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McGrath Announces Results for Second Quarter 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 June 30, 2024 of $212.6 million, an increase of 5% compared to the second quarter of 2023. The Company reported net income from continuing operations of $20.6 million, or $0.84 per diluted share, for the second quarter of 2024, compared to net income from continuing operations of $28.0 million, or $1.14 per diluted share, for the second quarter of 2023.

SECOND QUARTER 2024 YEAR-OVER-YEAR COMPANY HIGHLIGHTS (FROM CONTINUING OPERATIONS):

  • Rental revenues increased 3% to $121.2 million.
  • Total revenues increased 5% to $212.6 million.
  • Selling and administrative expenses increased 31% to $61.4 million primarily due to $12.4 million in transaction costs attributable to the pending merger with WillScot Mobile Mini, which decreased 2024 net income from continuing operations by $0.36 per diluted share.
  • Adjusted EBITDA1 increased 9% to $83.7 million.
  • Dividend rate of $0.475 per share for the second quarter 2024. On an annualized basis, this dividend represents a 1.7% yield on the July 24, 2024 close price of $111.63 per share.

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

“We were pleased with our second quarter results. The 5% increase in companywide revenues was driven by higher rental operations and sales revenues.

Our modular business was the highlight for the quarter, with 10% rental revenue growth. Rental revenues grew across our commercial and education customer bases. We maintained our focus on pricing optimization, rental fleet utilization, and value-added services for our customers. Growth initiatives for Mobile Modular Plus, Site Related Services and new modular equipment sales all continued to show progress.

Portable storage demand conditions were weaker than a year ago, resulting in 4% lower rental revenues for the quarter, compared to a year ago. The weaker demand was primarily a result of lower commercial construction project activity.

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

I appreciate the strong commitment from the McGrath employee team as we maintain our independent focus on disciplined execution during the pending WillScot Mobile Mini transaction."

DIVISION HIGHLIGHTS:

All comparisons presented below are for the quarter ended June 30, 2024 to the quarter ended June 30, 2023 unless otherwise indicated.

MOBILE MODULAR

For the second quarter of 2024, the Company’s Mobile Modular division reported Adjusted EBITDA of $53.4 million, an increase of $8.9 million, or 20%, when compared to the same quarter in 2023.

  • Rental revenues increased 10% to $78.0 million, depreciation expense increased 6% to $10.0 million, and other direct costs decreased 9% to $21.3 million, which resulted in an increase in gross profit on rental revenues of 23% to $46.8 million.
  • Rental related services revenues increased 4% to $28.9 million, primarily attributable to higher delivery and pick-up activities and higher site related services, with associated gross profit decreasing 3% to $9.1 million.
  • Sales revenues decreased 6% to $35.9 million, primarily from lower new equipment sales. Gross margin on sales was 38% in 2024, compared to 31% in 2023, resulting in a 17% increase in gross profit on sales revenues to $13.8 million. The increase in gross margin on sales was primarily attributed to a higher mix of used versus new sales during the quarter.
  • Selling and administrative expenses increased $11.2 million to $42.3 million. Included within selling and administrative expenses was $11.3 million higher allocated corporate costs, which included $9.0 million in allocated transaction costs attributed to the pending merger with WillScot Mobile Mini.

PORTABLE STORAGE

For the second quarter of 2024, the Company’s Portable Storage division reported Adjusted EBITDA of $11.0 million, a decrease of $1.3 million, or 11%, when compared to the same quarter in 2023.

  • Rental revenues decreased 4% to $17.8 million, depreciation expense increased 15% to $1.0 million, and other direct costs decreased 10% to $1.5 million, which resulted in a decrease in gross profit on rental revenues of 4% to $15.3 million.
  • Rental related services revenues were $4.6 million and gross profit on rental related services revenues was $0.2 million, which was down from $0.7 million in the second quarter of 2023.
  • Sales revenues increased $0.2 million to $1.3 million, primarily from higher used equipment sales. Gross margin on sales was 43% compared to 38% in 2023, resulting in a $0.1 million increase in gross profit on sales revenues to $0.6 million.
  • Selling and administrative expenses increased $1.7 million to $8.9 million, primarily due to higher allocated corporate expenses, which included $1.4 million in allocated transaction costs attributed to the pending WillScot Mobile Mini merger.

