Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Sep. 03, 2020 | Dec. 31, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
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 | 30,166,938 | ||
Entity Public Float | $ 165,555,000 | ||
Entity Address, State or Province | CA | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | GFN | ||
Title of 12(b) 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(b) Security | 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock (Liquidation Preference $100 per share) | ||
Security Exchange Name | NASDAQ | ||
Senior Notes Due [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | GFNSL | ||
Title of 12(b) Security | 8.125% Senior Notes due 2021 | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Assets | ||
Cash and cash equivalents | $ 17,478 | $ 10,359 |
Trade and other receivables, net of allowance for doubtful accounts of $5,490 and $5,972 at June 30, 2019 and June 30, 2020, respectively | 44,066 | 56,204 |
Inventories | 20,928 | 29,077 |
Prepaid expenses and other | 8,207 | 9,823 |
Property, plant and equipment, net | 24,396 | 22,895 |
Lease fleet, net | 458,727 | 456,822 |
Operating lease assets | 66,225 | |
Goodwill | 97,224 | 111,323 |
Other intangible assets, net | 18,771 | 21,809 |
Total assets | 756,022 | 718,312 |
Liabilities | ||
Trade payables and accrued liabilities | 46,845 | 48,460 |
Income taxes payable | 645 | 506 |
Unearned revenue and advance payments | 24,642 | 22,671 |
Operating lease liabilities | 67,142 | |
Senior and other debt, net | 379,798 | 411,141 |
Fair value of bifurcated derivatives in Convertible Note | 18,325 | 19,782 |
Deferred tax liabilities | 43,708 | 38,711 |
Total liabilities | 581,105 | 541,271 |
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, 2019 and 2020 | 40,100 | 40,100 |
Common stock, $.0001 par value: 100,000,000 shares authorized; 30,471,406 shares issued and outstanding at June 30, 2019 and 30,880,531 shares issued and 29,968,766 shares outstanding at June 30, 2020 | 3 | 3 |
Additional paid-in capital | 183,051 | 183,933 |
Accumulated other comprehensive loss | (22,106) | (18,755) |
Accumulated deficit | (20,790) | (28,744) |
Treasury stock, at cost; 911,765 shares at JuneĀ 30, 2020 | (5,845) | |
Total General Finance Corporation stockholders' equity | 174,413 | 176,537 |
Equity of noncontrolling interests | 504 | 504 |
Total equity | 174,917 | 177,041 |
Total liabilities and equity | $ 756,022 | $ 718,312 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts on trade and other receivables | $ 5,972 | $ 5,490 |
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 | 30,880,531 | 30,471,406 |
Common stock, shares outstanding | 29,968,766 | 30,471,406 |
Treasury stock shares | 911,765 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | |||
Sales | $ 128,642 | $ 137,716 | $ 132,317 |
Leasing | 227,837 | 240,490 | 214,985 |
Total revenues | 356,479 | 378,206 | 347,302 |
Costs and expenses | |||
Manufactured units | 6,082 | 8,478 | 9,212 |
Direct costs of leasing operations | 87,216 | 91,286 | 89,201 |
Selling and general expenses | 81,342 | 81,965 | 77,650 |
Impairment of goodwill | 14,160 | ||
Depreciation and amortization | 35,154 | 41,704 | 39,761 |
Operating income | 45,454 | 61,590 | 43,699 |
Interest income | 663 | 191 | 112 |
Interest expense (includes cash flow hedge reclassifications from AOCI of an unrealized gain of $12 in 2018) | (26,386) | (35,344) | (33,991) |
Change in valuation of bifurcated derivatives in Convertible Note (Note 5) | (5,386) | (24,570) | (13,719) |
Foreign exchange and other | 304 | (3,513) | (5,887) |
Total costs and expenses | (30,805) | (63,236) | (53,485) |
Income (loss) before income taxes | 14,649 | (1,646) | (9,786) |
Provision (benefit) for income taxes | 6,695 | 5,820 | (679) |
Net income (loss) | 7,954 | (7,466) | (9,107) |
Preferred stock dividends | (3,668) | (3,658) | (3,658) |
Noncontrolling interest | 801 | ||
Net income (loss) attributable to common stockholders | $ 4,286 | $ (11,124) | $ (11,964) |
Net income (loss) per common share: | |||
Basic | $ 0.14 | $ (0.38) | $ (0.46) |
Diluted | $ 0.14 | $ (0.38) | $ (0.46) |
Weighted average shares outstanding: | |||
Basic | 30,252,431 | 29,318,511 | 26,269,931 |
Diluted | 31,253,784 | 29,318,511 | 26,269,931 |
Lease inventories and fleet [Member] | |||
Revenues | |||
Sales | $ 121,323 | $ 126,932 | $ 122,467 |
Costs and expenses | |||
Lease inventories and fleet (exclusive of the items shown separately below) | 87,071 | 93,183 | 87,779 |
Manufactured units [Member] | |||
Revenues | |||
Sales | $ 7,319 | $ 10,784 | $ 9,850 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/Loss (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 7,954 | $ (7,466) | $ (9,107) |
Other comprehensive income (loss): | |||
Change in fair value, net of cash flow hedge reclassifications to the statement of operations of an unrealized gain of $12 in 2018, and net of income tax effect of $28, $606 and $381 in 2018, 2019 and 2020, respectively | (856) | (1,399) | (80) |
Cumulative translation adjustment | (2,495) | (265) | 1,988 |
Total comprehensive income (loss) | 4,603 | (9,130) | (7,199) |
Allocated to noncontrolling interests | (1,095) | ||
Comprehensive income (loss) allocable to General Finance Corporation stockholders | $ 4,603 | $ (9,130) | $ (8,294) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income/Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Gain (loss) on portion of cash flow hedge | $ 12 | ||
Change in fair value change of interest rate swap, income tax provision (benefit) | $ 381 | $ 606 | $ 28 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Total General Finance Corporation Stockholders' Equity [Member] | Equity of Noncontrolling Interests [Member] | Cumulative Preferred Stock [Member] |
Balance at Jun. 30, 2017 | $ 223,248 | $ 3 | $ 120,370 | $ (12,355) | $ (12,972) | $ 135,146 | $ 88,102 | $ 40,100 | |
Share-based 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 Income (loss) | (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 | |
Forced conversion of Convertible Note into 3,058,824 shares of common stock (Note 5) | 44,506 | 44,506 | 44,506 | ||||||
Net Income (loss) | (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 | |
Share-based compensation | 2,656 | 2,656 | 2,656 | ||||||
Preferred stock dividends | (3,668) | (3,668) | (3,668) | ||||||
Issuance of shares of common stock on exercises of stock options | 130 | 130 | 130 | ||||||
Grant of shares, restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Vesting of restricted stock units into 59,390 shares of common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Purchase of 911,765 shares of common stock (NoteĀ 5) | (5,845) | $ (5,845) | (5,845) | ||||||
Net Income (loss) | 7,954 | 7,954 | 7,954 | ||||||
Fair value change in derivative, net of related tax effect | (856) | (856) | (856) | ||||||
Cumulative translation adjustment | (2,495) | (2,495) | (2,495) | ||||||
Total comprehensive income (loss) | 4,603 | 4,603 | |||||||
Balance at Jun. 30, 2020 | $ 174,917 | $ 3 | $ 183,051 | $ (22,106) | $ (20,790) | $ (5,845) | $ 174,413 | $ 504 | $ 40,100 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Unaudited) (Parenthetical) - shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Issuance of shares of common stock on exercises of stock options | 79,500 | 142,963 | 237,260 |
Vesting of restricted stock units, shares of common stock | 59,390 | 66,073 | |
Forced conversion of Convertible Note, shares of common stock | 3,058,824 | 3,058,824 | |
Grant of shares of common stock | 42,773 | ||
Grant of net shares of restricted stock | 270,235 | 185,940 | 125,885 |
Purchase of shares of common stock | 911,765 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 7,954 | $ (7,466) | $ (9,107) |
Adjustments to reconcile net loss to cash flows from operating activities: | |||
Gain on sales and disposals of property, plant and equipment | (265) | (149) | (2) |
Gain on sales of lease fleet | (10,314) | (9,967) | (8,464) |
Gain on bargain purchase of businesses | (1,767) | ||
Unrealized foreign exchange loss (gain) | 709 | (5,163) | 6,138 |
Non-cashĀ realized foreign exchange loss (gain) | (534) | 3,554 | |
Unrealized loss (gain) on forward exchange contracts | 213 | 311 | (697) |
Unrealized gain on interest rate swaps | (12) | ||
Change in valuation of bifurcated derivatives in Convertible Notes | 5,386 | 24,570 | 13,719 |
Impairment of goodwill | 14,160 | ||
Depreciation and amortization | 35,550 | 42,108 | 40,335 |
Amortization of deferred financing costs | 1,852 | 2,915 | 2,293 |
Accretion of interest | (529) | 822 | |
Interest deferred on Senior Term Note | 4,798 | 3,272 | |
Share-based compensation expense | 2,656 | 2,680 | 3,658 |
Deferred income taxes | 4,508 | 3,989 | (2,981) |
Changes in operating assets and liabilities (excluding assets and liabilities from acquisitions): | |||
Trade and other receivables, net | 11,822 | (6,368) | (6,446) |
Inventories | 7,919 | (3,980) | 7,021 |
Prepaid expenses and other | 2,803 | (1,847) | 1,170 |
Trade payables, accrued liabilities and unearned revenues | (7,973) | 4,108 | 6,975 |
Income taxes | 128 | 290 | 1,081 |
Net cash provided by operating activities | 76,574 | 52,087 | 58,775 |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (2,239) | (18,598) | (15,084) |
Acquisition of noncontrolling interest in Royal Wolf | (73,251) | ||
Proceeds from sales of property, plant and equipment | 483 | 483 | 281 |
Purchases of property, plant and equipment | (8,410) | (7,213) | (4,784) |
Proceeds from sales of lease fleet | 33,809 | 32,391 | 27,481 |
Purchases of lease fleet | (54,013) | (70,891) | (48,566) |
Other intangible assets | (182) | (172) | (577) |
Net cash used in investing activities | (30,552) | (64,000) | (114,500) |
Cash flows from financing activities: | |||
Proceeds from (repayments of) equipment financing activities, net | (586) | 122 | (512) |
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 | (28,690) | 67,997 | 89,942 |
Purchases of common stock | (5,845) | ||
Deferred financing costs | (80) | (427) | (3,980) |
Proceeds from issuances of common stock | 130 | 858 | 1,150 |
Dividends and distributions by subsidiaries | (1,038) | ||
Refund from terminated Royal Wolf LTI Plan trust | 338 | ||
Preferred stock dividends | (3,668) | (3,658) | (3,658) |
Net cash provided by (used in) financing activities | (38,739) | 1,581 | 70,721 |
Net increase (decrease) in cash | 7,283 | (10,332) | 14,996 |
Cash and equivalents at beginning of period | 10,359 | 21,617 | 7,792 |
The effect of foreign currency translation on cash | (164) | (926) | (1,171) |
Cash and equivalents at end of period | 17,478 | 10,359 | 21,617 |
Cash paid during the period: | |||
Interest | 24,839 | 31,943 | 31,091 |
Income taxes | $ 1,401 | $ 1,131 | $ 587 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | Sep. 10, 2018USD ($)shares |
Senior Secured Convertible Promissory Notes [Member] | |
Aggregate principal balance of Convertible Note | $ 26,000,000 |
Forced conversion of Convertible Note, shares of common stock | shares | 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, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | Note 1. Organization and Business Operations General Finance Corporation (āGFNā) was incorporated in Delaware in October 2005. References to the āCompanyā in these Notes are to GFN and its consolidated subsidiaries. These subsidiaries include GFN U.S. Australasia Holdings, Inc., a Delaware corporation (āGFN U.S.ā); GFN Insurance Corporation, an Arizona corporation (āGFNIā); GFN North America Leasing Corporation, a Delaware corporation (āGFNNA Leasingā); GFN North America Corp., a Delaware corporation (āGFNNAā); GFN Realty Company, LLC, a Delaware limited liability company (āGFNRCā); GFN Manufacturing Corporation, a Delaware corporation (āGFNMCā), and its subsidiary, Southern Frac, LLC, a Texas limited liability company (collectively āSouthern Fracā); Pac-Van, āPac-Vanā); The Company does business in three distinct, but related industries, mobile storage, modular space and liquid containment (which are collectively referred to as the āportable services industryā), in two geographic areas; the Asia-Pacific (or Pan-Pacific) Pac-Van |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2020 | |
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 (āU.S. GAAPā). Unless otherwise indicated, references to āFY 2018,ā āFY 2019ā and āFY 2020ā are to the fiscal years ended June 30, 2018, 2019 and 2020, respectively. Certain amounts have been reclassified or revised to conform with the current year presentation. The most significant are the rates disclosed at June 30, 2019 in the table for the open interest rate swap contract in Note 6. 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 Companyās functional currencies for its foreign operations are the respective local currencies, the Australian (āAUSā) and New Zealand (āNZā) dollars in the Asia-Pacific area and the Canadian (āCā) 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 stockholdersā equity in accordance with Financial Accounting Standards Board (āFASBā) Accounting Standards Codification (āASCā) 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. The new strain of coronavirus (āCOVID-19ā) COVID-19 COVID-19 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, 2019 2020 Finished goods $ 25,576 $ 17,347 Work in-process 1,275 1,161 Raw materials 2,226 2,420 $ 29,077 $ 20,928 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 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, 2019 2020 Land ā $ 2,168 $ 2,168 Building and improvements 10 ā 40 years 4,893 4,899 Transportation and plant equipment (including finance lease assets ā see Note 10) 3 ā 20 years 47,433 50,497 Furniture, fixtures and office equipment 3 ā 10 years 13,786 14,583 68,280 72,147 Less accumulated depreciation and amortization (45,385 ) (47,751 ) $ 22,895 $ 24,396 Depreciation and amortization expense on property, plant and equipment totaled $6,942,000, $7,477,000 and $6,563,000 for FY 2018, FY 2019 and FY 2020, respectively. 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, 2019 and 2020, the gross costs of the lease fleet were $598,757,000 and $613,358,000, 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. Depreciation expense on lease fleet totaled $26,522,000, $29,553,000 and $25,241,000 for FY 2018, FY 2019 and FY 2020, respectively. 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, 2019 and 2020. 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 ā Goodwill and Other. and the vast majority of goodwill recorded (and currently on the books) was in the acquisitions of Royal Wolf, 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 Companyās overall business; (3) significant changes during the period in the Companyās 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 (āASUā) No. 2017-04, The Companyās annual impairment assessment at June 30, 2019 concluded that the fair value of the goodwill of each of its reporting units was greater than their respective carrying amounts. The North American oil and gas market has been, and the Company expects it to continue to be, highly cyclical, generally fluctuating in correlation with the price of West Texas Intermediate Crude (āWTIā). The decrease in demand caused by the COVID-19 impairment charge was recorded. The Companyās annual impairment assessment at June 30, 2020 for its other operating units concluded that the fair value of the goodwill for each of them 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, 2018 2019 2020 Beginning of year (a) $ 105,129 $ 109,943 $ 111,323 Additions to goodwill 5,827 2,819 657 Impairment of goodwill ā ā (14,160 ) Other adjustments, primarily foreign translation effect (1,013 ) (1,439 ) (596 ) End of year (b) $ 109,943 $ 111,323 $ 97,224 (a) Net of accumulated impairment losses of $16,172 for all periods presented. (b) Net of accumulated impairment losses of $16,172 at June 30, 2018 and 2019, and $30,332 at June 30, 2020. 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, 2019 June 30, 2020 Gross Accumulated Net Gross Accumulated Net Trademark and trade name $ 5,486 $ (453 ) $ 5,033 $ 5,486 $ (453 ) $ 5,033 Customer base and lists 31,069 (17,174 ) 13,895 31,691 (19,612 ) 12,079 Non-compete 8,782 (8,031 ) 751 8,651 (8,226 ) 425 Deferred financing costs 3,563 (2,290 ) 1,273 3,643 (2,769 ) 874 Other 4,328 (3,471 ) 857 2,828 (2,468 ) 360 $ 53,228 $ (31,419 ) $ 21,809 $ 52,299 $ (33,528 ) $ 18,771 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 fiscal year-end, Amortization expense related to amortizable intangible assets, other than deferred financing costs, totaled $6,871,000, $5,078,000 and $3,746,000 for FY 2018, FY 2019 and FY 2020, respectively. Amortization expense, which is included in interest expense, related to deferred financing costs recorded as amortizable intangible assets totaled $446,000, $559,000 and $479,000 for FY 2018, FY 2019 and FY 2020, respectively. The estimated future amortization of intangible assets with finite useful lives as of June 30, 2020 is as follows (in thousands): Year Ending June 30, 2021 $ 3,195 2022 2,558 2023 1,773 2024 1,381 2025 1,211 Thereafter 3,620 $ 13,738 The weighted-average remaining useful life of the finite intangible assets was approximately 8.4 years at June 30, 2020. 