McGrath RentCorp Announces Results for Fourth Quarter 2020

Nachrichtenquelle: Business Wire (engl.)
23.02.2021, 22:01  |  73   |   |   

McGrath RentCorp (NASDAQ: MGRC) (the “Company”), a diversified business-to-business rental company, today announced total revenues for the quarter ended December 31, 2020 of $149.0 million, an increase of 1%, compared to the fourth quarter of 2019. The Company reported net income of $31.2 million, or $1.27 per diluted share, for the fourth quarter of 2020, compared to net income of $26.4 million, or $1.07 per diluted share, for the fourth quarter of 2019.

Total revenues for the year ended December 31, 2020 increased to $572.6 million from $570.2 million in 2019, with income from operations decreasing $0.6 million to $140.8 million. Net income for the year ended December 31, 2020 increased to $102.0 million, or $4.16 per diluted share, from $96.8 million, or $3.93 per diluted share, in 2019.

The Company also announced that the board of directors declared a quarterly cash dividend of $0.435 per share for the quarter ending March 31, 2021, an increase of $0.015, or 4%, over the prior year period. The cash dividend will be payable on April 30, 2021 to all shareholders of record on April 15, 2021. This marks the 30th consecutive year the Company has increased its annual dividend.

FOURTH QUARTER 2020 COMPANY HIGHLIGHTS:

  • Income from operations increased 7% year-over-year to $41.0 million.
  • Total revenues increased 1% year-over-year to $149.0 million.
  • Rental revenues decreased 4% year-over-year to $88.5 million.
  • Adjusted EBITDA1 increased 3% year-over-year to $65.3 million.
  • Dividend rate increased 12% year-over-year to $0.42 per share for the fourth quarter of 2020. On an annualized basis, this dividend represents a 2.1% yield on the February 22, 2021 close price of $80.48 per share.

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

“We were pleased with our fourth quarter results. Strong sales revenues, primarily at Enviroplex, more than offset some softness in rental demand, primarily at Adler, compared to a year ago. The growth in total revenues, coupled with good management of costs, enabled us to grow operating income by 7%.

Our full year results demonstrated the resilience in our business and the dedication of our teams. Despite the many disruptions arising from the pandemic, we grew total revenues and delivered operating income comparable to the prior year. Growth in sales revenues, primarily at Mobile Modular, more than offset slightly lower rental revenue. I am grateful to our employees who persevered and adapted to the new work conditions arising from the pandemic, and who continued to provide excellent service to our customers.

We are entering 2021 with a solid business, an experienced leadership team, and a strong balance sheet. Our track record of execution combined with an improving economy should drive healthy free cash flow generation while we invest in additional fleet to meet customer needs. We are well positioned to continue growing the business as demand conditions improve during the year.”

DIVISION HIGHLIGHTS:

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

MOBILE MODULAR

For the fourth quarter of 2020, the Company’s Mobile Modular division reported income from operations of $22.5 million, a decrease of $1.4 million, or 6%. Rental revenues decreased 2% to $47.5 million, depreciation expense increased 3% to $5.8 million and other direct costs decreased 4% to $11.0 million, which resulted in a decrease in gross profit on rental revenues of 2% to $30.8 million. The rental revenue decline was due to decreased demand from commercial and education customers. Rental related services revenues decreased 1% to $16.2 million, with associated gross profit increasing 10% to $4.5 million. Sales revenues decreased 23% to $12.0 million, primarily due to lower used equipment sales with gross margin on sales decreasing to 27% from 30%, resulting in a 30% decrease in gross profit on sales revenues to $3.3 million. Selling and administrative expenses decreased 7% to $16.5 million, primarily due to lower allocated corporate expenses.