TRS-RENTELCO

For the second quarter of 2024, the Company’s TRS-RenTelco division reported Adjusted EBITDA of $18.0 million, a decrease of 16%, when compared to the same quarter in 2023.

  • Rental revenues decreased 11% to $25.3 million, depreciation expense decreased 9%, and other direct costs decreased 6%, resulting in a 16% decrease in gross profit on rental revenues to $9.0 million. The rental revenue decrease was primarily due to continued weakness in end markets, resulting in lower average rental equipment on rent compared to the prior year.
  • Sales revenues decreased 22% to $5.8 million and gross profit on sales revenues decreased 23% to $3.1 million.
  • Selling and administrative expenses increased 19%, to $8.5 million, primarily due to higher allocated corporate expenses, which included $1.9 million in transaction costs attributed to the pending merger with WillScot Mobile Mini.

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 July 1, 2024, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on July 25, 2024 to discuss the second 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 1-800-723-0488 (in the U.S.), or 1-402-220-2651 (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.

MCGRATH RENTCORP

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands, except per share amounts)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

121,176

 

 

$

117,840

 

 

$

241,508

 

 

$

228,087

 

Rental related services

 

 

34,358

 

 

 

33,857

 

 

 

63,938

 

 

 

60,989

 

Rental operations

 

 

155,534

 

 

 

151,697

 

 

 

305,446

 

 

 

289,076

 

Sales

 

 

54,414

 

 

 

47,801

 

 

 

89,483

 

 

 

71,461

 

Other

 

 

2,663

 

 

 

3,532

 

 

 

5,509

 

 

 

6,211

 

Total revenues

 

 

212,611

 

 

 

203,030

 

 

 

400,438

 

 

 

366,748

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of rental equipment

 

 

22,165

 

 

 

22,597

 

 

 

44,531

 

 

 

44,430

 

Rental related services

 

 

24,990

 

 

 

23,825

 

 

 

45,776

 

 

 

43,093

 

Other

 

 

27,920

 

 

 

30,560

 

 

 

56,930

 

 

 

61,695

 

Total direct costs of rental operations

 

 

75,075

 

 

 

76,982

 

 

 

147,237

 

 

 

149,218

 

Costs of sales

 

 

34,121

 

 

 

31,438

 

 

 

56,518

 

 

 

45,553

 

Total costs of revenues

 

 

109,196

 

 

 

108,420

 

 

 

203,755

 

 

 

194,771

 

Gross profit

 

 

103,415

 

 

 

94,610

 

 

 

196,683

 

 

 

171,977

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling and administrative expenses

 

 

61,370

 

 

 

47,026

 

 

 

121,188

 

 

 

104,524

 

Other income, net

 

 

 

 

 

 

 

 

(9,281

)

 

 

 

Income from operations

 

 

42,045

 

 

 

47,584

 

 

 

84,776

 

 

 

67,453

 

Interest expense

 

 

13,037

 

 

 

9,945

 

 

 

25,741

 

 

 

17,409

 

Foreign currency exchange loss (gain)

 

 

31

 

 

 

18

 

 

 

163

 

 

 

(208

)

Income from continuing operations before provision for income taxes

 

 

28,977

 

 

 

37,621

 

 

 

58,872

 

 

 

50,252

 

Provision for income taxes from continuing operations

 

 

8,359

 

 

 

9,669

 

 

 

15,406

 

 

 

10,782

 

Income from continuing operations

 

 

20,618

 

 

 

27,952

 

 

 

43,466

 

 

 

39,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations before provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

1,709

 

Provision for income taxes from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

453

 

Gain on sale of discontinued operations, net of tax

 

 

 

 

 

2,630

 

 

 

 

 

 

61,513

 

Income from discontinued operations

 

 

 

 

 

2,630

 

 

 

 

 

 

62,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

20,618

 

 

$

30,582

 

 

$

43,466

 

 

$

102,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.84

 

 

$

1.14

 

 

$

1.77

 

 

$

1.61

 

Diluted

 

