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10-Q Filing

MCGRATH RENTCORP CIK: 752714 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001564590-22-016428
Period End Date 20220331
Filing Date 20220428
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance mgrc-10q_20220331_htm.xml
Balance Sheet 61 line items
Line Item Tag Value Unit Period
Allowance for credit losses AllowanceForDoubtfulAccountsReceivable $2.12M USD Point-in-time
Allowance for credit losses AllowanceForDoubtfulAccountsReceivable $2.12M USD Point-in-time
Common stock, par value CommonStockNoParValue - USD Point-in-time
Common stock, par value CommonStockNoParValue - USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $1.49M USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $1.60M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 40.00M shares Point-in-time
Accounts receivable, net of allowance for credit losses of $2,125 in 2022 and 2021 AccountsReceivableNet $159.50M USD Point-in-time
Accounts receivable, net of allowance for credit losses of $2,125 in 2022 and 2021 AccountsReceivableNet $151.56M USD Point-in-time
Accounts receivable, net of allowance for credit losses of $2,125 in 2022 and 2021 AccountsReceivableNet $122.21M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 40.00M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 24.34M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 24.26M shares Point-in-time
Common Stock, shares outstanding CommonStockSharesOutstanding 24.34M shares Point-in-time
Common Stock, shares outstanding CommonStockSharesOutstanding 24.26M shares Point-in-time
Relocatable modular buildings RelocatableModularBuildings $1.04B USD Point-in-time
Relocatable modular buildings RelocatableModularBuildings $1.06B USD Point-in-time
Electronic test equipment ElectronicTestEquipment $361.39M USD Point-in-time
Electronic test equipment ElectronicTestEquipment $378.77M USD Point-in-time
Liquid and solid containment tanks and boxes LiquidAndSolidContainmentTanksAndBoxes $308.79M USD Point-in-time
Liquid and solid containment tanks and boxes LiquidAndSolidContainmentTanksAndBoxes $309.91M USD Point-in-time
Rental equipment, gross PropertySubjectToOrAvailableForOperatingLeaseGross $1.71B USD Point-in-time
Rental equipment, gross PropertySubjectToOrAvailableForOperatingLeaseGross $1.54B USD Point-in-time
Rental equipment, gross PropertySubjectToOrAvailableForOperatingLeaseGross $1.75B USD Point-in-time
Less: accumulated depreciation PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation $646.17M USD Point-in-time
Less: accumulated depreciation PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation $663.63M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $935.94M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $1.07B USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $1.08B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentExcludingLessorAssetUnderOperatingLeaseAfterAccumulatedDepreciation $135.32M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentExcludingLessorAssetUnderOperatingLeaseAfterAccumulatedDepreciation $138.51M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssets $50.73M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssets $54.95M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $45.57M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $47.05M USD Point-in-time
Goodwill Goodwill $132.39M USD Point-in-time
Goodwill Goodwill $132.31M USD Point-in-time
Total assets Assets $1.60B USD Point-in-time
Total assets Assets $1.60B USD Point-in-time
Notes payable NotesPayable $426.45M USD Point-in-time
Notes payable NotesPayable $423.97M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $136.31M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $138.69M USD Point-in-time
Deferred income DeferredRevenue $63.94M USD Point-in-time
Deferred income DeferredRevenue $58.72M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxLiabilitiesNet $242.43M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxLiabilitiesNet $238.75M USD Point-in-time
Total liabilities Liabilities $865.35M USD Point-in-time
Total liabilities Liabilities $863.90M USD Point-in-time
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,335 shares as of March 31, 2022 and 24,260 shares as of December 31, 2021 CommonStockValue $108.61M USD Point-in-time
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,335 shares as of March 31, 2022 and 24,260 shares as of December 31, 2021 CommonStockValue $106.77M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $631.17M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $623.47M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-51.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-54.00K USD Point-in-time
Total shareholders equity StockholdersEquity $737.89M USD Point-in-time
Total shareholders equity StockholdersEquity $682.60M USD Point-in-time
Total shareholders equity StockholdersEquity $732.02M USD Point-in-time
Total shareholders equity StockholdersEquity $687.68M USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $1.60B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $1.60B USD Point-in-time
Income Statement 49 line items
Line Item Tag Value Unit Period
Rental OperatingLeaseLeaseIncomeLeasePayments $104.24M USD 1 Quarter
Rental OperatingLeaseLeaseIncomeLeasePayments $86.09M USD 1 Quarter