TRS-RENTELCO

For the fourth quarter of 2020, the Company’s TRS-RenTelco division reported income from operations of $10.8 million, an increase of $1.3 million, or 14%. Rental revenues increased 1% to $27.9 million, depreciation expense decreased 1% to $11.3 million and other direct costs increased 7% to $4.4 million, which resulted in a 1% increase in gross profit on rental revenues to $12.2 million. The rental revenue growth was due to increased demand from general purpose test equipment customers. Sales revenues increased 62% to $8.7 million. Gross margin on sales was 47% in 2020 compared to 62% in 2019, resulting in a 23% increase in gross profit on sales revenues to $4.1 million. Selling and administrative expenses decreased 7% to $6.1 million, primarily due to lower salaries and benefit costs and lower travel, meals and meeting expenses.

ADLER TANKS

For the fourth quarter of 2020, the Company’s Adler Tanks division reported income from operations of $2.2 million, a decrease of $1.2 million, or 35%. Rental revenues decreased 18% to $13.1 million, depreciation expense decreased 1% to $4.1 million and other direct costs decreased 16% to $2.3 million, which resulted in a 27% decrease in gross profit on rental revenues to $6.7 million. The rental revenue decrease was primarily due to continued COVID-19 related market disruptions and a decrease in the price of oil and gas, which contributed to weaker activities in multiple geographic and market segments. Rental related services revenues decreased 24% to $5.3 million, with gross profit on rental related services decreasing 9% to $1.3 million. Selling and administrative expenses decreased 21% to $5.8 million, primarily due to lower allocated corporate expenses, decreased salaries and employee benefit costs and lower marketing and administrative costs.

FINANCIAL OUTLOOK:

For the full year 2021, the Company currently expects:

  • Total revenue: $560 million - $595 million
  • Adjusted EBITDA1,2: $230 million - $245 million
  • Gross rental equipment capital expenditures: $90 million to $110 million
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.

2.

Information reconciling forward-looking Adjusted EBITDA to the comparable GAAP financial measures is unavailable to the Company without unreasonable effort because certain items required for such reconciliations are outside of the Company’s control and/or cannot be reasonably predicted, such as the provision for income taxes. Therefore, no reconciliation to the most comparable GAAP measures is provided. The Company provides Adjusted EBITDA guidance because it believes that Adjusted EBITDA, when viewed with the Company’s results under GAAP, provides useful information for the reasons noted in the reconciliation of actual Adjusted EBITDA to the most directly comparable GAAP measures 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 January 26, 2021, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on February 23, 2021 to discuss the fourth 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 3349708. 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 statements about entering 2021 with a solid business, an experienced leadership team, and a strong balance sheet, the Company’s track record of execution combined with an improving economy driving healthy free cash flow generation while investing in additional fleet to meet customer needs and being well positioned to continue growing the business as demand conditions improve during 2021 as well as the statements regarding the full year 2021 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 and its economic impact, 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 solid 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 December 31,

 

 

Twelve Months Ended December 31,

 

(in thousands, except per share amounts)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

88,517

 

 

$

92,231

 

 

$

351,790

 

 

$

353,889

 

Rental related services

 

 

22,367

 

 

 

24,300

 

 

 

92,393

 

 

 

101,038

 

Rental operations

 

 

110,884

 

 

 

116,531

 

 

 

444,183

 

 

 

454,927

 

Sales

 

 

37,238

 

 

 

28,842

 

 

 

124,604

 

 

 

110,229

 

Other

 

 

858

 

 

 

1,848

 

 

 

3,767

 

 

 

5,074

 

Total revenues

 

 

148,980

 

 

 

147,221

 

 

 

572,554

 

 

 

570,230

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of rental equipment

 

 

21,226

 

 

 

21,169

 

 

 

85,866

 

 

 

80,391

 

Rental related services

 

 

16,345

 

 

 

18,734

 

 

 

68,105

 

 

 

76,241

 

Other

 

 

17,647

 

 

 

18,237

 

 

 

73,818

 

 

 

79,365

 

Total direct costs of rental operations

 

 

55,218

 

 

 

58,140

 

 

 

227,789

 

 

 

235,997

 

Costs of sales

 

 

23,108

 

 

 

18,084

 

 

 

81,019

 

 

 

68,068

 

Total costs of revenues

 

 

78,326

 

 

 

76,224

 

 

 