$

0.84

 

 

$

1.14

 

 

$

1.77

 

 

$

1.61

 

Earnings per share from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

0.11

 

 

$

 

 

$

2.57

 

Diluted

 

$

 

 

$

0.11

 

 

$

 

 

$

2.56

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.84

 

 

$

1.25

 

 

$

1.77

 

 

$

4.18

 

Diluted

 

$

0.84

 

 

$

1.25

 

 

$

1.77

 

 

$

4.17

 

Shares used in per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,549

 

 

 

24,479

 

 

 

24,531

 

 

 

24,448

 

Diluted

 

 

24,560

 

 

 

24,512

 

 

 

24,562

 

 

 

24,527

 

Cash dividends declared per share

 

$

0.475

 

 

$

0.465

 

 

$

0.950

 

 

$

0.930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MCGRATH RENTCORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

June 30,

 

 

December 31,

 

 

(in thousands)

 

2024

 

 

2023

 

 

Assets

 

 

 

 

 

 

 

Cash

 

$

9,396

 

 

$

877

 

 

Accounts receivable, net of allowance for credit losses of $2,866 at June 30, 2024 and $2,801 at December 31, 2023

 

 

217,379

 

 

 

227,368

 

 

Rental equipment, at cost:

 

 

 

 

 

 

 

Relocatable modular buildings

 

 

1,398,475

 

 

 

1,291,093

 

 

Portable storage containers

 

 

242,107

 

 

 

236,123

 

 

Electronic test equipment

 

 

368,324

 

 

 

377,587

 

 

 

 

 

2,008,906

 

 

 

1,904,803

 

 

Less: accumulated depreciation

 

 

(601,584

)

 

 

(575,480

)

 

Rental equipment, net

 

 

1,407,322

 

 

 

1,329,323

 

 

Property, plant and equipment, net

 

 

191,801

 

 

 

169,114

 

 

Inventories

 

 

28,213

 

 

 

15,425

 

 

Prepaid expenses and other assets

 

 

81,547

 

 

 

87,364

 

 

Intangible assets, net

 

 

59,453

 

 

 

64,588

 

 

Goodwill

 

 

323,224

 

 

 

323,224

 

 

Total assets

 

$

2,318,335

 

 

$

2,217,283

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Notes payable

 

$

794,271

 

 

$

762,975

 

 

Accounts payable

 

 

73,132

 

 

 

58,760

 

 

Accrued liabilities

 

 

108,928

 

 

 

108,763

 

 

Deferred income

 

 

134,624

 

 

 

111,428

 

 

Deferred income taxes, net

 

 

253,147

 

 

 

241,555

 

 

Total liabilities

 

 

1,364,102

 

 

 

1,283,481

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Issued and outstanding - 24,550 shares as of June 30, 2024 and 24,496 shares as of December 31, 2023

 

 

111,596

 

 

 

111,122

 

 

Retained earnings

 

 

842,675

 

 

 

822,796

 

 

Accumulated other comprehensive loss

 

 

(38

)

 

 

(116

)

 

Total shareholders’ equity

 

 

954,233

 

 

 

933,802

 

 

Total liabilities and shareholders’ equity

 

$

2,318,335

 

 

$

2,217,283

 

 

 

 

 

 

 

 

 

 

MCGRATH RENTCORP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

Six Months Ended June 30,

 

(in thousands)

 

2024

 

 

2023

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net income

 

$

43,466

 

 

$

102,239

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

54,131

 

 

 

54,958

 

Deferred income taxes

 

 

11,592

 

 

 

(39,486

)

Provision for credit losses

 

 

873

 

 

 

1,400

 

Share-based compensation

 

 

4,556

 

 

 

3,382

 

Gain on sale of property, plant and equipment

 

 

(9,281

)

 

 

 

Gain on sale of discontinued operations

 

 

 

 

 

(61,513

)

Gain on sale of used rental equipment

 

 

(15,537

)

 

 

(14,250

)

Foreign currency exchange loss (gain)

 

 

163

 

 

 

(208

)

Amortization of debt issuance costs

 

 

4

 

 

 

4

 

Change in:

 

 

 

 

 

 

