0001171843-19-006922.txt : 20191029 0001171843-19-006922.hdr.sgml : 20191029 20191029171712 ACCESSION NUMBER: 0001171843-19-006922 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20191029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191029 DATE AS OF CHANGE: 20191029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCGRATH RENTCORP CENTRAL INDEX KEY: 0000752714 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] 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: 191176529 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 f8k_102919.htm FORM 8-K Form 8-K
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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):  October 29, 2019

_______________________________

MCGRATH RENTCORP

(Exact name of registrant as specified in its charter)

_______________________________

California000-1329294-2579843
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

5700 Las Positas Road

Livermore, California 94551-7800

(Address of Principal Executive Offices) (Zip Code)

((925)) 606-9200

(Registrant's telephone number, including area code)

 

(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 classTrading Symbol(s)Name of each exchange on which registered
Common StockMGRCNASDAQ 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 October 29, 2019, McGrath RentCorp (the “Company”) announced via press release the Company’s results for its third quarter ended September 30, 2019. 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 Items 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 October 29, 2019.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

SIGNATURE

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: October 29, 2019By: /s/ Keith E. Pratt        
  Keith E. Pratt
  Executive Vice President and Chief Financial Officer
  

 

 EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

EXHIBIT 99.1

McGrath RentCorp Announces Results for Third Quarter 2019

LIVERMORE, Calif., Oct. 29, 2019 (GLOBE NEWSWIRE) -- McGrath RentCorp (NASDAQ: MGRC) (the “Company”), a diversified business-to-business rental company, today announced total revenues for the quarter ended September 30, 2019 of $173.6 million, an increase of 21%, compared to the third quarter of 2018.  The Company reported net income of $32.5 million, or $1.32 per diluted share, for the third quarter of 2019, compared to net income of $24.8 million, or $1.01 per diluted share, for the third quarter of 2018. 

THIRD QUARTER 2019 COMPANY HIGHLIGHTS:

  • Income from operations increased 30% year-over-year to $46.7 million.
  • Rental revenues increased 11% year-over-year to $90.9 million.
  • Adjusted EBITDA1 increased 24% year-over-year to $70.8 million.   
  • Dividend rate increased 10% year-over-year to $0.375 per share for the third quarter of 2019.  On an annualized basis, this dividend represents a 2.1% yield on the October 28, 2019 close price of $69.99 per share.

Joe Hanna, President and CEO of McGrath RentCorp, made the following comments regarding these results and future expectations:

“The third quarter underscored the benefit of our diverse portfolio as companywide total revenues increased 21%.  Mobile Modular, TRS-RenTelco, and Enviroplex delivered significant operating profit growth compared to a year ago, contributing to the Company’s overall 30% operating profit increase.  Our operating profit growth was driven by strong gross profit increases in both rental operations and sales.

Mobile Modular rental revenues for the quarter increased 13% from a year ago, driven by improvement in average rental rates, a larger fleet and improved utilization with equipment on rent increasing 7%.  Commercial and education rentals grew compared to a year ago, and reflected healthy overall business conditions.  Portable Storage rental revenues grew by 11%. 

TRS-RenTelco rental revenues for the quarter increased 21%, primarily driven by higher average rental equipment and improved utilization.  Demand for both general purpose and communications test equipment was healthy, as we serviced testing demand for both R&D needs as well as communications network upgrades.

Adler Tank Rentals rental revenues for the quarter decreased 8% from a year ago, driven primarily by lower utilization, partly offset by higher rental rates.  Weaker activity levels across multiple market segments contributed to a slower quarter compared to a year ago.

Sales revenues increased 41%, driven by seasonally strong demand for education projects at Enviroplex.

Our portfolio enabled us to deliver strong top line and operating profit growth despite softness in one of our businesses.  We remain positive about our overall momentum entering the fourth quarter.  Despite some economic uncertainty, many fundamentals remain healthy and our activity levels are good. We look forward to finishing 2019 on solid footing.”

____________

  1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs and share-based compensation.  A reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA to net cash provided by operating activities can be found at the end of this release.


DIVISION HIGHLIGHTS:

All comparisons presented below are for the quarter ended September 30, 2019 to the quarter ended September 30, 2018 unless otherwise indicated.