308,808

 

 

 

304,065

 

Gross profit

 

 

70,653

 

 

 

70,997

 

 

 

263,746

 

 

 

266,165

 

Selling and administrative expenses

 

 

29,628

 

 

 

32,749

 

 

 

122,993

 

 

 

124,793

 

Income from operations

 

 

41,025

 

 

 

38,248

 

 

 

140,753

 

 

 

141,372

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,983

)

 

 

(2,924

)

 

 

(8,787

)

 

 

(12,331

)

Foreign currency exchange gain

 

 

267

 

 

 

130

 

 

 

78

 

 

 

84

 

Income before provision for income taxes

 

 

39,309

 

 

 

35,454

 

 

 

132,044

 

 

 

129,125

 

Provision for income taxes

 

 

8,133

 

 

 

9,053

 

 

 

30,060

 

 

 

32,319

 

Net income

 

$

31,176

 

 

$

26,401

 

 

$

101,984

 

 

$

96,806

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.29

 

 

$

1.09

 

 

$

4.22

 

 

$

3.99

 

Diluted

 

$

1.27

 

 

$

1.07

 

 

$

4.16

 

 

$

3.93

 

Shares used in per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,119

 

 

 

24,290

 

 

 

24,157

 

 

 

24,250

 

Diluted

 

 

24,453

 

 

 

24,697

 

 

 

24,531

 

 

 

24,623

 

Cash dividends declared per share

 

$

0.420

 

 

$

0.375

 

 

$

1.68

 

 

$

1.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MCGRATH RENTCORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

December 31,

 

(in thousands)

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Cash

 

$

1,238

 

 

$

2,342

 

Accounts receivable, net of allowance for doubtful accounts of $2,100 in 2020

and $1,883 in 2019

 

 

123,316

 

 

 

128,099

 

Rental equipment, at cost:

 

 

 

 

 

 

 

 

Relocatable modular buildings

 

 

882,115

 

 

 

868,807

 

Electronic test equipment

 

 

333,020

 

 

 

335,343

 

Liquid and solid containment tanks and boxes

 

 

315,706

 

 

 

316,261

 

 

 

 

1,530,841

 

 

 

1,520,411

 

Less accumulated depreciation

 

 

(592,725

)

 

 

(552,911

)

Rental equipment, net

 

 

938,116

 

 

 

967,500

 

Property, plant and equipment, net

 

 

136,210

 

 

 

131,047

 

Prepaid expenses and other assets

 

 

41,549

 

 

 

45,356

 

Intangible assets, net

 

 

7,118

 

 

 

7,334

 

Goodwill

 

 

28,197

 

 

 

28,197

 

Total assets

 

$

1,275,744

 

 

$

1,309,875

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Notes payable

 

$

222,754

 

 

$

293,431

 

Accounts payable and accrued liabilities

 

 

108,334

 

 

 

109,174

 

Deferred income

 

 

45,975

 

 

 

54,964

 

Deferred income taxes, net

 

 

216,077

 

 

 

218,270

 

Total liabilities

 

 

593,140

 

 

 

675,839

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common stock, no par value - Authorized 40,000 shares

 

 

 

 

 

 

 

 

Issued and outstanding - 24,128 shares as of December 31, 2020 and 24,296 shares as of December 31, 2019

 

 

106,289

 

 

 

106,360

 

Retained earnings

 

 

576,419

 

 

 

527,746

 

Accumulated other comprehensive loss

 

 

(104

)

 

 

(70

)

Total shareholders’ equity

 

 

682,604

 

 

 

634,036

 

Total liabilities and shareholders’ equity

 

$

1,275,744

 

 

$

1,309,875

 

 

 

 

 

 

 

 

MCGRATH RENTCORP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Twelve Months Ended December 31,

 

(in thousands)

 

2020

 

 

2019

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

101,984

 

 

$

96,806

 

Adjustments to reconcile net income to net cash provided by

operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

94,643

 

 

 

89,476

 

Provision for doubtful accounts

 

 

1,343

 

 

 