Accounts receivable

 

 

9,116

 

 

 

(1,116

)

Inventories

 

 

(12,788

)

 

 

(6,594

)

Prepaid expenses and other assets

 

 

5,817

 

 

 

(1,910

)

Accounts payable

 

 

23,155

 

 

 

19,209

 

Accrued liabilities

 

 

166

 

 

 

6,046

 

Deferred income

 

 

23,196

 

 

 

9,290

 

Net cash provided by operating activities

 

 

138,629

 

 

 

71,451

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

Proceeds from sale of discontinued operations

 

 

 

 

 

268,012

 

Purchases of rental equipment

 

 

(145,345

)

 

 

(128,088

)

Purchases of property, plant and equipment

 

 

(30,125

)

 

 

(11,229

)

Cash paid for acquisition of businesses

 

 

 

 

 

(456,312

)

Proceeds from sales of used rental equipment

 

 

29,334

 

 

 

27,410

 

Proceeds from sales of property, plant and equipment

 

 

12,251

 

 

 

 

Net cash used in investing activities

 

 

(133,885

)

 

 

(300,207

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

Net (payments) borrowings under bank lines of credit

 

 

(43,708

)

 

 

258,885

 

Borrowings under term note agreement

 

 

75,000

 

 

 

 

Taxes paid related to net share settlement of stock awards

 

 

(4,082

)

 

 

(6,100

)

Payment of dividends

 

 

(23,435

)

 

 

(22,782

)

Net cash provided by financing activities

 

 

3,775

 

 

 

230,003

 

Effect of foreign currency exchange rate changes on cash

 

 

 

 

 

1

 

Net increase in cash

 

 

8,519

 

 

 

1,248

 

Cash balance, beginning of period

 

 

877

 

 

 

957

 

Cash balance, end of period

 

$

9,396

 

 

$

2,205

 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

 

Interest paid, during the period

 

$

26,394

 

 

$

16,802

 

Net income taxes (refunded) paid, during the period

 

$

(4,599

)

 

$

6,931

 

Dividends accrued during the period, not yet paid

 

$

12,150

 

 

$

11,937

 

Rental equipment acquisitions, not yet paid

 

$

7,634

 

 

$

7,612

 

 

 

 

 

 

 

 

MCGRATH RENTCORP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS SEGMENT DATA (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

 

Portable Storage

 

 

TRS-RenTelco

 

 

Enviroplex

 

 

Consolidated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

78,039

 

 

$

17,823

 

 

$

25,314

 

 

$

 

 

$

121,176

 

Rental related services

 

 

28,920

 

 

 

4,640

 

 

 

798

 

 

 

 

 

 

34,358

 

Rental operations

 

 

106,959

 

 

 

22,463

 

 

 

26,112

 

 

 

 

 

 

155,534

 

Sales

 

 

35,930

 

 

 

1,266

 

 

 

5,845

 

 

 

11,373

 

 

 

54,414

 

Other

 

 

1,657

 

 

 

293

 

 

 

713

 

 

 

 

 

 

2,663

 

Total revenues

 

 

144,546

 

 

 

24,022

 

 

 

32,670

 

 

 

11,373

 

 

 

212,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

9,995

 

 

 

1,001

 

 

 

11,169

 

 

 

 

 

 

22,165

 

Rental related services

 

 

19,828

 

 

 

4,476

 

 

 

686

 

 

 

 

 

 

24,990

 

Other

 

 

21,265

 

 

 

1,527

 

 

 

5,128

 

 

 

 

 

 

27,920

 

Total direct costs of rental operations

 

 

51,088

 

 

 

7,004

 

 

 

16,983

 

 

 

 

 

 

75,075

 

Costs of sales

 

 

22,172

 

 

 

716

 

 

 

2,716

 

 

 

8,517

 

 

 

34,121

 

Total costs of revenues

 

 

73,260

 

 

 

7,720

 

 

 

19,699

 

 

 

8,517

 

 

 

109,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

46,779

 

 

 

15,295

 

 

 

9,017

 

 

 

 

 

 

71,091

 

Rental related services

 

 

9,092

 

 

 

164

 

 

 

112

 

 