Rental related services OperatingLeasesIncomeStatementLeaseRelatedServicesRevenue $24.32M USD 1 Quarter
Rental related services OperatingLeasesIncomeStatementLeaseRelatedServicesRevenue $19.67M USD 1 Quarter
Rental operations OperatingLeaseLeaseAndRelatedServicesIncome $128.56M USD 1 Quarter
Rental operations OperatingLeaseLeaseAndRelatedServicesIncome $105.76M USD 1 Quarter
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $16.82M USD 1 Quarter
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $15.44M USD 1 Quarter
Total revenues Revenues $121.19M USD 1 Quarter
Total revenues Revenues $145.37M USD 1 Quarter
Depreciation of rental equipment CostOfGoodsAndServicesSoldDepreciation $21.25M USD 1 Quarter
Depreciation of rental equipment CostOfGoodsAndServicesSoldDepreciation $23.87M USD 1 Quarter
Rental related services CostOfRentalRelatedServices $18.14M USD 1 Quarter
Rental related services CostOfRentalRelatedServices $14.60M USD 1 Quarter
Other OtherCostOfOperatingRevenue $19.71M USD 1 Quarter
Other OtherCostOfOperatingRevenue $27.82M USD 1 Quarter
Total direct costs of rental operations DirectCostsOfRentalOperations $69.84M USD 1 Quarter
Total direct costs of rental operations DirectCostsOfRentalOperations $55.57M USD 1 Quarter
Costs of sales CostOfGoodsAndServicesSold $9.04M USD 1 Quarter
Costs of sales CostOfGoodsAndServicesSold $8.55M USD 1 Quarter
Total costs of revenues CostOfRevenue $64.11M USD 1 Quarter
Total costs of revenues CostOfRevenue $78.88M USD 1 Quarter
Gross profit GrossProfit $66.49M USD 1 Quarter
Gross profit GrossProfit $57.08M USD 1 Quarter
Selling and administrative expenses SellingGeneralAndAdministrativeExpense $39.13M USD 1 Quarter
Selling and administrative expenses SellingGeneralAndAdministrativeExpense $33.14M USD 1 Quarter
Income from operations OperatingIncomeLoss $27.36M USD 1 Quarter
Income from operations OperatingIncomeLoss $23.94M USD 1 Quarter
Interest expense InterestExpenseDebt $1.78M USD 1 Quarter
Interest expense InterestExpenseDebt $2.82M USD 1 Quarter
Foreign currency exchange gain (loss) ForeignCurrencyTransactionGainLossBeforeTax $-55.00K USD 1 Quarter
Foreign currency exchange gain (loss) ForeignCurrencyTransactionGainLossBeforeTax $13.00K USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $22.11M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $24.55M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $5.76M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $4.71M USD 1 Quarter
Net income NetIncomeLoss $17.40M USD 1 Quarter
Net income NetIncomeLoss $18.79M USD 1 Quarter
Net income NetIncomeLoss $17.40M USD 1 Quarter
Basic EarningsPerShareBasic $0.72 USD 1 Quarter
Basic EarningsPerShareBasic $0.77 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.71 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.77 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 24.15M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 24.29M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 24.51M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 24.53M shares 1 Quarter
Cash dividends declared per share CommonStockDividendsPerShareDeclared $0.43 USD 1 Quarter
Cash dividends declared per share CommonStockDividendsPerShareDeclared $0.46 USD 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $17.40M USD 1 Quarter
Net income ProfitLoss $18.79M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $27.58M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $23.46M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-3.26M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-3.68M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $99.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $13.00K USD 1 Quarter
Share-based compensation ShareBasedCompensation $1.76M USD 1 Quarter
Share-based compensation ShareBasedCompensation $1.78M USD 1 Quarter
Gain on sale of used rental equipment GainLossOnSaleOfProperties $5.36M USD 1 Quarter
Gain on sale of used rental equipment GainLossOnSaleOfProperties $4.79M USD 1 Quarter
Foreign currency exchange (gain) loss ForeignCurrencyTransactionGainLossBeforeTax $-55.00K USD 1 Quarter
Foreign currency exchange (gain) loss ForeignCurrencyTransactionGainLossBeforeTax $13.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $4.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $3.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-7.92M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.01M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $94.00K USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-4.21M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-2.63M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-4.72M USD 1 Quarter
Deferred income IncreaseDecreaseInContractWithCustomerLiability $4.59M USD 1 Quarter
Deferred income IncreaseDecreaseInContractWithCustomerLiability $5.22M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $37.61M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $51.74M USD 1 Quarter
Purchases of rental equipment PaymentsToAcquireEquipmentOnLease $39.43M USD 1 Quarter
Purchases of rental equipment PaymentsToAcquireEquipmentOnLease $17.98M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $981.00K USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $5.42M USD 1 Quarter
Proceeds from sales of used rental equipment ProceedsFromSaleOfMachineryAndEquipment $10.42M USD 1 Quarter
