||||||
Additional Paid-in Capital [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Issuance of shares of common stock | $ | $ 858,000 | $ 1,150,000 | 54,000 | ||||||||||||
Officers And Key Employees [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Weighted-average fair value of the stock options granted | $ / shares | $ 3.60 | ||||||||||||||
Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Market price of common stock | $ / shares | $ 6.80 | $ 4.45 | |||||||||||||
Number of option granted | 42,773 | 22,112 | |||||||||||||
Issuance of shares of common stock | $ | $ 291,000 | ||||||||||||||
Officer [Member] | Additional Paid-in Capital [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Issuance of shares of common stock | $ | $ 98,000 | ||||||||||||||
February 2017 Grant [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of option available for granted | 225,000 | ||||||||||||||
Vesting period | 36 months | ||||||||||||||
Stock options granted exercise price | $ / shares | $ 5.10 | ||||||||||||||
Weighted average fair value of the options outstanding | $ / shares | $ 3.35 | ||||||||||||||
Risk-free interest rate | 2.13% | ||||||||||||||
Expected life (in years) | 7 years 6 months | ||||||||||||||
Expected volatility | 65.10% | ||||||||||||||
February 2019 Grant [Member] | Key Employees [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | 36 months | ||||||||||||||
Stock options granted exercise price | $ / shares | $ 10.34 | ||||||||||||||
Weighted average fair value of the options outstanding | $ / shares | $ 5.05 | ||||||||||||||
Risk-free interest rate | 2.584% | ||||||||||||||
Expected life (in years) | 7 years 6 months | ||||||||||||||
Expected volatility | 41.88% | ||||||||||||||
Expected dividends | $ | $ 0 | ||||||||||||||
Number of option granted | 3,249 | ||||||||||||||
Time-based options [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Outstanding stock options | 1,087,972 | ||||||||||||||
Time-based options [Member] | Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Weighted average fair value of the options outstanding | $ / shares | $ 3.45 | ||||||||||||||
Time-based options [Member] | December 2017 Grant [Member] | Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of option available for granted | 225,000 | ||||||||||||||
Vesting period | 36 months | ||||||||||||||
Stock options granted exercise price | $ / shares | $ 6.25 | ||||||||||||||
Risk-free interest rate | 2.26% | ||||||||||||||
Expected life (in years) | 7 years 6 months | ||||||||||||||
Expected volatility | 50.50% | ||||||||||||||
Time-based options [Member] | February 2018 Grant [Member] | Key Employees [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of option available for granted | 81,280 | ||||||||||||||
Vesting period | 28 months 24 days | ||||||||||||||
Stock options granted exercise price | $ / shares | $ 7.15 | ||||||||||||||
Weighted average fair value of the options outstanding | $ / shares | $ 4 | ||||||||||||||
Risk-free interest rate | 2.66% | ||||||||||||||
Expected life (in years) | 7 months 15 days | ||||||||||||||
Expected volatility | 50.50% | ||||||||||||||
Time-based options [Member] | February 2019 Grant [Member] | Key Employees [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of option granted | 1,625 | ||||||||||||||
Performance-based options [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Outstanding stock options | 588,224 | ||||||||||||||
Performance-based options [Member] | February 2019 Grant [Member] | Key Employees [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of option granted | 1,624 | ||||||||||||||
2014 Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of option available for granted | 1,500,000 | 1,500,000 | |||||||||||||
Stock option plan expiration date | Dec. 4, 2024 | ||||||||||||||
