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10-Q Filing

MCGRATH RENTCORP CIK: 752714 Q1 2019
Filing Information
Form Type 10-Q
Accession Number 0001564590-19-014284
Period End Date 20190331
Filing Date 20190430
Fiscal Year 2019
Fiscal Period Q1
XBRL Instance mgrc-20190331.xml
Balance Sheet 62 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivable $1.88M USD Point-in-time
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivable $1.88M USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $1.44M USD Point-in-time
Common stock, par value CommonStockNoParValue - USD Point-in-time
Common stock, par value CommonStockNoParValue - USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $1.51M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 40.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 40.00M shares Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,883 in 2019 and 2018 AccountsReceivableNet $119.40M USD Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,883 in 2019 and 2018 AccountsReceivableNet $121.02M USD Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,883 in 2019 and 2018 AccountsReceivableNet $98.09M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 24.18M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 24.22M shares Point-in-time
Relocatable modular buildings RelocatableModularBuildings $817.38M USD Point-in-time
Common Stock, shares outstanding CommonStockSharesOutstanding 24.22M shares Point-in-time
Common Stock, shares outstanding CommonStockSharesOutstanding 24.18M shares Point-in-time
Relocatable modular buildings RelocatableModularBuildings $834.88M USD Point-in-time
Electronic test equipment ElectronicTestEquipment $286.47M USD Point-in-time
Electronic test equipment ElectronicTestEquipment $285.05M USD Point-in-time
Liquid and solid containment tanks and boxes LiquidAndSolidContainmentTanksAndBoxes $314.90M USD Point-in-time
Liquid and solid containment tanks and boxes LiquidAndSolidContainmentTanksAndBoxes $313.57M USD Point-in-time
Rental equipment, gross PropertySubjectToOrAvailableForOperatingLeaseGross $1.42B USD Point-in-time
Rental equipment, gross PropertySubjectToOrAvailableForOperatingLeaseGross $1.44B USD Point-in-time
Rental equipment, gross PropertySubjectToOrAvailableForOperatingLeaseGross $1.36B USD Point-in-time
Less accumulated depreciation PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation $514.99M USD Point-in-time
Less accumulated depreciation PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation $523.37M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $865.34M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $901.01M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $912.88M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $912.88M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $126.90M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $127.74M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssets $43.34M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssets $31.82M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $7.25M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $7.03M USD Point-in-time
Goodwill Goodwill $27.81M USD Point-in-time
Goodwill Goodwill $27.81M USD Point-in-time
Total assets Assets $1.24B USD Point-in-time
Total assets Assets $1.22B USD Point-in-time
Notes payable NotesPayable $298.56M USD Point-in-time
Notes payable NotesPayable $289.46M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $102.97M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $90.84M USD Point-in-time
Deferred income DeferredRevenue $49.71M USD Point-in-time
Deferred income DeferredRevenue $58.19M USD Point-in-time
Deferred income taxes, net DeferredTaxLiabilities $206.66M USD Point-in-time
Deferred income taxes, net DeferredTaxLiabilities $208.37M USD Point-in-time
Total liabilities Liabilities $645.78M USD Point-in-time
Total liabilities Liabilities $658.99M USD Point-in-time
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,176 shares as of September 30,2018 and 24,052 shares as of December 31, 2017 CommonStockValue $103.64M USD Point-in-time
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,176 shares as of September 30,2018 and 24,052 shares as of December 31, 2017 CommonStockValue $103.80M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $477.08M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $467.78M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-49.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-76.00K USD Point-in-time
Total shareholders equity StockholdersEquity $571.53M USD Point-in-time
Total shareholders equity StockholdersEquity $524.18M USD Point-in-time
Total shareholders equity StockholdersEquity $580.64M USD Point-in-time
Total shareholders equity StockholdersEquity $530.28M USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $1.24B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $1.22B USD Point-in-time
Income Statement 48 line items
Line Item Tag Value Unit Period
Rental OperatingLeaseLeaseIncomeLeasePayments $82.70M USD 1 Quarter
Rental OperatingLeaseLeaseIncomeLeasePayments $74.26M USD 1 Quarter
Rental related services OperatingLeasesIncomeStatementLeaseRelatedServicesRevenue $17.83M USD 1 Quarter
Rental related services OperatingLeasesIncomeStatementLeaseRelatedServicesRevenue $21.45M USD 1 Quarter
