0000950170-24-017874.txt : 20240221 0000950170-24-017874.hdr.sgml : 20240221 20240221160017 ACCESSION NUMBER: 0000950170-24-017874 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240221 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240221 DATE AS OF CHANGE: 20240221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCGRATH RENTCORP CENTRAL INDEX KEY: 0000752714 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 942579843 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13292 FILM NUMBER: 24659259 BUSINESS ADDRESS: STREET 1: 5700 LAS POSITAS RD CITY: LIVERMORE STATE: CA ZIP: 94551 BUSINESS PHONE: 925-606-9200 MAIL ADDRESS: STREET 1: 5700 LAS POSITAS RD CITY: LIVERMORE STATE: CA ZIP: 94551 8-K 1 mgrc-20240221.htm 8-K 8-K
false000075271400007527142024-02-212024-02-21

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 21, 2024

 

 

McGRATH RENTCORP

(Exact name of Registrant as Specified in Its Charter)

 

 

California

000-13292

94-2579843

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

5700 Las Positas Road

 

Livermore, California

 

94551-7800

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (925) 606-9200

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock

 

MGRC

 

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02 Results of Operations and Financial Condition.

On February 21, 2024, McGrath RentCorp (the “Company”) announced via press release the Company’s results for its fourth quarter ended December 31, 2023. A copy of the Company’s press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are provided under Item 2.02 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission, and shall not be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

 

 

99.1

Press Release of McGrath RentCorp, dated February 21, 2024.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

McGRATH RENTCORP

 

 

 

 

Date:

February 21, 2024

By:

/s/ Keith E. Pratt

 

 

 

Keith E. Pratt
Executive Vice President and Chief Financial Officer

 

 EX-99.1 2 mgrc-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

img222354234_0.jpg 

Contact

Keith E. Pratt

EVP & Chief Financial Officer

925-606-9200

PRESS RELEASE

FOR RELEASE February 21, 2024

McGrath Announces Results for Fourth Quarter 2023

and Announces 33rd Annual Dividend Increase

 

Livermore, CA - February 21, 2024 – McGrath RentCorp (“McGrath” or the “Company”) (Nasdaq: MGRC), a leading business-to-business rental company in North America, today announced total revenues from continuing operations for the quarter ended December 31, 2023 of $221.6 million, an increase of 21% compared to the fourth quarter of 2022. The Company reported net income from continuing operations of $32.0 million, or $1.30 per diluted share, for the fourth quarter of 2023, compared to net income from continuing operations of $35.0 million, or $1.43 per diluted share, for the fourth quarter of 2022.

 

Total revenues from continuing operations for the full year ended December 31, 2023 increased to $831.8 million from $635.7 million in 2022, with adjusted EBITDA increasing $70.8 million, or 28%, to $322.0 million. Net income from continuing operations for the year ended December 31, 2023 was $111.9 million, or $4.56 per diluted share, compared to $103.3 million, or $4.21 per diluted share, in 2022.

 

The Company also announced that the board of directors declared a cash dividend of $0.475 per share for the upcoming quarter ending March 31, 2024, a quarterly increase of $0.01, or 2%, over the prior year period. The cash dividend will be payable on April 30, 2024 to all shareholders of record on April 16, 2024. This marks 33 consecutive years the Company has increased its annual dividend.

 

Fourth QUARTER 2023 YEAR-OVER-YEAR Company HIGHLIGHTS (FROM CONTINUING OPERATIONS):

•
Rental revenues increased 19% to $123.6 million.
•
Total revenues increased 21% to $221.6 million.
•
Adjusted EBITDA1 increased 12% to $87.9 million.
•
Dividend rate of $0.465 per share for the fourth quarter 2023. On an annualized basis, this dividend represents a 1.4% yield on the February 20, 2024 close price of $128.65 per share.

Joe Hanna, President and CEO of McGrath, made the following comments:

“We were pleased with our fourth quarter results. Our 19% increase in companywide rental revenues was driven by strong modular and portable storage performance. Modular rental revenues grew 37%, with approximately two-thirds of the growth attributable to our Vesta Modular acquisition. Portable storage rental revenues grew 13%.

Our modular and portable storage businesses saw broad based rental strength across commercial and education customer bases. We maintained our focus on pricing optimization, rental fleet utilization, and value-added services for our customers. Our initiatives to grow modular sales also showed progress as sales revenues increased 21% compared to a year ago.

TRS-RenTelco experienced continued softness in semiconductor related demand, resulting in 11% lower rental revenues for the quarter, compared to a year ago. During the quarter we reduced new equipment capital spending and made progress with reducing the fleet size to better align with demand conditions.

I am very proud of everything we accomplished in 2023. Our full year revenue and profit growth reflects a diligent focus on execution. We pursued our strategic growth focus on the modular and portable storage businesses with significant organic investment in new fleet, while optimizing pricing and maintaining high fleet utilization. Our growth initiatives for Mobile

 

 

Modular Plus, Site Related Services and new modular equipment sales all showed significant progress. Vesta Modular was a strong contributor to our successful year, and we completed all our Vesta integration work on schedule by year end.

The recently announced transaction with WillScot Mobile Mini validates the strength of the McGrath business, the hard work and dedication of our team members and the valuable solutions we provide to our customers. We will maintain our independent focus on disciplined operational execution through the transaction close."