Number of shares reserved for issuance | 1,000,000 | ||||||||||||||
2014 Plan [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of option available for granted | 2,500,000 | ||||||||||||||
2009 Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock option plan expiration date | Dec. 10, 2019 | ||||||||||||||
Royal Wolf Long Term Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based compensation expense | $ | $ 1,207,000 | $ (74,000) | |||||||||||||
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 | $ 458,000 | |||||||||||||
Predecessor Plans [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of option available for granted | 2,500,000 | ||||||||||||||
2006 Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock option plan expiration date | Jun. 30, 2016 | ||||||||||||||
Non-qualified stock options [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares available for grant | 697,474 | ||||||||||||||
RSU [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Unrecognized compensation expense to be recorded on a straight-line basis | $ | $ 694,000 | ||||||||||||||
Share-based compensation recognized in statements of operations | $ | $ 840,000 | ||||||||||||||
Number of performance rights deemed vested | 66,073 | ||||||||||||||
Number of performance rights granted | 20,590 | 211,763 | 211,763 | ||||||||||||
RSU [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Remaining vesting period | 2 years 2 months 12 days | ||||||||||||||
RSU [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Remaining vesting period | 1 year | ||||||||||||||
Performance rights [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of performance rights granted | 2,582,723 | 2,582,723 | |||||||||||||
Performance shares converted to capital stock | 677,953 | 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 year | 2017-09 | 2017-09 | |||||||||||||
Number of performance rights deemed vested | 582,370 | 582,370 | |||||||||||||
Stock options [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | 9 months 18 days | ||||||||||||||
Share-based compensation expense | $ | $ 8,935,000 | ||||||||||||||
Unrecognized compensation expense to be recorded on a straight-line basis | $ | $ 678,000 | ||||||||||||||
Expected life (in years) | 7 years 6 months | ||||||||||||||
Expected dividends | $ | $ 0 | ||||||||||||||
Stock options [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Weighted-average fair value of the stock options granted | $ / shares | $ 6.35 | ||||||||||||||
Stock options [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Weighted-average fair value of the stock options granted | $ / shares | $ 0.81 | ||||||||||||||
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 | $ | $ 2,416,000 | ||||||||||||||
Share-based compensation recognized in statements of operations | $ | $ 4,525,000 | ||||||||||||||
Number of performance rights deemed vested | 236,373 | 226,345 | 226,345 | 242,501 | |||||||||||
Number of performance rights granted | 185,940 | 125,885 | 125,885 | 349,304 | |||||||||||
Restricted Stock [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Remaining vesting period | 2 years 11 months 12 days | ||||||||||||||
Restricted Stock [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Remaining vesting period | 5 months 4 days |
Equity Plans - Fair Value of St
Equity Plans - Fair Value of Stock Options Granted (Detail) - USD ($) | Feb. 06, 2018 | Dec. 15, 2017 | Feb. 07, 2017 | Jun. 30, 2019 |
Assumptions used: | ||||
Expected dividends | $ 0 | $ 0 | $ 0 | |
Stock options [Member] | ||||
Assumptions used: | ||||
Risk-free interest rate, minimum | 1.19% | |||
Risk-free interest rate, maximum | 4.80% | |||
Expected life (in years) | 7 years 6 months | |||
Expected volatility, minimum | 26.50% | |||
