0001171843-20-003011.txt : 20200429 0001171843-20-003011.hdr.sgml : 20200429 20200429160130 ACCESSION NUMBER: 0001171843-20-003011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200429 DATE AS OF CHANGE: 20200429 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: 20830118 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_042920.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):  April 29, 2020

_______________________________

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 April 29, 2020, McGrath RentCorp (the "Company") announced via press release the Company's results for its first quarter ended March 31, 2020. 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 April 29, 2020.
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: April 29, 2020By: /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 First Quarter 2020

LIVERMORE, Calif., April 29, 2020 (GLOBE NEWSWIRE) -- McGrath RentCorp (NASDAQ: MGRC) (the “Company”), a diversified business-to-business rental company, today announced total revenues for the quarter ended March 31, 2020 of $129.5 million, an increase of 6%, compared to the first quarter of 2019.  The Company reported net income of $20.2 million, or $0.81 per diluted share, for the first quarter of 2020, compared to net income of $18.4 million, or $0.75 per diluted share, for the first quarter of 2019. 

FIRST QUARTER 2020 COMPANY HIGHLIGHTS:

  • Income from operations increased 9% year-over-year to $29.7 million.
  • Rental revenues increased 8% year-over-year to $89.5 million.
  • Adjusted EBITDA1 increased 10% year-over-year to $54.9 million.   
  • Dividend rate increased 12% year-over-year to $0.42 per share for the first quarter of 2020.  On an annualized basis, this dividend represents a 3.0% yield on the April 28, 2020 close price of $55.69 per share.

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

“Since our last quarterly update in late February, we have seen a significant shift in our operating environment.  We have transitioned from the generally positive and stable conditions for our businesses, which prevailed for the majority of the first quarter, to current conditions of higher uncertainty, disruption and more difficult operating environment overall related to the COVID-19 pandemic. 

In the rapidly changing operating environment, we have moved quickly to keep our employees safe, support our customers as they continue to operate, and protect long-term stakeholder value.  The health and safety of our team members has been paramount.  We have taken significant steps to ensure we are operating safely, consistent with national and local guidelines, while maintaining business continuity across the country for our customer-facing and production team members, as well as support staff.

We were pleased with our start to 2020, completing a successful first quarter of top and bottom line growth.  Our first quarter companywide rental revenues grew 8% and operating income grew 9% as we kicked off the year with good business momentum.  Standout performers were Mobile Modular with continued strength in both classroom and commercial rentals and TRS-RenTelco with growth in both general purpose and communications customer segments.  We saw fewer rental opportunities at Adler compared to a year ago, as demand conditions continued to be soft. 

Entering the second quarter, we have experienced varying degrees of weakening demand across our business segments and geographic regions as customers adjust to COVID-19 conditions.  Due to the current circumstances, our ability to see into the future is very limited at this time, and the prolonged impact of COVID-19 conditions on the US economy and our business is unknown. 

We have an engaged and dedicated employee team, many long-term customer relationships, and a solid financial foundation, all of which I believe will help us successfully navigate through the current uncertainty until more normal conditions return.”

DIVISION HIGHLIGHTS:

All comparisons presented below are for the quarter ended March 31, 2020 to the quarter ended March 31, 2019 unless otherwise indicated.

MOBILE MODULAR

For the first quarter of 2020, the Company’s Mobile Modular division reported income from operations of $19.4 million, an increase of $3.9 million, or 25%.  Rental revenues increased 12% to $47.4 million, depreciation expense increased 5% to $5.7 million and other direct costs were comparable at $12.6 million, which resulted in an increase in gross profit on rental revenues of 20% to $29.1 million.  The rental revenue growth came from both commercial and education markets.  Rental related services revenues increased 25% to $18.1 million, with associated gross profit increasing 35% to $4.8 million.  Sales revenues decreased 9% to $7.3 million and gross margin on sales increased to 35% from 34%, resulting in a 7% decrease in gross profit on sales revenues to $2.6 million.  Selling and administrative expenses increased 13% to $17.4 million, primarily due to higher allocated corporate expenses and increased headcount, salaries and employee benefit costs.