1,013

 

Share-based compensation

 

 

5,549

 

 

 

5,892

 

Gain on sale of used rental equipment

 

 

(19,329

)

 

 

(21,309

)

Foreign currency exchange gain

 

 

(78

)

 

 

(84

)

Amortization of debt issuance costs

 

 

11

 

 

 

11

 

Change in:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

3,440

 

 

 

(7,323

)

Prepaid expenses and other assets

 

 

3,807

 

 

 

(13,530

)

Accounts payable and accrued liabilities

 

 

316

 

 

 

20,298

 

Deferred income

 

 

(8,989

)

 

 

5,138

 

Deferred income taxes

 

 

(2,193

)

 

 

11,606

 

Net cash provided by operating activities

 

 

180,504

 

 

 

187,994

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Purchases of rental equipment

 

 

(86,329

)

 

 

(167,703

)

Purchases of property, plant and equipment

 

 

(13,724

)

 

 

(12,080

)

Cash paid for acquisition of business assets

 

 

 

 

 

(7,808

)

Proceeds from sales of used rental equipment

 

 

47,052

 

 

 

44,447

 

Net cash used in investing activities

 

 

(53,001

)

 

 

(143,144

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Net (repayment) borrowing under bank lines of credit

 

 

(70,689

)

 

 

(5,144

)

Repurchase of common stock

 

 

(13,617

)

 

 

 

Taxes paid related to net share settlement of stock awards

 

 

(4,376

)

 

 

(3,333

)

Payment of dividends

 

 

(39,769

)

 

 

(35,539

)

Net cash used in financing activities

 

 

(128,451

)

 

 

(44,016

)

Effect of foreign currency exchange rate changes on cash

 

 

(156

)

 

 

-

 

Net (decrease) increase in cash

 

 

(1,104

)

 

 

834

 

Cash balance, beginning of period

 

 

2,342

 

 

 

1,508

 

Cash balance, end of period

 

$

1,238

 

 

$

2,342

 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

 

 

 

Interest paid, during the period

 

$

9,050

 

 

$

12,475

 

Net income taxes paid, during the period

 

$

34,903

 

 

$

17,528

 

Dividends accrued during the period, not yet paid

 

$

10,083

 

 

$

9,489

 

Rental equipment acquisitions, not yet paid

 

$

4,373

 

 

$

6,496

 

 

 

 

 

 

 

 

 

 

MCGRATH RENTCORP

 

 

 

 

 

 

 

 

 

BUSINESS SEGMENT DATA (unaudited)

 

 

 

 

 

 

 

 

 

Three months ended December 31, 2020

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

 

 

 

TRS-RenTelco

 

 

 

 

Adler Tanks

 

 

Enviroplex

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

47,548

 

 

 

 

$

27,916

 

 

 

 

$

13,054

 

 

$

 

 

$

88,518

 

Rental related services

 

 

16,236

 

 

 

 

 

784

 

 

 

 

 

5,347

 

 

 

 

 

 

22,367

 

Rental operations

 

 

63,784

 

 

 

 

 

28,700

 

 

 

 

 

18,401

 

 

 

 

 

 

110,885

 

Sales

 

 

12,016

 

 

 

 

 

8,675

 

 

 

 

 

426

 

 

 

16,121

 

 

 

37,238

 

Other

 

 

351

 

 

 

 

 

438

 

 

 

 

 

68

 

 

 

 

 

 

857

 

Total revenues

 

 

76,151

 

 

 

 

 

37,813

 

 

 

 

 

18,895

 

 

 

16,121

 

 

 

148,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

5,790

 

 

 

 

 

11,343

 

 

 

 

 

4,093

 

 

 

 

 

 

21,226

 

Rental related services

 

 

11,688

 

 

 

 

 

583

 

 

 

 

 

4,074

 

 

 

 

 

 

16,345

 

Other

 

 

10,989

 

 

 

 

 

4,371

 

 

 

 

 

2,287

 

 

 

 

 

 

17,647

 

Total direct costs of rental operations

 

 