Expected volatility, maximum | 84.60% | |||
Expected dividends | $ 0 | |||
Minimum [Member] | Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of stock options | $ 0.81 | |||
Maximum [Member] | Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of stock options | $ 6.35 |
Equity Plans - Stock Option Act
Equity Plans - Stock Option Activity and Related Information (Detail) - $ / shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Number of Options (Shares) | |||
Outstanding beginning balance | 1,824,910 | 2,061,057 | 2,183,224 |
Granted | 3,249 | 306,280 | 225,000 |
Exercised | (142,963) | (237,260) | (21,500) |
Forfeited or expired | (9,000) | (305,167) | (325,667) |
Outstanding ending balance | 1,676,196 | 1,824,910 | 2,061,057 |
Vested and expected to vest | 1,676,196 | ||
Exercisable | 1,360,361 | 1,333,564 | 1,632,256 |
Weighted-Average Exercise Price | |||
Outstanding beginning balance | $ 4.52 | $ 4.92 | $ 5.30 |
Granted | 10.34 | 6.49 | 5.10 |
Exercised | 6.01 | 4.85 | 2.50 |
Forfeited or expired | 6.50 | 8.96 | 7.75 |
Outstanding ending balance | 4.39 | 4.52 | 4.92 |
Vested and expected to vest | 4.39 | ||
Exercisable | $ 4.03 | $ 4.01 | $ 4.78 |
Weighted-Average Remaining Contractual Term (Years) | |||
Outstanding | 5 years | 5 years 9 months 18 days | 4 years 10 months 24 days |
Vested and expected to vest | 5 years | ||
Exercisable | 4 years 4 months 24 days | 4 years 6 months | 3 years 9 months 18 days |
Equity Plans - Summary of Non-V
Equity Plans - Summary of Non-Vested Equity Share Activity (Detail) - $ / shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested beginning balance | 379,850 | ||
Granted | 185,940 | 125,885 | 349,304 |
Vested | (66,073) | ||
Non-vested ending balance | 379,850 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested beginning balance | 379,850 | 480,310 | 373,507 |
Granted | 185,940 | 125,885 | 349,304 |
Vested | (236,373) | (226,345) | (242,501) |
Forfeited | 0 | ||
Non-vested ending balance | 329,417 | 379,850 | 480,310 |
Non-vested beginning balance | $ 6.32 | $ 4.54 | $ 4.20 |
Granted | 8.91 | 9.69 | 4.10 |
Vested | 5.63 | 4.42 | 6.10 |
Forfeited | 0 | ||
Non-vested ending balance | $ 8.28 | $ 6.32 | $ 4.54 |
RSU [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested beginning balance | 211,763 | ||
Granted | 20,590 | 211,763 | |
Vested | (66,073) | ||
Forfeited | (27,093) | ||
Non-vested ending balance | 139,187 | 211,763 | |
Non-vested beginning balance | $ 7.15 | ||
Granted | 10.34 | ||
Vested | 7.15 | $ 7.15 | |
Forfeited | 7.15 | ||
Non-vested ending balance | $ 7.62 | $ 7.15 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Feb. 01, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Commitment And Contingencies [Line Items] | ||||
Trade payables and accrued liabilities | $ 48,460,000 | $ 50,545,000 | ||
Rental expense on non-cancellable operating leases | $ 13,439,000 | 13,004,000 | $ 11,911,000 | |
Maximum [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Operating lease term | 9 years | |||
Minimum [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Operating lease term | 1 year | |||
Self Insured Liabilities [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Trade payables and accrued liabilities | $ 1,335,000 | $ 721,000 | ||
Self Insured Liabilities [Member] | Maximum [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Insurance liabilities per policy period | $ 1,200,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Non-Cancellable Operating Lease Rentals Payable (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2020 | $ 11,655 |
2021 | 9,198 |
2022 | 6,585 |
2023 | 4,992 |
2024 | 3,103 |
Thereafter | 9,091 |
Total | $ 44,624 |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Receipts under Sales-Type and Operating Fleet Leases (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2020 | $ 20,833 |