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 2018, FY 2019 and FY 2020 were $1,552,000, $1,588,000 and $1,631,000, 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 Companyās revenues that arise from lease arrangements are accounted for in accordance with Topic 842, Leases non-lease No. 2014-09, Revenue from Contracts with Customers Our portable storage and modular space rental customers are generally billed in advance for services, which generally includes fleet pickup. Liquid containment rental customers are typically billed in arrears monthly and sales transactions are generally billed upon transfer of the sold items. Payments from customers are generally due upon receipt or 30-day Leasing Revenue Typical rental contracts include the direct rental of fleet, which is accounted for under Topic 842. 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 2020, FY 2019 and FY 2018 were $52,048,000, $55,235,000 and $47,600,000, respectively. A small portion of the rental-related services, include subleasing, special events leases and other miscellaneous streams, are accounted for under Topic 842. For contracts that have multiple performance obligations, revenue is allocated to each performance obligation in the contract based on the Companyās 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. The Company did not elect the practical expedient for lessor accounting. 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 on-site Non-Lease Non-lease Contract Costs and Liabilities The Company incurs commission costs to obtain rental contracts and for sales of new and used units. We expect the period benefitted by each commission to be less than one year. Therefore, we have applied the practical expedient for incremental costs of obtaining a contract and expense commissions as incurred. When customers are billed in advance for rentals, end of lease services, and deposit payments, we defer revenue and reflect unearned rental revenue at the end of the period. As of June 30, 2019 and June 30, 2020, we had approximately $22,671,000 and $24,642,000, respectively, of unearned rental revenue included in unearned revenue and advance payments in the accompanying consolidated balance sheets. Revenues of $15,453,000, which were included in the unearned rental revenue balance at June 30, 2019, were recognized during FY 2020. The Companyās 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, 2020, the Company had $219,331 and $136,394, respectively, of warranty reserve included in trade payables and accrued liabilities in the accompanying consolidated balance sheets. Disaggregated Rental Revenue In the following tables, total revenue is disaggregated by revenue type for the periods indicated. The tables also include a reconciliation of the disaggregated rental revenue to the Companyās reportable segments (in thousands). FY 2020 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia ā Consolidated Non-lease: Sales lease inventories and fleet $ 68,767 $ 35 $ 68,802 $ ā $ ā $ 68,802 $ 52,521 $ 121,323 Sales manufactured units ā ā ā 12,451 (5,132 ) 7,319 ā 7,319 Total non-lease 68,767 35 68,802 12,451 (5,132 ) 76,121 52,521 128,642 Leasing: Rental revenue 99,101 12,954 112,055 ā (616 ) 111,439 47,648 159,087 Rental-related services 40,206 13,069 53,275 ā ā 53,275 15,475 68,750 Total leasing revenues 139,307 26,023 165,330 ā (616 ) 164,714 63,123 227,837 Total revenues $ 208,074 $ 26,058 $ 234,132 $ 12,451 $ (5,748 ) $ 240,835 $ 115,644 $ 356,479 FY 2019 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia ā Consolidated Non-lease: Sales lease inventories and fleet $ 72,241 $ ā $ 72,241 $ ā $ ā $ 72,241 $ 54,691 $ 126,932 Sales manufactured units ā ā ā 14,922 (4,138 ) 10,784 ā 10,784 Total non-lease 72,241 ā 72,241 14,922 (4,138 ) 83,025 54,691 137,716 Leasing: Rental revenue 101,830 25,269 127,099 ā (1,862 ) 125,237 49,813 175,050 Rental-related services 28,631 21,955 50,586 ā ā 50,586 14,854 65,440 Total leasing revenues 130,461 47,224 177,685 ā (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 ā Consolidated Non-lease: Sales lease inventories and fleet $ 55,438 $ 20 $ 55,458 $ ā $ ā $ 55,458 $ 67,009 $ 122,467 Sales manufactured units ā ā ā 13,565 (3,715 ) 9,850 ā 9,850 Total non-lease 55,438 20 55,458 13,565 (3,715 ) 65,308 67,009 132,317 Leasing: Rental revenue 76,693 22,769 99,462 ā (1,132 ) 98,330 49,404 147,734 Rental-related services 35,334 17,191 52,525 ā ā 52,525 14,726 67,251 Total leasing revenues 112,027 39,960 151,987 ā (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 Advertising Advertising costs are generally expensed as incurred. At June 30, 2019 and 2020, prepaid advertising costs were not significant. Advertising costs expensed were approximately $3,834,000, $3,587,000 and $3,674,000 for FY 2018, FY 2019 and FY 2020, 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 $483,000, $546,000 and $149,000 in FY 2018, FY 2019 and FY 2020, 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 (āIRSā); and, for U.S. state tax purposes, with few exceptions and depending on the state, periods subsequent to June 30, 2015 are subject to examination by the respective stateās taxation authorities. Periods subsequent to June 30, 2016, June 30, 2015 and June 30, 2013 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 Companyās 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 āActā) was enacted on December 22, 2017. The Act applied to corporations generally beginning with taxable years starting after December 31, 2017, or FY 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 (āNOLā) 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 addition, the Act introduced a tax on Global Intangible Low-Taxed Income (āGILTIā) to include in its gross income annually. 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. The Coronavirus Aid, Relief, and Economic Security Act (āCARES Actā) was enacted on March 27, 2020. Among other things, the CARES Act includes changes to the tax treatment of NOLs for corporations. It temporarily removes the limitations on NOL carryforwards to years beginning before January 1, 2021 and allows for NOL carrybacks. It also temporarily increases the annual limitation on interest expense. The CARES Act did not have a significant impact on the Companyās income tax provision for FY 2020. 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 2018 FY 2019 FY 2020 Basic 26,269,931 29,318,511 30,252,431 Dilutive effect of common stock equivalents ā ā 1,001,353 Diluted 26,269,931 29,318,511 31,253,784 Potential common stock equivalents totaling 5,475,347, 2,144,800 and 1,115,215 for FY 2018, FY 2019 and FY 2020, respectively, have been excluded from the computation of diluted earnings per share because the effect is anti-dilutive. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial InstrumentsāCredit Losses (Topic 326) In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) |
Equity Transactions
Equity Transactions | 12 Months Ended |
Jun. 30, 2020 | |
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 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 (āSeries B Preferred Stockā). The Series B Preferred Stock is offered primarily in connection with business combinations. At June 30, 2019 and 2020, 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 Companyās option. Holders of the Series B Preferred Stock are entitled to receive, when declared by the Companyās 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 āSeries C Preferred Stockā). At June 30, 2019 and 2020, 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 non-consecutive Dividends As of June 30, 2020, since issuance, dividends paid or payable totaled $109,000 for the Series B Preferred Stock and dividends paid totaled $25,400,000 for the Series C Preferred Stock. The characterization of dividends to the recipients for Federal income tax purposes is made based upon the earnings and profits of the Company, as defined by the Internal Revenue Code. Royal Wolf Dividends On August 2, 2017, Royal Wolf paid a special dividend of AUS$0.0265 per RWH share to shareholders of record on July 18, 2017 (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, 2020 | |
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 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 Companyās equity accounts, have been recorded as equity transactions 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 Luckyās Lease January 26, 2018 Acorn April 6, 2018 Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ ā $ 390 $ ā $ ā $ 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-com pete agreement 56 143 44 130 373 Customer lists/relationships 97 1,085 676 8 1,866 Other ā 250 ā ā 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 (āSpacewise NZā), 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 $ ā $ ā $ ā $ ā $ ā $ ā $ ā Inventories 995 157 555 318 355 682 3,062 Property, plant and equipment 79 38 465 329 ā 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 ) ā ā ā ā ā (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: No n-compete agreement 67 7 44 42 15 15 190 Customer lists/relationships 734 ā 369 576 254 171 2,104 Other ā ā (306 ) ā ā ā (306 ) Goodwill ā ā 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. FY 2020 Acquisition On February 28, 2020, the Company, through Pac-Van, Mar-Rube (āMar-Rubeā) Mar-Rube Mar-Rube February 28, 2020 Fair value of the net tangible assets acquired and liabilities assumed: Inventories $ 145 Property, plant and equipment 43 Lease fleet 753 Unearned revenue and advance payments (96 ) Total net tangible assets acquired and liabilities assumed 845 Fair value of intangible assets acquired: Non-com p ete ag ree ment 23 Customer lists/relationships 977 Goodwill 657 Total intangible assets acquired 1,657 Total purchase consideration $ 2,502 The FY 2020 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, in FY 2019. These gains have been recorded as non-operating Goodwill recognized is attributable primarily to expected corporate synergies, the assembled workforce and other factors. The goodwill recognized in the FY 2018 acquisitions, the FY 2019 acquisitions of Instant Storage, Tilton, BBS Leasing and Pier Mobile, and the FY 2020 acquisition of Mar-Rube The Company incurred approximately $163,000 during FY 2018, $399,000 during FY 2019 and $562,000 during FY 2020 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, 2020 | |
Debt Disclosure [Abstract] | |
Senior and Other Debt | Note 5. Senior and Other Debt Asia-Pacific Leasing Senior Credit Facility The Companyās 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 (āANZā) and Commonwealth Bank of Australia (āCBAā) (the āANZ/CBA Credit Facilityā). On October 26, 2017, RWH (subsequently replaced by GFNAPH) and its subsidiaries and a syndicate led by Deutsche Bank AG, Sydney Branch (āDeutsche Bankā) entered into a Syndicated Facility Agreement (the āSyndicated Facility Agreementā). 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 (the āDeutsche Bank Credit Facilityā), consists of a $29,574,200 (AUS$43,000,000) Facility A that will amortize semi-annually; a $80,125,300 (AUS$116,500,000) Facility B that has no scheduled amortization; a $13,755,400 (AUS$20,000,000) revolving Facility C that is used for working capital, capital expenditures and general corporate purposes; and a $25,791,400 (AUS$37,500,000) revolving Term Loan Facility D. Borrowings bear interest at the three-month bank bill swap interest rate in Australia (āBBSYā), plus a margin of 4.25% to 5.50% per annum, as determined by net leverage, as defined. In addition, financing fees totaling $1,974,900 (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 $723,300 (AUS$1,051,600) is due on November 3, 2020 from the original November 3, 2017 financing. Prepayment penalties equal to 1.0% of any amount prepaid under the Deutsche Bank Credit Facility will expire on March 22, 2021, with no prepayment penalty due after March 22, 2021. The Deutsche Bank Credit Facility is subject to certain financial and other customary covenants, including, among other things, compliance with specified net leverage and debt requirement or fixed charge ratios based on earnings before interest, income taxes, impairment, depreciation and amortization and other non-operating At June 30, 2020, borrowings under the Deutsche Bank Credit Facility totaled $123,955,000 (AUS$180,227,000), net of deferred financing costs of $269,000 (AUS$391,000), and availability, including cash at the bank, totaled $28,387,000 (AUS$41,274,000). The above amounts were translated based upon the exchange rate of one Australian dollar to 0.687771 U.S. dollar and one New Zealand dollar to 0.642807 U.S. dollar at June 30, 2020. Bison Capital Notes General On September 19, 2017, Bison Capital Equity Partners V, L.P and its affiliates (āBison Capitalā), GFN, GFN U.S., GFNAPH and GFN Asia Pacific Finance Pty Ltd, an Australian corporation (āGFNAPFā), entered into that certain Amended and Restated Securities Purchase Agreement dated September 19, 2017 (the āAmended Securities Purchase Agreementā). 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 āOriginal Convertible Noteā) and an 11.9% secured senior promissory note dated September 25, 2017 in the original principal amount of $54,000,000 (the āSenior Term Noteā and collectively with the Original Convertible Note, the āBison Capital Notesā). 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 By Letter of Instruction dated September 25, 2017, Bison Capital instructed GFN to transfer the interests in the Original Convertible Note and to issue four new secured senior convertible notes: a $7,750,000 secured senior convertible note held by Teachers Insurance and Association of America (the āTIAA Convertible Noteā), a $7,750,000 secured senior convertible note held by General Electric Pension Trust (the āGEPT Convertible Note) and two secured senior convertible notes totaling $10,500,000 held by Bison Capital (the āBison Convertible Notesā ). Collectively, these four new secured senior convertible notes are referred to as the āConvertible Notes.ā 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 Notes At any time prior to maturity, the holders may have converted unpaid principal and interest under the Convertible Notes 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 Notes. If GFN common stock traded above 150% of the conversion price over 30 consecutive trading days and the aggregate dollar value of all GFN common stock traded on NASDAQ exceeded $600,000 over the last 20 consecutive days of the same 30-day . In June 2020, General Electric Pension Trust (āGEPTā) elected to sell the 911,765 shares of GFN common stock they own from the conversion of the GEPT Convertible Note. At a meeting on June 18, 2020, the GFN Board of Directors approved GFN buying GEPTās shares (versus an open market sale by GEPT), as well as entering into an agreement with GEPT to satisfy their remaining minimum return liability in two equal payments, the first one due October 1, 2020 and the second one on January 1, 2021, as well as approving that the bifurcated minimum return derivative liability will be assumed by GFN U.S. effective June 30, 2020. The shares were purchased by the Company at a closing market price on June 22, 2020 of $6.40, resulting in realized gross proceeds to GEPT of $5,835,000, and leaving a remaining minimum return liability of $6,843,000. The GFN shares purchased from GEPT, plus commission of $10,000, was recorded as treasury stock and the minimum return liability due GEPT is included in trade payables and accrued liabilities in the accompanying consolidated balance sheets. The entire bifurcated minimum return derivative liability was revalued at June 22, 2020, and the difference of $436,000 between this valuation and the previous valuation at March 31, 2020 was recognized as a loss in the consolidated statements of operations during the fourth quarter of FY 2020. In addition, the difference of $1,081,000 between the remaining minimum return liability of $6,843,000 due GEPT and its value at June 22, 2020 prior to its assumption by GFN was recognized as a gain in the consolidated statements of operations during the fourth quarter of FY 2020. At June 30, 2020, the fair value of the bifurcated minimum return derivative liability for the remaining 2,147,059 shares remaining from the conversion of the TIAA Convertible Note and Bison The Company evaluated the Convertible Notes at 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 Notes, 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 Notes. 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 Notes into shares of the Companyās 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 At March 31, 2020, the North America leasing (Pac-Van Prior to the issuance of these consolidated financial statements, the Company, among other things, approved and implemented a plan for a private placement senior notes offering that could, if market conditions dictate, revert to a public offering. The Company has obtained indications of interest and is in the process of evaluating these and other alternatives. Management of the Company believes that it is probable that this plan, or a combination of this and other contemplated actions, would occur to satisfy the Senior Notes prior to March 24, 2021. First-In, Last-Out The Wells Fargo Credit Facility is secured by substantially all of the rental fleet, inventory and other assets of the Companyās North American leasing and manufacturing operations. The Wells Fargo Credit Facility effectively not only finances the North American operations, but also the funding requirements for the Series C Preferred Stock (see Note 3) and the publicly-traded unsecured senior notes. The maximum amount of intercompany dividends that Pac-Van Pac-Van Borrowings under the Wells Fargo Credit Facility accrue interest, at the Companyās option, either at the base rate, plus 0.5% and a range of 1.00% to 1.50%, or the LIBOR rate and a range of 2.50% to 3.00%. The Wells Fargo Credit Facility also specifies the future conditions under which the current LIBOR-based interest rate could be replaced in the future with an alternate benchmark interest rate. There is an unused commitment fee of 0.250% - 0.375%, based on the average revolver usage. 