TRS-RENTELCO

For the first quarter of 2020, the Company’s TRS-RenTelco division reported income from operations of $8.4 million, an increase of $0.7 million, or 9%.  Rental revenues increased 17% to $27.5 million, depreciation expense increased 24% to $11.8 million and other direct costs increased 7% to $4.4 million, which resulted in a 13% increase in gross profit on rental revenues to $11.3 million.  The rental revenue growth came from both general purpose and communications test equipment market.  Sales revenues decreased 11% to $5.1 million.  Gross margin on sales was comparable at 52%, resulting in a 11% decrease in gross profit on sales revenues to $2.7 million.  Selling and administrative expenses increased 7% to $6.4 million, primarily due to higher allocated corporate expenses.

ADLER TANKS

For the first quarter of 2020, the Company’s Adler Tanks division reported income from operations of $2.7 million, a decrease of $1.7 million, or 38%.  Rental revenues decreased 13% to $14.6 million, depreciation expense increased 3% to $4.1 million and other direct costs decreased 18% to $2.5 million, which resulted in a 19% decrease in gross profit on rental revenues to $8.0 million.  The rental revenue decrease was across five of our six end markets.  Rental related services revenues decreased 12% to $5.5 million, with gross profit on rental related services decreasing 13% to $1.3 million.  Selling and administrative expenses decreased 4% to $6.8 million, primarily due to decreased allocated corporate expenses and decreased salaries and employee benefit costs.

FINANCIAL OUTLOOK:

Given the economic uncertainty and rapidly-evolving circumstances related to the COVID-19 pandemic, the company is withdrawing its previously issued 2020 guidance and is not providing an updated outlook at this time.

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 actual net income to Adjusted EBITDA and Adjusted EBITDA to net cash provided by operating activities can be found at the end of this release.


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 April 8, 2020, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on April 29, 2020 to discuss the first quarter 2020 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 5964269.  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 “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “plan,” “predict,” “project,” or “will,” or the negative of these terms or other comparable terminology.  In particular, Mr. Hanna’s comments on the Company’s inability to see into the future, or the prolonged impact of the COVID-19 pandemic on the US economy and its business and the Company’s belief of successfully navigating through the current uncertainty until more normal conditions return, as well as the statement regarding the full year 2020 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 duration of the COVID-19 pandemic, the extent and length of the shelter-in and other restrictions associated with COVID-19 pandemic, the health of the education and commercial markets in our modular building division; the activity levels in the general purpose and communications test equipment markets at TRS-RenTelco; 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 March 31, 
(in thousands, except per share amounts)2020  2019 
Revenues       
Rental$89,506  $82,696 
Rental related services 24,511   21,455 
Rental operations 114,017   104,151 
Sales 14,366   16,825 
Other 1,070   1,032 
Total revenues 129,453   122,008 
Costs and Expenses       
Direct costs of rental operations:       
Depreciation of rental equipment 21,638   18,961 
Rental related services 18,263   16,363 
Other 19,453   19,733 
Total direct costs of rental operations 59,354   55,057 
Costs of sales 8,443   9,946 
Total costs of revenues 67,797   65,003 
Gross profit 61,656   57,005 
Selling and administrative expenses 31,954   29,695 
Income from operations 29,702   27,310 
Other income (expense):       
Interest expense (2,652)  (3,108)
Foreign currency exchange (loss) gain (436)  49 
Income before provision for income taxes 26,614   24,251 
Provision for income taxes 6,455   5,802 
Net income$20,159  $18,449 
Earnings per share:       
Basic$0.83  $0.76 
Diluted$0.81  $0.75 
Shares used in per share calculation:       
Basic 24,292   24,195 
Diluted 24,738   24,540 
Cash dividends declared per share$0.420  $0.375 
        


MCGRATH RENTCORP
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

 March 31,  December 31, 
(in thousands)2020  2019 
Assets       
Cash$342  $2,342 
Accounts receivable, net of allowance for doubtful accounts of $2,200 in 2020 and $1,883 in 2019 125,834   128,099 
Rental equipment, at cost:       
Relocatable modular buildings 883,076   868,807 
Electronic test equipment 341,841   335,343 
Liquid and solid containment tanks and boxes 315,581   316,261 
  1,540,498   1,520,411 
Less accumulated depreciation (564,789)  (552,911)
Rental equipment, net 975,709   967,500 
Property, plant and equipment, net 132,075   131,047 
Prepaid expenses and other assets 44,993   45,356 
Intangible assets, net 7,279   7,334 
Goodwill 28,197   28,197 
Total assets$1,314,429  $1,309,875 
Liabilities and Shareholders' Equity       
Liabilities:       
Notes payable$291,544  $293,431 
Accounts payable and accrued liabilities 104,005   109,174 
Deferred income 61,907   54,964 
Deferred income taxes, net 219,369   218,270 
Total liabilities 676,825   675,839 
Shareholders’ equity:       
Common stock, no par value - Authorized 40,000 shares       
Issued and outstanding - 24,182 shares as of March 31, 2020 and 24,296 shares as of December 31, 2019 106,957   106,360 
Retained earnings 530,559   527,746 
Accumulated other comprehensive loss 88   (70)
Total shareholders’ equity 637,604   634,036 
Total liabilities and shareholders’ equity$1,314,429  $1,309,875 
        