MOBILE MODULAR

For the third quarter of 2019, the Company’s Mobile Modular division reported income from operations of $22.2 million, an increase of $3.0 million, or 16%.  Rental revenues increased 13% to $46.7 million, depreciation expense increased 5% to $5.6 million and other direct costs increased 20% to $12.8 million, which resulted in an increase in gross profit on rental revenues of 12% to $28.4 million.   Rental related services revenues increased 39% to $22.6 million, with associated gross profit increasing 55% to $5.8 million.  Sales revenues decreased 3% to $16.7 million while gross margin on sales increased to 28% from 24%, resulting in a 13% increase in gross profit on sales revenues to $4.7 million.  Selling and administrative expenses increased 19% to $17.0 million, primarily due to higher allocated corporate expenses and increased salaries and employee benefit costs.

TRS-RENTELCO

For the third quarter of 2019, the Company’s TRS-RenTelco division reported income from operations of $10.1 million, an increase of $2.4 million, or 32%.  Rental revenues increased 21% to $26.9 million, depreciation expense increased 19% to $10.8 million and other direct costs increased 9% to $4.1 million, which resulted in a 28% increase in gross profit on rental revenues to $12.0 million.  Sales revenues increased 25% to $5.7 million.  Gross margin on sales decreased to 60% from 63%, resulting in an 18% increase in gross profit on sales revenues to $3.4 million.  Selling and administrative expenses increased 16% to $6.0 million, primarily due to higher allocated corporate expenses and increased salaries and employee benefit costs.

ADLER TANKS

For the third quarter of 2019, the Company’s Adler Tanks division reported income from operations of $5.1 million, a decrease of $0.4 million, or 7%.  Rental revenues decreased 8% to $17.2 million, depreciation expense increased 3% to $4.1 million and other direct costs decreased 15% to $2.8 million, which resulted in a decrease in gross profit on rental revenues of 10% to $10.3 million.  Rental related services revenues increased 7% to $7.4 million, with gross profit on rental related services increasing 28% to $1.9 million.  Selling and administrative expenses decreased 6% to $7.2 million, primarily due to decreased salaries and employee benefit costs.

FINANCIAL OUTLOOK:

Based upon the Company’s year-to-date results and current outlook for the remainder of the year, the Company is raising its financial outlook and expects its 2019 total operating profit to increase 15% to 19% above 2018 results, as compared to our prior expectation of a 9% to 14% increase.  

ABOUT MCGRATH RENTCORP:

Founded in 1979, McGrath RentCorp (Nasdaq: MGRC) is a diversified business-to-business rental company providing modular buildings, electronic test equipment, portable storage and tank containment solutions across the United States and other select North American regions.  The Company’s rental operations consist of four divisions: Mobile Modular rents and sells modular buildings to fulfill customers’ temporary and permanent classroom and office space needs; TRS-RenTelco rents and sells electronic test equipment; Adler Tank Rentals rents and sells containment solutions for hazardous and nonhazardous liquids and solids; and Mobile Modular Portable Storage provides portable storage rental solutions.  For more information on McGrath RentCorp and its operating units, please visit our websites:

Corporate – www.mgrc.com
Modular Buildings – www.mobilemodular.com
Electronic Test Equipment – www.trsrentelco.com
Tanks and Boxes – www.adlertankrentals.com
Portable Storage – www.mobilemodularcontainers.com
School Facilities Manufacturing – www.enviroplex.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 October 1, 2019, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on October 29, 2019 to discuss the third quarter 2019 results.  To participate in the teleconference, dial 1-844-707-0666 (in the U.S.), or 1-703-639-1220 (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 1-855-859-2056 (in the U.S.), or 1-404-537-3406 (outside the U.S.).  The pass code for the conference call replay is 8298548.  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.

FORWARD-LOOKING STATEMENTS:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  All statements, other than statements of historical facts, regarding McGrath RentCorp’s expectations, strategies, prospects or targets are forward looking statements.  These forward-looking statements also can be identified by the use of forward-looking terminology such as “believes,” “expects,” “will,” or “anticipates” or the negative of these terms or other comparable terminology.  In particular, Mr. Hanna’s comments on remaining positive about the Company’s overall momentum entering the fourth quarter, economic fundamentals remaining healthy with good activity levels, finishing 2019 on solid footing, as well as the updated full year 2019 outlook in the “Financial Outlook” section are forward-looking. 

These forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties that could cause our actual results to differ materially from those projected including: the extent of the recovery underway in our modular building division; the state of the wireless communications network upgrade environment; the utilization levels and rental rates of our Adler Tanks liquid and sold containment tank and box rental assets; continued execution of our performance improvement initiatives; and our ability to effectively manage our rental assets, as well as the factors disclosed under “Risk Factors” in the Company’s Form 10-K and other SEC filings.

Forward-looking statements are made only as of the date hereof.  Except as otherwise required by law, we assume no obligation to update any of the forward-looking statements contained in this press release.



MCGRATH RENTCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

  Three Months Ended September 30,  Nine Months Ended September 30, 
(in thousands, except per share amounts) 2019  2018  2019  2018 
Revenues                
Rental $90,857  $82,155  $261,658  $233,683 
Rental related services  30,816   23,880   76,738   60,797 
Rental operations  121,673   106,035   338,396   294,480 
Sales  50,855   36,085   81,387   67,722 
Other  1,034   1,027   3,226   3,013 
    Total revenues  173,562   143,147   423,009   365,215 
Costs and Expenses                
Direct costs of rental operations:                
Depreciation of rental equipment  20,535   18,407   59,222   54,287 
Rental related services  23,007   18,618   57,507   47,404 
Other  19,654   17,674   61,128   52,696 
     Total direct costs of rental operations  63,196   54,699   177,857   154,387 
Costs of sales  32,084   24,398   49,984   42,680 
     Total costs of revenues  95,280   79,097   227,841   197,067 
         Gross profit  78,282   64,050   195,168   168,148 
Selling and administrative expenses  31,534   28,226   92,044   85,833 
Income from operations  46,748   35,824   103,124   82,315 
Other income (expense):                
Interest expense  (3,161)  (3,142)  (9,407)  (9,133)
Foreign currency exchange loss  (132)  (129)  (46)  (505)
Income before provision for income taxes  43,455   32,553   93,671   72,677 
Provision for income taxes  10,987   7,774   23,266   17,520 
Net income $32,468  $24,779  $70,405  $55,157 
Earnings per share:                
Basic $1.34  $1.03  $2.90  $2.29 
Diluted $1.32  $1.01  $2.86  $2.25 
Shares used in per share calculation:                
Basic  24,268   24,172   24,237   24,128 
Diluted  24,632   24,563   24,592   24,550 
Cash dividends declared per share $0.375  $0.340  $1.125  $1.020 
                 
                 



MCGRATH RENTCORP
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

  September 30,  December 31, 
(in thousands) 2019  2018 
Assets        
Cash $2,290  $1,508 
Accounts receivable, net of allowance for doubtful accounts of $1,883 in 2019 and 2018  138,114   121,016 
Rental equipment, at cost:        
Relocatable modular buildings  865,254   817,375 
Electronic test equipment  321,677   285,052 
Liquid and solid containment tanks and boxes  315,838   313,573 
   1,502,769   1,416,000 
Less accumulated depreciation  (544,159)  (514,985)
Rental equipment, net  958,610   901,015 
Property, plant and equipment, net  127,977   126,899 
Prepaid expenses and other assets  43,553   31,816 
Intangible assets, net  7,554   7,254 
Goodwill  28,125   27,808 
Total assets $1,306,223  $1,217,316 
Liabilities and Shareholders' Equity        
Liabilities:        
Notes payable $301,469  $298,564 
Accounts payable and accrued liabilities  111,320   90,844 
Deferred income  60,775   49,709 
Deferred income taxes, net  215,944   206,664 
Total liabilities  689,508   645,781 
Shareholders’ equity:        
Common stock, no par value - Authorized 40,000 shares        
Issued and outstanding - 24,285 shares as of September 30, 2019 and 24,182 shares as of December 31, 2018  106,033   103,801 
Retained earnings  510,702   467,783 
Accumulated other comprehensive loss  (20)  (49)
Total shareholders’ equity  616,715   571,535 
Total liabilities and shareholders’ equity $1,306,223  $1,217,316 
         
         