28,467

 

 

 

 

 

16,297

 

 

 

 

 

10,454

 

 

 

 

 

 

55,218

 

Costs of sales

 

 

8,737

 

 

 

 

 

4,573

 

 

 

 

 

478

 

 

 

9,320

 

 

 

23,108

 

Total costs of revenues

 

 

37,204

 

 

 

 

 

20,870

 

 

 

 

 

10,932

 

 

 

9,320

 

 

 

78,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

30,769

 

 

 

 

 

12,202

 

 

 

 

 

6,674

 

 

 

 

 

 

49,645

 

Rental related services

 

 

4,548

 

 

 

 

 

201

 

 

 

 

 

1,273

 

 

 

 

 

 

6,022

 

Rental operations

 

 

35,317

 

 

 

 

 

12,403

 

 

 

 

 

7,947

 

 

 

 

 

 

55,667

 

Sales

 

 

3,279

 

 

 

 

 

4,102

 

 

 

 

 

(52

)

 

 

6,801

 

 

 

14,130

 

Other

 

 

351

 

 

 

 

 

438

 

 

 

 

 

68

 

 

 

 

 

 

857

 

Total gross profit

 

 

38,947

 

 

 

 

 

16,943

 

 

 

 

 

7,963

 

 

 

6,801

 

 

 

70,654

 

Selling and administrative expenses

 

 

16,456

 

 

 

 

 

6,108

 

 

 

 

 

5,766

 

 

 

1,298

 

 

 

29,628

 

Income from operations

 

$

22,491

 

 

 

 

$

10,835

 

 

 

 

$

2,197

 

 

$

5,503

 

 

$

41,026

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,983

)

Foreign currency exchange gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

267

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,134

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

31,176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rental equipment 1

 

$

834,599

 

 

 

 

$

333,505

 

 

 

 

$

314,647

 

 

 

 

 

 

 

 

 

Average monthly total yield 2

 

 

1.90

%

 

 

 

 

2.74

%

 

 

 

 

1.38

%

 

 

 

 

 

 

 

 

Average utilization 3

 

 

76.2

%

 

 

 

 

68.4

%

 

 

 

 

42.6

%

 

 

 

 

 

 

 

 

Average monthly rental rate 4

 

 

2.49

%

 

 

 

 

4.08

%

 

 

 

 

3.25

%

 

 

 

 

 

 

 

 

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 December 31, 2019

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

 

TRS-RenTelco

 

 

Adler Tanks

 

 

Enviroplex

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

48,580

 

 

$

27,654

 

 

$

15,997

 

 

$

 

 

$

92,231

 

Rental related services

 

 

16,449

 

 

 

835

 

 

 

7,016

 

 

 

 

 

 

24,300

 

Rental operations

 

 

65,029

 

 

 

28,489

 

 

 

23,013

 

 

 

 

 

 

116,531

 

Sales

 

 

15,642

 

 

 

5,361

 

 

 

263

 

 

 

7,576

 

 

 

28,842

 

Other

 

 

1,223

 

 

 

557

 

 

 

68

 

 

 

 

 

 

1,848

 

Total revenues

 

 

81,894

 

 

 

34,407

 

 

 

23,344

 

 

 

7,576

 

 

 

147,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

5,622

 

 

 

11,415

 

 

 

4,132

 

 

 

 

 

 

21,169

 

Rental related services

 

 

12,333

 

 

 

783

 

 

 

5,618

 

 

 

 

 

 

18,734

 

Other

 

 

11,415

 

 

 

4,097

 

 

 

2,725

 

 

 

 

 

 

18,237

 

Total direct costs of rental operations

 

 

29,370

 

 

 

16,295

 

 

 

12,475

 

 

 

 

 

 

58,140

 

Costs of sales

 

 

10,935

 

 

 

2,037

 

 

 

235

 

 

 

4,877

 

 

 

18,084

 

Total costs of revenues

 

 

40,305

 

 

 

18,332

 

 

 

12,710

 

 

 

4,877

 

 

 

76,224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

31,543

 