 

Division HIGHLIGHTS:

All comparisons presented below are for the quarter ended December 31, 2023 to the quarter ended December 31, 2022 unless otherwise indicated.

Mobile Modular

For the fourth quarter of 2023, the Company’s Mobile Modular division reported Adjusted EBITDA of $54.1 million, an increase of $11.6 million, or 27%, when compared to the same quarter in 2022.

•
Rental revenues increased 37% to $75.9 million, depreciation expense increased 37% to $9.7 million, and other direct costs increased 29% to $18.3 million, which resulted in an increase in gross profit on rental revenues of 41% to $48.0 million.
•
Rental related services revenues increased 50% to $30.7 million, primarily attributable to higher delivery and pick-up activities and higher site related services, with associated gross profit increasing 61% to $11.0 million.
•
Sales revenues increased 21% to $42.3 million, primarily from higher new equipment sales. Gross margin on sales was 32% for both 2023 and 2022, resulting in a 20% increase in gross profit on sales revenues to $13.6 million.
•
Selling and administrative expenses increased $12.9 million to $37.2 million. The increase was primarily attributed to $6.4 million higher salary and benefit costs, mostly related to the increased headcount from the Vesta Modular acquisition and $3.8 million higher allocated corporate expenses.

Portable storage

For the fourth quarter of 2023, the Company’s Portable Storage division reported Adjusted EBITDA of $12.8 million, an increase of $2.2 million, or 20%, when compared to the same quarter in 2022.

•
Rental revenues increased 13% to $19.8 million, depreciation expense increased 30% to $0.9 million, and other direct costs decreased 6% to $1.7 million, which resulted in an increase in gross profit on rental revenues of 15% to $17.1 million.
•
Rental related services revenues increased 17% to $5.2 million, primarily attributable to higher delivery and return delivery activities, with associated gross profit increasing $0.4 million to $0.5 million.
•
Sales revenues increased $0.8 million to $1.7 million, primarily from higher used equipment sales. Gross margin on sales was 38% compared to 30% in 2022, resulting in a $0.4 million increase in gross profit on sales revenues to $0.6 million.
•
Selling and administrative expenses increased $1.6 million to $8.3 million, primarily due to higher allocated corporate expenses.

TRS-RenTelco

For the fourth quarter of 2023, the Company’s TRS-RenTelco division reported Adjusted EBITDA of $20.7 million, a decrease of 18%, when compared to the same quarter in 2022.

•
Rental revenues decreased 11% to $27.9 million, depreciation expense decreased 6%, and other direct costs decreased 18%, resulting in a 13% decrease in gross profit on rental revenues to $11.3 million. The rental revenue decrease was primarily due to weakness in the semiconductor related end markets, resulting in lower average rental equipment on rent compared to the prior year.
•
Sales revenues decreased 34% to $5.8 million and gross profit on sales revenues decreased 41% to $3.2 million.
•
Selling and administrative expenses increased 1%, to $7.4 million, when compared to the prior year.

 

2

 

ABOUT MCGRATH:

McGrath RentCorp (Nasdaq: MGRC) is a leading business-to-business rental company in North America with a strong record of profitable business growth. Founded in 1979, McGrath’s operations are centered on modular solutions through its Mobile Modular and Mobile Modular Portable Storage businesses. In addition, its TRS-RenTelco business offers electronic test equipment rental solutions. The Company’s rental product offerings and services are part of the circular supply economy, helping customers work more efficiently, and sustainably manage their environmental footprint. With over 40 years of experience, McGrath’s success is driven by a focus on exceptional customer experiences. This focus has underpinned the Company’s long-term financial success and supported over 30 consecutive years of annual dividend increases to shareholders, a rare distinction among publicly listed companies.

McGrath is headquartered in Livermore, California. Additional information about McGrath and its businesses is available at mgrc.com and investors.mgrc.com.

You should read this press release in conjunction with the financial statements and notes thereto included in the Company’s latest Forms 10-K, 10-Q and other SEC filings. You can visit the Company’s web site at www.mgrc.com to access information on McGrath RentCorp, including the latest Forms 10-K, 10-Q and other SEC filings.

 

Conference Call Note:

As previously announced in its press release of February 1, 2024, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on February 21, 2024 to discuss the fourth quarter 2024 results. To participate in the teleconference, dial 1-800-245-3047 (in the U.S.), or 1-203-518-9765 (outside the U.S.), or to listen only, access the simultaneous webcast at the investor relations section of the Company’s website at https://investors.mgrc.com/. A replay will be available for 7 days following the call by dialing 1-800-839-8320 (in the U.S.), or 1-402-220-6072 (outside the U.S.). In addition, a live audio webcast and replay of the call may be found in the investor relations section of the Company’s website at https://investors.mgrc.com/events-and-presentations.