MCGRATH RENTCORP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

  Nine Months Ended September 30, 
(in thousands) 2019  2018 
Cash Flows from Operating Activities:        
Net income $70,405  $55,157 
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization  65,960   60,896 
Impairment of rental assets  —   39 
Provision for doubtful accounts  655   297 
Share-based compensation  4,096   2,810 
Gain on sale of used rental equipment  (15,168)  (15,044)
Foreign currency exchange loss  46   505 
Amortization of debt issuance costs  8   18 
Change in:        
Accounts receivable  (16,929)  (9,514)
Prepaid expenses and other assets  (11,734)  (10,195)
Accounts payable and accrued liabilities  19,304   148 
Deferred income  10,946   8,741 
Deferred income taxes  9,280   2,982 
    Net cash provided by operating activities  136,869   96,840 
Cash Flows from Investing Activities:        
Purchases of rental equipment  (127,243)  (84,658)
Purchases of property, plant and equipment  (6,845)  (12,521)
Cash paid for acquisition of business assets  (7,401)  (7,543)
Proceeds from sales of used rental equipment  30,844   30,067 
     Net cash used in investing activities  (110,645)  (74,655)
Cash Flows from Financing Activities:        
Net borrowings under bank lines of credit  2,897   25,575 
Principal payments on Series A senior notes  —   (20,000)
Taxes paid related to net share settlement of stock awards  (1,864)  (3,004)
Payment of dividends  (26,432)  (22,719)
     Net cash used in financing activities  (25,399)  (20,148)
Effect of foreign currency exchange rate changes on cash  (43)  (139)
     Net increase in cash  782   1,898 
Cash balance, beginning of period  1,508   2,501 
Cash balance, end of period $2,290  $4,399 
Supplemental Disclosure of Cash Flow Information:        
Interest paid, during the period $9,359  $9,193 
Net income taxes paid, during the period $10,030  $16,055 
Dividends accrued during the period, not yet paid $9,241  $8,349 
Rental equipment acquisitions, not yet paid $9,450  $9,643 
         
         


                     
MCGRATH RENTCORP  
BUSINESS SEGMENT DATA (unaudited)  
Three months ended September 30, 2019  
(dollar amounts in thousands) Mobile
Modular		  TRS-
RenTelco		  Adler Tanks  Enviroplex  Consolidated 
Revenues                    
Rental $46,738  $26,938  $17,181  $—  $90,857 
Rental related services  22,574   863   7,379   —   30,816 
  Rental operations  69,312   27,801   24,560   —   121,673 
Sales  16,676   5,678   140   28,361   50,855 
Other  314   611   109   —   1,034 
  Total revenues  86,302   34,090   24,809   28,361   173,562 
                     
Costs and Expenses                    
Direct costs of rental operations:                    
  Depreciation  5,572   10,849   4,114   —   20,535 
  Rental related services  16,799   695   5,513   —   23,007 
  Other  12,804   4,088   2,762   —   19,654 
  Total direct costs of rental operations  35,175   15,632   12,389   —   63,196 
Costs of  sales  11,963   2,277   126   17,718   32,084 
  Total costs of revenues  47,138   17,909   12,515   17,718   95,280 
                     
Gross Profit                    
Rental  28,362   12,001   10,305   —   50,668 
Rental related services  5,775   168   1,866   —   7,809 
  Rental operations  34,137   12,169   12,171   —   58,477 
Sales  4,713   3,401   14   10,643   18,771 
Other  314   611   109   —   1,034 
  Total gross profit  39,164   16,181   12,294   10,643   78,282 
Selling and administrative expenses  16,966   6,038   7,160   1,370   31,534 
Income from operations $22,198  $10,143  $5,134  $9,273   46,748 
Interest expense                  (3,161)
Foreign currency exchange loss                  (132)
Provision for income taxes                  (10,987)
  Net income                 $32,468 
                     
Other Information                    
Average rental equipment 1 $802,718  $314,428  $314,314         
Average monthly total yield 2  1.94%  2.86%  1.82%        
Average utilization 3  79.4%  66.9%  54.5%        
Average monthly rental rate 4  2.45%  4.27%  3.34%        
  1. Average rental equipment represents the cost of rental equipment excluding accessory equipment.  For Mobile Modular and Adler Tanks, Average rental equipment also excludes new equipment inventory.
  2. Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.
  3. 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.
  4. 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 September 30, 2018  
(dollar amounts in thousands) Mobile
Modular		  TRS-
RenTelco		  Adler Tanks  Enviroplex  Consolidated 
Revenues                    
Rental $41,205  $22,225  $18,725  $—  $82,155 
Rental related services  16,188   773   6,919   —   23,880 
  Rental operations  57,393   22,998   25,644   —   106,035 
Sales  17,140   4,549   294   14,102   36,085 
Other  358   590   79   —   1,027 
  Total revenues  74,891   28,137   26,017   14,102   143,147 
                     