Rental operations OperatingLeaseLeaseAndRelatedServicesIncome $92.09M USD 1 Quarter
Rental operations OperatingLeaseLeaseAndRelatedServicesIncome $104.15M USD 1 Quarter
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $17.86M USD 1 Quarter
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $12.99M USD 1 Quarter
Total revenues Revenues $122.01M USD 1 Quarter
Total revenues Revenues $105.08M USD 1 Quarter
Depreciation of rental equipment CostOfGoodsAndServicesSoldDepreciation $17.78M USD 1 Quarter
Depreciation of rental equipment CostOfGoodsAndServicesSoldDepreciation $18.96M USD 1 Quarter
Rental related services CostOfRentalRelatedServices $13.77M USD 1 Quarter
Rental related services CostOfRentalRelatedServices $16.36M USD 1 Quarter
Other OtherCostOfOperatingRevenue $19.73M USD 1 Quarter
Other OtherCostOfOperatingRevenue $16.27M USD 1 Quarter
Total direct costs of rental operations DirectCostsOfLeasedAndRentedPropertyOrEquipment $55.06M USD 1 Quarter
Total direct costs of rental operations DirectCostsOfLeasedAndRentedPropertyOrEquipment $47.81M USD 1 Quarter
Costs of sales CostOfGoodsAndServicesSold $7.10M USD 1 Quarter
Costs of sales CostOfGoodsAndServicesSold $9.95M USD 1 Quarter
Total costs of revenues CostOfRevenue $65.00M USD 1 Quarter
Total costs of revenues CostOfRevenue $54.91M USD 1 Quarter
Gross profit GrossProfit $50.17M USD 1 Quarter
Gross profit GrossProfit $57.01M USD 1 Quarter
Selling and administrative expenses SellingGeneralAndAdministrativeExpense $29.70M USD 1 Quarter
Selling and administrative expenses SellingGeneralAndAdministrativeExpense $28.13M USD 1 Quarter
Income from operations OperatingIncomeLoss $27.31M USD 1 Quarter
Income from operations OperatingIncomeLoss $22.04M USD 1 Quarter
Interest expense InterestExpenseDebt $3.11M USD 1 Quarter
Interest expense InterestExpenseDebt $2.99M USD 1 Quarter
Foreign currency exchange gain (loss) ForeignCurrencyTransactionGainLossBeforeTax $49.00K USD 1 Quarter
Foreign currency exchange gain (loss) ForeignCurrencyTransactionGainLossBeforeTax $-32.00K USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $24.25M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $19.02M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $5.80M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $4.55M USD 1 Quarter
Net income NetIncomeLoss $14.47M USD 1 Quarter
Net income NetIncomeLoss $18.45M USD 1 Quarter
Basic EarningsPerShareBasic $0.76 USD 1 Quarter
Basic EarningsPerShareBasic $0.60 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.59 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.75 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 24.07M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 24.20M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 24.54M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 24.48M shares 1 Quarter
Cash dividends declared per share CommonStockDividendsPerShareDeclared $0.38 USD 1 Quarter
Cash dividends declared per share CommonStockDividendsPerShareDeclared $0.34 USD 1 Quarter
Cash Flow Statement 63 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $14.47M USD 1 Quarter
Net income ProfitLoss $18.45M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $19.93M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $21.10M USD 1 Quarter
Impairment of rental assets ImpairmentOfLongLivedAssetsHeldForUse $39.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $156.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $35.00K USD 1 Quarter
Share-based compensation ShareBasedCompensation $1.39M USD 1 Quarter
Share-based compensation ShareBasedCompensation $864.00K USD 1 Quarter
Gain on sale of used rental equipment GainLossOnSaleOfProperties $3.85M USD 1 Quarter
Gain on sale of used rental equipment GainLossOnSaleOfProperties $4.62M USD 1 Quarter
Foreign currency exchange (gain) loss ForeignCurrencyTransactionGainLossBeforeTax $49.00K USD 1 Quarter
Foreign currency exchange (gain) loss ForeignCurrencyTransactionGainLossBeforeTax $-32.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $13.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $3.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-7.75M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.46M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $11.52M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $3.30M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $9.95M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-4.28M USD 1 Quarter
Deferred income IncreaseDecreaseInContractWithCustomerLiability $-717.00K USD 1 Quarter
Deferred income IncreaseDecreaseInContractWithCustomerLiability $8.48M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-182.00K USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-1.71M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $31.15M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $46.51M USD 1 Quarter
Purchases of rental equipment PaymentsToAcquireEquipmentOnLease $34.13M USD 1 Quarter
Purchases of rental equipment PaymentsToAcquireEquipmentOnLease $24.17M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $2.75M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $2.67M USD 1 Quarter
Proceeds from sales of used rental equipment ProceedsFromSaleOfMachineryAndEquipment $7.71M USD 1 Quarter