 

 

 

 

9,368

 

Rental operations

 

 

55,871

 

 

 

15,459

 

 

 

9,129

 

 

 

 

 

 

80,459

 

Sales

 

 

13,758

 

 

 

550

 

 

 

3,129

 

 

 

2,856

 

 

 

20,293

 

Other

 

 

1,657

 

 

 

293

 

 

 

713

 

 

 

 

 

 

2,663

 

Total gross profit

 

 

71,286

 

 

 

16,302

 

 

 

12,971

 

 

 

2,856

 

 

 

103,415

 

Selling and administrative expenses

 

 

42,267

 

 

 

8,874

 

 

 

8,515

 

 

 

1,714

 

 

 

61,370

 

Income from operations

 

$

29,019

 

 

$

7,428

 

 

$

4,456

 

 

$

1,142

 

 

 

42,045

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,037

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,359

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

20,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

53,418

 

 

$

11,015

 

 

$

18,001

 

 

$

1,238

 

 

$

83,672

 

Average rental equipment 2

 

$

1,203,415

 

 

$

226,754

 

 

$

367,322

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.16

%

 

 

2.62

%

 

 

2.28

%

 

 

 

 

 

 

Average utilization 4

 

 

78.4

%

 

 

66.1

%

 

 

56.5

%

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.76

%

 

 

3.96

%

 

 

4.07

%

 

 

 

 

 

 

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

MCGRATH RENTCORP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS SEGMENT DATA (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

 

Portable Storage

 

 

TRS-RenTelco

 

 

Enviroplex

 

 

Consolidated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

70,770

 

 

$

18,487

 

 

$

28,583

 

 

$

 

 

$

117,840

 

Rental related services

 

 

27,836

 

 

 

5,354

 

 

 

667

 

 

 

 

 

 

33,857

 

Rental operations

 

 

98,606

 

 

 

23,841

 

 

 

29,250

 

 

 

 

 

 

151,697

 

Sales

 

 

38,248

 

 

 

1,109

 

 

 

7,521

 

 

 

923

 

 

 

47,801

 

Other

 

 

1,983

 

 

 

475

 

 

 

1,074

 

 

 

 

 

 

3,532

 

Total revenues

 

 

138,838

 

 

 

25,424

 

 

 

37,845

 

 

 

923

 

 

 

203,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

9,415

 

 

 

870

 

 

 

12,312

 

 

 

 

 

 

22,597

 

Rental related services

 

 

18,443

 

 

 

4,641

 

 

 

741

 

 

 

 

 

 

23,825

 

Other

 

 

23,377

 

 

 

1,705

 

 

 

5,478

 

 

 

 

 

 

30,560

 

Total direct costs of rental operations

 

 

51,236

 

 

 

7,215

 

 

 

18,531

 

 

 

 

 

 

76,982

 

Costs of sales

 

 

26,517

 

 

 

690

 

 

 

3,431

 

 

 

800

 

 

 

31,438

 

Total costs of revenues

 

 

77,753

 

 

 

7,905

 

 

 

21,962

 

 

 

800

 

 

 

108,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

37,977

 

 

 

15,913

 

 

 

10,793

 

 

 

 

 

 

64,683

 

Rental related services

 

 

9,393

 

 

 

713

 

 

 

(74

)

 

 

 

 

 

10,032

 

Rental operations

 

 

47,370

 

 

 

16,626

 

 

 

10,719

 

 

 

 

 

 

74,715

 

Sales

 

 

11,731

 

 

 

419

 

 

 

4,090

 

 

 

123

 

 

 

16,363

 

Other

 

 

1,983

 

 

 

475

 

 

 

1,074

 

 

 

 

 

 

3,532

 

Total gross profit

 

 

61,084

 

 

 

17,520

 

 

 

15,883

 

 

 

123

 

 

 

94,610

 

Selling and administrative expenses

 

 

31,092

 

 

 

7,204

 

 

 

7,126

 

 

 

1,604

 

 

 

47,026

 

Income (loss) from operations

 

$

29,993

 

 

$

10,315

 

 

$

8,757

 

 

$

(1,481

)

 

 

47,584

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,945

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,669

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

27,952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

44,516

 

 

$

12,308

 

 

$

21,538

 

 

$

(1,394

)

 

$

76,968

 

Average rental equipment 2

 

$

1,117,141

 

 

$

204,627

 

 

$

393,891

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.11

%

 

 

3.01

%

 

 

2.40

%

 

 

 

 

 

 

Average utilization 4

 

 

79.3

%

 

 

78.2

%

 

 

58.2

%

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.66

%

 

 

3.85

%

 

 

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, transaction costs and other income, net.
  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.