Costs and Expenses                    
Direct costs of rental operations:                    
  Depreciation  5,320   9,093   3,994   —   18,407 
  Rental related services  12,457   697   5,464   —   18,618 
  Other  10,662   3,767   3,245   —   17,674 
  Total direct costs of rental operations  28,439   13,557   12,703   —   54,699 
Costs of  sales  12,987   1,667   195   9,549   24,398 
  Total costs of revenues  41,426   15,224   12,898   9,549   79,097 
                     
Gross Profit                    
Rental  25,223   9,365   11,486   —   46,074 
Rental related services  3,731   76   1,455   —   5,262 
  Rental operations  28,954   9,441   12,941   —   51,336 
Sales  4,153   2,882   99   4,553   11,687 
Other  358   590   79   —   1,027 
  Total gross profit  33,465   12,913   13,119   4,553   64,050 
Selling and administrative expenses  14,261   5,220   7,587   1,158   28,226 
Income from operations $19,204  $7,693  $5,532  $3,395   35,824 
Interest expense                  (3,142)
Foreign currency exchange loss                  (129)
Provision for income taxes                  (7,774)
  Net income                 $24,779 
                     
Other Information                    
Average rental equipment 1 $759,542  $280,377  $311,086         
Average monthly total yield 2  1.81%  2.64%  2.01%        
Average utilization 3  78.6%  61.9%  62.5%        
Average monthly rental rate 4  2.30%  4.27%  3.21%        
  1. Average rental equipment represents the cost of rental equipment excluding accessory equipment.  For Mobile Modular and Adler Tanks, Average rental equipment also excludes new equipment inventory.
  2. Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.
  3. 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. 
  4. 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)                    
Nine months ended September 30, 2019                    
(dollar amounts in thousands) Mobile Modular  TRS-RenTelco  Adler Tanks  Enviroplex  Consolidated 
Revenues                    
Rental $133,736  $76,050  $51,872  $—  $261,658 
Rental related services  52,946   2,425   21,367   —   76,738 
  Rental operations  186,682   78,475   73,239   —   338,396 
Sales  31,401   16,745   1,003   32,238   81,387 
Other  1,033   1,856   337   —   3,226 
  Total revenues  219,116   97,076   74,579   32,238   423,009 
                     
Costs and Expenses                    
Direct costs of rental operations:                    
  Depreciation  16,449   30,533   12,240   —   59,222 
  Rental related services  39,454   2,008   16,045   —   57,507 
  Other  39,721   12,206   9,201   —   61,128 
  Total direct costs of rental operations  95,624   44,747   37,486   —   177,857 
Costs of  sales  21,463   7,656   713   20,152   49,984 
  Total costs of revenues  117,087   52,403   38,199   20,152   227,841 
                     
Gross Profit                    
Rental  77,566   33,311   30,431   —   141,308 
Rental related services  13,492   417   5,322   —   19,231 
  Rental operations  91,058   33,728   35,753   —   160,539 
Sales  9,938   9,089   290   12,086   31,403 
Other  1,033   1,856   337   —   3,226 
  Total gross profit  102,029   44,673   36,380   12,086   195,168 
Selling and administrative expenses  48,013   18,101   22,054   3,876   92,044 
Income from operations $54,016  $26,572  $14,326  $8,210   103,124 
Interest expense                  (9,407)
Foreign currency exchange loss                  (46)
Provision for income taxes                  (23,266)
  Net income                 $70,405 
                     
Other Information                    
Average rental equipment 1 $789,664  $299,210  $313,475         
Average monthly total yield 2  1.88%  2.82%  1.84%        
Average utilization 3  79.1%  66.0%  56.2%        
Average monthly rental rate 4  2.38%  4.28%  3.27%        
  1. Average rental equipment represents the cost of rental equipment excluding accessory equipment.  For Mobile Modular and Adler Tanks, Average rental equipment also excludes new equipment inventory.
  2. Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.
  3. 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.
  4. 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)  
Nine months ended September 30, 2018  
(dollar amounts in thousands) Mobile Modular  TRS-RenTelco  Adler Tanks  Enviroplex  Consolidated 
Revenues                    
Rental $116,436  $65,919  $51,328  $—  $233,683 
Rental related services  40,510   2,287   18,000   —   60,797 
  Rental operations  156,946   68,206   69,328   —   294,480 
Sales  30,694   16,568   629   19,831   67,722 
Other  973   1,753   287   —   3,013 
  Total revenues  188,613   86,527   70,244   19,831   365,215 
                     
