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10-Q Filing

MCGRATH RENTCORP CIK: 752714 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001564590-20-019690
Period End Date 20200331
Filing Date 20200429
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance mgrc-10q_20200331_htm.xml
Balance Sheet 61 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivable $2.20M USD Point-in-time
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivable $1.88M USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $2.34M USD Point-in-time
Common stock, par value CommonStockNoParValue - USD Point-in-time
Common stock, par value CommonStockNoParValue - USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $342.00K USD Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $2,200 in 2020 and $1,883 in 2019 AccountsReceivableNet $128.10M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 40.00M shares Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $2,200 in 2020 and $1,883 in 2019 AccountsReceivableNet $119.40M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 40.00M shares Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $2,200 in 2020 and $1,883 in 2019 AccountsReceivableNet $125.83M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 24.30M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 24.18M shares Point-in-time
Relocatable modular buildings RelocatableModularBuildings $868.81M USD Point-in-time
Relocatable modular buildings RelocatableModularBuildings $883.08M USD Point-in-time
Common Stock, shares outstanding CommonStockSharesOutstanding 24.18M shares Point-in-time
Common Stock, shares outstanding CommonStockSharesOutstanding 24.30M shares Point-in-time
Electronic test equipment ElectronicTestEquipment $341.84M USD Point-in-time
Electronic test equipment ElectronicTestEquipment $335.34M USD Point-in-time
Liquid and solid containment tanks and boxes LiquidAndSolidContainmentTanksAndBoxes $315.58M USD Point-in-time
Liquid and solid containment tanks and boxes LiquidAndSolidContainmentTanksAndBoxes $316.26M USD Point-in-time
Rental equipment, gross PropertySubjectToOrAvailableForOperatingLeaseGross $1.44B USD Point-in-time
Rental equipment, gross PropertySubjectToOrAvailableForOperatingLeaseGross $1.54B USD Point-in-time
Rental equipment, gross PropertySubjectToOrAvailableForOperatingLeaseGross $1.52B USD Point-in-time
Less accumulated depreciation PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation $564.79M USD Point-in-time
Less accumulated depreciation PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation $552.91M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $975.71M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $967.50M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $912.88M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $131.05M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $132.07M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssets $45.36M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssets $44.99M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $7.33M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $7.28M USD Point-in-time
Goodwill Goodwill $28.20M USD Point-in-time
Goodwill Goodwill $28.20M USD Point-in-time
Total assets Assets $1.31B USD Point-in-time
Total assets Assets $1.31B USD Point-in-time
Notes payable NotesPayable $291.54M USD Point-in-time
Notes payable NotesPayable $293.43M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $104.00M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $109.17M USD Point-in-time
Deferred income DeferredRevenue $54.96M USD Point-in-time
Deferred income DeferredRevenue $61.91M USD Point-in-time
Deferred income taxes, net DeferredTaxLiabilities $219.37M USD Point-in-time
Deferred income taxes, net DeferredTaxLiabilities $218.27M USD Point-in-time
Total liabilities Liabilities $675.84M USD Point-in-time
Total liabilities Liabilities $676.83M USD Point-in-time
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 CommonStockValue $106.96M USD Point-in-time
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 CommonStockValue $106.36M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $527.75M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $530.56M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $88.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-70.00K USD Point-in-time
Total shareholders equity StockholdersEquity $634.04M USD Point-in-time
Total shareholders equity StockholdersEquity $637.60M USD Point-in-time
Total shareholders equity StockholdersEquity $580.64M USD Point-in-time
Total shareholders equity StockholdersEquity $571.53M USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $1.31B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $1.31B USD Point-in-time
Income Statement 48 line items
Line Item Tag Value Unit Period
Rental OperatingLeaseLeaseIncomeLeasePayments $82.70M USD 1 Quarter
Rental OperatingLeaseLeaseIncomeLeasePayments $89.51M USD 1 Quarter
Rental related services OperatingLeasesIncomeStatementLeaseRelatedServicesRevenue $21.45M USD 1 Quarter