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, 2020, borrowings and availability under the Wells Fargo Credit Facility totaled $171,083,000 and $101,728,000, respectively. Credit Suisse Term Loan On March 31, 2014, the Company entered into a $25,000,000 facility agreement, as amended, with Credit Suisse (āCredit Suisse Term Loanā) 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 Senior Notes On June 18, 2014, the Company completed the sale of unsecured senior notes (the āSenior Notesā) in a public offering for an aggregate principal amount of $72,000,000. On April 24, 2017, the Company completed the sale of a ātack-onā Pac-Van Pac-Van ātack-onā 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 āFirst Supplemental Indentureā) dated as of June 18, 2014 by and between the Company and Wells Fargo, as trustee (the āTrusteeā). The First Supplemental Indenture supplements the indenture entered into by and between the Company and the Trustee dated as of June 18, 2014 (the āBase Indentureā). 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 Companyās 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 Companyās 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 Companyās subsidiaries and are not guaranteed by any of the Companyās 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 finance/capital lease (the classification of such leases changed upon adoption of a new accounting standard, as discussed in Note 2) agreement, or such new finance/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 āSecond Supplemental Indentureā and, together with the Base Indenture and First Supplemental Indenture, the āIndentureā). 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% (102.031% at June 30, 2020) of the principal amount of the Senior Notes (and which declines each year on July 31 and at July 31, 2020 it will be 100.00%) 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 Companyās ability to make certain payments, to pay dividends and to incur additional indebtedness if the incurrence of such indebtedness would cause the companyās 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 āGFNSL.ā Other At June 30, 2020, equipment financing (finance lease liabilities ā see Note 10) The Company was in compliance with the financial covenants under all its credit facilities as of June 30, 2020. The weighted-average interest rate in the Asia-Pacific area was 10.1%, 10.0% and 7.6% in FY 2018, FY 2019 and FY 2020, respectively; which does not include the effect of translation, derivative valuation, amortization of deferred financing costs and accretion. The weighted-average interest rate in North America was 6.2%, 6.6% and 5.5% in FY 2018, FY 2019 and FY 2020, 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, 2019 and 2020 (in thousands): June 30, 2019 2020 Deutsche Bank Credit Facility, net $ 134,414 $ 123,955 Wells Fargo Credit Facility 193,587 171,083 Senior Notes, net 76,184 76,763 Equipment Financing and Other 6,956 7,997 $ 411,141 $ 379,798 Scheduled Maturities on Senior and Other Debt The scheduled maturities for the senior credit facilities senior subordinated notes and other debt at June 30, 2020 were as follows (in thousands): Year Ending June 30, 2021 $ 10,504 2022 254,602 (a) 2023 6,551 2024 108,441 2025 512 Thereafter 84 380,694 Less ā deferred financing costs (896 $ 379,798 (a) Wells Fargo Credit Facility is reflected as maturing on March 24, 2022. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jun. 30, 2020 | |
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 Companyās 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 Derivative ā Fair Value (Level 2) Type of Derivative Contract Balance Sheet Classification June 30, 2019 June 30, 2020 Swap Contracts Trade payables and accrued liabilities $ 2,223 $ 3,456 Forward-Exchange Contracts Trade and other receivables 2 ā Trade payables and accrued liabilities 18 258 Bifurcated Derivatives Fair value of bifurcated derivatives in Convertible Note 19,782 18,325 Type of Derivative Contract Statement of Operations Classification FY 2018 FY 2019 FY 2020 Swap Contracts Unrealized gain included in interest expense $ 12 $ ā $ ā Forward-Exchange Contracts Unrealized foreign currency exchange gain 697 (311 ) (213 ) Bifurcated Derivatives Change in valuation of bifurcated derivatives in (13,719 ) (24,570 ) (5,386 ) Interest Rate Swap Contracts The Companyās exposure to market risk for changes in interest rates relates primarily to its senior and other debt obligations. The Companyās 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. There was no ineffective portion recorded in FY 2019 and FY 2020. The Companyās 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, 2019 and 2020, the open interest rate swap contracts were as follows (dollars in thousands): June 30, June 30, 2019 2020 Notional amounts $ 70,287 $ 68,777 Fixed/Strike Rates 7.42 % 7.17 % Floating Rates 6.70 % 5.35 % Fair Value of Combined Contracts $ (2,233 ) $ (3,456 ) 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, 2019, there were 21 open forward exchange that mature between July 2019 and October 2019; and, as of June 30, 2020, there 13 open forward exchange contracts that mature between July 2020 and October 2020, as follows (dollars in thousands): June 30, June 30, 2019 2020 Notional amounts $ 9,305 $ 3,087 Exchange/Strike Rates (AUD to USD) 0.67313 - 0.56516 - Fair Value of Combined Contracts $ (16 ) $ (258 ) In FY 2018, FY 2019 and FY 2020, net unrealized and realized foreign exchange gains (losses) totaled $(6,138,00) and $(451,000), $5,163,000 and $(10,159,000) and $(709,000) and $1,224,000, respectively. Fair Value of Other Financial Instruments The fair value of the Companyās 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 (āIndustry Comparable Debt Issuancesā) and a study of credit (āCredit Spread Analysisā). 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 Companyās senior credit facilities as of June 30, 2019 and 2020 was determined to be approximately $402,245,000 (carrying value of $406,499,000, gross of deferred financing costs of $2,314,000) and $366,554,000 (carrying value of $372,697,000, gross of deferred financing costs of $896,000), respectively. The Company also determined that the fair value of its other debt of $6,956,000 and $7,997,000 at June 30, 2019 and 2020, 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 $44,769,000 during FY 2018. Revenues and receivables from the construction industry totaled $55,978,000 and $8,142,000 during FY 2019 and at June 30, 2019, respectively; and $61,937,000 and $6,186,000 during FY 2020 and at June 30, 2020, respectively. Revenues of $49,322,000, $58,660,000 and $35,452,000 during FY 2018, FY 2019 and FY 2020, respectively; and receivables of $13,967,000 and $4,825,000 at June 30, 2019 and 2020, respectively, were from the energy industry. The Companyās receivables related to sales of lease inventories and fleet are generally secured by the equipment sold to the customer. The Companyās receivables related to leasing operations are primarily amounts generated from both off-site on-site With respect to credit risk arising from the other significant financial assets of the Company, which comprise cash and cash equivalents, available-for-sale |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes Income (loss) before provision for income taxes consisted of the following (in thousands): FY 2018 FY 2019 FY 2020 North America $ 11,739 $ 29,205 $ 12,181 Asia-Pacific (21,525 ) (30,851 ) 2,468 $ (9,786 ) $ (1,646 ) $ 14,649 The provision (benefit) for income taxes consisted of the following (in thousands): FY 2018 FY 2019 FY 2020 Current: U.S. Federal $ ā $ ā $ (150 ) State 481 504 755 Foreign 1,925 1,574 1,092 2,406 2,078 1,697 Deferred: U.S. Federal (1,323 ) 5,026 3,154 State 844 1,397 641 Foreign (2,606 ) (2,681 ) 1,203 (3,085 ) 3,742 4,998 $ (679 ) $ 5,820 $ 6,695 The components of the net deferred tax liability are as follows (in thousands): June 30, 2019 2020 Deferred tax assets: Net operating loss and tax credit carryforwards $ 16,928 $ 24,510 Accrued compensation and other benefits 3,029 2,988 Allowance for doubtful accounts 1,279 1,365 Deferred revenue and expenses 3,892 4,784 Operating lease assets ā 20,820 Total deferred tax assets 25,128 54,467 Deferred tax liabilities: Accelerated tax depreciation and amortization (63,310 ) (76,415 ) Operating lease liabilities ā (20,498 ) Total deferred tax liabilities (63,310 ) (96,913 ) Valuation allowance (529 ) (1,262 ) Net deferred tax liabilities $ (38,711 ) $ (43,708 ) At June 30, 2020, the Company had a U.S. federal net operating loss carryforward of $103,766,000, which expires if unused during fiscal years ending June 30, the fiscal year ending June 30, Pac-Van For income tax purposes, deductible compensation related to non-qualified 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, 2019 and 2020, the Company recorded a valuation allowance of $529,000 and $1,262,000, respectively, for foreign tax credit carryforwards and state net operating loss carryforwards that it believes will not be realized. A reconciliation of the U.S. federal statutory rate to the Companyās effective tax rate is as follows: FY 2018 FY 2019 FY 2020 Federal statutory rate 28.0 % 21.0 % 21.0 % Change in valuation of bifurcated derivative in Convertible Note (42.7 ) (521.3 ) 12.8 State and Asia-Pacific taxes, net of U.S. federal tax benefit 6.0 117.2 7.8 Adjustment of net deferred tax liability for 18.8 21.2 ā Adjustment for previously unrecognized net tax deficiency related to equity compensation activity prior to July 1, 2017 (1.1 ) ā ā Net tax benefit related to equity compensation activity 0.4 15.4 (0.5 ) GILTI tax adjustment ā ā 4.6 Tax credit adjustment ā ā (3.3 ) Valuation allowance (3.4 ) (12.1 ) 5.0 Other 0.9 5.0 (1.7 ) Effective tax rate 6.9 % (353.6 %) 45.7 % |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Jun. 30, 2020 | |
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 Companyās 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 $112,000 in FY 2018, $111,000 in FY 2019 and $112,000 in FY 2020. The premises of Pac-Vanās month-to-month two-year catch-up |
Equity Plans
Equity Plans | 12 Months Ended |
Jun. 30, 2020 | |
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 ā2014 Planā), which was approved by the stockholders at the Companyās 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 āomnibusā 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 (ānon-vested d All grants to-date non-qualified non-qualified non-vested On December 15, 2017 (the āDecember 2017 Grantā), 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 Companyās 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 āFebruary 2018 Grantā), 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 Companyās 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 āFebruary 2019 Grantā), 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 Companyās 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% , On February 11, 2020 (the āFebruary 2020 Grantā), the Company granted 1,723 time-based and 1,722 performance-based options to a key employee of Royal Wolf to purchase a total of 3,445 shares of common stock at an exercise price equal to the closing market price of the Companyās common stock as of that date, or $9.49 per share. The options under the February 2020 Grant vest over 31 ā 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 2020 Grant was $4.49, determined using the Black-Scholes option-pricing model using the following assumptions: a risk-free interest rate of 1.515% , Since inception, the range of the fair value of the stock options granted (other than to non-employee Fair value of stock options $0.81 - Assumptions used: Risk-free interest rate 1.19% - Expected life (in years) 7.5 Expected volatility 26.5% - Expected dividends ā At June 30, 2020, there were no significant outstanding stock options held by non-employee 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 Number of Weighted- Weighted- Outstanding at June 30, 2019 1,676,196 $ 4.39 Granted 3,445 9.49 Exercised (79,500 ) 1.63 Forfeited or expired (600 ) 1.28 Outstanding at June 30, 2020 1,599,541 $ 4.54 4.2 Vested and expected to vest at June 30, 2020 1,599,541 $ 4.54 4.2 Exercisable at June 30, 2020 1,491,836 $ 4.39 4.0 At June 30, 2020, outstanding time-based options and performance-based options totaled 1,058,095 and 541,446, respectively. Also at that date, the Companyās market price for its common stock was $6.71 per share, which was above the exercise prices of over 90% of the outstanding stock options, and the intrinsic value of the outstanding stock options at that date was $3,631,700. Share-based compensation of $9,489,000 related to stock options has been recognized in the consolidated statements of operations, with a corresponding benefit to equity, from inception through June 30, 2020. At that date, there remains $139,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining weighted-average vesting period of less than one year. A deduction is not allowed for U.S. income tax purposes with respect to non-qualified A summary of the Companyās restricted stock and RSU activity follows: Restricted Stock RSU Shares Weighted-Average Grant Date Fair Shares Weighted-Average Nonvested at June 30, 2017 480,310 $ 4.54 ā $ ā Granted 125,885 9.69 211,763 7.15 Vested (226,345 ) 4.42 ā ā Forfeited ā ā ā ā 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 ā ā (27,093 ) 7.15 Nonvested at June 30, 2019 329,417 8.28 139,187 7.62 Granted 271,235 7.51 29,131 9.49 Vested (191,553 ) 7.76 (59,390 ) 7.52 Forfeited (1,000 ) 10.34 ā ā Nonvested at June 30, 2020 408,099 $ 8.00 108,928 $ 8.18 Share-based compensation of $6,001,000 and $1,466,000 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, 2020. At that date, there remains $2,976,000 and $345,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining vesting period of over approximately 0.43 year ā 3.19 years and 1.20 - 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 Companyās 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 āLTI Planā) 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 RWHās 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 Boardās 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 Companyās 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, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies Leases In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) off-balance No. 2016-02, āright-of-useā right-of-use No. 2016-02 The Company adopted ASU No. 2016-02 Operating Lease Assets and Liabilities We lease our corporate office, certain administrative offices, and certain branch locations through the United States, Canada, and Asia-Pacific. Additionally, we lease equipment to support our operations, including vehicles and office equipment. For operating leases with an initial term greater than twelve months, the Company recognizes a lease asset and liability at commencement date. The Company follows the short-term lease exception as an accounting policy; therefore, leases with an original term of 12 months or less are not recognized on the balance sheet. Lease assets are initially measured at cost, which includes the initial amount of the lease liability, plus any initial direct costs incurred, less lease incentives received. The liability is initially and subsequently measured as the present value of the unpaid lease payments. The Company uses estimates and judgments in the determination of our lease liabilities. Key estimates and judgments include the following: Lease Discount Rate ā The Company is required to discount unpaid fixed lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate, which would typically be the senior lending borrowing rate at the respective geographic venue of the operating lease. Lease Term ā The Company includes the non-cancellable Fixed Payments ā Lease payments included in the measurement of the lease liability include fixed payments owed over the lease term, termination penalties if it is expected that a termination option will be exercised, the price to purchase the underlying asset if it is reasonably certain that the purchase option will be exercised and residual value guarantees, if applicable. Future payments of operating lease liabilities at June 30, 2020 are as follows (in thousands): Year Ending June 30, 2021 $ 11,628 2022 10,336 2022 9,121 2024 7,858 2025 6,750 Thereafter 57,190 Total commitments 102,883 Less ā effect of discounting (35,741 ) $ 67,142 Non-cancellable Year Ending June 30, 2020 $ 11,655 2021 9,198 2022 6,585 2023 4,992 2024 3,103 Thereafter 9,091 $ 44,624 Operating Lease Expense and Activity Payments due under lease contracts include fixed payments plus, if applicable, variable payments. Fixed payments under leases are recognized on a straight-line basis over the term of the lease, including any periods of free rent. Variable expenses associated with leases are recognized when they are incurred. For real estate leases, variable payments include such items as allocable property taxes, local sales and business taxes, and common area maintenance charges. Variable payments associated with equipment leases include such items as maintenance services provided by the lessor and local sales and business taxes. The Company has elected the accounting policy to not separate lease components and non-lease Operating lease activity during the periods was as follows (in thousands): FY 2020 Expense: Short-term lease expense $ 3,660 Fixed lease expense 13,137 Variable lease expense 1,411 Sublease income (4,678 ) $ 13,530 Cash paid and new or modified operating lease information: Operating cash flows from operating leases $ 12,058 Net operating lease assets obtained in exchange for new or modified operating lease liabilities 5,349 The weighted-average remaining lease term and weighted average discount rate for operating leases at June 30, 2020 was 12.6 years and 6.3%, respectively. Rental expense on non-cancellable Finance Leases Specific criteria differentiate a finance lease from an operating lease, but generally leases under which substantially all the risks and benefits incidental to ownership of the leased assets are assumed by the Company are classified as finance leases. At adoption of ASU No. 2016-02, Sales-Type and Operating Fleet Leases Future minimum receipts under sales-type and operating fleet leases at June 30, 2020 are as follows (in thousands): Year Ending June 30, 2021 $ 18,389 2022 2,440 2023 781 2024 568 2025 1,034 Thereafter 1 $ 23,213 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, 2019 and June 30, 2020, reported liability totaled $1,335,000 and $1,278,000, respectively, and has been recorded in the caption āTrade payables and accrued liabilitiesā 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, 2020 | |