 

 

12,142

 

 

 

9,140

 

 

 

 

 

 

52,825

 

Rental related services

 

 

4,116

 

 

 

52

 

 

 

1,398

 

 

 

 

 

 

5,566

 

Rental operations

 

 

35,659

 

 

 

12,194

 

 

 

10,538

 

 

 

 

 

 

58,391

 

Sales

 

 

4,707

 

 

 

3,324

 

 

 

28

 

 

 

2,699

 

 

 

10,758

 

Other

 

 

1,223

 

 

 

557

 

 

 

68

 

 

 

 

 

 

1,848

 

Total gross profit

 

 

41,589

 

 

 

16,075

 

 

 

10,634

 

 

 

2,699

 

 

 

70,997

 

Selling and administrative expenses

 

 

17,686

 

 

 

6,544

 

 

 

7,267

 

 

 

1,252

 

 

 

32,749

 

Income from operations

 

$

23,903

 

 

$

9,531

 

 

$

3,367

 

 

$

1,447

 

 

 

38,248

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,924

)

Foreign currency exchange gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

130

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,053

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

26,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rental equipment 1

 

$

813,535

 

 

$

328,038

 

 

$

314,906

 

 

 

 

 

 

 

 

 

Average monthly total yield 2

 

 

1.99

%

 

 

2.81

%

 

 

1.69

%

 

 

 

 

 

 

 

 

Average utilization 3

 

 

79.3

%

 

 

66.8

%

 

 

50.0

%

 

 

 

 

 

 

 

 

Average monthly rental rate 4

 

 

2.51

%

 

 

4.20

%

 

 

3.39

%

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

 

 

 

TRS-RenTelco

 

 

 

 

Adler Tanks

 

 

 

 

Enviroplex

 

 

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

188,719

 

 

 

 

$

109,083

 

 

 

 

$

53,988

 

 

 

 

$

 

 

 

 

$

351,790

 

Rental related services

 

 

67,527

 

 

 

 

 

3,080

 

 

 

 

 

21,786

 

 

 

 

 

 

 

 

 

 

92,393

 

Rental operations

 

 

256,246

 

 

 

 

 

112,163

 

 

 

 

 

75,774

 

 

 

 

 

 

 

 

 

 

444,183

 

Sales

 

 

63,863

 

 

 

 

 

26,618

 

 

 

 

 

1,386

 

 

 

 

 

32,737

 

 

 

 

 

124,604

 

Other

 

 

1,415

 

 

 

 

 

2,030

 

 

 

 

 

322

 

 

 

 

 

 

 

 

 

 

3,767

 

Total revenues

 

 

321,524

 

 

 

 

 

140,811

 

 

 

 

 

77,482

 

 

 

 

 

32,737

 

 

 

 

 

572,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

22,967

 

 

 

 

 

46,472

 

 

 

 

 

16,427

 

 

 

 

 

 

 

 

 

 

85,866

 

Rental related services

 

 

48,910

 

 

 

 

 

2,419

 

 

 

 

 

16,776

 

 

 

 

 

 

 

 

 

 

68,105

 

Other

 

 

47,762

 

 

 

 

 

17,133

 

 

 

 

 

8,923

 

 

 

 

 

 

 

 

 

 

73,818

 

Total direct costs of rental operations

 

 

119,639

 

 

 

 

 

66,024

 

 

 

 

 

42,126

 

 

 

 

 

 

 

 

 

 

227,789

 

Costs of sales

 

 

46,011

 

 

 

 

 

13,923

 

 

 

 

 

1,277

 

 

 

 

 

19,808

 

 

 

 

 

81,019

 

Total costs of revenues

 

 

165,650

 

 

 

 

 

79,947

 

 

 

 

 

43,403

 

 

 

 

 

19,808

 

 

 

 

 

308,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

117,990

 

 

 

 

 

45,478

 

 

 

 

 

28,638

 

 

 

 

 

 

 

 

 

 

192,106

 

Rental related services

 

 

18,617

 

 

 

 

 

661

 

 

 