MCGRATH RENTCORP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS SEGMENT DATA (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

 

Portable Storage

 

 

TRS-RenTelco

 

 

Enviroplex

 

 

Consolidated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

154,535

 

 

$

36,230

 

 

$

50,743

 

 

$

 

 

$

241,508

 

Rental related services

 

 

53,053

 

 

 

9,363

 

 

 

1,522

 

 

 

 

 

 

63,938

 

Rental operations

 

 

207,588

 

 

 

45,593

 

 

 

52,265

 

 

 

 

 

 

305,446

 

Sales

 

 

61,256

 

 

 

2,478

 

 

 

12,657

 

 

 

13,092

 

 

 

89,483

 

Other

 

 

3,287

 

 

 

711

 

 

 

1,511

 

 

 

 

 

 

5,509

 

Total revenues

 

 

272,131

 

 

 

48,782

 

 

 

66,433

 

 

 

13,092

 

 

 

400,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

19,870

 

 

 

1,965

 

 

 

22,696

 

 

 

 

 

 

44,531

 

Rental related services

 

 

35,608

 

 

 

8,932

 

 

 

1,236

 

 

 

 

 

 

45,776

 

Other

 

 

43,938

 

 

 

2,995

 

 

 

9,997

 

 

 

 

 

 

56,930

 

Total direct costs of rental operations

 

 

99,416

 

 

 

13,892

 

 

 

33,929

 

 

 

 

 

 

147,237

 

Costs of sales

 

 

39,584

 

 

 

1,484

 

 

 

5,658

 

 

 

9,791

 

 

 

56,517

 

Total costs of revenues

 

 

139,000

 

 

 

15,377

 

 

 

39,587

 

 

 

9,791

 

 

 

203,755

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

90,727

 

 

 

31,270

 

 

 

18,050

 

 

 

 

 

 

140,047

 

Rental related services

 

 

17,445

 

 

 

431

 

 

 

286

 

 

 

 

 

 

18,162

 

Rental operations

 

 

108,172

 

 

 

31,701

 

 

 

18,336

 

 

 

 

 

 

158,209

 

Sales

 

 

21,672

 

 

 

993

 

 

 

6,999

 

 

 

3,301

 

 

 

32,965

 

Other

 

 

3,287

 

 

 

711

 

 

 

1,511

 

 

 

 

 

 

5,509

 

Total gross profit

 

 

133,131

 

 

 

33,405

 

 

 

26,846

 

 

 

3,301

 

 

 

196,683

 

Selling and administrative expenses

 

 

82,354

 

 

 

17,885

 

 

 

17,433

 

 

 

3,517

 

 

 

121,189

 

Other income, net

 

 

(6,220

)

 

 

(1,319

)

 

 

(1,742

)

 

 

 

 

 

(9,281

)

Income (loss) from operations

 

$

56,999

 

 

$

16,840

 

 

$

11,155

 

 

$

(216

)

 

 

84,778

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,741

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(163

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,406

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

43,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

96,745

 

 

$

22,538

 

 

$

36,481

 

 

$

(24

)

 

$

155,740

 

Average rental equipment 2

 

$

1,188,828

 

 

$

225,025

 

 

$

369,756

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.17

%

 

 

2.68

%

 

 

2.27

%

 

 

 

 

 

 

Average utilization 4

 

 

78.6

%

 

 

67.8

%

 

 

56.4

%

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.76

%

 

 

3.96

%

 

 

4.05

%

 

 

 

 

 

 

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

MCGRATH RENTCORP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS SEGMENT DATA (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

 

Portable Storage

 

 

TRS-RenTelco

 

 

Enviroplex

 