MCGRATH RENTCORP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

 Three Months Ended March 31, 
(in thousands)2020  2019 
Cash Flows from Operating Activities:       
Net income$20,159  $18,449 
Adjustments to reconcile net income to net cash provided by operating activities:       
Depreciation and amortization 23,862   21,100 
Provision for doubtful accounts 552   156 
Share-based compensation 1,723   1,392 
Gain on sale of used rental equipment (4,788)  (4,615)
Foreign currency exchange loss (gain) 436   (49)
Amortization of debt issuance costs 3   3 
Change in:       
Accounts receivable 1,713   1,457 
Prepaid expenses and other assets 363   (11,520)
Accounts payable and accrued liabilities (6,383)  9,948 
Deferred income 6,943   8,478 
Deferred income taxes 1,099   1,707 
Net cash provided by operating activities 45,682   46,506 
Cash Flows from Investing Activities:       
Purchases of rental equipment (35,374)  (34,132)
Purchases of property, plant and equipment (3,196)  (2,753)
Proceeds from sales of used rental equipment 10,356   9,233 
Net cash used in investing activities (28,214)  (27,652)
Cash Flows from Financing Activities:       
Net repayment under bank lines of credit (1,890)  (9,103)
Repurchase of common stock (7,852)  — 
Taxes paid related to net share settlement of stock awards (401)  (1,555)
Payment of dividends (9,369)  (8,248)
Net cash used in financing activities (19,512)  (18,906)
Effect of foreign currency exchange rate changes on cash 44   (14)
Net decrease in cash (2,000)  (66)
Cash balance, beginning of period 2,342   1,508 
Cash balance, end of period$342  $1,442 
Supplemental Disclosure of Cash Flow Information:       
Interest paid, during the period$2,859  $2,828 
Net income taxes paid, during the period$363  $710 
Dividends accrued during the period, not yet paid$10,218  $9,088 
Rental equipment acquisitions, not yet paid$6,537  $11,004 
        


                    
                    
MCGRATH RENTCORP                   
BUSINESS SEGMENT DATA (unaudited)                   
Three months ended March 31, 2020                   
(dollar amounts in thousands)Mobile Modular  TRS-RenTelco  Adler Tanks  Enviroplex  Consolidated 
Revenues                   
Rental$47,410  $27,536  $14,560  $—  $89,506 
Rental related services 18,144   826   5,541   —   24,511 
Rental operations 65,554   28,362   20,101   —   114,017 
Sales 7,256   5,109   498   1,503   14,366 
Other 388   592   90   —   1,070 
Total revenues 73,198   34,063   20,689   1,503   129,453 
                    
Costs and Expenses                   
Direct costs of rental operations:                   
Depreciation 5,669   11,832   4,137   —   21,638 
Rental related services 13,350   646   4,267   —   18,263 
Other 12,617   4,380   2,456   —   19,453 
Total direct costs of rental operations 31,636   16,858   10,860   —   59,354 
Costs of  sales 4,703   2,448   320   972   8,443 
Total costs of revenues 36,339   19,306   11,180   972   67,797 
                    
Gross Profit                   
Rental 29,124   11,324   7,967   —   48,415 
Rental related services 4,794   180   1,274   —   6,248 
Rental operations 33,918   11,504   9,241   —   54,663 
Sales 2,553   2,661   178   531   5,923 
Other 388   592   90   —   1,070 
Total gross profit 36,859   14,757   9,509   531   61,656 
Selling and administrative expenses 17,418   6,361   6,824   1,351   31,954 
Income (loss) from operations$19,441  $8,396  $2,685  $(820) $29,702 
Interest expense                 (2,652)
Foreign currency exchange loss                 (436)
Provision for income taxes                 (6,455)
Net income                $20,159 
                    