2021 | 4,907 |
2022 | 2,403 |
2023 | 1,524 |
2024 | 1,197 |
Thereafter | 1,155 |
Total | $ 32,019 |
Detail of Certain Accounts - Su
Detail of Certain Accounts - Summary of Trade Payables and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade payables | $ 20,448 | $ 23,112 |
Checks written in excess of bank balance | 104 | 1,295 |
Payroll and related | 11,506 | 11,012 |
Taxes, other than income | 1,970 | 1,820 |
Fair value of interest swap and forward currency exchange contacts | 2,233 | 223 |
Accrued interest | 3,682 | 4,005 |
Deferred consideration | 1,831 | 2,568 |
Self-insured reported liability | 1,335 | 721 |
Other accruals | 5,351 | 5,789 |
Total trade payables and accrued liabilities | $ 48,460 | $ 50,545 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019USD ($)Segment | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of geographic units | Segment | 2 | ||
Number of operating segments | Segment | 4 | ||
Sales | $ 137,716 | $ 132,317 | $ 100,659 |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 83,025 | 65,308 | 52,535 |
North America [Member] | Corporate and Intercompany Adjustments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | (4,138) | (3,715) | $ (2,049) |
Lone Star Leasing [Member] | North America [Member] | Corporate and Intercompany Adjustments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | $ 1,730 | $ 1,000 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Sales | $ 137,716 | $ 132,317 | $ 100,659 | |
Leasing | 240,490 | 214,985 | 176,269 | |
Total revenues | 378,206 | 347,302 | 276,928 | |
Share-based compensation | 2,680 | 3,658 | 1,374 | |
Depreciation and amortization | 42,108 | 40,335 | 40,092 | |
Operating income | 61,590 | 43,699 | 19,066 | |
Interest income | 191 | 112 | 66 | |
Interest expense | 35,344 | 33,991 | 19,653 | |
Additions to long-lived assets | 78,104 | 53,350 | 49,505 | |
Long-lived assets | 479,717 | 451,698 | ||
Goodwill | 111,323 | 109,943 | 105,129 | $ 102,546 |
North America [Member] | ||||
Revenues: | ||||
Sales | 83,025 | 65,308 | 52,535 | |
Leasing | 175,823 | 150,855 | 116,189 | |
Total revenues | 258,848 | 216,163 | 168,724 | |
Share-based compensation | 1,953 | 2,145 | 1,448 | |
Depreciation and amortization | 24,123 | 23,237 | 23,393 | |
Operating income | 48,069 | 30,427 | 8,298 | |
Interest income | 7 | 9 | 25 | |
Interest expense | 19,445 | 18,617 | 16,390 | |
Additions to long-lived assets | 54,818 | 36,751 | 25,824 | |
Long-lived assets | 338,028 | 305,987 | ||
Goodwill | 85,299 | 82,475 | ||
North America [Member] | Corporate and Intercompany Adjustments [Member] | ||||
Revenues: | ||||
Sales | (4,138) | (3,715) | (2,049) | |
Leasing | (1,862) | (1,132) | (291) | |
Total revenues | (6,000) | (4,847) | (2,340) | |
Share-based compensation | 1,562 | 1,749 | 1,012 | |
Depreciation and amortization | (741) | (731) | (728) | |
Operating income | (6,708) | (6,709) | (4,907) | |
Interest income | 7 | 9 | 25 | |
Interest expense | 6,843 | 7,291 | 7,325 | |
Additions to long-lived assets | (227) | (334) | (247) | |
Long-lived assets | (9,606) | (10,099) | ||
North America [Member] | Pac-Van Leasing [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Sales | 72,241 | 55,438 | 47,640 | |
Leasing | 130,461 | 112,027 | 97,383 | |
Total revenues | 202,702 | 167,465 | 145,023 | |
Share-based compensation | 331 | 309 | 333 | |
Depreciation and amortization | 15,524 | 14,233 | 13,663 | |
Operating income | 39,497 | 28,689 | 19,551 | |
Interest expense | 11,215 | 9,172 | 7,304 | |
Additions to long-lived assets | 53,235 | 33,628 | 26,024 | |
Long-lived assets | 301,233 | 264,651 | ||
Goodwill | 64,517 | 61,693 | ||