 

 

5,010

 

 

 

 

 

 

 

 

 

 

24,288

 

Rental operations

 

 

136,607

 

 

 

 

 

46,139

 

 

 

 

 

33,648

 

 

 

 

 

 

 

 

 

 

216,394

 

Sales

 

 

17,852

 

 

 

 

 

12,695

 

 

 

 

 

109

 

 

 

 

 

12,929

 

 

 

 

 

43,585

 

Other

 

 

1,415

 

 

 

 

 

2,030

 

 

 

 

 

322

 

 

 

 

 

 

 

 

 

 

3,767

 

Total gross profit

 

 

155,874

 

 

 

 

 

60,864

 

 

 

 

 

34,079

 

 

 

 

 

12,929

 

 

 

 

 

263,746

 

Selling and administrative expenses

 

 

68,470

 

 

 

 

 

24,306

 

 

 

 

 

24,764

 

 

 

 

 

5,453

 

 

 

 

 

122,993

 

Income from operations

 

$

87,404

 

 

 

 

$

36,558

 

 

 

 

$

9,315

 

 

 

 

$

7,476

 

 

 

 

$

140,753

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,787

)

Foreign currency exchange gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

78

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,060

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

101,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rental equipment 1

 

$

825,614

 

 

 

 

$

336,399

 

 

 

 

$

314,797

 

 

 

 

 

 

 

 

 

 

 

 

 

Average monthly total yield 2

 

 

1.88

%

 

 

 

 

2.70

%

 

 

 

 

1.43

%

 

 

 

 

 

 

 

 

 

 

 

 

Average utilization 3

 

 

77.2

%

 

 

 

 

66.2

%

 

 

 

 

44.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Average monthly rental rate 4

 

 

2.47

%

 

 

 

 

4.08

%

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

 

TRS-RenTelco

 

 

Adler Tanks

 

 

Enviroplex

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

182,316

 

 

$

103,704

 

 

$

67,869

 

 

$

 

 

$

353,889

 

Rental related services

 

 

69,395

 

 

 

3,260

 

 

 

28,383

 

 

 

 

 

 

101,038

 

Rental operations

 

 

251,711

 

 

 

106,964

 

 

 

96,252

 

 

 

 

 

 

454,927

 

Sales

 

 

47,043

 

 

 

22,106

 

 

 

1,266

 

 

 

39,814

 

 

 

110,229

 

Other

 

 

2,256

 

 

 

2,413

 

 

 

405

 

 

 

 

 

 

5,074

 

Total revenues

 

 

301,010

 

 

 

131,483

 

 

 

97,923

 

 

 

39,814

 

 

 

570,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

22,071

 

 

 

41,948

 

 

 

16,372

 

 

 

 

 

 

80,391

 

Rental related services

 

 

51,787

 

 

 

2,791

 

 

 

21,663

 

 

 

 

 

 

76,241

 

Other

 

 

51,136

 

 

 

16,303

 

 

 

11,926

 

 

 

 

 

 

79,365

 

Total direct costs of rental operations

 

 

124,994

 

 

 

61,042

 

 

 

49,961

 

 

 

 

 

 

235,997

 

Costs of sales

 

 

32,398

 

 

 

9,693

 

 

 

948

 

 

 

25,029

 

 

 

68,068

 

Total costs of revenues

 

 

157,392

 

 

 

70,735

 

 

 

50,909

 

 

 

25,029

 

 

 

304,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

109,109

 

 

 

45,453

 

 

 

39,571

 

 

 

 

 

 

194,133

 

Rental related services

 

 

17,608

 

 

 

469

 

 

 

6,720

 

 

 

 

 

 

24,797

 

Rental operations

 

 

126,717

 

 

 

45,922

 

 

 

46,291

 

 

 

 

 

 

218,930

 

Sales

 

 

14,645

 

 

 

12,413

 

 

 

318

 

 

 

14,785

 

 

 

42,161

 

Other

 

 

2,256

 

 

 

2,413

 

 

 

405

 

 

 

 

 

 