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, 2019 2020 Trade payables $ 20,448 $ 14,951 Checks written in excess of bank balance 104 ā Payroll and related 11,506 9,995 Taxes, other than income 1,970 1,658 Fair value of interest swap and forward currency exchange contacts 2,233 3,714 Accrued interest 3,682 3,323 Deferred consideration 1,831 281 Warranty reserve 219 136 Self-insured reported liability 1,335 1,278 GEPT minimum return liability ā 6,843 Other accruals 5,132 4,666 $ 48,460 $ 46,845 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jun. 30, 2020 | |
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 Companyās significant accounting policies (see Note 2). The tables below represent the Companyās revenues from external customers, share-based compensation expense, impairment of goodwill, 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, operating lease assets and goodwill; as attributed to its geographic and operating segments (in thousands): FY 2020 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia ā Consolidated Revenues: Sales $ 68,767 $ 35 $ 68,802 $ 12,451 $ (5,132 ) $ 76,121 $ 52,521 $ 128,642 Leasing 139,307 26,023 165,330 ā (616 ) 164,714 63,123 227,837 $ 208,074 $ 26,058 $ 234,132 $ 12,451 $ (5,748 ) $ 240,835 $ 115,644 $ 356,479 Share-based compensation $ 405 $ 48 $ 453 $ 37 $ 1,397 $ 1,887 $ 769 $ 2,656 Impairment of goodwill $ ā $ 14,160 $ 14,160 $ ā $ ā $ 14,160 $ ā $ 14,160 Depreciation and amortization $ 16,361 $ 6,373 $ 22,734 $ 396 $ (716 ) $ 22,414 $ 13,136 $ 35,550 Operating income (loss) $ 45,430 $ (11,284 ) $ 34,146 $ 472 $ (6,373 ) $ 28,245 $ 17,209 $ 45,454 Interest income $ ā $ ā $ ā $ ā $ 3 $ 3 $ 660 $ 663 Interest expense $ 8,730 $ 298 $ 9,028 $ 106 $ 6,867 $ 16,001 $ 10,385 $ 26,386 Additions to long-lived assets $ 46,370 $ 925 $ 47,295 $ 49 $ (220 ) $ 47,124 $ 15,299 $ 62,423 At June 30, 2020 Long-lived assets $ 320,956 $ 40,234 $ 361,190 $ 1,361 $ (9,145 ) $ 353,406 $ 129,717 $ 483,123 Operating lease assets $ 25,602 $ 2,441 $ 28,043 $ 244 $ 267 $ 28,554 $ 37,671 $ 66,225 Goodwill $ 65,123 $ 6,622 $ 71,745 $ ā $ ā $ 71,745 $ 25,479 $ 97,224 FY 2019 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia ā Consolidated Revenues: Sales $ 72,241 $ ā $ 72,241 $ 14,922 $ (4,138 ) $ 83,025 $ 54,691 $ 137,716 Leasing 130,461 47,224 177,685 ā (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 $ ā $ ā $ ā $ ā $ 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 $ ā $ ā $ 85,299 $ 26,024 $ 111,323 FY 2018 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia ā 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 ā (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 $ ā $ ā $ ā $ ā $ 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 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 $3,715,000, $4,138,000 and $5,132,000 during FY 2018, FY 2019 and FY 2020, 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, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13. Subsequent Events On July 10, 2020, 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, 2020 through July 30, 2020, and payable on July 31, 2020 to holders of record as of July 30, 2020. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Jun. 30, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant | CONDENSED BALANCE SHEETS June 30, 2019 2020 (in thousands) Cash and cash equivalents $ 266 $ 144 Property and equipment, net 23 16 Other assets 7,528 12,040 Investment and intercompany accounts 247,638 247,973 Total Assets $ 255,455 $ 260,173 Accounts payable, accrued and other liabilities $ 2,734 $ 8,997 Senior and other debt , net 76,184 76,763 General Finance Corporation stockholdersā equity 176,537 174,413 Total Liabilities and Stockholdersā Equity $ 255,455 $ 260,173 CONDENSED STATEMENTS OF OPERATIONS Year Ended June 30, 2018 2019 2020 (in thousands) General and administrative expenses $ 7,022 $ 7,299 $ 6,960 Depreciation and amortization 36 20 12 Operating loss (7,058 ) (7,319 ) (6,972 ) Equity in income ( ) (16,886 ) (10,703 ) 4,038 Intercompany income 16,138 14,164 13,997 Interest expense (7,291 ) (6,843 ) (6,867 ) Other income, net 7 ā ā (8,032 ) (3,382 ) 11,168 Income (loss) before income taxes (15,090 ) (10,701 ) 4,196 Income tax benefit (6,784 ) (3,235 ) (3,758 ) Net income ( ) (8,306 ) (7,466 ) 7,954 Preferred stock dividends 3,658 3,658 3,668 Net income ( ) $ (11,964 ) $ (11,124 ) $ 4,286 CONDENSED STATEMENTS OF CASH FLOWS Year Ended June 30, 2018 2019 2020 (in thousands) Cash flows from operating activities: Net income ( l ) $ (8,306 ) $ (7,466 ) $ 7,954 Equity in losses (income) 16,886 10,703 (4,038 ) Depreciation and amortization 36 20 12 Amortization of deferred financing costs 587 555 579 Share-based compensation expense 1,749 1,562 1,397 Deferred income taxes (6,784 ) (3,342 ) (3,758 ) Changes in operating assets and liabilities 1,950 449 6,180 Net cash provided by operating activities 6,118 2,481 8,326 Cash flows from investing activities: Purchases of property and equipment (5 ) (23 ) (5 ) Other intangible assets ā ā ā Net cash used in investing activities (5 ) (23 ) (5 ) Cash flows from financing activities: Repayments of senior and other debt borrowings (10,000 ) ā ā Proceeds from issuances of senior notes ā ā ā Deferred financing costs (31 ) (196 ) ā Proceeds from issuances of common stock 1,150 858 130 Purchase of treasury stock ā ā (5,845 ) Preferred stock dividends (3,658 ) (3,658 ) (3,668 ) Intercompany transfers 2,571 715 940 Net cash used in financing activities (9,968 ) (2,281 ) (8,443 ) Net increase (decrease) in cash (3,855 ) 177 (122 ) Cash at beginning of period 3,944 89 266 Cash at end of period $ 89 $ 266 $ 144 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
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 (āU.S. GAAPā). Unless otherwise indicated, references to āFY 2018,ā āFY 2019ā and āFY 2020ā are to the fiscal years ended June 30, 2018, 2019 and 2020, respectively. Certain amounts have been reclassified or revised to conform with the current year presentation. The most significant are the rates disclosed at June 30, 2019 in the table for the open interest rate swap contract in Note 6. |
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 Companyās functional currencies for its foreign operations are the respective local currencies, the Australian (āAUSā) and New Zealand (āNZā) dollars in the Asia-Pacific area and the Canadian (āCā) 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 stockholdersā equity in accordance with Financial Accounting Standards Board (āFASBā) Accounting Standards Codification (āASCā) 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. The new strain of coronavirus (āCOVID-19ā) COVID-19 COVID-19 |
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, 2019 2020 Finished goods $ 25,576 $ 17,347 Work in-process 1,275 1,161 Raw materials 2,226 2,420 $ 29,077 $ 20,928 |
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 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, 2019 2020 Land ā $ 2,168 $ 2,168 Building and improvements 10 ā 40 years 4,893 4,899 Transportation and plant equipment (including finance lease assets ā see Note 10) 3 ā 20 years 47,433 50,497 Furniture, fixtures and office equipment 3 ā 10 years 13,786 14,583 68,280 72,147 Less accumulated depreciation and amortization (45,385 ) (47,751 ) $ 22,895 $ 24,396 Depreciation and amortization expense on property, plant and equipment totaled $6,942,000, $7,477,000 and $6,563,000 for FY 2018, FY 2019 and FY 2020, respectively. |
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, 2019 and 2020, the gross costs of the lease fleet were $598,757,000 and $613,358,000, 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. Depreciation expense on lease fleet totaled $26,522,000, $29,553,000 and $25,241,000 for FY 2018, FY 2019 and FY 2020, respectively. |
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, 2019 and 2020. |
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 ā Goodwill and Other. and the vast majority of goodwill recorded (and currently on the books) was in the acquisitions of Royal Wolf, 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 Companyās overall business; (3) significant changes during the period in the Companyās 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 (āASUā) No. 2017-04, The Companyās annual impairment assessment at June 30, 2019 concluded that the fair value of the goodwill of each of its reporting units was greater than their respective carrying amounts. The North American oil and gas market has been, and the Company expects it to continue to be, highly cyclical, generally fluctuating in correlation with the price of West Texas Intermediate Crude (āWTIā). The decrease in demand caused by the COVID-19 impairment charge was recorded. The Companyās annual impairment assessment at June 30, 2020 for its other operating units concluded that the fair value of the goodwill for each of them 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, 2018 2019 2020 Beginning of year (a) $ 105,129 $ 109,943 $ 111,323 Additions to goodwill 5,827 2,819 657 Impairment of goodwill ā ā (14,160 ) Other adjustments, primarily foreign translation effect (1,013 ) (1,439 ) (596 ) End of year (b) $ 109,943 $ 111,323 $ 97,224 (a) Net of accumulated impairment losses of $16,172 for all periods presented. (b) Net of accumulated impairment losses of $16,172 at June 30, 2018 and 2019, and $30,332 at June 30, 2020. 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, 2019 June 30, 2020 Gross Accumulated Net Gross Accumulated Net Trademark and trade name $ 5,486 $ (453 ) $ 5,033 $ 5,486 $ (453 ) $ 5,033 Customer base and lists 31,069 (17,174 ) 13,895 31,691 (19,612 ) 12,079 Non-compete 8,782 (8,031 ) 751 8,651 (8,226 ) 425 Deferred financing costs 3,563 (2,290 ) 1,273 3,643 (2,769 ) 874 Other 4,328 (3,471 ) 857 2,828 (2,468 ) 360 $ 53,228 $ (31,419 ) $ 21,809 $ 52,299 $ (33,528 ) $ 18,771 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 fiscal year-end, Amortization expense related to amortizable intangible assets, other than deferred financing costs, totaled $6,871,000, $5,078,000 and $3,746,000 for FY 2018, FY 2019 and FY 2020, respectively. Amortization expense, which is included in interest expense, related to deferred financing costs recorded as amortizable intangible assets totaled $446,000, $559,000 and $479,000 for FY 2018, FY 2019 and FY 2020, respectively. The estimated future amortization of intangible assets with finite useful lives as of June 30, 2020 is as follows (in thousands): Year Ending June 30, 2021 $ 3,195 2022 2,558 2023 1,773 2024 1,381 2025 1,211 Thereafter 3,620 $ 13,738 The weighted-average remaining useful life of the finite intangible assets was approximately 8.4 years at June 30, 2020. |
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 2018, FY 2019 and FY 2020 were $1,552,000, $1,588,000 and $1,631,000, 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 Companyās revenues that arise from lease arrangements are accounted for in accordance with Topic 842, Leases non-lease No. 2014-09, Revenue from Contracts with Customers Our portable storage and modular space rental customers are generally billed in advance for services, which generally includes fleet pickup. Liquid containment rental customers are typically billed in arrears monthly and sales transactions are generally billed upon transfer of the sold items. Payments from customers are generally due upon receipt or 30-day Leasing Revenue Typical rental contracts include the direct rental of fleet, which is accounted for under Topic 842. 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 2020, FY 2019 and FY 2018 were $52,048,000, $55,235,000 and $47,600,000, respectively. A small portion of the rental-related services, include subleasing, special events leases and other miscellaneous streams, are accounted for under Topic 842. For contracts that have multiple performance obligations, revenue is allocated to each performance obligation in the contract based on the Companyās 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. The Company did not elect the practical expedient for lessor accounting. 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 on-site Non-Lease Non-lease Contract Costs and Liabilities The Company incurs commission costs to obtain rental contracts and for sales of new and used units. We expect the period benefitted by each commission to be less than one year. Therefore, we have applied the practical expedient for incremental costs of obtaining a contract and expense commissions as incurred. When customers are billed in advance for rentals, end of lease services, and deposit payments, we defer revenue and reflect unearned rental revenue at the end of the period. As of June 30, 2019 and June 30, 2020, we had approximately $22,671,000 and $24,642,000, respectively, of unearned rental revenue included in unearned revenue and advance payments in the accompanying consolidated balance sheets. Revenues of $15,453,000, which were included in the unearned rental revenue balance at June 30, 2019, were recognized during FY 2020. The Companyās 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, 2020, the Company had $219,331 and $136,394, respectively, of warranty reserve included in trade payables and accrued liabilities in the accompanying consolidated balance sheets. FY 2019 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia ā Consolidated Non-lease: Sales lease inventories and fleet $ 72,241 $ ā $ 72,241 $ ā $ ā $ 72,241 $ 54,691 $ 126,932 Sales manufactured units ā ā ā 14,922 (4,138 ) 10,784 ā 10,784 Total non-lease 72,241 ā 72,241 14,922 (4,138 ) 83,025 54,691 137,716 Leasing: Rental revenue 101,830 25,269 127,099 ā (1,862 ) 125,237 49,813 175,050 Rental-related services 28,631 21,955 50,586 ā ā 50,586 14,854 65,440 Total leasing revenues 130,461 47,224 177,685 ā (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 ā Consolidated Non-lease: Sales lease inventories and fleet $ 55,438 $ 20 $ 55,458 $ ā $ ā $ 55,458 $ 67,009 $ 122,467 Sales manufactured units ā ā ā 13,565 (3,715 ) 9,850 ā 9,850 Total non-lease 55,438 20 55,458 13,565 (3,715 ) 65,308 67,009 132,317 Leasing: Rental revenue 76,693 22,769 99,462 ā (1,132 ) 98,330 49,404 147,734 Rental-related services 35,334 17,191 52,525 ā ā 52,525 14,726 67,251 Total leasing revenues 112,027 39,960 151,987 ā (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 |
Advertising | Advertising Advertising costs are generally expensed as incurred. At June 30, 2019 and 2020, prepaid advertising costs were not significant. Advertising costs expensed were approximately $3,834,000, $3,587,000 and $3,674,000 for FY 2018, FY 2019 and FY 2020, 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 $483,000, $546,000 and $149,000 in FY 2018, FY 2019 and FY 2020, 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 (āIRSā); and, for U.S. state tax purposes, with few exceptions and depending on the state, periods subsequent to June 30, 2015 are subject to examination by the respective stateās taxation authorities. Periods subsequent to June 30, 2016, June 30, 2015 and June 30, 2013 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 Companyās 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 āActā) was enacted on December 22, 2017. The Act applied to corporations generally beginning with taxable years starting after December 31, 2017, or FY 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 (āNOLā) 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 addition, the Act introduced a tax on Global Intangible Low-Taxed Income (āGILTIā) to include in its gross income annually. 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. The Coronavirus Aid, Relief, and Economic Security Act (āCARES Actā) was enacted on March 27, 2020. Among other things, the CARES Act includes changes to the tax treatment of NOLs for corporations. It temporarily removes the limitations on NOL carryforwards to years beginning before January 1, 2021 and allows for NOL carrybacks. It also temporarily increases the annual limitation on interest expense. The CARES Act did not have a significant impact on the Companyās income tax provision for FY 2020. 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 2018 FY 2019 FY 2020 Basic 26,269,931 29,318,511 30,252,431 Dilutive effect of common stock equivalents ā ā 1,001,353 Diluted 26,269,931 29,318,511 31,253,784 Potential common stock equivalents totaling 5,475,347, 2,144,800 and 1,115,215 for FY 2018, FY 2019 and FY 2020, respectively, have been excluded from the computation of diluted earnings per share because the effect is anti-dilutive. |