 

Adler Tanks (Discontinued)

 

 

Consolidated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

134,826

 

 

$

35,544

 

 

$

57,717

 

 

$

 

 

$

6,520

 

 

$

234,607

 

Rental related services

 

 

49,370

 

 

 

10,072

 

 

 

1,547

 

 

 

 

 

 

2,584

 

 

 

63,573

 

Rental operations

 

 

184,196

 

 

 

45,616

 

 

 

59,264

 

 

 

 

 

 

9,104

 

 

 

298,180

 

Sales

 

 

55,215

 

 

 

1,747

 

 

 

12,635

 

 

 

1,864

 

 

 

269

 

 

 

71,730

 

Other

 

 

3,342

 

 

 

803

 

 

 

2,066

 

 

 

 

 

 

65

 

 

 

6,276

 

Total revenues

 

 

242,753

 

 

 

48,166

 

 

 

73,965

 

 

 

1,864

 

 

 

9,438

 

 

 

376,186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

18,072

 

 

 

1,657

 

 

 

24,701

 

 

 

 

 

 

1,325

 

 

 

45,755

 

Rental related services

 

 

32,669

 

 

 

9,022

 

 

 

1,402

 

 

 

 

 

 

2,020

 

 

 

45,113

 

Other

 

 

47,504

 

 

 

3,487

 

 

 

10,703

 

 

 

 

 

 

1,270

 

 

 

62,965

 

Total direct costs of rental operations

 

 

98,246

 

 

 

14,166

 

 

 

36,806

 

 

 

 

 

 

4,614

 

 

 

153,832

 

Costs of sales

 

 

37,263

 

 

 

1,018

 

 

 

5,656

 

 

 

1,616

 

 

 

159

 

 

 

45,712

 

Total costs of revenues

 

 

135,509

 

 

 

15,184

 

 

 

42,462

 

 

 

1,616

 

 

 

4,773

 

 

 

199,544

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

69,249

 

 

 

30,400

 

 

 

22,313

 

 

 

 

 

 

3,926

 

 

 

125,888

 

Rental related services

 

 

16,701

 

 

 

1,050

 

 

 

145

 

 

 

 

 

 

564

 

 

 

18,460

 

Rental operations

 

 

85,950

 

 

 

31,450

 

 

 

22,458

 

 

 

 

 

 

4,490

 

 

 

144,348

 

Sales

 

 

17,952

 

 

 

729

 

 

 

6,979

 

 

 

248

 

 

 

110

 

 

 

26,018

 

Other

 

 

3,342

 

 

 

803

 

 

 

2,066

 

 

 

 

 

 

65

 

 

 

6,276

 

Total gross profit

 

 

107,244

 

 

 

32,982

 

 

 

31,503

 

 

 

248

 

 

 

4,665

 

 

 

176,642

 

Selling and administrative expenses

 

 

69,548

 

 

 

15,262

 

 

 

16,577

 

 

 

3,137

 

 

 

2,582

 

 

 

107,106

 

Income (loss) from operations

 

$

37,696

 

 

$

17,720

 

 

$

14,926

 

 

$

(2,889

)

 

$

2,083

 

 

 

69,536

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,783

)

Foreign currency exchange gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

208

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,235

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

40,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

76,941

 

 

$

22,328

 

 

$

42,173

 

 

$

(2,724

)

 

$

3,682

 

 

$

142,400

 

Average rental equipment 2

 

$

1,044,711

 

 

$

196,577

 

 

$

395,049

 

 

 

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.15

%

 

 

3.01

%

 

 

2.42

%

 

 

 

 

 

 

 

 

 

Average utilization 4

 

 

79.4

%

 

 

79.4

%

 

 

58.7

%

 

 

 

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.71

%

 

 

3.80

%

 

 

4.15

%

 

 

 

 

 

 

 

 

 

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

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, non-cash impairment costs, share-based compensation, transaction costs and gains on property sales. 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 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 and non-recurring transactions, including share-based compensation, transaction costs and gains on property sales 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, transaction costs and gains on property sales. 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

June 30,

 

 

Six Months Ended

June 30,

 

 

Twelve Months Ended

June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Income from continuing operations