Costs and Expenses                    
Direct costs of rental operations:                    
  Depreciation  15,841   26,536   11,910   —   54,287 
  Rental related services  31,031   1,956   14,417   —   47,404 
  Other  33,460   10,834   8,402   —   52,696 
  Total direct costs of rental operations  80,332   39,326   34,729   —   154,387 
Costs of  sales  21,766   7,046   484   13,384   42,680 
  Total costs of revenues  102,098   46,372   35,213   13,384   197,067 
                     
Gross Profit                    
Rental  67,134   28,549   31,017   —   126,700 
Rental related services  9,479   331   3,583   —   13,393 
  Rental operations  76,613   28,880   34,600   —   140,093 
Sales  8,929   9,522   144   6,447   25,042 
Other  973   1,753   287   —   3,013 
  Total gross profit  86,515   40,155   35,031   6,447   168,148 
Selling and administrative expenses  43,191   16,780   22,245   3,617   85,833 
Income from operations $43,324  $23,375  $12,786  $2,830   82,315 
Interest expense                  (9,133)
Foreign currency exchange loss                  (505)
Provision for income taxes                  (17,520)
  Net income                 $55,157 
                     
Other Information                    
Average rental equipment 1 $752,076  $273,142  $309,943         
Average monthly total yield 2  1.72%  2.68%  1.84%        
Average utilization 3  77.8%  62.4%  59.8%        
Average monthly rental rate 4  2.21%  4.29%  3.08%        
  1. Average rental equipment represents the cost of rental equipment excluding accessory equipment.  For Mobile Modular and Adler Tanks, Average rental equipment also excludes new equipment inventory.
  2. Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.
  3. 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.
  4. 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 and share-based compensation.  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, 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.  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 Net Income to Adjusted EBITDA

(dollar amounts in thousands) Three Months Ended
September 30,		  Nine Months Ended
September 30,		  Twelve Months Ended
September 30,		 
  2019  2018  2019  2018  2019  2018 
Net income $32,468  $24,779  $70,405  $55,157  $94,654  $172,881 
Provision (benefit) for income taxes  10,987   7,774   23,266   17,520   31,035   (76,255)
Interest expense  3,161   3,142   9,407   9,133   12,571   12,031 
Depreciation and amortization  22,873   20,608   65,960   60,896   87,039   80,887 
EBITDA  69,489   56,303   169,038   142,706   225,299   189,544 
  Impairment of rental assets  —   —   —   39   —   1,678 
Share-based compensation  1,350   982   4,096   2,810   5,397   3,763 
Adjusted EBITDA 1 $70,839  $57,285  $173,134  $145,555  $230,696  $194,985 
Adjusted EBITDA margin 2  41%  40%  41%  40%  41%  40%
                         


Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities

(dollar amounts in thousands) Three Months Ended
September 30,		  Nine Months Ended
September 30,		  Twelve Months Ended
September 30,		 
  2019  2018  2019  2018  2019  2018 
Adjusted EBITDA 1 $70,839  $57,285  $173,134  $145,555  $230,696  $194,985 
Interest paid  (3,149)  (3,070)  (9,359)  (9,193)  (12,764)  (12,455)
Income taxes paid, net of refunds received  (3,857)  (4,380)  (10,030)  (16,055)  (12,132)  (22,049)
Gain on sale of used rental equipment  (6,000)  (5,169)  (15,168)  (15,044)  (19,683)  (19,771)
Foreign currency exchange loss  132   129   46   505   30   444 
Amortization of debt issuance cost  3   3   8   18   10   30 
Change in certain assets and liabilities:                        
Accounts receivable, net  (16,272)  (9,994)  (16,274)  (9,217)  (22,201)  (7,676)
Prepaid expenses and other assets  9,512   4,743   (11,734)  (10,195)  (10,890)  (5,810)
Accounts payable and other liabilities  (363)  (359)  15,300   1,725   17,167   4,618 
Deferred income  (5,963)  3,887   10,946   8,741   12,463   5,772 
Net cash provided by operating activities $44,882  $43,075  $136,869  $96,840  $182,696  $138,088 
                         
  1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs and share-based compensation.
  2. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total revenues for the period.


FOR INFORMATION CONTACT:
Keith E. Pratt
EVP & Chief Financial Officer        
925-606-9200 

 

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