 

 

3

 

MCGRATH RENTCORP

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

(in thousands, except per share amounts)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

123,563

 

 

$

104,075

 

 

$

474,336

 

 

$

389,663

 

Rental related services

 

 

36,679

 

 

 

25,687

 

 

 

138,160

 

 

 

94,963

 

Rental operations

 

 

160,242

 

 

 

129,762

 

 

 

612,496

 

 

 

484,626

 

Sales

 

 

58,589

 

 

 

52,217

 

 

 

207,165

 

 

 

147,720

 

Other

 

 

2,757

 

 

 

922

 

 

 

12,181

 

 

 

3,319

 

Total revenues

 

 

221,588

 

 

 

182,901

 

 

 

831,842

 

 

 

635,665

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of rental equipment

 

 

22,413

 

 

 

20,307

 

 

 

88,912

 

 

 

80,425

 

Rental related services

 

 

25,003

 

 

 

18,730

 

 

 

96,628

 

 

 

68,846

 

Other

 

 

24,754

 

 

 

21,785

 

 

 

114,942

 

 

 

104,358

 

Total direct costs of rental operations

 

 

72,170

 

 

 

60,822

 

 

 

300,482

 

 

 

253,629

 

Costs of sales

 

 

39,296

 

 

 

33,704

 

 

 

137,727

 

 

 

91,828

 

Total costs of revenues

 

 

111,466

 

 

 

94,526

 

 

 

438,209

 

 

 

345,457

 

Gross profit

 

 

110,122

 

 

 

88,375

 

 

 

393,633

 

 

 

290,208

 

Selling and administrative expenses

 

 

(54,506

)

 

 

(39,546

)

 

 

(207,539

)

 

 

(142,914

)

Other income

 

 

59

 

 

 

—

 

 

 

3,618

 

 

 

—

 

Income from operations

 

 

55,675

 

 

 

48,829

 

 

 

189,712

 

 

 

147,294

 

Interest expense

 

 

(12,126

)

 

 

(4,173

)

 

 

(40,560

)

 

 

(12,230

)

Foreign currency exchange gain (loss)

 

 

144

 

 

 

26

 

 

 

310

 

 

 

(378

)

Income from continuing operations before provision for income taxes

 

 

43,693

 

 

 

44,682

 

 

 

149,462

 

 

 

134,686

 

Provision for income taxes from continuing operations

 

 

11,676

 

 

 

9,690

 

 

 

37,610

 

 

 

31,377

 

Income from continuing operations

 

 

32,017

 

 

 

34,992

 

 

 

111,852

 

 

 

103,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations before provision for income taxes

 

 

—

 

 

 

5,984

 

 

 

1,709

 

 

 

15,334

 

Provision for income taxes from discontinued operations

 

 

—

 

 

 

1,335

 

 

 

453

 

 

 

3,505

 

Gain on sale of discontinued operations, net of tax

 

 

—

 

 

 

—

 

 

 

61,513

 

 

 

—

 

Income from discontinued operations

 

 

—

 

 

 

4,649

 

 

 

62,769

 

 

 

11,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

32,017

 

 

$

39,641

 

 

$

174,621

 

 

$

115,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.31

 

 

$

1.44

 

 

$

4.57

 

 

$

4.24

 

Diluted

 

$

1.30

 

 

$

1.43

 

 

$

4.56

 

 

$

4.21

 

Earnings per share from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

—

 

 

$

0.19

 

 

$

2.57

 

 

$

0.49

 

Diluted

 

$

—

 

 

$

0.19

 

 

$

2.56

 

 

$

0.48

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.31

 

 

$

1.63

 

 

$

7.14

 

 

$

4.73

 

Diluted

 

$

1.30

 

 

$

1.62

 

 

$

7.12

 

 

$

4.70

 

Shares used in per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,492

 

 

 

24,384

 

 

 

24,469

 

 

 

24,353

 

Diluted

 

 

24,535

 

 

 

24,527

 

 

 

24,529

 

 

 

24,519

 

Cash dividends declared per share

 

$

0.465

 

 

$

0.455

 

 

$

1.86

 

 

$

1.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

MCGRATH RENTCORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Cash

 

$

877

 

 

$

957

 

Accounts receivable, net of allowance for credit losses of $2,801 at December 31, 2023 and $2,300 at December 31, 2022

 

 

227,368

 

 

 

169,937

 

Rental equipment, at cost:

 

 

 

 

 

 

Relocatable modular buildings

 

 

1,291,093

 

 

 

938,081

 

Portable storage containers

 

 

236,123

 

 

 

185,187

 

Electronic test equipment

 

 

377,587

 

 

 

398,267

 

 

 

 

1,904,803

 

 

 

1,521,535

 

Less: accumulated depreciation

 

 

(575,480

)

 

 

(531,218

)

Rental equipment, net

 

 

1,329,323

 

 

 

990,317

 

Property, plant and equipment, net

 

 

169,114

 

 

 

138,713

 

Prepaid expenses and other assets

 

 

102,789

 

 

 

69,837

 

Intangible assets, net

 

 

64,588

 

 

 

35,431

 

Goodwill

 

 

323,224

 

 

 

106,403

 

Assets of discontinued operations

 

 

—

 

 

 

196,249

 

Total assets

 

$

2,217,283

 

 

$

1,707,844

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable

 

$

762,975

 

 

$

413,742

 

Accounts payable and accrued liabilities

 

 

167,523

 

 

 

151,208

 

Deferred income

 

 

111,428

 

 

 

82,417

 

Deferred income taxes, net

 

 

241,555

 

 

 

203,361

 

Liabilities of discontinued operations

 

 

—

 

 

 

53,171

 

Total liabilities

 

 

1,283,481

 

 

 

903,899

 

Shareholders’ equity:

 

 

 

 

 

 

Common stock, no par value - Authorized 40,000 shares

 

 

 

 

 

 