$

20,618

 

 

$

27,952

 

 

$

43,466

 

 

$

39,470

 

 

$

115,848

 

 

$

101,577

 

Provision for income taxes from continuing operations

 

8,359

 

 

 

9,669

 

 

 

15,406

 

 

 

10,782

 

 

 

42,234

 

 

 

29,654

 

Interest expense

 

13,037

 

 

 

9,945

 

 

 

25,741

 

 

 

17,409

 

 

 

48,892

 

 

 

24,937

 

Depreciation and amortization

 

26,944

 

 

 

27,368

 

 

 

54,131

 

 

 

53,501

 

 

 

108,548

 

 

 

100,650

 

EBITDA

 

68,958

 

 

 

74,934

 

 

 

138,744

 

 

 

121,162

 

 

 

315,522

 

 

 

256,818

 

Share-based compensation

 

2,347

 

 

 

1,889

 

 

 

4,556

 

 

 

3,264

 

 

 

9,449

 

 

 

7,228

 

Transaction costs 3

 

12,367

 

 

 

145

 

 

 

21,721

 

 

 

14,292

 

 

 

23,306

 

 

 

18,345

 

Other income, net 4

 

 

 

 

 

 

 

(9,281

)

 

 

 

 

 

(12,899

)

 

 

 

Adjusted EBITDA 1

$

83,672

 

 

$

76,968

 

 

$

155,740

 

 

$

138,718

 

 

$

335,378

 

 

$

282,391

 

Adjusted EBITDA margin 2

 

39

%

 

 

38

%

 

 

38

%

 

 

38

%

 

 

38

%

 

 

39

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities

(dollar amounts in thousands)

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

Twelve Months Ended

June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Adjusted EBITDA 1

$

83,672

 

 

$

76,968

 

 

$

155,740

 

 

$

142,400

 

 

$

335,378

 

 

$

308,256

 

Interest paid

 

(12,210

)

 

 

(8,985

)

 

 

(26,394

)

 

 

(16,802

)

 

 

(48,195

)

 

 

(25,756

)

Income taxes paid, net of refunds received

 

5,078

 

 

 

(6,518

)

 

 

4,599

 

 

 

(6,931

)

 

 

(80,035

)

 

 

(17,215

)

Gain on sale of used rental equipment

 

(8,182

)

 

 

(11,161

)

 

 

(15,537

)

 

 

(14,250

)

 

 

(32,929

)

 

 

(36,136

)

Foreign currency exchange loss

 

31

 

 

 

18

 

 

 

163

 

 

 

(208

)

 

 

61

 

 

 

2

 

Amortization of debt issuance costs

 

2

 

 

 

2

 

 

 

4

 

 

 

4

 

 

 

8

 

 

 

11

 

Change in certain assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

(5,429

)

 

 

(16,669

)

 

 

9,989

 

 

 

284

 

 

 

(25,438

)

 

 

(22,410

)

Prepaid expenses and other assets

 

519

 

 

 

(1,159

)

 

 

5,817

 

 

 

(8,504

)

 

 

(15,005

)

 

 

(14,133

)

Accounts payable and other liabilities

 

3,800

 

 

 

(2,828

)

 

 

(18,948

)

 

 

(33,832

)

 

 

(2,942

)

 

 

(22,935

)

Deferred income

 

11,928

 

 

 

6,072

 

 

 

23,196

 

 

 

9,290

 

 

 

28,000

 

 

 

14,156

 

Net cash provided by operating activities

$

79,209

 

 

$

35,740

 

 

$

138,629

 

 

$

71,451

 

 

$

158,903

 

 

$

183,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, transaction costs and other income, net. Adjusted EBITDA for the six months ended June 30, 2023, excludes the gain on sale of discontinued operations from the divestiture of Adler Tanks. Total Adjusted EBITDA attributed to discontinued operations for the six month period ended June 30, 2023 was $3,682.
  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.
  4. Other income, net consists of net gains on property, plant and equipment sales that are infrequent in nature and excluded from Adjusted EBITDA.

 

Contacts

Keith E. Pratt

EVP & Chief Financial Officer

925-606-9200

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