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 2018 FY 2019 FY 2020 Basic 26,269,931 29,318,511 30,252,431 Dilutive effect of common stock equivalents ā ā 1,001,353 Diluted 26,269,931 29,318,511 31,253,784 Potential common stock equivalents totaling 5,475,347, 2,144,800 and 1,115,215 for FY 2018, FY 2019 and FY 2020, 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 June 2016, the FASB issued ASU 2016-13, Financial InstrumentsāCredit Losses (Topic 326) In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories are comprised of the following (in thousands): June 30, 2019 2020 Finished goods $ 25,576 $ 17,347 Work in-process 1,275 1,161 Raw materials 2,226 2,420 $ 29,077 $ 20,928 |
Property, Plant and Equipment | Property, plant and equipment consist of the following (in thousands): Estimated Useful Life June 30, 2019 2020 Land ā $ 2,168 $ 2,168 Building and improvements 10 ā 40 years 4,893 4,899 Transportation and plant equipment (including finance lease assets ā see Note 10) 3 ā 20 years 47,433 50,497 Furniture, fixtures and office equipment 3 ā 10 years 13,786 14,583 68,280 72,147 Less accumulated depreciation and amortization (45,385 ) (47,751 ) $ 22,895 $ 24,396 |
Change in Balance of Goodwill | The change in the balance of goodwill was as follows (in thousands): June 30, 2018 2019 2020 Beginning of year (a) $ 105,129 $ 109,943 $ 111,323 Additions to goodwill 5,827 2,819 657 Impairment of goodwill ā ā (14,160 ) Other adjustments, primarily foreign translation effect (1,013 ) (1,439 ) (596 ) End of year (b) $ 109,943 $ 111,323 $ 97,224 |
Schedule of Intangible Assets | Intangible assets consist of the following (in thousands): June 30, 2019 June 30, 2020 Gross Accumulated Net Gross Accumulated Net Trademark and trade name $ 5,486 $ (453 ) $ 5,033 $ 5,486 $ (453 ) $ 5,033 Customer base and lists 31,069 (17,174 ) 13,895 31,691 (19,612 ) 12,079 Non-compete 8,782 (8,031 ) 751 8,651 (8,226 ) 425 Deferred financing costs 3,563 (2,290 ) 1,273 3,643 (2,769 ) 874 Other 4,328 (3,471 ) 857 2,828 (2,468 ) 360 $ 53,228 $ (31,419 ) $ 21,809 $ 52,299 $ (33,528 ) $ 18,771 |
Estimated Future Amortization of Intangible Assets | The estimated future amortization of intangible assets with finite useful lives as of June 30, 2020 is as follows (in thousands): Year Ending June 30, 2021 $ 3,195 2022 2,558 2023 1,773 2024 1,381 2025 1,211 Thereafter 3,620 $ 13,738 |
Reconciliation of the Disaggregated Rental Revenue | In the following tables, total revenue is disaggregated by revenue type for the periods indicated. The tables also include a reconciliation of the disaggregated rental revenue to the Companyās reportable segments (in thousands). FY 2020 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate and Total Asia ā Consolidated Non-lease: Sales lease inventories and fleet $ 68,767 $ 35 $ 68,802 $ ā $ ā $ 68,802 $ 52,521 $ 121,323 Sales manufactured units ā ā ā 12,451 (5,132 ) 7,319 ā 7,319 Total non-lease 68,767 35 68,802 12,451 (5,132 ) 76,121 52,521 128,642 Leasing: Rental revenue 99,101 12,954 112,055 ā (616 ) 111,439 47,648 159,087 Rental-related services 40,206 13,069 53,275 ā ā 53,275 15,475 68,750 Total leasing revenues 139,307 26,023 165,330 ā (616 ) 164,714 63,123 227,837 Total revenues $ 208,074 $ 26,058 $ 234,132 $ 12,451 $ (5,748 ) $ 240,835 $ 115,644 $ 356,479 |
Reconciliation of Weighted Average Shares Outstanding | The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: FY 2018 FY 2019 FY 2020 Basic 26,269,931 29,318,511 30,252,431 Dilutive effect of common stock equivalents ā ā 1,001,353 Diluted 26,269,931 29,318,511 31,253,784 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Fair Market Values of Tangible and Intangible Assets and Liabilities | 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 Luckyās Lease January 26, 2018 Acorn April 6, 2018 Total Fair value of the net tangible assets acquired and liabilities assumed: Trade and other receivables $ ā $ 390 $ ā $ ā $ 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-com pete agreement 56 143 44 130 373 Customer lists/relationships 97 1,085 676 8 1,866 Other ā 250 ā ā 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 $ ā $ ā $ ā $ ā $ ā $ ā $ ā Inventories 995 157 555 318 355 682 3,062 Property, plant and equipment 79 38 465 329 ā 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 ) ā ā ā ā ā (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: No n-compete agreement 67 7 44 42 15 15 190 Customer lists/relationships 734 ā 369 576 254 171 2,104 Other ā ā (306 ) ā ā ā (306 ) Goodwill ā ā 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 allocation to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values was as follows (in thousands): Mar-Rube February 28, 2020 Fair value of the net tangible assets acquired and liabilities assumed: Inventories $ 145 Property, plant and equipment 43 Lease fleet 753 Unearned revenue and advance payments (96 ) Total net tangible assets acquired and liabilities assumed 845 Fair value of intangible assets acquired: Non-com p ete ag ree ment 23 Customer lists/relationships 977 Goodwill 657 Total intangible assets acquired 1,657 Total purchase consideration $ 2,502 |
Senior and Other Debt (Tables)
Senior and Other Debt (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Senior and Other Debt | Senior and other debt consisted of the following at June 30, 2019 and 2020 (in thousands): June 30, 2019 2020 Deutsche Bank Credit Facility, net $ 134,414 $ 123,955 Wells Fargo Credit Facility 193,587 171,083 Senior Notes, net 76,184 76,763 Equipment Financing and Other 6,956 7,997 $ 411,141 $ 379,798 |
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, 2020 were as follows (in thousands): Year Ending June 30, 2021 $ 10,504 2022 254,602 (a) 2023 6,551 2024 108,441 2025 512 Thereafter 84 380,694 Less ā deferred financing costs (896 $ 379,798 (a) Wells Fargo Credit Facility is reflected as maturing on March 24, 2022. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
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 ā Fair Value (Level 2) Type of Derivative Balance Sheet Classification June 30, 2019 June 30, 2020 Swap Contracts Trade payables and accrued liabilities $ 2,223 $ 3,456 Forward-Exchange Contracts Trade and other receivables 2 ā Trade payables and accrued liabilities 18 258 Bifurcated Derivatives Fair value of bifurcated derivatives in Convertible Note 19,782 18,325 |
Derivative Instruments at Fair Value, Statements of Operations | Type of Derivative Statement of Operations Classification FY 2018 FY 2019 FY 2020 Swap Contracts Unrealized gain included in interest expense $ 12 $ ā $ ā Forward-Exchange Contracts Unrealized foreign currency exchange gain 697 (311 ) (213 ) Bifurcated Derivatives Change in valuation of bifurcated derivatives in (13,719 ) (24,570 ) (5,386 ) |
Open Interest Rate Swap Contract | As of June 30, 2019 and 2020, the open interest rate swap contracts were as follows (dollars in thousands): June 30, June 30, 2019 2020 Notional amounts $ 70,287 $ 68,777 Fixed/Strike Rates 7.42 % 7.17 % Floating Rates 6.70 % 5.35 % Fair Value of Combined Contracts $ (2,233 ) $ (3,456 ) |
Open Forward Exchange and Participating Forward Contracts | As of June 30, 2019, there were 21 open forward exchange that mature between July 2019 and October 2019; and, as of June 30, 2020, there 13 open forward exchange contracts that mature between July 2020 and October 2020, as follows (dollars in thousands): June 30, June 30, 2019 2020 Notional amounts $ 9,305 $ 3,087 Exchange/Strike Rates (AUD to USD) 0.67313 ā 0.72039 0.56516 ā 0.68863 Fair Value of Combined Contracts $ (16 ) $ (258 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
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 2018 FY 2019 FY 2020 North America $ 11,739 $ 29,205 $ 12,181 Asia-Pacific (21,525 ) (30,851 ) 2,468 $ (9,786 ) $ (1,646 ) $ 14,649 |
Provision for Income Taxes | The provision (benefit) for income taxes consisted of the following (in thousands): FY 2018 FY 2019 FY 2020 Current: U.S. Federal $ ā $ ā $ (150 ) State 481 504 755 Foreign 1,925 1,574 1,092 2,406 2,078 1,697 Deferred: U.S. Federal (1,323 ) 5,026 3,154 State 844 1,397 641 Foreign (2,606 ) (2,681 ) 1,203 (3,085 ) 3,742 4,998 $ (679 ) $ 5,820 $ 6,695 |
Components of Net Deferred Tax Liability | The components of the net deferred tax liability are as follows (in thousands): June 30, 2019 2020 Deferred tax assets: Net operating loss and tax credit carryforwards $ 16,928 $ 24,510 Accrued compensation and other benefits 3,029 2,988 Allowance for doubtful accounts 1,279 1,365 Deferred revenue and expenses 3,892 4,784 Operating lease assets ā 20,820 Total deferred tax assets 25,128 54,467 Deferred tax liabilities: Accelerated tax depreciation and amortization (63,310 ) (76,415 ) Operating lease liabilities ā (20,498 ) Total deferred tax liabilities (63,310 ) (96,913 ) Valuation allowance (529 ) (1,262 ) Net deferred tax liabilities $ (38,711 ) $ (43,708 ) |
Reconciliation of U.S. Federal Statutory Rate | A reconciliation of the U.S. federal statutory rate to the Companyās effective tax rate is as follows: FY 2018 FY 2019 FY 2020 Federal statutory rate 28.0 % 21.0 % 21.0 % Change in valuation of bifurcated derivative in Convertible Note (42.7 ) (521.3 ) 12.8 State and Asia-Pacific taxes, net of U.S. federal tax benefit 6.0 117.2 7.8 Adjustment of net deferred tax liability for 18.8 21.2 ā Adjustment for previously unrecognized net tax deficiency related to equity compensation activity prior to July 1, 2017 (1.1 ) ā ā Net tax benefit related to equity compensation activity 0.4 15.4 (0.5 ) GILTI tax adjustment ā ā 4.6 Tax credit adjustment ā ā (3.3 ) Valuation allowance (3.4 ) (12.1 ) 5.0 Other 0.9 5.0 (1.7 ) Effective tax rate 6.9 % (353.6 %) 45.7 % |
Equity Plans (Tables)
Equity Plans (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
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 Fair value of stock options $0.81 - Assumptions used: Risk-free interest rate 1.19% - Expected life (in years) 7.5 Expected volatility 26.5% - Expected dividends ā |
Stock Option Activity and Related Information | At June 30, 2020, there were no significant outstanding stock options held by non-employee 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 Number of Weighted- Weighted- Outstanding at June 30, 2019 1,676,196 $ 4.39 Granted 3,445 9.49 Exercised (79,500 ) 1.63 Forfeited or expired (600 ) 1.28 Outstanding at June 30, 2020 1,599,541 $ 4.54 4.2 Vested and expected to vest at June 30, 2020 1,599,541 $ 4.54 4.2 Exercisable at June 30, 2020 1,491,836 $ 4.39 4.0 |
Summary of Restricted Stock and RSU Activity | A summary of the Companyās restricted stock and RSU activity follows: Restricted Stock RSU Shares Weighted-Average Grant Date Fair Shares Weighted-Average Nonvested at June 30, 2017 480,310 $ 4.54 ā $ ā Granted 125,885 9.69 211,763 7.15 Vested (226,345 ) 4.42 ā ā Forfeited ā ā ā ā 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 ā ā (27,093 ) 7.15 Nonvested at June 30, 2019 329,417 8.28 139,187 7.62 Granted 271,235 7.51 29,131 9.49 Vested (191,553 ) 7.76 (59,390 ) 7.52 Forfeited (1,000 ) 10.34 ā ā Nonvested at June 30, 2020 408,099 $ 8.00 108,928 $ 8.18 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Receipts under Sales-Type and Operating Fleet Leases | Future payments of operating lease liabilities at June 30, 2020 are as follows (in thousands): Year Ending June 30, 2021 $ 11,628 2022 10,336 2022 9,121 2024 7,858 2025 6,750 Thereafter 57,190 Total commitments 102,883 Less ā effect of discounting (35,741 ) $ 67,142 |
Non-Cancellable Operating Lease Rentals Payable | Non-cancellable Year Ending June 30, 2020 $ 11,655 2021 9,198 2022 6,585 2023 4,992 2024 3,103 Thereafter 9,091 $ 44,624 |
Schedule of Operating Lease Activity | Operating lease activity during the periods was as follows (in thousands): FY 2020 Expense: Short-term lease expense $ 3,660 Fixed lease expense 13,137 Variable lease expense 1,411 Sublease income (4,678 ) $ 13,530 Cash paid and new or modified operating lease information: Operating cash flows from operating leases $ 12,058 Net operating lease assets obtained in exchange for new or modified operating lease liabilities 5,349 |
Future Payments of Operating Lease Liabilities | Future minimum receipts under sales-type and operating fleet leases at June 30, 2020 are as follows (in thousands): Year Ending June 30, 2021 $ 18,389 2022 2,440 2023 781 2024 568 2025 1,034 Thereafter 1 $ 23,213 |
Detail of Certain Accounts (Tab
Detail of Certain Accounts (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Summary of Trade Payables and Accrued Liabilities | Trade payables and accrued liabilities consist of the following (in thousands): June 30, 2019 2020 Trade payables $ 20,448 $ 14,951 Checks written in excess of bank balance 104 ā Payroll and related 11,506 9,995 Taxes, other than income 1,970 1,658 Fair value of interest swap and forward currency exchange contacts 2,233 3,714 Accrued interest 3,682 3,323 Deferred consideration 1,831 281 Warranty reserve 219 136 Self-insured reported liability 1,335 1,278 GEPT minimum return liability ā 6,843 Other accruals 5,132 4,666 $ 48,460 $ 46,845 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information | FY 2020 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia ā Consolidated Revenues: Sales $ 68,767 $ 35 $ 68,802 $ 12,451 $ (5,132 ) $ 76,121 $ 52,521 $ 128,642 Leasing 139,307 26,023 165,330 ā (616 ) 164,714 63,123 227,837 $ 208,074 $ 26,058 $ 234,132 $ 12,451 $ (5,748 ) $ 240,835 $ 115,644 $ 356,479 Share-based compensation $ 405 $ 48 $ 453 $ 37 $ 1,397 $ 1,887 $ 769 $ 2,656 Impairment of goodwill $ ā $ 14,160 $ 14,160 $ ā $ ā $ 14,160 $ ā $ 14,160 Depreciation and amortization $ 16,361 $ 6,373 $ 22,734 $ 396 $ (716 ) $ 22,414 $ 13,136 $ 35,550 Operating income (loss) $ 45,430 $ (11,284 ) $ 34,146 $ 472 $ (6,373 ) $ 28,245 $ 17,209 $ 45,454 Interest income $ ā $ ā $ ā $ ā $ 3 $ 3 $ 660 $ 663 Interest expense $ 8,730 $ 298 $ 9,028 $ 106 $ 6,867 $ 16,001 $ 10,385 $ 26,386 Additions to long-lived assets $ 46,370 $ 925 $ 47,295 $ 49 $ (220 ) $ 47,124 $ 15,299 $ 62,423 At June 30, 2020 Long-lived assets $ 320,956 $ 40,234 $ 361,190 $ 1,361 $ (9,145 ) $ 353,406 $ 129,717 $ 483,123 Operating lease assets $ 25,602 $ 2,441 $ 28,043 $ 244 $ 267 $ 28,554 $ 37,671 $ 66,225 Goodwill $ 65,123 $ 6,622 $ 71,745 $ ā $ ā $ 71,745 $ 25,479 $ 97,224 FY 2019 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia ā Consolidated Revenues: Sales $ 72,241 $ ā $ 72,241 $ 14,922 $ (4,138 ) $ 83,025 $ 54,691 $ 137,716 Leasing 130,461 47,224 177,685 ā (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 $ ā $ ā $ ā $ ā $ 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 $ ā $ ā $ 85,299 $ 26,024 $ 111,323 FY 2018 North America Leasing Pac-Van Lone Star Combined Manufacturing Corporate Total Asia ā 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 ā (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 $ ā $ ā $ ā $ ā $ 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 |
Organization and Business Ope_2
Organization and Business Operations - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2020Segment | |
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 ($) | Jun. 30, 2020USD ($)Segmentshares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | |
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 | |||
Percentage of depreciation of lease fleet to cost | 70.00% | |||
Gross costs of the lease fleet | $ 613,358,000 | $ 598,757,000 | ||
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 4 months 24 days | |||
Contributions to defined contribution benefit plans | $ 1,631,000 | 1,588,000 | $ 1,552,000 | |
Advertising costs | 3,674,000 | 3,587,000 | 3,834,000 | |
Shipping and handling costs | $ 149,000 | $ 546,000 | $ 483,000 | |
Corporate tax rate | 35.00% | 21.00% | 21.00% | 28.00% |
Recognized income tax, net of federal benefit | $ 6,979,000 | $ 4,998,000 | $ 3,742,000 | $ (3,085,000) |
Rental related services | 128,642,000 | 137,716,000 | $ 132,317,000 | |
Estimated transition tax offsets estimated tax benefit | 4,843,000 | 4,493,000 | ||
Valuation allowance offsets estimated tax benefit | $ 1,262,000 | $ 529,000 | ||
Deferred tax assets liabilities other adjustments | $ 299,000 | |||
Potential common stock equivalents excluded from computation of diluted earnings per share | shares | 1,115,215 | 2,144,800 | 5,475,347 | |
Unearned rental revenue included in trade payables and accrued liabilities | $ 24,642,000 | $ 22,671,000 | ||
Unearned rental revenue Recognized | 15,453,000 | |||
Warranty reserve included in trade payables and accrued liabilities | 136,394 | 219,331 | ||
Remeasurement Net Income Tax Benefit Loss | 151,000 | |||
Depreciation, Nonproduction | 6,563,000 | 7,477,000 | $ 6,942,000 | |
Amortization expense of intangible assets | 3,746,000 | 5,078,000 | 6,871,000 | |
Amortization of deferred financing costs | 479,000 | 559,000 | 446,000 | |
Reserves for uncertain income tax position | 0 | 0 | ||
Impairment of goodwill | 14,160,000 | |||
Lease Fleet [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation, Nonproduction | $ 25,241,000 | $ 29,553,000 | 26,522,000 | |
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 | $ 52,048,000 | $ 55,235,000 | $ 47,600,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Accounting Policies [Abstract] | ||
Finished goods | $ 17,347 | $ 25,576 |
Work in-process | 1,161 | 1,275 |
Raw materials | 2,420 | 2,226 |
Total | $ 20,928 | $ 29,077 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 72,147 | $ 68,280 |