Issued and outstanding - 24,496 shares as of December 31, 2023 and 24,388 shares as of December 31, 2022

 

 

111,122

 

 

 

110,080

 

Retained earnings

 

 

822,796

 

 

 

693,943

 

Accumulated other comprehensive loss

 

 

(116

)

 

 

(78

)

Total shareholders’ equity

 

 

933,802

 

 

 

803,945

 

Total liabilities and shareholders’ equity

 

$

2,217,283

 

 

$

1,707,844

 

 

 

 

 

 

 

 

 

5

 

MCGRATH RENTCORP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Twelve Months Ended December 31,

 

(in thousands)

 

2023

 

 

2022

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net income

 

$

174,621

 

 

$

115,138

 

Adjustments to reconcile net income to net cash provided by
   operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

109,375

 

 

 

111,344

 

Deferred income taxes

 

 

(16,952

)

 

 

4,486

 

Provision for credit losses

 

 

2,633

 

 

 

837

 

Share-based compensation

 

 

8,275

 

 

 

8,009

 

Gain on sale of property, plant and equipment

 

 

(3,618

)

 

 

—

 

Gain on sale of discontinued operations

 

 

(61,513

)

 

 

—

 

Gain on sale of used rental equipment

 

 

(31,642

)

 

 

(37,979

)

Foreign currency exchange (gain) loss

 

 

(310

)

 

 

378

 

Amortization of debt issuance costs

 

 

8

 

 

 

16

 

     Change in:

 

 

 

 

 

 

Accounts receivable

 

 

(37,776

)

 

 

(31,361

)

Prepaid expenses and other assets

 

 

(29,326

)

 

 

(16,484

)

Accounts payable and accrued liabilities

 

 

(32,526

)

 

 

16,347

 

Deferred income

 

 

14,094

 

 

 

23,701

 

Net cash provided by operating activities

 

 

95,343

 

 

 

194,432

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

Proceeds from sale of discontinued operations

 

 

268,012

 

 

 

—

 

Purchases of rental equipment

 

 

(229,679

)

 

 

(187,689

)

Purchases of property, plant and equipment

 

 

(43,989

)

 

 

(17,617

)

Cash paid for acquisition of businesses

 

 

(458,315

)

 

 

—

 

Cash paid for acquisition of business assets

 

 

(3,767

)

 

 

—

 

Proceeds from sales of used rental equipment

 

 

66,168

 

 

 

73,879

 

Proceeds from sales of property, plant and equipment

 

 

9,702

 

 

 

—

 

Net cash used in investing activities

 

 

(391,868

)

 

 

(131,427

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

Net borrowings under bank lines of credit

 

 

274,225

 

 

 

47,275

 

Borrowings under senior note purchase agreement

 

 

75,000

 

 

 

—

 

Principal payment of Series C senior notes

 

 

—

 

 

 

(60,000

)

Taxes paid related to net share settlement of stock awards

 

 

(7,233

)

 

 

(6,539

)

Payment of dividends

 

 

(45,556

)

 

 

(44,269

)

Net cash provided by (used in) financing activities

 

 

296,436

 

 

 

(63,533

)

Effect of foreign currency exchange rate changes on cash

 

 

9

 

 

 

(6

)

Net increase (decrease) in cash

 

 

(80

)

 

 

(534

)

Cash balance, beginning of period

 

 

957

 

 

 

1,491

 

Cash balance, end of period

 

$

877

 

 

$

957

 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

 

Interest paid, during the period

 

$

38,603

 

 

$

14,775

 

Net income taxes paid, during the period

 

$

91,565

 

 

$

27,362

 

Dividends accrued during the period, not yet paid

 

$

12,010

 

 

$

11,227

 

Rental equipment acquisitions, not yet paid

 

$

16,653

 

 

$

13,220

 

 

 

 

 

 

 

 

 

6

 

MCGRATH RENTCORP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS SEGMENT DATA (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

 

Portable Storage

 

 

TRS-RenTelco

 

 

Enviroplex

 

 

Adler Tanks (Discontinued)

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

75,931

 

 

$

19,760

 

 

$

27,872

 

 

$

—

 

 

$

—

 

 

$

123,563

 

Rental related services

 

 

30,713

 

 

 

5,150

 

 

 

816

 

 

 

—

 

 

 

—

 

 

 

36,679

 

    Rental operations

 

 

106,644

 

 

 

24,910

 

 

 

28,688

 

 

 

—

 

 

 

—

 

 

 

160,242

 

Sales

 

 

42,329

 

 

 

1,696

 

 

 

5,751

 

 

 

8,813

 

 

 

—

 

 

 

58,589

 

Other

 

 

1,686

 

 

 

338

 

 

 

733

 

 

 

—

 

 

 

—

 

 

 

2,875

 

        Total revenues

 

 

150,659

 

 

 

26,944

 

 

 

35,172

 

 

 

8,813

 

 

 

—

 

 

 

221,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Depreciation

 

 

9,725

 

 

 

944

 

 

 

11,744

 

 

 

—

 

 

 

—

 

 

 

22,413

 

    Rental related services

 

 

19,689

 

 

 

4,651

 

 

 

663

 

 

 

—

 

 

 

—

 

 

 

25,003

 

    Other

 

 

18,256

 

 

 

1,699

 

 

 

4,799

 

 

 

—

 

 

 

—

 

 

 

24,754

 

        Total direct costs of rental operations

 