Rental related services OperatingLeasesIncomeStatementLeaseRelatedServicesRevenue $24.51M USD 1 Quarter
Rental operations OperatingLeaseLeaseAndRelatedServicesIncome $114.02M USD 1 Quarter
Rental operations OperatingLeaseLeaseAndRelatedServicesIncome $104.15M USD 1 Quarter
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $15.44M USD 1 Quarter
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $17.86M USD 1 Quarter
Total revenues Revenues $129.45M USD 1 Quarter
Total revenues Revenues $122.01M USD 1 Quarter
Depreciation of rental equipment CostOfGoodsAndServicesSoldDepreciation $21.64M USD 1 Quarter
Depreciation of rental equipment CostOfGoodsAndServicesSoldDepreciation $18.96M USD 1 Quarter
Rental related services CostOfRentalRelatedServices $16.36M USD 1 Quarter
Rental related services CostOfRentalRelatedServices $18.26M USD 1 Quarter
Other OtherCostOfOperatingRevenue $19.73M USD 1 Quarter
Other OtherCostOfOperatingRevenue $19.45M USD 1 Quarter
Total direct costs of rental operations DirectCostsOfLeasedAndRentedPropertyOrEquipment $59.35M USD 1 Quarter
Total direct costs of rental operations DirectCostsOfLeasedAndRentedPropertyOrEquipment $55.06M USD 1 Quarter
Costs of sales CostOfGoodsAndServicesSold $8.44M 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 $67.80M USD 1 Quarter
Gross profit GrossProfit $61.66M 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 $31.95M USD 1 Quarter
Income from operations OperatingIncomeLoss $27.31M USD 1 Quarter
Income from operations OperatingIncomeLoss $29.70M USD 1 Quarter
Interest expense InterestExpenseDebt $3.11M USD 1 Quarter
Interest expense InterestExpenseDebt $2.65M USD 1 Quarter
Foreign currency exchange (loss) gain ForeignCurrencyTransactionGainLossBeforeTax $49.00K USD 1 Quarter
Foreign currency exchange (loss) gain ForeignCurrencyTransactionGainLossBeforeTax $-436.00K USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $26.61M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $24.25M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $6.46M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $5.80M USD 1 Quarter
Net income NetIncomeLoss $20.16M USD 1 Quarter
Net income NetIncomeLoss $18.45M USD 1 Quarter
Basic EarningsPerShareBasic $0.76 USD 1 Quarter
Basic EarningsPerShareBasic $0.83 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.81 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.75 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 24.29M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 24.20M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 24.54M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 24.74M shares 1 Quarter
Cash dividends declared per share CommonStockDividendsPerShareDeclared $0.42 USD 1 Quarter
Cash dividends declared per share CommonStockDividendsPerShareDeclared $0.38 USD 1 Quarter
Cash Flow Statement 63 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $18.45M USD 1 Quarter
Net income ProfitLoss $20.16M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $21.10M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $23.86M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $552.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $156.00K USD 1 Quarter
Share-based compensation ShareBasedCompensation $1.39M USD 1 Quarter
Share-based compensation ShareBasedCompensation $1.72M USD 1 Quarter
Gain on sale of used rental equipment GainLossOnSaleOfProperties $4.79M USD 1 Quarter
Gain on sale of used rental equipment GainLossOnSaleOfProperties $4.62M USD 1 Quarter
Foreign currency exchange loss (gain) ForeignCurrencyTransactionGainLossBeforeTax $49.00K USD 1 Quarter
Foreign currency exchange loss (gain) ForeignCurrencyTransactionGainLossBeforeTax $-436.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $3.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $3.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.46M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.71M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-363.00K USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $11.52M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-6.38M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $9.95M USD 1 Quarter
Deferred income IncreaseDecreaseInContractWithCustomerLiability $8.48M USD 1 Quarter
Deferred income IncreaseDecreaseInContractWithCustomerLiability $6.94M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-1.10M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-1.71M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $46.51M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $45.68M USD 1 Quarter
Purchases of rental equipment PaymentsToAcquireEquipmentOnLease $35.37M USD 1 Quarter
Purchases of rental equipment PaymentsToAcquireEquipmentOnLease $34.13M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $2.75M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $3.20M USD 1 Quarter
Proceeds from sales of used rental equipment ProceedsFromSaleOfMachineryAndEquipment $9.23M USD 1 Quarter