Less accumulated depreciation and amortization | (47,751) | (45,385) |
Property, plant and equipment, net | 24,396 | 22,895 |
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 | $ 4,899 | 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 | $ 50,497 | 47,433 |
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 | $ 14,583 | $ 13,786 |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Beginning of year | $ 111,323 | $ 109,943 | $ 105,129 |
Additions to goodwill | 657 | 2,819 | 5,827 |
Impairment of goodwill | (14,160) | ||
Other adjustments, primarily foreign translation effect | (596) | (1,439) | (1,013) |
End of year | $ 97,224 | $ 111,323 | $ 109,943 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Change in Balance of Goodwill (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Accumulated impairment losses, net | $ 30,332 | $ 16,172 | $ 16,172 | $ 16,172 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 52,299 | $ 53,228 |
Accumulated Amortization | (33,528) | (31,419) |
Net Carrying Amount | 18,771 | 21,809 |
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 | 31,691 | 31,069 |
Accumulated Amortization | (19,612) | (17,174) |
Net Carrying Amount | 12,079 | 13,895 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,651 | 8,782 |
Accumulated Amortization | (8,226) | (8,031) |
Net Carrying Amount | 425 | 751 |
Deferred Financing Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,643 | 3,563 |
Accumulated Amortization | (2,769) | (2,290) |
Net Carrying Amount | 874 | 1,273 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,828 | 4,328 |
Accumulated Amortization | (2,468) | (3,471) |
Net Carrying Amount | $ 360 | $ 857 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Estimated Future Amortization of Intangible Assets (Detail) | Jun. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 3,195 |
2022 | 2,558 |
2023 | 1,773 |
2024 | 1,381 |
2025 | 1,211 |
Thereafter | 3,620 |
Total | $ 13,738 |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | |||
Sales | $ 128,642 | $ 137,716 | $ 132,317 |
Total leasing revenues | 227,837 | 240,490 | 214,985 |
Total revenues | 356,479 | 378,206 | 347,302 |
Lease inventories and fleet [Member] | |||
Revenues | |||
Sales | 121,323 | 126,932 | 122,467 |
Manufactured units [Member] | |||
Revenues | |||
Sales | 7,319 | 10,784 | 9,850 |
Rental Revenue [Member] | |||
Revenues | |||
Total leasing revenues | 159,087 | 175,050 | 147,734 |
Rental Related Services [Member] | |||
Revenues | |||
Total leasing revenues | 68,750 | 65,440 | 67,251 |
North America [Member] | |||
Revenues | |||
Sales | 76,121 | 83,025 | 65,308 |
Total leasing revenues | 164,714 | 175,823 | 150,855 |
Total revenues | 240,835 | 258,848 | 216,163 |
North America [Member] | Corporate and Intercompany Adjustments [Member] | |||
Revenues | |||
Sales | (5,132) | (4,138) | (3,715) |
Total leasing revenues | (616) | (1,862) | (1,132) |
Total revenues | (5,748) | (6,000) | (4,847) |
North America [Member] | Lease inventories and fleet [Member] | |||
Revenues | |||
Sales | 68,802 | 72,241 | 55,458 |
North America [Member] | Manufactured units [Member] | |||
Revenues | |||
Sales | 7,319 | 10,784 | 9,850 |
North America [Member] | Manufactured units [Member] | Corporate and Intercompany Adjustments [Member] | |||
Revenues | |||
Sales | (5,132) | (4,138) | (3,715) |
North America [Member] | Rental Revenue [Member] | |||
Revenues | |||
Total leasing revenues | 111,439 | 125,237 | 98,330 |
North America [Member] | Rental Revenue [Member] | Corporate and Intercompany Adjustments [Member] | |||
Revenues | |||
Total leasing revenues | (616) | (1,862) | (1,132) |
North America [Member] | Rental Related Services [Member] | |||
Revenues | |||
Total leasing revenues | 53,275 | 50,586 | 52,525 |
North America [Member] | Pac-Van Leasing [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 68,767 | 72,241 | 55,438 |
Total leasing revenues | 139,307 | 130,461 | 112,027 |
Total revenues | 208,074 | 202,702 | 167,465 |
North America [Member] | Pac-Van Leasing [Member] | Lease inventories and fleet [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 68,767 | 72,241 | 55,438 |
North America [Member] | Pac-Van Leasing [Member] | Rental Revenue [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 99,101 | 101,830 | 76,693 |
North America [Member] | Pac-Van Leasing [Member] | Rental Related Services [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 40,206 | 28,631 | 35,334 |
North America [Member] | Lone Star Leasing [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 35 | 20 | |
Total leasing revenues | 26,023 | 47,224 | 39,960 |
Total revenues | 26,058 | 47,224 | 39,980 |
North America [Member] | Lone Star Leasing [Member] | Corporate and Intercompany Adjustments [Member] | |||
Revenues | |||
Sales | 484 | 1,730 | 1,000 |
North America [Member] | Lone Star Leasing [Member] | Lease inventories and fleet [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 35 | 20 | |
North America [Member] | Lone Star Leasing [Member] | Rental Revenue [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 12,954 | 25,269 | 22,769 |
North America [Member] | Lone Star Leasing [Member] | Rental Related Services [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 13,069 | 21,955 | 17,191 |
North America [Member] | Pac Van and Lone Star Leasing [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 68,802 | 72,241 | 55,458 |
Total leasing revenues | 165,330 | 177,685 | 151,987 |
Total revenues | 234,132 | 249,926 | 207,445 |
North America [Member] | Pac Van and Lone Star Leasing [Member] | Lease inventories and fleet [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 68,802 | 72,241 | 55,458 |
North America [Member] | Pac Van and Lone Star Leasing [Member] | Rental Revenue [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 112,055 | 127,099 | 99,462 |
North America [Member] | Pac Van and Lone Star Leasing [Member] | Rental Related Services [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 53,275 | 50,586 | 52,525 |
North America [Member] | Manufacturing [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 12,451 | 14,922 | 13,565 |
Total revenues | 12,451 | 14,922 | 13,565 |
North America [Member] | Manufacturing [Member] | Manufactured units [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 12,451 | 14,922 | 13,565 |
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 52,521 | 54,691 | 67,009 |
Total leasing revenues | 63,123 | 64,667 | 64,130 |
Total revenues | 115,644 | 119,358 | 131,139 |
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Lease inventories and fleet [Member] | Operating Segments [Member] | |||
Revenues | |||
Sales | 52,521 | 54,691 | 67,009 |
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Rental Revenue [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | 47,648 | 49,813 | 49,404 |
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Rental Related Services [Member] | Operating Segments [Member] | |||
Revenues | |||
Total leasing revenues | $ 15,475 | $ 14,854 | $ 14,726 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Outstanding (Detail) - shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounting Policies [Abstract] | |||
Basic | 30,252,431 | 29,318,511 | 26,269,931 |
Dilutive effect of common stock equivalents | 1,001,353 | ||
Diluted | 31,253,784 | 29,318,511 | 26,269,931 |
Equity Transactions - Additiona
Equity Transactions - Additional Information (Detail) | Aug. 02, 2017$ / shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares |
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] | 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 | $ | $ 109,000 | ||
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 | $ | $ 25,400,000 |
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, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Sep. 19, 2017shares | Jul. 12, 2017AUD ($)$ / sharesshares |
Business Acquisition [Line Items] | ||||||||||
Income tax expense (benefit) | $ 6,695 | $ 5,820 | $ (679) | |||||||
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 - 2018 Acquisitions (Detail) - USD ($) $ in Thousands | Feb. 28, 2020 | Apr. 06, 2018 | Jan. 26, 2018 | Dec. 01, 2017 | Sep. 01, 2017 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Business Acquisition [Line Items] | ||||||||
Business acquisition cost holdback and other adjustment | $ 263 | $ 1,907 | $ 1,044 | |||||
Advantage Storage Trailer Llc And Big Star Container Llc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, gross | $ 1,576 | |||||||
Business acquisition cost holdback and other adjustment | $ 263 | $ 155 | ||||||
Gauthier Homes Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, gross | $ 2,502 | $ 10,371 | ||||||
Business acquisition cost holdback and other adjustment | $ 457 | |||||||
Luckys Lease Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, gross | $ 3,369 | |||||||
Business acquisition cost holdback and other adjustment | $ 307 | |||||||
Acorn Storage Trailers Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses, gross | $ 812 | |||||||
Business acquisition cost holdback and other adjustment | $ 125 |
Acquisitions - Additional Inf_3
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 ($)Location | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
Business Acquisition [Line Items] | ||||||||||
Business acquisition cost holdback and other adjustment | $ 263 | $ 1,907 | $ 1,044 | |||||||
Number of operating locations | Location | 8 | 8 | ||||||||
Bargain purchase gains | 1,767 | |||||||||
Transaction costs | $ 562 | 399 | $ 163 | |||||||
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 | ||||||||
Bargain purchase gains | 1,142 | |||||||||
Delmarva Trailer Sales And Rentals Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses, gross | $ 358 | |||||||||
Business acquisition cost holdback and other adjustment | $ 50 | |||||||||
Bargain purchase gains | $ 625 | |||||||||
Instant Storage [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses, gross | $ 4,568 | |||||||||
Business acquisition cost holdback and other adjustment | $ 464 | |||||||||
Tilton Trailer Rental Corp [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses, gross | $ 5,431 | |||||||||
Business acquisition cost holdback and other adjustment | $ 505 | |||||||||
Bbs Leasing Llp [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses, gross | $ 1,117 | |||||||||
Business acquisition cost holdback and other adjustment | $ 100 | |||||||||
Pier Mobile [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses, gross | $ 1,694 | |||||||||
Business acquisition cost holdback and other adjustment | $ 173 |
Acquisitions - Additional Inf_4
Acquisitions - Additional Information - 2020 Acquisitions (Detail) - USD ($) $ in Thousands | Feb. 28, 2020 | Dec. 01, 2017 | Sep. 01, 2017 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Business Acquisition [Line Items] | ||||||
Business acquisition cost holdback and other adjustment | $ 263 | $ 1,907 | $ 1,044 | |||
Gauthier Homes Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 2,502 | $ 10,371 | ||||
Business acquisition cost 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 acquisition cost holdback and other adjustment | $ 263 | $ 155 |
Acquisitions - Fair Market Valu
Acquisitions - Fair Market Values of Tangible and Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Feb. 28, 2020 | Jun. 30, 2019 | May 07, 2019 | Mar. 27, 2019 | Oct. 05, 2018 | Sep. 21, 2018 | Aug. 09, 2018 | Jul. 02, 2018 | Jun. 30, 2018 | Apr. 06, 2018 | Jan. 26, 2018 | Dec. 01, 2017 | Sep. 01, 2017 | Jun. 30, 2017 |
Fair value of intangible assets acquired: | |||||||||||||||
Goodwill | $ 97,224 | $ 111,323 | $ 109,943 | $ 105,129 | |||||||||||
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 purchase consideration | 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 purchase consideration | 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 purchase consideration | 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 purchase consideration | 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 purchase consideration | 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 | ||||||||||||||
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 purchase consideration | 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 purchase consideration | 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 purchase consideration | 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 purchase consideration | 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: | |||||||||||||||
Other | 250 | ||||||||||||||
Goodwill | 5,827 | ||||||||||||||
Total intangible assets acquired | 8,316 | ||||||||||||||
Total purchase consideration | 16,128 | ||||||||||||||
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 purchase consideration | 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: | |||||||||||||||
Other | 306 | ||||||||||||||
Goodwill | 2,819 | ||||||||||||||
Total intangible assets acquired | 4,807 | ||||||||||||||
Total purchase consideration | 22,272 | ||||||||||||||
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 | ||||||||||||||
Mar-Rube Trailer Rental [Member] | |||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | |||||||||||||||
Inventories | $ 145 | ||||||||||||||
Property, plant and equipment | 43 | ||||||||||||||
Lease fleet | 753 | ||||||||||||||
Unearned revenue and advance payments | (96) | ||||||||||||||
Total net tangible assets acquired and liabilities assumed | 845 | ||||||||||||||
Fair value of intangible assets acquired: | |||||||||||||||
Goodwill | 657 | ||||||||||||||
Total intangible assets acquired | 1,657 | ||||||||||||||
Total purchase consideration | 2,502 | ||||||||||||||
Mar-Rube Trailer Rental [Member] | Non-Compete Agreements [Member] | |||||||||||||||
Fair value of intangible assets acquired: | |||||||||||||||
Total intangible assets acquired | 23 | ||||||||||||||
Mar-Rube Trailer Rental [Member] | Customer Lists/Relationships [Member] | |||||||||||||||
Fair value of intangible assets acquired: | |||||||||||||||
Total intangible assets acquired | $ 977 |
Senior and Other Debt - ANZ_CBA
Senior and Other Debt - ANZ/CBA Credit Facility and North America Leasing Senior Credit Facility - Additional Information (Detail) | 12 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2020AUD ($) | Jun. 30, 2020AUD ($) | Dec. 24, 2018USD ($) | |
Line of Credit Facility [Line Items] | ||||
Borrowings under credit facility | $ 123,955,000 | $ 180,227,000 | ||
Cash available at bank | 28,387,000 | $ 41,274,000 | ||
Deferred financing cost | $ 896,000 | |||
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. | ||
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 | 171,083,000 | |||
Availability under ANZ credit facility | $ 101,728,000 | |||
Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Fixed charge coverage ratio | 1.25 | 1.25 | ||
Minimum [Member] | Wells Fargo Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit unused commitement fee percentage | 0.25% | 0.25% | ||
Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Fixed charge coverage ratio | 1 | 1 | ||
Maximum [Member] | Wells Fargo Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit unused commitement fee percentage | 0.375% | 0.375% | ||
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 | $ 285,000,000 | |||
North America [Member] | Wells Fargo Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument maturity date | Jul. 31, 2021 | Jul. 31, 2021 | ||
Line of credit facility maturity date | Mar. 24, 2022 | Mar. 24, 2022 | ||
Line of Credit Facility Additional Increase in Maximum Borrowing Capacity | $ 25,000,000 | |||
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. | ||
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] | 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 | $ 25,791,400 | 37,500,000 | ||
Debt instrument, financing fees | 1,974,900 | $ 2,871,400 | ||
Debt instrument, fee | $ 723,300 | $ 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 | $ 269,000 | $ 391,000 | ||
Deutsche Bank Credit Facility [Member] | Australian Dollar [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Foreign currency exchange rate, translation | 0.687771 | 0.687771 | ||
Deutsche Bank Credit Facility [Member] | New Zealand Dollar [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Foreign currency exchange rate, translation | 0.642807 | 0.642807 | ||
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] | ||||
Interest rate | 5.50% | 5.50% | ||
Deutsche Bank Credit Facility A [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings under credit facility | $ 29,574,200 | $ 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 | $ 80,125,300 | 116,500,000 | ||
Deutsche Bank Credit Facility C [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings under credit facility | $ 13,755,400 | $ 20,000,000 |
Senior and Other Debt - Bison C
Senior and Other Debt - Bison Capital Notes and Credit Suisse Term Loan - Additional Information (Detail) | Sep. 10, 2018USD ($)shares | Apr. 03, 2014USD ($) | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)Contract$ / sharesshares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2020AUD ($) | Mar. 25, 2019USD ($) | Mar. 25, 2019AUD ($) | 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 | 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 | $ 18,325,000 | $ 18,325,000 | $ 18,325,000 | $ 19,782,000 | ||||||||||
Borrowings outstanding under credit facility | 123,955,000 | 123,955,000 | $ 123,955,000 | $ 180,227,000 | ||||||||||
Treasury shares bought back during the period | shares | 911,765 | |||||||||||||
Payment to acquire treasury shares | $ 5,845,000 | |||||||||||||
Minimum return derivative liability carrying value | 6,843,000 | 6,843,000 | 6,843,000 | |||||||||||