 

47,670

 

 

 

7,294

 

 

 

17,206

 

 

 

—

 

 

 

—

 

 

 

72,170

 

Costs of sales

 

 

28,718

 

 

 

1,059

 

 

 

2,577

 

 

 

6,942

 

 

 

—

 

 

 

39,296

 

        Total costs of revenues

 

 

76,388

 

 

 

8,353

 

 

 

19,783

 

 

 

6,942

 

 

 

—

 

 

 

111,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

47,950

 

 

 

17,117

 

 

 

11,329

 

 

 

—

 

 

 

—

 

 

 

76,396

 

Rental related services

 

 

11,024

 

 

 

499

 

 

 

153

 

 

 

—

 

 

 

—

 

 

 

11,676

 

    Rental operations

 

 

58,974

 

 

 

17,616

 

 

 

11,482

 

 

 

—

 

 

 

—

 

 

 

88,072

 

Sales

 

 

13,611

 

 

 

637

 

 

 

3,174

 

 

 

1,871

 

 

 

—

 

 

 

19,293

 

Other

 

 

1,686

 

 

 

338

 

 

 

733

 

 

 

—

 

 

 

—

 

 

 

2,868

 

          Total gross profit

 

 

74,271

 

 

 

18,591

 

 

 

15,389

 

 

 

1,871

 

 

 

—

 

 

 

110,122

 

Selling and administrative expenses

 

 

(37,213

)

 

 

(8,255

)

 

 

(7,386

)

 

 

(1,652

)

 

 

—

 

 

 

(54,506

)

Other income

 

 

38

 

 

 

7

 

 

 

14

 

 

 

—

 

 

 

—

 

 

 

59

 

Income from operations

 

$

37,096

 

 

$

10,343

 

 

$

8,017

 

 

$

219

 

 

 

—

 

 

$

55,675

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,126

)

Foreign currency exchange gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

144

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,676

)

          Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

32,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

54,144

 

 

$

12,772

 

 

$

20,704

 

 

$

308

 

 

 

—

 

 

$

87,928

 

Average rental equipment 2

 

$

1,155,413

 

 

$

218,976

 

 

$

379,214

 

 

 

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.19

%

 

 

3.01

%

 

 

2.43

%

 

 

 

 

 

 

 

 

 

Average utilization 4

 

 

79.7

%

 

 

74.8

%

 

 

58.9

%

 

 

 

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.75

%

 

 

4.02

%

 

 

4.16

%

 

 

 

 

 

 

 

 

 

1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation and transaction costs.

2. Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

3. Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.

4. Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment.

5. Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent for the period.

 

 

7

 

MCGRATH RENTCORP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS SEGMENT DATA (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

 

Portable Storage

 

 

TRS-RenTelco

 

 

Enviroplex

 

 

Adler Tanks (Discontinued)

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

55,230

 

 

$

17,460

 

 

$

31,385

 

 

$

—

 

 

$

18,728

 

 

$

122,803

 

Rental related services

 

 

20,514

 

 

 

4,390

 

 

 

783

 

 

 

—

 

 

 

8,433

 

 

 

34,120

 

    Rental operations

 

 

75,744

 

 

 

21,850

 

 

 

32,168

 

 

 

—

 

 

 

27,161

 

 

 

156,923

 

Sales

 

 

34,923

 

 

 

943

 

 

 

8,726

 

 

 

7,625

 

 

 

698

 

 

 

52,915

 

Other

 

 

337

 

 

 

60

 

 

 

525

 

 

 

—

 

 

 

123

 

 

 

1,045

 

        Total revenues

 

 

111,004

 

 

 

22,853

 

 

 

41,419

 

 

 

7,625

 

 

 

27,982

 

 

 

210,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Depreciation

 

 

7,119

 

 

 

724

 

 

 

12,464

 

 

 

—

 

 

 

4,008

 

 

 

24,315

 

    Rental related services

 

 

13,674

 

 

 

4,311

 

 

 

745

 

 

 

—

 

 

 

6,096

 

 

 

24,826

 

    Other

 

 

14,150

 

 

 

1,809

 

 

 

5,826

 

 

 

—

 

 

 

2,639

 

 

 

24,424

 

        Total direct costs of rental operations

 

 

34,943

 

 

 

6,844

 

 

 

19,035

 

 

 

—

 

 

 

12,743

 

 

 

73,565

 

Costs of sales

 

 

23,625

 

 

 

663

 

 

 

3,309

 

 

 

6,107

 

 

 

472

 

 

 

34,176

 

        Total costs of revenues

 

 

58,568

 

 

 

7,507

 

 

 

22,344

 

 

 

6,107

 

 

 

13,215

 

 

 

107,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

33,961

 

 

 

14,927

 

 

 

13,095

 

 

 

—

 

 

 

12,081

 

 

 

74,064

 

Rental related services

 

 

6,839

 

 

 

80

 

 

 

38

 

 

 

—

 

 

 

2,337

 

 

 

9,294

 

    Rental operations

 

 

40,800

 

 

 

15,007

 

 

 

13,133

 

 

 

—

 

 

 

14,418

 

 

 

83,358

 

Sales

 

 

11,298

 

 

 

280

 

 

 

5,417

 

 

 

1,518

 

 

 

226

 

 

 

18,739

 

Other

 

 

337

 

 

 

60

 

 

 

525

 