Other Information                   
Average rental equipment 1$815,686  $337,907  $314,812         
Average monthly total yield 2 1.94%  2.72%  1.54%        
Average utilization 3 78.7%  65.3%  47.8%        
Average monthly rental rate 4 2.46%  4.16%  3.23%        

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 March 31, 2019                   
(dollar amounts in thousands)Mobile Modular  TRS-RenTelco  Adler Tanks  Enviroplex  Consolidated 
Revenues                   
Rental$42,261  $23,623  $16,812  $—  $82,696 
Rental related services 14,471   708   6,276   —   21,455 
Rental operations 56,732   24,331   23,088   —   104,151 
Sales 8,000   5,750   270   2,805   16,825 
Other 360   595   77   —   1,032 
Total revenues 65,092   30,676   23,435   2,805   122,008 
                    
Costs and Expenses                   
Direct costs of rental operations:                   
Depreciation 5,408   9,520   4,033   —   18,961 
Rental related services 10,927   627   4,809   —   16,363 
Other 12,635   4,100   2,998   —   19,733 
Total direct costs of rental operations 28,970   14,247   11,840   —   55,057 
Costs of  sales 5,243   2,762   172   1,769   9,946 
Total costs of revenues 34,213   17,009   12,012   1,769   65,003 
                    
Gross Profit                   
Rental 24,218   10,003   9,781   —   44,002 
Rental related services 3,544   81   1,467   —   5,092 
Rental operations 27,762   10,084   11,248   —   49,094 
Sales 2,757   2,988   98   1,036   6,879 
Other 360   595   77   —   1,032 
Total gross profit 30,879   13,667   11,423   1,036   57,005 
Selling and administrative expenses 15,370   5,970   7,080   1,275   29,695 
Income (loss) from operations$15,509  $7,697  $4,343  $(239)  27,310 
Interest expense                 (3,108)
Foreign currency exchange gain                 49 
Provision for income taxes                 (5,802)
Net income                $18,449 
                    
Other Information                   
Average rental equipment 1$778,323  $284,350  $312,591         
Average monthly total yield 2 1.81%  2.77%  1.79%        
Average utilization 3 78.8%  64.3%  57.3%        
Average monthly rental rate 4 2.30%  4.31%  3.13%        

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
March 31,		  Twelve Months Ended
March 31,		 
 2020  2019  2020  2019 
Net income$20,159  $18,449  $98,516  $83,389 
Provision for income taxes 6,455   5,802   32,972   26,539 
Interest expense 2,652   3,108   11,875   12,413 
Depreciation and amortization 23,862   21,100   92,238   83,147 
EBITDA 53,128   48,459   235,601   205,488 
Share-based compensation 1,723   1,392   6,223   4,639 
Adjusted EBITDA 1$54,851  $49,851  $241,824  $210,127 
Adjusted EBITDA margin 2 42%  41%  42%  41%
                


Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities

(dollar amounts in thousands)Three Months Ended
March 31,		  Twelve Months Ended
March 31,		 
 2020  2019  2020  2019 
Adjusted EBITDA 1$54,851  $49,851  $241,824  $210,127 
Interest paid (2,859)  (2,828)  (12,506)  (12,889)
Income taxes paid, net of refunds received (363)  (710)  (17,181)  (17,295)
Gain on sale of used rental equipment (4,788)  (4,615)  (21,482)  (20,326)
Foreign currency exchange loss (gain) 436   (49)  401   408 
Amortization of debt issuance cost 3   3   11   10 
Change in certain assets and liabilities:               
Accounts receivable, net 2,265   1,613   (5,658)  (21,311)
Prepaid expenses and other assets 363   (11,520)  (1,647)  (17,568)
Accounts payable and other liabilities (11,169)  6,283   (195)  17,412 
Deferred income 6,943   8,478   3,603   19,453 
Net cash provided by operating activities$45,682  $46,506  $187,170  $158,021 
                

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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Cover
Apr. 29, 2020
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 29, 2020
Entity File Number 000-13292
Entity Registrant Name McGRATH RENTCORP
Entity Central Index Key 0000752714
Entity Tax Identification Number 94-2579843
Entity Incorporation, State or Country Code CA
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
Entity Emerging Growth Company false

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