Gain loss on fair value of embedded derivatives liability | $ (5,386,000) | (24,570,000) | $ (13,719,000) | |||||||||||
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 costs | 80,000 | |||||||||||||
Line of credit facility maturity date | Jul. 1, 2018 | |||||||||||||
Borrowings outstanding under credit facility | $ 9,920,000 | |||||||||||||
Convertible Notes Teachers Insurance And Association Of America [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Aggregate principal amount of senior notes issued | $ 7,750,000 | |||||||||||||
Convertible notes transferred and new notes issued face value | 7,750,000 | |||||||||||||
Convertible Notes General Electric Pension Trust [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Aggregate principal amount of senior notes issued | 7,750,000 | |||||||||||||
Convertible notes transferred and new notes issued face value | 7,750,000 | |||||||||||||
Bison Capital Convertible Notes [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Aggregate principal amount of senior notes issued | 10,500,000 | |||||||||||||
Convertible notes transferred and new notes issued face value | 10,500,000 | |||||||||||||
Deutsche Bank Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Borrowings outstanding under credit facility | 25,791,400 | 25,791,400 | $ 25,791,400 | $ 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 | 26,000,000 | $ 26,000,000 | 24,136,000 | $ 26,000,000 | ||||||||
Debt instrument principal amount converted into shares | shares | 3,058,824 | 2,147,059 | ||||||||||||
Fair value of bifurcated derivative | 18,325,000 | 18,325,000 | $ 18,325,000 | $ 44,506,000 | 1,864,000 | |||||||||
Convertible notes transferred and new notes issued face value | $ 26,000,000 | $ 26,000,000 | $ 26,000,000 | $ 26,000,000 | $ 24,136,000 | $ 26,000,000 | ||||||||
Treasury shares bought back during the period | shares | 911,765 | |||||||||||||
Treasury shares bought back share price | $ / shares | $ 6.40 | $ 6.40 | $ 6.40 | |||||||||||
Payment to acquire treasury shares | $ 5,835,000 | |||||||||||||
Minimum return derivative liability carrying value | 6,843,000 | $ 6,843,000 | $ 6,843,000 | |||||||||||
Treasury shares bought back costs | $ 10,000 | |||||||||||||
Senior Secured Convertible Promissory Notes [Member] | Loss Gain On Embedded Derivatives One [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Gain loss on fair value of embedded derivatives liability | 436,000 | |||||||||||||
Senior Secured Convertible Promissory Notes [Member] | Loss Gain On Embedded Derivatives Two [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Gain loss on fair value of embedded derivatives liability | $ 1,081,000 | |||||||||||||
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 | |||||||||||||
Fair value of bifurcated derivative | 29,288,000 | |||||||||||||
Senior Secured Convertible Promissory Notes [Member] | Maximum [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fair value of bifurcated derivative | $ 20,370,000 | |||||||||||||
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 | |||||||||||||
Convertible notes transferred and new notes issued face value | $ 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 | ||||||||||||
Convertible notes transferred and new notes issued face value | $ 63,311,000 | $ 89,804,000 | ||||||||||||
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 ($) | Mar. 31, 2020 | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 18, 2014USD ($) |
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount of senior notes issued, net of unamortized debt issuance costs | $ 380,694,000 | ||||||
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 | $ 7,997,000 | ||||||
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 | ||||||
Wells Fargo Credit Facility [Member] | North America [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument maturity date | Jul. 31, 2021 | ||||||
Other [Member] | Asia-Pacific [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Weighted-average interest rate | 7.60% | 10.00% | 10.10% | ||||
Other [Member] | North America [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Weighted-average interest rate | 5.50% | 6.60% | 6.20% | ||||
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 | $ 76,763,000 | 76,184,000 | |||||
Unamortized debt issuance costs | $ 627,000 | $ 1,206,000 | |||||
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% | 102.031% | |||||
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, 2020 | Jun. 30, 2019 |
Long-term Debt | $ 379,798 | $ 411,141 |
Deutsche Bank Credit Facility [Member] | ||
Long-term Debt | 123,955 | 134,414 |
Wells Fargo Credit Facility [Member] | ||
Long-term Debt | 171,083 | 193,587 |
Senior Notes [Member] | ||
Long-term Debt | 76,763 | 76,184 |
Equipment Financing And Other [Member] | ||
Long-term Debt | $ 7,997 | $ 6,956 |
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, 2020 | Jun. 30, 2019 | |
2021 | $ 10,504 | ||
2022 | [1] | 254,602 | |
2023 | 6,551 | ||
2024 | 108,441 | ||
2025 | 512 | ||
Thereafter | 84 | ||
Senior and other debt | 380,694 | ||
Less - deferred financing costs | (896) | ||
Senior and other debt , net | $ 379,798 | $ 411,141 | |
[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, 2020 | |
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, 2020 | Jun. 30, 2019 |
Trade Payables and Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | $ 258 | $ 18 |
Swap Contracts [Member] | Trade Payables and Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | 3,456 | 2,223 |
Forward-Exchange Contracts [Member] | Trade and Other Receivables [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | 2 | |
Bifurcated Derivatives [Member] | Fair Value of Bifurcated Derivatives in Convertible Note [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Trade payables and accrued liabilities | $ 18,325 | $ 19,782 |
Financial Instruments - Deriv_2
Financial Instruments - Derivative Instruments at Fair Value, Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) in Income | $ 12 | ||
Swap Contracts [Member] | Unrealized gain included in interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) in Income | 12 | ||
Forward-Exchange Contracts [Member] | Unrealized foreign currency exchange gain (loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) in Income | $ (213) | $ (311) | 697 |
Bifurcated Derivatives [Member] | Change in valuation of bifurcated derivatives in Convertible Note | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) in Income | $ (5,386) | $ (24,570) | $ (13,719) |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended | |||
Jun. 30, 2020USD ($)Contract | Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Derivative [Line Items] | ||||
Gain on portion of cash flow hedge | $ 12,000 | |||
Derivative Instruments, Gain (Loss) in Income | 12,000 | |||
Unrealized foreign exchange gains (losses) | $ (709,000) | $ 5,163,000 | (6,138,000) | |
Realized foreign exchange gains (losses) | 1,224,000 | (10,159,000) | (451,000) | |
Revenues | 356,479,000 | 378,206,000 | 347,302,000 | |
Net allowance for doubtful accounts provided | 1,559,000 | 2,570,000 | 1,850,000 | |
Uncollectible accounts written off, net of recoveries and other | 2,102,000 | 2,614,000 | 1,702,000 | |
Translation gain (loss) to allowance for doubtful accounts | (30,000) | (54,000) | 20,000 | |
Deferred financing costs,Net | 896,000 | |||
Construction Industry [Member] | ||||
Derivative [Line Items] | ||||
Revenues | 55,978,000 | 44,769,000 | ||
Accounts receivable | 8,142,000 | |||
Construction Industry [Member] | Trade Receivables [Member] | ||||
Derivative [Line Items] | ||||
Revenues | 61,937,000 | |||
Accounts receivable | 6,186,000 | |||
Energy Industry [Member] | ||||
Derivative [Line Items] | ||||
Revenues | 35,452,000 | 58,660,000 | 49,322,000 | |
Energy Industry [Member] | Trade Receivables [Member] | ||||
Derivative [Line Items] | ||||
Accounts receivable | $ 4,825,000 | $ 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 | 13 | 21 | ||
Forward-Exchange [Member] | Minimum [Member] | ||||
Derivative [Line Items] | ||||
Derivative maturity date | 2020-07 | 2019-07 | ||
Forward-Exchange [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Derivative maturity date | 2020-10 | 2019-10 | ||
Unrealized gain (loss) included in interest expense [Member] | Interest rate swap contract [Member] | ||||
Derivative [Line Items] | ||||
Gain on portion of cash flow hedge | $ 0 | $ 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 | 372,697,000 | 406,499,000 | ||
Deferred financing costs,Net | 896,000 | 2,314,000 | ||
Senior credit facilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Derivative [Line Items] | ||||
Fair value of borrowings | 366,554,000 | 402,245,000 | ||
Other debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Derivative [Line Items] | ||||
Fair value of borrowings | $ 7,997,000 | $ 6,956,000 |
Financial Instruments - Open In
Financial Instruments - Open Interest Rate Swap Contract (Detail) - Interest rate swap contract [Member] - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Derivatives, Fair Value [Line Items] | ||
Notional amounts | $ 68,777,000 | $ 70,287,000 |
Fixed/Strike Rates | 7.17% | 7.42% |
Floating Rates | 5.35% | 6.70% |
Fair Value of Combined Contracts | $ (3,456,000) | $ (2,233,000) |
Financial Instruments - Open Fo
Financial Instruments - Open Forward Exchange and Participating Forward Contracts (Detail) - Forward-Exchange [Member] | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) |
Derivatives, Fair Value [Line Items] | ||
Notional amounts | $ 3,087 | $ 9,305 |
Fair Value of Combined Contracts | $ (258) | $ (16) |
Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exchange/Strike Rates (AUD to USD) | 0.56516 | 0.67313 |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exchange/Strike Rates (AUD to USD) | 0.68863 | 0.72039 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Taxes [Line Items] | |||
Income (loss) before provision for income taxes | $ 14,649 | $ (1,646) | $ (9,786) |
North America [Member] | |||
Income Taxes [Line Items] | |||
Income (loss) before provision for income taxes | 12,181 | 29,205 | 11,739 |
Asia Pacific [Member] | |||
Income Taxes [Line Items] | |||
Income (loss) before provision for income taxes | $ 2,468 | $ (30,851) | $ (21,525) |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Current: | ||||
U.S. Federal | $ (150) | |||
State | 755 | $ 504 | $ 481 | |
Foreign | 1,092 | 1,574 | 1,925 | |
Total current taxes | 1,697 | 2,078 | 2,406 | |
Deferred: | ||||
U.S. Federal | 3,154 | 5,026 | (1,323) | |
State | 641 | 1,397 | 844 | |
Foreign | 1,203 | (2,681) | (2,606) | |
Total deferred taxes | $ 6,979 | 4,998 | 3,742 | (3,085) |
Provision (benefit) for income taxes | $ 6,695 | $ 5,820 | $ (679) |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Deferred tax assets: | ||
Net operating loss and tax credit carryforwards | $ 24,510 | $ 16,928 |
Accrued compensation and other benefits | 2,988 | 3,029 |
Allowance for doubtful accounts | 1,365 | 1,279 |
Deferred revenue and expenses | 4,784 | 3,892 |
Operating lease assets | 20,820 | |
Total deferred tax assets | 54,467 | 25,128 |
Deferred tax liabilities: | ||
Accelerated tax depreciation and amortization | (76,415) | (63,310) |
Total deferred tax liabilities | (96,913) | (63,310) |
Valuation allowance | (1,262) | (529) |
Operating lease liabilities | (20,498) | |
Net deferred tax liabilities | $ (43,708) | $ (38,711) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Contingency [Line Items] | ||
Valuation allowance | $ 1,262,000 | $ 529,000 |
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 | 2038 | |
North America [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforward | $ 103,766,000 | |
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 | $ 31,838,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of U.S. Federal Statutory Rate (Detail) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Federal statutory rate | 35.00% | 21.00% | 21.00% | 28.00% |
Change in valuation of bifurcated derivative in Convertible Note | 12.80% | (521.30%) | (42.70%) | |
State and Asia-Pacific taxes, net of U.S. federal tax benefit | 7.80% | 117.20% | 6.00% | |
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 | (0.50%) | 15.40% | 0.40% | |
GILTI tax adjustment | 4.60% | |||
Tax credit adjustment | (3.30%) | |||
Valuation allowance | 5.00% | (12.10%) | (3.40%) | |
Other | (1.70%) | 5.00% | 0.90% | |
Effective tax rate | 45.70% | (353.60%) | 6.90% |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($)ftĀ² | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Related Party Transaction [Line Items] | ||||
Rental payment | $ 13,439,000 | $ 13,004,000 | ||
Term of lease | 5 years | 5 years | ||
Affiliate of Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rental payment | $ 7,393 | $ 112,000 | 111,000 | 112,000 |
Office space | ftĀ² | 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 | $ 156,000 | 176,000 | $ 131,000 |
Renewal options of lease | 2 years | 2 years | ||
Lease expiration date | Dec. 31, 2020 | |||
Tax Included In Lease Payments | $ 29,000 | |||
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. 11, 2020USD ($)$ / sharesshares | Feb. 06, 2018USD ($)$ / sharesshares | Jan. 02, 2018USD ($)$ / sharesshares | Dec. 15, 2017$ / sharesshares | Feb. 12, 2019USD ($)$ / sharesshares | Sep. 30, 2017USD ($)shares | Sep. 30, 2017AUD ($)shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2018AUD ($)shares | Jun. 30, 2017USD ($)shares | Dec. 07, 2017shares | Sep. 11, 2014shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of option granted | 3,445 | |||||||||||||
Outstanding stock options | 1,599,541 | 1,676,196 | 1,824,910 | 1,824,910 | 2,061,057 | |||||||||
Market price of common stock | $ / shares | $ 6.71 | |||||||||||||
Intrinsic value of the outstanding stock options | $ | $ 3,631,700 | |||||||||||||
Share-based compensation expense | $ | $ 2,656,000 | $ 2,680,000 | $ 3,658,000 | |||||||||||
Minimum percentage of outstanding shares in capital stock | 50.00% | |||||||||||||
Number of performance rights deemed vested | 59,390 | 66,073 | ||||||||||||
Payment of performance rights | $ 835,000 | $ 1,066,000 | ||||||||||||
Share-based compensation expense | $ | $ 2,656,000 | $ 2,680,000 | 3,658,000 | |||||||||||
Refund from terminated Royal Wolf LTI Plan trust | $ | $ 338,000 | |||||||||||||
Stock options granted exercise price | $ / shares | $ 9.49 | $ 10.34 | $ 6.49 | |||||||||||
Weighted average fair value of the options outstanding | $ / shares | $ 3.45 | |||||||||||||
Number of option granted | 3,445 | 3,249 | 306,280 | 306,280 | ||||||||||
Issuance of shares of common stock | $ | $ 130,000 | $ 858,000 | $ 1,150,000 | |||||||||||
Key Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Expected dividends | $ | $ 0 | |||||||||||||
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 | |||||||||||||
Number of option granted | 42,773 | |||||||||||||
Issuance of shares of common stock | $ | $ 291,000 | |||||||||||||
February 2020 Grant [Member] | Key Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Stock options granted exercise price | $ / shares | $ 9.49 | |||||||||||||
Weighted average fair value of the options outstanding | $ / shares | $ 4.49 | |||||||||||||
Risk-free interest rate | 1.515% | |||||||||||||
Expected life (in years) | 7 years 6 months | |||||||||||||
Expected volatility | 42.68% | |||||||||||||
Expected dividends | $ | $ 0 | |||||||||||||
February 2019 Grants [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 | 1,058,095 | |||||||||||||
Time-based options [Member] | December 2017 Grant [Member] | Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of option 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 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 years 6 months | |||||||||||||
Expected volatility | 50.50% | |||||||||||||
Time-based options [Member] | February 2020 Grant [Member] | Key Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of option granted | 1,723 | |||||||||||||
Time-based options [Member] | February 2019 Grants [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 | 541,446 | |||||||||||||
Performance-based options [Member] | February 2020 Grant [Member] | Key Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of option granted | 1,722 | |||||||||||||
Performance-based options [Member] | February 2019 Grants [Member] | Key Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of option granted | 1,624 | |||||||||||||
Maximum [Member] | February 2020 Grant [Member] | Key Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 36 months | |||||||||||||
Minimum [Member] | February 2020 Grant [Member] | Key Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 31 months | |||||||||||||
2014 Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of option 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 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 | |||||||||||||
2009 Plan [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of option granted | 2,500,000 | |||||||||||||
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 | ||||||||||||
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 | 394,663 | |||||||||||||
Non-qualified stock options [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 5 years | |||||||||||||
RSU [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Unrecognized compensation expense to be recorded on a straight-line basis | $ | $ 345,000 | |||||||||||||
Share-based compensation recognized in statements of operations | $ | $ 1,466,000 | |||||||||||||
Number of performance rights deemed vested | 59,390 | 66,073 | ||||||||||||
Number of performance rights granted | 29,131 | 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 7 months 9 days | |||||||||||||