North America [Member] | Lone Star Leasing [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Sales | 20 | |||
Leasing | 47,224 | 39,960 | 19,097 | |
Total revenues | 47,224 | 39,980 | 19,097 | |
Share-based compensation | 33 | 41 | 41 | |
Depreciation and amortization | 8,936 | 9,161 | 9,666 | |
Operating income | 14,236 | 8,798 | (3,916) | |
Interest expense | 1,130 | 1,770 | 1,369 | |
Additions to long-lived assets | 1,783 | 3,326 | 47 | |
Long-lived assets | 44,694 | 49,352 | ||
Goodwill | 20,782 | 20,782 | ||
North America [Member] | Lone Star Leasing [Member] | Corporate and Intercompany Adjustments [Member] | ||||
Revenues: | ||||
Sales | 1,730 | 1,000 | ||
North America [Member] | Pac Van and Lone Star Leasing [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Sales | 72,241 | 55,458 | 47,640 | |
Leasing | 177,685 | 151,987 | 116,480 | |
Total revenues | 249,926 | 207,445 | 164,120 | |
Share-based compensation | 364 | 350 | 374 | |
Depreciation and amortization | 24,460 | 23,394 | 23,329 | |
Operating income | 53,733 | 37,487 | 15,635 | |
Interest expense | 12,345 | 10,942 | 8,673 | |
Additions to long-lived assets | 55,018 | 36,954 | 26,071 | |
Long-lived assets | 345,927 | 314,003 | ||
Goodwill | 85,299 | 82,475 | ||
North America [Member] | Manufacturing [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Sales | 14,922 | 13,565 | 6,944 | |
Total revenues | 14,922 | 13,565 | 6,944 | |
Share-based compensation | 27 | 46 | 62 | |
Depreciation and amortization | 404 | 574 | 792 | |
Operating income | 1,044 | (351) | (2,430) | |
Interest expense | 257 | 384 | 392 | |
Additions to long-lived assets | 27 | 131 | ||
Long-lived assets | 1,707 | 2,083 | ||
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Sales | 54,691 | 67,009 | 48,124 | |
Leasing | 64,667 | 64,130 | 60,080 | |
Total revenues | 119,358 | 131,139 | 108,204 | |
Share-based compensation | 727 | 1,513 | (74) | |
Depreciation and amortization | 17,985 | 17,098 | 16,699 | |
Operating income | 13,521 | 13,272 | 10,768 | |
Interest income | 184 | 103 | 41 | |
Interest expense | 15,899 | 15,374 | 3,263 | |
Additions to long-lived assets | 23,286 | 16,599 | $ 23,681 | |
Long-lived assets | 141,689 | 145,711 | ||
Goodwill | $ 26,024 | $ 27,468 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Events [Member] - Series C Preferred Stock [Member] | Jul. 12, 2019$ / shares |
Subsequent Event [Line Items] | |
Cash dividend, amount per share | $ 2.30 |
Dividend declared date | Jul. 30, 2019 |
Dividend payable date | Jul. 31, 2019 |
Dividend payable record date | Jul. 30, 2019 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Registrant - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 10,359 | $ 21,617 | $ 7,792 | $ 9,342 |
Property and equipment, net | 22,895 | 22,310 | ||
Total assets | 718,312 | 689,687 | ||
Accounts payable, accrued and other liabilities | 48,460 | 50,545 | ||
Senior and other debt | 411,141 | 427,218 | ||
General Finance Corporation stockholders' equity | 176,537 | 141,281 | ||
Total liabilities and equity | 718,312 | 689,687 | ||
Parent [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 266 | 89 | $ 3,944 | $ 3,442 |
Property and equipment, net | 23 | 14 | ||
Other assets | 7,528 | 19,489 | ||
Investment and intercompany accounts | 247,638 | 200,294 | ||
Total assets | 219,886 | |||
Accounts payable, accrued and other liabilities | 2,734 | 2,781 | ||
Senior and other debt | 76,184 | 75,824 | ||
General Finance Corporation stockholders' equity | 176,537 | 141,281 | ||
Total liabilities and equity | $ 255,455 | $ 219,886 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Registrant - Condensed Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Condensed Income Statements, Captions [Line Items] | |||
General and administrative expenses | $ 81,965 | $ 77,650 | $ 67,705 |