 

 

—

 

 

 

123

 

 

 

1,045

 

          Total gross profit

 

 

52,436

 

 

 

15,346

 

 

 

19,075

 

 

 

1,518

 

 

 

14,767

 

 

 

103,142

 

Selling and administrative expenses

 

 

(24,317

)

 

 

(6,672

)

 

 

(7,315

)

 

 

(1,242

)

 

 

(7,786

)

 

 

(47,332

)

Other income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Income from operations

 

$

28,119

 

 

$

8,674

 

 

$

11,760

 

 

$

276

 

 

$

6,981

 

 

 

55,810

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,170

)

Foreign currency exchange gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,025

)

          Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

39,641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

42,528

 

 

$

10,617

 

 

$

25,333

 

 

$

351

 

 

$

12,140

 

 

$

90,969

 

Average rental equipment 2

 

$

863,088

 

 

$

181,633

 

 

$

395,789

 

 

 

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.13

%

 

 

3.20

%

 

 

2.63

%

 

 

 

 

 

 

 

 

 

Average utilization 4

 

 

80.5

%

 

 

84.9

%

 

 

63.0

%

 

 

 

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.65

%

 

 

3.77

%

 

 

4.20

%

 

 

 

 

 

 

 

 

 

 

1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation and transaction costs.

2. Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

3. Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.

4. Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment.

5. Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent for the period.

8

 

MCGRATH RENTCORP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS SEGMENT DATA (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

 

Portable Storage

 

 

TRS-RenTelco

 

 

Enviroplex

 

 

Adler Tanks (Discontinued)

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

285,553

 

 

$

74,536

 

 

$

114,247

 

 

$

—

 

 

$

6,520

 

 

$

480,856

 

Rental related services

 

 

114,511

 

 

 

20,510

 

 

 

3,139

 

 

 

—

 

 

 

2,584

 

 

 

140,744

 

    Rental operations

 

 

400,064

 

 

 

95,046

 

 

 

117,386

 

 

 

—

 

 

 

9,104

 

 

 

621,600

 

Sales

 

 

155,267

 

 

 

4,587

 

 

 

27,119

 

 

 

20,192

 

 

 

269

 

 

 

207,434

 

Other

 

 

6,905

 

 

 

1,504

 

 

 

3,772

 

 

 

—

 

 

 

65

 

 

 

19,025

 

        Total revenues

 

 

562,236

 

 

 

101,137

 

 

 

148,277

 

 

 

20,192

 

 

 

9,438

 

 

 

841,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Depreciation

 

 

36,921

 

 

 

3,514

 

 

 

48,477

 

 

 

—

 

 

 

1,325

 

 

 

90,237

 

    Rental related services

 

 

75,390

 

 

 

18,568

 

 

 

2,670

 

 

 

—

 

 

 

2,020

 

 

 

98,648

 

    Other

 

 

86,983

 

 

 

7,317

 

 

 

20,642

 

 

 

—

 

 

 

1,270

 

 

 

116,212

 

        Total direct costs of rental operations

 

 

199,294

 

 

 

29,399

 

 

 

71,789

 

 

 

—

 

 

 

4,614

 

 

 

305,096

 

Costs of sales

 

 

105,021

 

 

 

2,858

 

 

 

13,884

 

 

 

15,964

 

 

 

159

 

 

 

137,886

 

        Total costs of revenues

 

 

304,315

 

 

 

32,257

 

 

 

85,673

 

 

 

15,964

 

 

 

4,773

 

 

 

442,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

161,649

 

 

 

63,705

 

 

 

45,128

 

 

 

—

 

 

 

3,926

 

 

 

274,408

 

Rental related services

 

 

39,121

 

 

 

1,942

 

 

 

469

 

 

 

—

 

 

 

564

 

 

 

42,096

 

    Rental operations

 

 

200,770

 

 

 

65,647

 

 

 

45,597

 

 

 

—

 

 

 

4,490

 

 

 

316,504

 

Sales

 

 

50,246

 

 

 

1,729

 

 

 

13,235

 

 

 

4,228

 

 

 

110

 

 

 

69,548

 

Other

 

 

6,905

 

 

 

1,504

 

 

 

3,772

 

 

 

—

 

 

 

65

 

 

 

12,246

 

          Total gross profit

 

 

257,921

 

 

 

68,880

 

 

 

62,604

 

 

 

4,228

 

 

 

4,665

 

 

 

398,298

 

Selling and administrative expenses

 

 

(138,574

)

 

 

(31,537

)

 

 

(30,962

)

 

 

(6,466

)

 

 

(2,582

)

 

 

(210,121

)

Other income

 

 

2,329

 

 

 

457

 

 

 

832

 

 

 

—

 

 

 

—

 

 

 

3,618

 

Income (loss) from operations

 

$

121,676

 

 

$

37,800

 

 

$

32,474

 

 

$

(2,238

)

 

$

2,083

 

 

$

191,795

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40,934

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

310

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,063

)

          Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

113,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

191,990

 

 

$

47,147

 

 

$

84,736

 

 

$

(1,899

)

 

$

3,682

 

 

$

325,656

 

Average rental equipment 2

 

$

1,093,086

 

 

$

206,095

 

 

$

388,679

 

 

 

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.18

%

 

 

3.01

%

 

 

2.43

%

 

 

 

 

 

 

 

 

 

Average utilization 4

 

 

79.7

%

 

 

77.3

%

 

 

58.9

%

 

 

 

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.73

%

 

 

3.90

%

 

 

4.16

%

 

 

 

 

 

 

 

 

 

1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation and transaction costs. Adjusted EBITDA for the year ended December 31, 2023, excludes the gain on sale of discontinued operations from the divestiture of Adler Tanks.

2. Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

3. Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.

4. Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment.

5. Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent for the period.

9

 

MCGRATH RENTCORP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS SEGMENT DATA (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

 

Portable Storage

 

 

TRS-RenTelco

 

 

Enviroplex

 

 

Adler Tanks (Discontinued)

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

206,070

 

 

$

62,218

 

 

$

121,375

 

 

$

—

 

 

$

66,366

 

 

$

456,029

 

Rental related services

 

 

74,756

 

 

 

17,095

 

 

 

3,112

 

 

 

—

 

 

 

27,654

 

 

 

122,617

 

    Rental operations

 

 

280,826

 

 

 

79,313

 

 

 

124,487

 

 

 

—

 

 

 

94,020

 

 

 

578,646

 

Sales

 

 

97,046

 

 

 

2,933

 

 

 

24,571

 

 

 

23,170

 

 

 

2,933

 

 

 

150,653

 

Other

 

 

1,339

 

 

 

260

 

 

 

1,720

 

 

 

—

 

 

 

1,205

 

 

 

4,524

 

        Total revenues

 

 

379,211

 

 

 

82,506

 

 

 

150,778

 

 

 

23,170

 

 

 

98,158

 

 

 

733,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Depreciation

 

 

28,373

 

 

 

2,799

 

 

 

49,253

 

 

 

—

 

 

 

16,004

 

 

 

96,429

 

    Rental related services

 

 

49,910

 

 

 

16,344

 

 

 

2,592

 

 

 

—

 

 

 

20,947

 

 

 

89,793

 

    Other

 

 

76,819

 

 

 

6,212

 

 

 

21,327

 

 

 

—

 

 

 

12,422

 

 

 

116,780

 

        Total direct costs of rental operations

 

 

155,102

 

 

 

25,355

 

 

 

73,172

 

 

 

—

 

 

 

49,373

 

 

 

303,002

 

Costs of sales

 

 

62,224

 

 

 

1,849

 

 

 

9,707

 

 

 

18,048

 

 

 

2,085

 

 

 

93,913

 

        Total costs of revenues

 

 

217,326

 

 

 

27,204

 

 

 

82,879

 

 

 

18,048

 

 

 

51,458

 

 

 

396,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

100,878

 

 

 

53,207

 

 

 

50,795

 

 

 

—

 

 

 

37,940

 

 

 

242,820

 

Rental related services

 

 

24,847

 

 

 

750

 

 

 

520

 

 

 

—

 

 

 

6,707

 

 

 

32,824

 

    Rental operations

 

 

125,725

 

 

 

53,957

 

 

 

51,315

 

 

 

—

 

 

 

44,647

 

 

 

275,644

 

Sales

 

 

34,822

 

 

 

1,084

 

 

 

14,864

 

 

 

5,122

 

 

 

848

 

 

 

56,740

 

Other

 

 

1,339

 

 

 

260

 

 

 

1,720

 

 

 

—

 

 

 

1,205

 

 

 

4,524

 

          Total gross profit

 

 

161,885

 

 

 

55,302

 

 

 

67,899

 

 

 

5,122

 

 

 

46,700

 

 

 

336,908

 

Selling and administrative expenses

 

 

(85,769

)

 

 

(24,465

)

 

 

(27,245

)

 

 

(5,435

)

 

 

(28,428

)

 

 

(171,342

)

Other income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Income (loss) from operations

 

$

76,116

 

 

$

30,837

 

 

$

40,654

 

 

$

(313

)

 

$

18,272

 

 

$

165,566

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,168

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(378

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,882

)

          Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

115,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

121,831

 

 

$

37,393

 

 

$

92,007

 

 

$

(25

)

 

$

37,660

 

 

$

288,866

 

Average rental equipment 2

 

$

855,640

 

 

$

169,997

 

 

$

383,235

 

 

 

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.01

%

 

 

3.05

%

 

 

2.63

%

 

 

 

 

 

 

 

 

 

Average utilization 4

 

 

78.0

%

 

 

84.8

%

 

 

64.2

%

 

 

 

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.57

%

 

 

3.60

%

 

 

4.11

%

 

 

 

 

 

 

 

 

 

1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation and transaction costs.

2. Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

3. Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.

4. Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment.

5. Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent for the period.

 

 

10

 

Reconciliation of Adjusted EBITDA to the most directly comparable GAAP measures

To supplement the Company’s financial data presented on a basis consistent with accounting principles generally accepted in the United States of America (“GAAP”), the Company presents “Adjusted EBITDA”, which is defined by the Company as net income before interest expense, provision for income taxes, depreciation, amortization, share-based compensation and transaction costs. The Company presents Adjusted EBITDA as a financial measure as management believes it provides useful information to investors regarding the Company’s liquidity and financial condition and because management, as well as the Company’s lenders, use this measure in evaluating the performance of the Company.