Proceeds from sales of used rental equipment ProceedsFromSaleOfMachineryAndEquipment $9.23M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-19.13M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-27.65M USD 1 Quarter
Net repayments under bank lines of credit ProceedsFromRepaymentsOfLinesOfCredit $-9.10M USD 1 Quarter
Net repayments under bank lines of credit ProceedsFromRepaymentsOfLinesOfCredit $-2.83M USD 1 Quarter
Taxes paid related to net share settlement of stock awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.55M USD 1 Quarter
Taxes paid related to net share settlement of stock awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $971.00K USD 1 Quarter
Payment of dividends PaymentsOfDividendsCommonStock $6.30M USD 1 Quarter
Payment of dividends PaymentsOfDividendsCommonStock $8.25M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-18.91M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-10.10M USD 1 Quarter
Effect of foreign currency exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-14.00K USD 1 Quarter
Effect of foreign currency exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $25.00K USD 1 Quarter
Net increase (decrease) in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.95M USD 1 Quarter
Net increase (decrease) in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-66.00K USD 1 Quarter
Cash balance, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.51M USD Point-in-time
Cash balance, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $4.45M USD Point-in-time
Cash balance, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $2.50M USD Point-in-time
Cash balance, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.44M USD Point-in-time
Cash balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.51M USD Point-in-time
Cash balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $4.45M USD Point-in-time
Cash balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $2.50M USD Point-in-time
Cash balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.44M USD Point-in-time
Interest paid, during the period InterestPaidNet $2.54M USD 1 Quarter
Interest paid, during the period InterestPaidNet $2.83M USD 1 Quarter
Net income taxes paid, during the period IncomeTaxesPaidNet $1.57M USD 1 Quarter
Net income taxes paid, during the period IncomeTaxesPaidNet $710.00K USD 1 Quarter
Dividends accrued during the period, not yet paid DividendsPayableCurrentAndNoncurrent $8.24M USD Point-in-time
Dividends accrued during the period, not yet paid DividendsPayableCurrentAndNoncurrent $9.09M USD Point-in-time
Rental equipment acquisitions, not yet paid CapitalExpendituresIncurredButNotYetPaid $6.93M USD 1 Quarter
Rental equipment acquisitions, not yet paid CapitalExpendituresIncurredButNotYetPaid $11.00M USD 1 Quarter
Stockholders Equity 24 line items
Line Item Tag Value Unit Period
Cash dividends declared per share CommonStockDividendsPerShareDeclared $0.38 USD 1 Quarter
Cash dividends declared per share CommonStockDividendsPerShareDeclared $0.34 USD 1 Quarter
Balance StockholdersEquity $571.53M USD Point-in-time
Balance StockholdersEquity $524.18M USD Point-in-time
Balance StockholdersEquity $580.64M USD Point-in-time
Balance StockholdersEquity $530.28M USD Point-in-time
Balance, Shares CommonStockSharesOutstanding 24.22M shares Point-in-time
Balance, Shares CommonStockSharesOutstanding 24.18M shares Point-in-time
Net income NetIncomeLoss $14.47M USD 1 Quarter
Net income NetIncomeLoss $18.45M USD 1 Quarter
Share-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $864.00K USD 1 Quarter
Share-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.39M USD 1 Quarter
Taxes paid related to net share settlement of stock awards AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $971.00K USD 1 Quarter
Taxes paid related to net share settlement of stock awards AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $1.55M USD 1 Quarter
Dividends accrued of $0.375 and $1.36 per share for three months ended March 31 2019 and 2018 DividendsCommonStock $9.15M USD 1 Quarter
Dividends accrued of $0.375 and $1.36 per share for three months ended March 31 2019 and 2018 DividendsCommonStock $8.24M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-22.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-27.00K USD 1 Quarter
Balance StockholdersEquity $571.53M USD Point-in-time
Balance StockholdersEquity $524.18M USD Point-in-time
Balance StockholdersEquity $580.64M USD Point-in-time
Balance StockholdersEquity $530.28M USD Point-in-time
Balance, Shares CommonStockSharesOutstanding 24.22M shares Point-in-time
Balance, Shares CommonStockSharesOutstanding 24.18M shares Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $14.47M USD 1 Quarter
Net income NetIncomeLoss $18.45M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-34.00K USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-26.00K USD 1 Quarter
Tax benefit OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax $-7.00K USD 1 Quarter
Tax benefit OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax $-4.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $18.42M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $14.44M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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