Depreciation and amortization | 41,704 | 39,761 | 39,300 |
Operating income | 61,590 | 43,699 | 19,066 |
Interest expense | (35,344) | (33,991) | (19,653) |
Total costs and expenses | (63,236) | (53,485) | (19,938) |
Income tax benefit | 5,820 | (679) | (25) |
Net loss | (7,466) | (9,107) | (847) |
Preferred stock dividends | 3,658 | 3,658 | 3,658 |
Net loss attributable to common stockholders | (11,124) | (11,964) | (6,620) |
Parent [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
General and administrative expenses | 7,299 | 7,022 | 5,473 |
Depreciation and amortization | 20 | 36 | 28 |
Operating income | (7,319) | (7,058) | (5,501) |
Equity in losses of subsidiaries | (10,703) | (16,886) | (8,568) |
Intercompany income | 14,164 | 16,138 | 13,806 |
Interest expense | (6,843) | (7,291) | (7,325) |
Other income, net | 7 | 21 | |
Total costs and expenses | (3,382) | (8,032) | (2,066) |
Loss before income taxes | (10,701) | (15,090) | (7,567) |
Income tax benefit | (3,235) | (6,784) | (4,605) |
Net loss | (7,466) | (8,306) | (2,962) |
Preferred stock dividends | 3,658 | 3,658 | 3,658 |
Net loss attributable to common stockholders | $ (11,124) | $ (11,964) | $ (6,620) |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information of Registrant - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | |||
Net loss attributable to stockholders | $ (7,466) | $ (9,107) | $ (847) |
Depreciation and amortization | 42,108 | 40,335 | 40,092 |
Amortization of deferred financing costs | 2,915 | 2,293 | 1,504 |
Share-based compensation expense | 2,680 | 3,658 | 1,374 |
Deferred income taxes | 3,989 | (2,981) | (1,194) |
Net cash provided by operating activities | 52,087 | 58,775 | 35,307 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (7,213) | (4,784) | (3,693) |
Net cash used in investing activities | (64,000) | (114,500) | (30,722) |
Cash flows from financing activities: | |||
Repayments of senior and other debt borrowings | 67,997 | 89,942 | (2,782) |
Proceeds from issuances of senior notes | 5,390 | ||
Deferred financing costs | (427) | (3,980) | (2,801) |
Proceeds from issuances of common stock | 858 | 1,150 | 54 |
Preferred stock dividends | (3,658) | (3,658) | (3,658) |
Net cash provided by (used in) financing activities | 1,581 | 70,721 | (6,159) |
Cash and equivalents at beginning of period | 21,617 | 7,792 | 9,342 |
Cash and equivalents at end of period | 10,359 | 21,617 | 7,792 |
Parent [Member] | |||
Cash flows from operating activities: | |||
Net loss attributable to stockholders | (7,466) | (8,306) | (2,962) |
Equity in losses of subsidiaries | 10,703 | 16,886 | 8,568 |
Depreciation and amortization | 20 | 36 | 28 |
Amortization of deferred financing costs | 555 | 587 | 565 |
Share-based compensation expense | 1,562 | 1,749 | 1,012 |
Deferred income taxes | (3,342) | (6,784) | (4,605) |
Changes in operating assets and liabilities | 449 | 1,950 | 418 |
Net cash provided by operating activities | 2,481 | 6,118 | 3,024 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (23) | (5) | (21) |
Other intangible assets | (50) | ||
Net cash used in investing activities | (23) | (5) | (71) |
Cash flows from financing activities: | |||
Repayments of senior and other debt borrowings | (10,000) | ||
Proceeds from issuances of senior notes | 5,390 | ||
Deferred financing costs | (196) | (31) | (477) |
Proceeds from issuances of common stock | 858 | 1,150 | 54 |
Preferred stock dividends | (3,658) | (3,658) | (3,658) |
Intercompany transfers | 715 | 2,571 | (3,760) |
Net cash provided by (used in) financing activities | (2,281) | (9,968) | (2,451) |
Net increase (decrease) in cash | 177 | (3,855) | 502 |
Cash and equivalents at beginning of period | 89 | 3,944 | 3,442 |
Cash and equivalents at end of period | $ 266 | $ 89 | $ 3,944 |