Management uses Adjusted EBITDA as a supplement to GAAP measures to further evaluate the Company’s period-to-period operating performance, compliance with financial covenants in the Company’s revolving lines of credit and senior notes and the Company’s ability to meet future capital expenditure and working capital requirements. Management believes the exclusion of non-cash charges, including share-based compensation and transaction costs, is useful in measuring the Company’s cash available for operations and performance of the Company. Because management finds Adjusted EBITDA useful, the Company believes its investors will also find Adjusted EBITDA useful in evaluating the Company’s performance.

Adjusted EBITDA should not be considered in isolation or as a substitute for net income, cash flows, or other consolidated income or cash flow data prepared in accordance with GAAP or as a measure of the Company’s profitability or liquidity. Adjusted EBITDA is not in accordance with or an alternative for GAAP and may be different from non-GAAP measures used by other companies. Unlike EBITDA, which may be used by other companies or investors, Adjusted EBITDA does not include share-based compensation charges and transaction costs. The Company believes that Adjusted EBITDA is of limited use in that it does not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and does not accurately reflect real cash flow. In addition, other companies may not use Adjusted EBITDA or may use other non-GAAP measures, limiting the usefulness of Adjusted EBITDA for purposes of comparison. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that the Company will not incur expenses that are the same as or similar to the adjustments in this presentation. Therefore, Adjusted EBITDA should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The Company compensates for the limitations of Adjusted EBITDA by relying upon GAAP results to gain a complete picture of the Company’s performance. Because Adjusted EBITDA is a non-GAAP financial measure as defined by the SEC, the Company includes in the tables below reconciliations of Adjusted EBITDA to the most directly comparable financial measures calculated and presented in accordance with GAAP.

 

Reconciliation of Income from Continuing Operations to Adjusted EBITDA

(dollar amounts in thousands)

Three Months Ended
December 31,

 

 

Twelve Months Ended
December 31,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Income from continuing operations

$

32,016

 

 

$

34,992

 

 

$

111,852

 

 

$

103,309

 

Provision for income taxes from continuing operations

 

11,676

 

 

 

9,690

 

 

 

37,610

 

 

 

31,377

 

Interest expense

 

12,126

 

 

 

4,173

 

 

 

40,560

 

 

 

12,230

 

Depreciation and amortization

 

27,533

 

 

 

23,508

 

 

 

107,918

 

 

 

93,490

 

EBITDA

 

83,351

 

 

 

72,363

 

 

 

297,940

 

 

 

240,406

 

Share-based compensation

 

3,002

 

 

 

2,503

 

 

 

8,157

 

 

 

6,747

 

Transaction costs 3

 

1,575

 

 

 

3,886

 

 

 

15,877

 

 

 

4,053

 

Adjusted EBITDA 1

$

87,928

 

 

$

78,752

 

 

$

321,974

 

 

$

251,206

 

Adjusted EBITDA margin 2

 

40

%

 

 

43

%

 

 

39

%

 

 

40

%

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities

(dollar amounts in thousands)

Three Months Ended
December 31,

 

 

Twelve Months Ended
December 31,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Adjusted EBITDA 1

$

87,928

 

 

$

90,969

 

 

$

325,656

 

 

$

288,866

 

Interest paid

 

(10,785

)

 

 

(5,793

)

 

 

(38,603

)

 

 

(14,775

)

Income taxes paid, net of refunds received

 

(82,018

)

 

 

(2,477

)

 

 

(91,565

)

 

 

(27,362

)

Gain on sale of used rental equipment

 

(8,678

)

 

 

(11,274

)

 

 

(31,642

)

 

 

(37,979

)

Foreign currency exchange loss

 

(144

)

 

 

(26

)

 

 

(310

)

 

 

378

 

Amortization of debt issuance costs

 

2

 

 

 

3

 

 

 

8

 

 

 

16

 

Change in certain assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

(9,204

)

 

 

(64

)

 

 

(35,143

)

 

 

(30,524

)

Prepaid expenses and other assets

 

(21,936

)

 

 

829

 

 

 

(29,326

)

 

 

(16,484

)

Accounts payable and other liabilities

 

15,089

 

 

 

(1,335

)

 

 

(17,826

)

 

 

8,595

 

Deferred income

 

6,186

 

 

 

(9,698

)

 

 

14,094

 

 

 

23,701

 

Net cash (used in) provided by operating activities

$

(23,560

)

 

$

61,134

 

 

$

95,343

 

 

$

194,432

 

 

 

 

 

 

 

 

 

 

 

 

 

1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation and transaction costs. Adjusted EBITDA for the twelve months ended December 31, 2023, excludes the gain on sale of discontinued operations from the divestiture of Adler Tanks. Total Adjusted EBITDA attributed to discontinued operations for the years ended December 31, 2023 and 2022, was $3,682 and $37,660, respectively.

2. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total revenues for the period.

3. Transaction costs include acquisition and divestiture related legal and professional fees and other costs specific to these transactions.

 

 

12

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Document And Entity Information
Feb. 21, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 21, 2024
Entity Registrant Name McGRATH RENTCORP
Entity Central Index Key 0000752714
Entity Emerging Growth Company false
Entity File Number 000-13292
Entity Incorporation, State or Country Code CA
Entity Tax Identification Number 94-2579843
Entity Address, Address Line One 5700 Las Positas Road
Entity Address, City or Town Livermore
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94551-7800
City Area Code (925)
Local Phone Number 606-9200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol MGRC
Security Exchange Name NASDAQ
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