Proceeds from sales of used rental equipment ProceedsFromSaleOfMachineryAndEquipment $10.31M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-34.54M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-8.55M USD 1 Quarter
Net repayment under bank lines of credit ProceedsFromRepaymentsOfLinesOfCredit $-2.48M USD 1 Quarter
Net repayment under bank lines of credit ProceedsFromRepaymentsOfLinesOfCredit $-13.93M USD 1 Quarter
Taxes paid related to net share settlement of stock awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $3.60M USD 1 Quarter
Taxes paid related to net share settlement of stock awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $3.48M USD 1 Quarter
Payment of dividends PaymentsOfDividendsCommonStock $11.01M USD 1 Quarter
Payment of dividends PaymentsOfDividendsCommonStock $10.55M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-27.97M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-17.09M USD 1 Quarter
Effect of foreign currency exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-4.00K USD 1 Quarter
Effect of foreign currency exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.00K USD 1 Quarter
Net increase in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.09M USD 1 Quarter
Net increase in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $112.00K USD 1 Quarter
Cash balance, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.24M USD Point-in-time
Cash balance, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.49M USD Point-in-time
Cash balance, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $2.33M USD Point-in-time
Cash balance, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.60M USD Point-in-time
Cash balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.24M USD Point-in-time
Cash balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.49M USD Point-in-time
Cash balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $2.33M USD Point-in-time
Cash balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.60M USD Point-in-time
Interest paid, during the period InterestPaidNet $1.62M USD 1 Quarter
Interest paid, during the period InterestPaidNet $2.14M USD 1 Quarter
Net income taxes paid, during the period IncomeTaxesPaidNet $420.00K USD 1 Quarter
Net income taxes paid, during the period IncomeTaxesPaidNet $372.00K USD 1 Quarter
Dividends accrued during the period, not yet paid DividendsPayableCurrentAndNoncurrent $11.36M USD Point-in-time
Dividends accrued during the period, not yet paid DividendsPayableCurrentAndNoncurrent $9.81M USD Point-in-time
Rental equipment acquisitions, not yet paid CapitalExpendituresIncurredButNotYetPaid $12.87M USD 1 Quarter
Rental equipment acquisitions, not yet paid CapitalExpendituresIncurredButNotYetPaid $11.10M USD 1 Quarter
Stockholders Equity 25 line items
Line Item Tag Value Unit Period
Cash dividends declared per share CommonStockDividendsPerShareDeclared $0.43 USD 1 Quarter
Cash dividends declared per share CommonStockDividendsPerShareDeclared $0.46 USD 1 Quarter
Balance StockholdersEquity $737.89M USD Point-in-time
Balance StockholdersEquity $682.60M USD Point-in-time
Balance StockholdersEquity $732.02M USD Point-in-time
Balance StockholdersEquity $687.68M USD Point-in-time
Balance, Shares CommonStockSharesOutstanding 24.34M shares Point-in-time
Balance, Shares CommonStockSharesOutstanding 24.26M shares Point-in-time
Net income NetIncomeLoss $17.40M USD 1 Quarter
Net income NetIncomeLoss $18.79M USD 1 Quarter
Net income NetIncomeLoss $17.40M USD 1 Quarter
Share-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.76M USD 1 Quarter
Share-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.78M USD 1 Quarter
Taxes paid related to net share settlement of stock awards AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $3.48M USD 1 Quarter
Taxes paid related to net share settlement of stock awards AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $3.60M USD 1 Quarter
Dividends accrued of $0.455 and $0.435, per share for three months ended March 31, 2022, and three months ended March 31,2021 DividendsCommonStock $11.08M USD 1 Quarter
Dividends accrued of $0.455 and $0.435, per share for three months ended March 31, 2022, and three months ended March 31,2021 DividendsCommonStock $10.65M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $3.00K USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $38.00K USD 1 Quarter
Balance StockholdersEquity $737.89M USD Point-in-time
Balance StockholdersEquity $682.60M USD Point-in-time
Balance StockholdersEquity $732.02M USD Point-in-time
Balance StockholdersEquity $687.68M USD Point-in-time
Balance, Shares CommonStockSharesOutstanding 24.34M shares Point-in-time
Balance, Shares CommonStockSharesOutstanding 24.26M shares Point-in-time
Comprehensive Income 7 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $17.40M USD 1 Quarter
Net income NetIncomeLoss $18.79M USD 1 Quarter
Net income NetIncomeLoss $17.40M USD 1 Quarter
Foreign currency translation adjustment, net of tax impact OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $3.00K USD 1 Quarter
Foreign currency translation adjustment, net of tax impact OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $38.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $17.44M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $18.80M USD 1 Quarter

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

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