Proceeds from sales of used rental equipment ProceedsFromSaleOfMachineryAndEquipment $10.36M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-27.65M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-28.21M USD 1 Quarter
Net repayment under bank lines of credit ProceedsFromRepaymentsOfLinesOfCredit $-9.10M USD 1 Quarter
Net repayment under bank lines of credit ProceedsFromRepaymentsOfLinesOfCredit $-1.89M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $7.85M USD 1 Quarter
Taxes paid related to net share settlement of stock awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $401.00K USD 1 Quarter
Taxes paid related to net share settlement of stock awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.55M USD 1 Quarter
Payment of dividends PaymentsOfDividendsCommonStock $9.37M 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 $-19.51M USD 1 Quarter
Effect of foreign currency exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $44.00K USD 1 Quarter
Effect of foreign currency exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-14.00K USD 1 Quarter
Net decrease in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-66.00K USD 1 Quarter
Net decrease in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-2.00M USD 1 Quarter
Cash balance, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.44M USD Point-in-time
Cash balance, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.51M USD Point-in-time
Cash balance, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $2.34M USD Point-in-time
Cash balance, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $342.00K USD Point-in-time
Cash balance, end 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 $2.34M USD Point-in-time
Cash balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $342.00K USD Point-in-time
Interest paid, during the period InterestPaidNet $2.83M USD 1 Quarter
Interest paid, during the period InterestPaidNet $2.86M USD 1 Quarter
Net income taxes paid, during the period IncomeTaxesPaidNet $710.00K USD 1 Quarter
Net income taxes paid, during the period IncomeTaxesPaidNet $363.00K USD 1 Quarter
Dividends accrued during the period, not yet paid DividendsPayableCurrentAndNoncurrent $10.22M 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 $11.00M USD 1 Quarter
Rental equipment acquisitions, not yet paid CapitalExpendituresIncurredButNotYetPaid $6.54M USD 1 Quarter
Stockholders Equity 25 line items
Line Item Tag Value Unit Period
Cash dividends declared per share CommonStockDividendsPerShareDeclared $0.42 USD 1 Quarter
Cash dividends declared per share CommonStockDividendsPerShareDeclared $0.38 USD 1 Quarter
Balance StockholdersEquity $634.04M USD Point-in-time
Balance StockholdersEquity $637.60M USD Point-in-time
Balance StockholdersEquity $580.64M USD Point-in-time
Balance StockholdersEquity $571.53M USD Point-in-time
Balance, Shares CommonStockSharesOutstanding 24.18M shares Point-in-time
Balance, Shares CommonStockSharesOutstanding 24.30M shares Point-in-time
Net income NetIncomeLoss $20.16M USD 1 Quarter
Net income NetIncomeLoss $18.45M USD 1 Quarter
Share-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.39M USD 1 Quarter
Share-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.72M USD 1 Quarter
Repurchased common stock StockRepurchasedAndRetiredDuringPeriodValue $7.85M USD 1 Quarter
Taxes paid related to net share settlement of stock awards AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $401.00K USD 1 Quarter
Taxes paid related to net share settlement of stock awards AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $1.55M USD 1 Quarter
Dividends accrued of $0.42, and $0.375 per share for three months ended March 31, 2020, and 2019 DividendsCommonStock $9.15M USD 1 Quarter
Dividends accrued of $0.42, and $0.375 per share for three months ended March 31, 2020, and 2019 DividendsCommonStock $10.22M USD 1 Quarter
Other comprehensive gain (loss) OtherComprehensiveIncomeLossNetOfTax $-27.00K USD 1 Quarter
Other comprehensive gain (loss) OtherComprehensiveIncomeLossNetOfTax $158.00K USD 1 Quarter
Balance StockholdersEquity $634.04M USD Point-in-time
Balance StockholdersEquity $637.60M USD Point-in-time
Balance StockholdersEquity $580.64M USD Point-in-time
Balance StockholdersEquity $571.53M USD Point-in-time
Balance, Shares CommonStockSharesOutstanding 24.18M shares Point-in-time
Balance, Shares CommonStockSharesOutstanding 24.30M shares Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $20.16M USD 1 Quarter
Net income NetIncomeLoss $18.45M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax $-34.00K USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax $210.00K USD 1 Quarter
Tax benefit (provision) OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax $52.00K USD 1 Quarter
Tax benefit (provision) OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax $-7.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $18.42M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $20.32M USD 1 Quarter

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

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