RSU [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Remaining vesting period | 1 year 2 months 12 days | |||||||||||||
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] | ||||||||||||||
Share-based compensation expense | $ | $ 9,489,000 | |||||||||||||
Unrecognized compensation expense to be recorded on a straight-line basis | $ | $ 139,000 | |||||||||||||
Remaining vesting period | 1 year | |||||||||||||
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 | $ | $ 2,976,000 | |||||||||||||
Share-based compensation recognized in statements of operations | $ | $ 6,001,000 | |||||||||||||
Number of performance rights deemed vested | 191,553 | 236,373 | 226,345 | 226,345 | ||||||||||
Number of performance rights granted | 271,235 | 185,940 | 125,885 | 125,885 | ||||||||||
Restricted Stock [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Remaining vesting period | 3 years 2 months 8 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) - Stock options [Member] | 12 Months Ended |
Jun. 30, 2020USD ($)$ / shares | |
Assumptions used: | |
Risk-free interest rate, minimum | 1.19% |
Risk-free interest rate, maximum | 4.80% |
Expected life (in years) | 7 years 6 months |
Expected volatility, minimum | 26.50% |
Expected volatility, maximum | 84.60% |
Expected dividends | $ | $ 0 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of stock options | $ 0.81 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of stock options | $ 6.35 |
Equity Plans - Stock Option Act
Equity Plans - Stock Option Activity and Related Information (Detail) - $ / shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Number of Options (Shares) | |||
Outstanding beginning balance | 1,676,196 | 1,824,910 | 2,061,057 |
Granted | 3,445 | 3,249 | 306,280 |
Exercised | (79,500) | (142,963) | (237,260) |
Forfeited or expired | (600) | (9,000) | (305,167) |
Outstanding ending balance | 1,599,541 | 1,676,196 | 1,824,910 |
Vested and expected to vest | 1,599,541 | 1,676,196 | |
Exercisable | 1,491,836 | 1,360,361 | 1,333,564 |
Weighted-Average Exercise Price | |||
Outstanding beginning balance | $ 4.39 | $ 4.52 | $ 4.92 |
Granted | 9.49 | 10.34 | 6.49 |
Exercised | 1.63 | 6.01 | 4.85 |
Forfeited or expired | 1.28 | 6.50 | 8.96 |
Outstanding ending balance | 4.54 | 4.39 | 4.52 |
Vested and expected to vest | 4.54 | 4.39 | |
Exercisable | $ 4.39 | $ 4.03 | $ 4.01 |
Weighted-Average Remaining Contractual Term (Years) | |||
Outstanding | 4 years 2 months 12 days | 5 years | 5 years 9 months 18 days |
Vested and expected to vest | 4 years 2 months 12 days | 5 years | |
Exercisable | 4 years | 4 years 4 months 24 days | 4 years 6 months |
Equity Plans - Summary of Non-V
Equity Plans - Summary of Non-Vested Equity Share Activity (Detail) - $ / shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested | (59,390) | (66,073) | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested beginning balance | 329,417 | 379,850 | 480,310 |
Granted | 271,235 | 185,940 | 125,885 |
Vested | (191,553) | (236,373) | (226,345) |
Forfeited | (1,000) | ||
Non-vested ending balance | 408,099 | 329,417 | 379,850 |
Non-vested beginning balance | $ 8.28 | $ 6.32 | $ 4.54 |
Granted | 7.51 | 8.91 | 9.69 |
Vested | 7.76 | 5.63 | 4.42 |
Forfeited | 10.34 | ||
Non-vested ending balance | $ 8 | $ 8.28 | $ 6.32 |
RSU [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested beginning balance | 139,187 | 211,763 | |
Granted | 29,131 | 20,590 | 211,763 |
Vested | (59,390) | (66,073) | |
Forfeited | (27,093) | ||
Non-vested ending balance | 108,928 | 139,187 | 211,763 |
Non-vested beginning balance | $ 7.62 | $ 7.15 | |
Granted | 9.49 | 10.34 | $ 7.15 |
Vested | 7.52 | 7.15 | |
Forfeited | 7.15 | ||
Non-vested ending balance | $ 8.18 | $ 7.62 | $ 7.15 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Feb. 01, 2017 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jul. 01, 2019 |
Commitment And Contingencies [Line Items] | |||||
Trade payables and accrued liabilities | $ 46,845,000 | $ 48,460,000 | |||
Rental expense on non-cancellable operating leases | 13,439,000 | $ 13,004,000 | |||
Operating lease term | 12 months | ||||
Operating lease assets | $ 66,225,000 | $ 70,797,000 | |||
Operating Lease Liabilities | $ 71,298,000 | ||||
Weighted average remaining lease term | 12 years 7 months 6 days | ||||
Weighted average discount rate operating leases | 6.30% | ||||
Assets under finance lease gross | $ 8,650,000 | 10,804,000 | |||
Assets under finance lease accumulated amortisation | 2,871,000 | 5,655,000 | |||
Assets under finance lease net | 5,779,000 | 5,149,000 | |||
Self Insured Liabilities [Member] | |||||
Commitment And Contingencies [Line Items] | |||||
Trade payables and accrued liabilities | $ 1,278,000 | $ 1,335,000 | |||
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 - Future payments of operating lease liabilities (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 11,628 |
2022 | 10,336 |
2023 | 9,121 |
2024 | 7,858 |
2025 | 6,750 |
Thereafter | 57,190 |
Total commitments | 102,883 |
Less ā effect of discounting | (35,741) |
Operating lease liabilities | $ 67,142 |
Commitments and Contingencies_3
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_4
Commitments and Contingencies - Schedule of Operating Lease Activity (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2020USD ($) | |
Expense: | |
Short-term lease expense | $ 3,660 |
Fixed lease expense | 13,137 |
Variable lease expense | 1,411 |
Sublease income | (4,678) |
Total of lease costs/expenditure | 13,530 |
Cash paid and new or modified operating lease information: | |
Operating cash flows from operating leases | 12,058 |
Net operating lease assets obtained in exchange for new or modified operating lease liabilities | $ 5,349 |
Commitments and Contingencies_5
Commitments and Contingencies - Future Minimum Receipts under Sales-Type and Operating Fleet Leases (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2021 | $ 18,389 |
2022 | 2,440 |
2023 | 781 |
2024 | 568 |
2025 | 1,034 |
Thereafter | 1 |
Total | $ 23,213 |
Detail of Certain Accounts - Su
Detail of Certain Accounts - Summary of Trade Payables and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade payables | $ 14,951 | $ 20,448 |
Checks written in excess of bank balance | 104 | |
Payroll and related | 9,995 | 11,506 |
Taxes, other than income | 1,658 | 1,970 |
Fair value of interest swap and forward currency exchange contacts | 3,714 | 2,233 |
Accrued interest | 3,323 | 3,682 |
Deferred consideration | 281 | 1,831 |
Warranty reserve | 136 | 219 |
Self-insured reported liability | 1,278 | 1,335 |
GEPT minimum return liability | 6,843 | |
Other accruals | 4,666 | 5,132 |
Total trade payables and accrued liabilities | $ 46,845 | $ 48,460 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020USD ($)Segment | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of geographic units | Segment | 2 | ||
Number of operating segments | Segment | 4 | ||
Sales | $ 128,642 | $ 137,716 | $ 132,317 |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 76,121 | 83,025 | 65,308 |
North America [Member] | Corporate and Intercompany Adjustments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | (5,132) | (4,138) | (3,715) |
Lone Star Leasing [Member] | North America [Member] | Corporate and Intercompany Adjustments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | $ 484 | $ 1,730 | $ 1,000 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jul. 01, 2019 | Jun. 30, 2017 | |
Revenues: | |||||
Sales | $ 128,642 | $ 137,716 | $ 132,317 | ||
Leasing | 227,837 | 240,490 | 214,985 | ||
Total revenues | 356,479 | 378,206 | 347,302 | ||
Share-based compensation | 2,656 | 2,680 | 3,658 | ||
Impairment of goodwill | 14,160 | ||||
Depreciation and amortization | 35,550 | 42,108 | 40,335 | ||
Operating income (loss) | 45,454 | 61,590 | 43,699 | ||
Interest income | 663 | 191 | 112 | ||
Interest expense | 26,386 | 35,344 | 33,991 | ||
Additions to long-lived assets | 62,423 | 78,104 | 53,350 | ||
Long-lived assets | 483,123 | 479,717 | |||
Operating lease assets | 66,225 | $ 70,797 | |||
Goodwill | 97,224 | 111,323 | 109,943 | $ 105,129 | |
North America [Member] | |||||
Revenues: | |||||
Sales | 76,121 | 83,025 | 65,308 | ||
Leasing | 164,714 | 175,823 | 150,855 | ||
Total revenues | 240,835 | 258,848 | 216,163 | ||
Share-based compensation | 1,887 | 1,953 | 2,145 | ||
Impairment of goodwill | 14,160 | ||||
Depreciation and amortization | 22,414 | 24,123 | 23,237 | ||
Operating income (loss) | 28,245 | 48,069 | 30,427 | ||
Interest income | 3 | 7 | 9 | ||
Interest expense | 16,001 | 19,445 | 18,617 | ||
Additions to long-lived assets | 47,124 | 54,818 | 36,751 | ||
Long-lived assets | 353,406 | 338,028 | |||
Operating lease assets | 28,554 | ||||
Goodwill | 71,745 | 85,299 | |||
North America [Member] | Corporate and Intercompany Adjustments [Member] | |||||
Revenues: | |||||
Sales | (5,132) | (4,138) | (3,715) | ||
Leasing | (616) | (1,862) | (1,132) | ||
Total revenues | (5,748) | (6,000) | (4,847) | ||
Share-based compensation | 1,397 | 1,562 | 1,749 | ||
Depreciation and amortization | (716) | (741) | (731) | ||
Operating income (loss) | (6,373) | (6,708) | (6,709) | ||
Interest income | 3 | 7 | 9 | ||
Interest expense | 6,867 | 6,843 | 7,291 | ||
Additions to long-lived assets | (220) | (227) | (334) | ||
Long-lived assets | (9,145) | (9,606) | |||
Operating lease assets | 267 | ||||
Goodwill | |||||
North America [Member] | Pac-Van Leasing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 68,767 | 72,241 | 55,438 | ||
Leasing | 139,307 | 130,461 | 112,027 | ||
Total revenues | 208,074 | 202,702 | 167,465 | ||
Share-based compensation | 405 | 331 | 309 | ||
Depreciation and amortization | 16,361 | 15,524 | 14,233 | ||
Operating income (loss) | 45,430 | 39,497 | 28,689 | ||
Interest expense | 8,730 | 11,215 | 9,172 | ||
Additions to long-lived assets | 46,370 | 53,235 | 33,628 | ||
Long-lived assets | 320,956 | 301,233 | |||
Operating lease assets | 25,602 | ||||
Goodwill | 65,123 | 64,517 | |||
North America [Member] | Lone Star Leasing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 35 | 20 | |||
Leasing | 26,023 | 47,224 | 39,960 | ||
Total revenues | 26,058 | 47,224 | 39,980 | ||
Share-based compensation | 48 | 33 | 41 | ||
Impairment of goodwill | 14,160 | ||||
Depreciation and amortization | 6,373 | 8,936 | 9,161 | ||
Operating income (loss) | (11,284) | 14,236 | 8,798 | ||
Interest expense | 298 | 1,130 | 1,770 | ||
Additions to long-lived assets | 925 | 1,783 | 3,326 | ||
Long-lived assets | 40,234 | 44,694 | |||
Operating lease assets | 2,441 | ||||
Goodwill | 6,622 | 20,782 | |||
North America [Member] | Lone Star Leasing [Member] | Corporate and Intercompany Adjustments [Member] | |||||
Revenues: | |||||
Sales | 484 | 1,730 | 1,000 | ||
North America [Member] | Pac Van and Lone Star Leasing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 68,802 | 72,241 | 55,458 | ||
Leasing | 165,330 | 177,685 | 151,987 | ||
Total revenues | 234,132 | 249,926 | 207,445 | ||
Share-based compensation | 453 | 364 | 350 | ||
Impairment of goodwill | 14,160 | ||||
Depreciation and amortization | 22,734 | 24,460 | 23,394 | ||
Operating income (loss) | 34,146 | 53,733 | 37,487 | ||
Interest expense | 9,028 | 12,345 | 10,942 | ||
Additions to long-lived assets | 47,295 | 55,018 | 36,954 | ||
Long-lived assets | 361,190 | 345,927 | |||
Operating lease assets | 28,043 | ||||
Goodwill | 71,745 | 85,299 | |||
North America [Member] | Manufacturing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 12,451 | 14,922 | 13,565 | ||
Total revenues | 12,451 | 14,922 | 13,565 | ||
Share-based compensation | 37 | 27 | 46 | ||
Depreciation and amortization | 396 | 404 | 574 | ||
Operating income (loss) | 472 | 1,044 | (351) | ||
Interest expense | 106 | 257 | 384 | ||
Additions to long-lived assets | 49 | 27 | 131 | ||
Long-lived assets | 1,361 | 1,707 | |||
Operating lease assets | 244 | ||||
Goodwill | |||||
Asia-Pacific [Member] | Royal Wolf Leasing [Member] | Operating Segments [Member] | |||||
Revenues: | |||||
Sales | 52,521 | 54,691 | 67,009 | ||
Leasing | 63,123 | 64,667 | 64,130 | ||
Total revenues | 115,644 | 119,358 | 131,139 | ||
Share-based compensation | 769 | 727 | 1,513 | ||
Depreciation and amortization | 13,136 | 17,985 | 17,098 | ||
Operating income (loss) | 17,209 | 13,521 | 13,272 | ||
Interest income | 660 | 184 | 103 | ||
Interest expense | 10,385 | 15,899 | 15,374 | ||
Additions to long-lived assets | 15,299 | 23,286 | $ 16,599 | ||
Long-lived assets | 129,717 | 141,689 | |||
Operating lease assets | 37,671 | ||||
Goodwill | $ 25,479 | $ 26,024 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Events [Member] - Series C Preferred Stock [Member] | Jul. 10, 2020$ / shares |
Subsequent Event [Line Items] | |
Cash dividend, amount per share | $ 2.30 |
Dividend declared date | Jul. 30, 2020 |
Dividend payable date | Jul. 31, 2020 |
Dividend payable record date | Jul. 30, 2020 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Registrant - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 17,478 | $ 10,359 | $ 21,617 | $ 7,792 |
Property and equipment, net | 24,396 | 22,895 | ||
Total assets | 756,022 | 718,312 | ||
Accounts payable, accrued and other liabilities | 46,845 | 48,460 | ||
Senior and other debt, net | 379,798 | 411,141 | ||
General Finance Corporation stockholders' equity | 174,413 | 176,537 | ||
Total liabilities and equity | 756,022 | 718,312 | ||
Parent [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 144 | 266 | $ 89 | $ 3,944 |
Property and equipment, net | 16 | 23 | ||
Other assets | 12,040 | 7,528 | ||
Investment and intercompany accounts | 247,973 | 247,638 | ||
Total assets | 260,173 | 255,455 | ||
Accounts payable, accrued and other liabilities | 8,997 | 2,734 | ||
Senior and other debt, net | 76,763 | 76,184 | ||
General Finance Corporation stockholders' equity | 174,413 | 176,537 | ||
Total liabilities and equity | $ 260,173 | $ 255,455 |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||
General and administrative expenses | $ 81,342 | $ 81,965 | $ 77,650 |
Depreciation and amortization | 35,154 | 41,704 | 39,761 |
Operating income | 45,454 | 61,590 | 43,699 |
Interest expense | (26,386) | (35,344) | (33,991) |
Total costs and expenses | (30,805) | (63,236) | (53,485) |
Income tax benefit | 6,695 | 5,820 | (679) |
Net income (loss) | 7,954 | (7,466) | (9,107) |
Preferred stock dividends | 3,668 | 3,658 | 3,658 |
Net income (loss) attributable to common stockholders | 4,286 | (11,124) | (11,964) |
Parent [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
General and administrative expenses | 6,960 | 7,299 | 7,022 |
Depreciation and amortization | 12 | 20 | 36 |
Operating income | (6,972) | (7,319) | (7,058) |
Equity in income (losses) of subsidiaries | 4,038 | (10,703) | (16,886) |
Intercompany income | 13,997 | 14,164 | 16,138 |
Interest expense | (6,867) | (6,843) | (7,291) |
Other income, net | 7 | ||
Total costs and expenses | 11,168 | (3,382) | (8,032) |
Income (loss) before income taxes | 4,196 | (10,701) | (15,090) |
Income tax benefit | (3,758) | (3,235) | (6,784) |
Net income (loss) | 7,954 | (7,466) | (8,306) |
Preferred stock dividends | 3,668 | 3,658 | 3,658 |
Net income (loss) attributable to common stockholders | $ 4,286 | $ (11,124) | $ (11,964) |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | |||
Net income (loss) attributable to stockholders | $ 7,954 | $ (7,466) | $ (9,107) |
Depreciation and amortization | 35,550 | 42,108 | 40,335 |
Amortization of deferred financing costs | 1,852 | 2,915 | 2,293 |
Share-based compensation expense | 2,656 | 2,680 | 3,658 |
Deferred income taxes | (4,508) | (3,989) | 2,981 |
Net cash provided by operating activities | 76,574 | 52,087 | 58,775 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (8,410) | (7,213) | (4,784) |
Net cash used in investing activities | (30,552) | (64,000) | (114,500) |
Cash flows from financing activities: | |||
Repayments of senior and other debt borrowings | (28,690) | 67,997 | 89,942 |
Deferred financing costs | (80) | (427) | (3,980) |
Proceeds from issuances of common stock | 130 | 858 | 1,150 |
Purchase of treasury stock | (5,845) | ||
Preferred stock dividends | (3,668) | (3,658) | (3,658) |
Net cash provided by (used in) financing activities | (38,739) | 1,581 | 70,721 |
Cash and equivalents at beginning of period | 10,359 | 21,617 | 7,792 |
Cash and equivalents at end of period | 17,478 | 10,359 | 21,617 |
Parent [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) attributable to stockholders | 7,954 | (7,466) | (8,306) |
Equity in losses (income) of subsidiaries | (4,038) | 10,703 | 16,886 |
Depreciation and amortization | 12 | 20 | 36 |
Amortization of deferred financing costs | 579 | 555 | 587 |
Share-based compensation expense | 1,397 | 1,562 | 1,749 |
Deferred income taxes | (3,758) | (3,342) | (6,784) |
Changes in operating assets and liabilities | 6,180 | 449 | 1,950 |
Net cash provided by operating activities | 8,326 | 2,481 | 6,118 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (5) | (23) | (5) |
Net cash used in investing activities | (5) | (23) | (5) |
Cash flows from financing activities: | |||
Repayments of senior and other debt borrowings | (10,000) | ||
Deferred financing costs | (196) | (31) | |
Proceeds from issuances of common stock | 130 | 858 | 1,150 |
Preferred stock dividends | (3,668) | (3,658) | (3,658) |
Intercompany transfers | 940 | 715 | 2,571 |
Net cash provided by (used in) financing activities | (8,443) | (2,281) | (9,968) |
Net increase (decrease) in cash | (122) | 177 | (3,855) |
Cash and equivalents at beginning of period | 266 | 89 | 3,944 |
Cash and equivalents at end of period | $ 144 | $ 266 | $ 89 |