5,074

 

Total gross profit

 

 

143,618

 

 

 

60,748

 

 

 

47,014

 

 

 

14,785

 

 

 

266,165

 

Selling and administrative expenses

 

 

65,699

 

 

 

24,645

 

 

 

29,321

 

 

 

5,128

 

 

 

124,793

 

Income from operations

 

$

77,919

 

 

$

36,103

 

 

$

17,693

 

 

$

9,657

 

 

$

141,372

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,331

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

84

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(32,319

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

96,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rental equipment 1

 

$

795,250

 

 

$

306,426

 

 

$

313,810

 

 

 

 

 

 

 

 

 

Average monthly total yield 2

 

 

1.90

%

 

 

2.82

%

 

 

1.80

%

 

 

 

 

 

 

 

 

Average utilization 3

 

 

79.2

%

 

 

66.2

%

 

 

54.7

%

 

 

 

 

 

 

 

 

Average monthly rental rate 4

 

 

2.41

%

 

 

4.26

%

 

 

3.29

%

 

 

 

 

 

 

 

 

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 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

December 31,

 

 

Twelve Months Ended

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

31,175

 

 

$

26,401

 

 

$

101,984

 

 

$

96,806

 

Provision for income taxes

 

 

8,134

 

 

 

9,053

 

 

 

30,060

 

 

 

32,319

 

Interest expense

 

 

1,983

 

 

 

2,924

 

 

 

8,787

 

 

 

12,331

 

Depreciation and amortization

 

 

23,394

 

 

 

23,516

 

 

 

94,643

 

 

 

89,476

 

EBITDA

 

 

64,686

 

 

 

61,894

 

 

 

235,474

 

 

 

230,932

 

Share-based compensation

 

 

655

 

 

 

1,796

 

 

 

5,549

 

 

 

5,892

 

Adjusted EBITDA 1

 

$

65,341

 

 

$

63,690

 

 

$

241,023

 

 

$

236,824

 

Adjusted EBITDA margin 2

 

 

44

%

 

 

43

%

 

 

42

%

 

 

42

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities

(dollar amounts in thousands)

 

Three Months Ended

December 31,

 

 

Twelve Months Ended

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Adjusted EBITDA 1

 

$

65,341

 

 

$

63,690

 

 

$

241,023

 

 

$

236,824

 

Interest paid

 

 

(2,221

)

 

 

(3,116

)

 

 

(9,050

)

 

 

(12,475

)

Income taxes paid, net of refunds received

 

 

(10,199

)

 

 

(7,498

)

 

 

(34,903

)

 

 

(17,528

)

Gain on sale of used rental equipment

 

 

(5,219

)

 

 

(6,141

)

 

 

(19,329

)

 

 

(21,309

)

Foreign currency exchange loss (gain)

 

 

(267

)

 

 

(130

)

 

 

(78

)

 

 

(84

)

Amortization of debt issuance costs

 

 

3

 

 

 

3

 

 

 

11

 

 

 

11

 

Change in certain assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

6,117

 

 

 

9,964

 

 

 

4,783

 

 

 

(6,310

)

Prepaid expenses and other assets

 

 

5,121

 

 

 

(1,796

)

 

 

3,807

 

 

 

(13,530

)

Accounts payable and other liabilities

 

 

2,871

 

 

 

1,957

 

 

 

3,229

 

 

 

17,257

 

Deferred income

 

 

(12,580

)

 

 

(5,808

)

 

 

(8,989

)

 

 

5,138

 

Net cash provided by operating activities

 

$

48,967

 

 

$

51,125

 

 

$

180,504

 

 

$

187,994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization and share-based compensation.

2.

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total revenues for the period.

 



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Disclaimer

McGrath RentCorp Announces Results for Fourth Quarter 2020 McGrath RentCorp (NASDAQ: MGRC) (the “Company”), a diversified business-to-business rental company, today announced total revenues for the quarter ended December 31, 2020 of $149.0 million, an increase of 1%, compared to the fourth quarter of 2019. …

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12.02.21