$MGRC
MCGRATH RENTCORP

2015 Q2 Form 10-Q Financial Statement

#000156459015005858 Filed on July 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $96.03M $95.75M
YoY Change 0.29% 9.85%
Cost Of Revenue $55.11M $53.67M
YoY Change 2.69% 14.21%
Gross Profit $40.92M $42.08M
YoY Change -2.76% 4.75%
Gross Profit Margin 42.61% 43.95%
Selling, General & Admin $24.45M $23.84M
YoY Change 2.57% 9.4%
% of Gross Profit 59.76% 56.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.30M $20.10M
YoY Change 5.97% 6.91%
% of Gross Profit 52.06% 47.77%
Operating Expenses $24.45M $23.84M
YoY Change 2.57% 9.4%
Operating Profit $16.47M $18.24M
YoY Change -9.73% -0.75%
Interest Expense -$2.400M $2.335M
YoY Change -202.78% 8.25%
% of Operating Profit -14.58% 12.8%
Other Income/Expense, Net
YoY Change
Pretax Income $14.03M $16.79M
YoY Change -16.44% 3.69%
Income Tax $5.543M $6.589M
% Of Pretax Income 39.5% 39.23%
Net Earnings $8.490M $10.21M
YoY Change -16.81% 3.63%
Net Earnings / Revenue 8.84% 10.66%
Basic Earnings Per Share $0.33 $0.39
Diluted Earnings Per Share $0.32 $0.39
COMMON SHARES
Basic Shares Outstanding 26.14M 25.91M
Diluted Shares Outstanding 26.27M 26.22M

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $700.0K $1.100M
YoY Change -36.36% 57.14%
Cash & Equivalents $739.0K $1.141M
Short-Term Investments
Other Short-Term Assets $33.40M $22.00M
YoY Change 51.82% 11.68%
Inventory
Prepaid Expenses
Receivables $94.00M $89.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $128.1M $112.2M
YoY Change 14.17% 4.18%
LONG-TERM ASSETS
Property, Plant & Equipment $110.4M $105.9M
YoY Change 4.32% -87.38%
Goodwill $27.81M $27.70M
YoY Change 0.39%
Intangibles $9.901M $10.45M
YoY Change -5.24%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.005B $939.6M
YoY Change 6.93% 7.07%
TOTAL ASSETS
Total Short-Term Assets $128.1M $112.2M
Total Long-Term Assets $1.005B $939.6M
Total Assets $1.133B $1.052B
YoY Change 7.7% 6.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $76.60M $69.30M
YoY Change 10.53% 10.88%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $76.60M $69.30M
YoY Change 10.53% 10.88%
LONG-TERM LIABILITIES
Long-Term Debt $337.2M $307.0M
YoY Change 9.84% 10.08%
Other Long-Term Liabilities $29.70M $26.10M
YoY Change 13.79% 0.77%
Total Long-Term Liabilities $366.9M $333.1M
YoY Change 10.15% 9.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $76.60M $69.30M
Total Long-Term Liabilities $366.9M $333.1M
Total Liabilities $705.9M $645.3M
YoY Change 9.39% 8.0%
SHAREHOLDERS EQUITY
Retained Earnings $317.6M $303.3M
YoY Change 4.71%
Common Stock $109.2M $103.1M
YoY Change 5.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $426.8M $406.4M
YoY Change
Total Liabilities & Shareholders Equity $1.133B $1.052B
YoY Change 7.7% 6.75%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $8.490M $10.21M
YoY Change -16.81% 3.63%
Depreciation, Depletion And Amortization $21.30M $20.10M
YoY Change 5.97% 6.91%
Cash From Operating Activities $30.60M $17.10M
YoY Change 78.95% -30.49%
INVESTING ACTIVITIES
Capital Expenditures -$44.10M -$39.60M
YoY Change 11.36% 17.51%
Acquisitions
YoY Change
Other Investing Activities $5.700M $9.900M
YoY Change -42.42% 30.26%
Cash From Investing Activities -$38.40M -$29.80M
YoY Change 28.86% 14.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.800M 12.60M
YoY Change -38.1% 600.0%
NET CHANGE
Cash From Operating Activities 30.60M 17.10M
Cash From Investing Activities -38.40M -29.80M
Cash From Financing Activities 7.800M 12.60M
Net Change In Cash -0.0000000009313 -100.0K
YoY Change -100.0% -133.33%
FREE CASH FLOW
Cash From Operating Activities $30.60M $17.10M
Capital Expenditures -$44.10M -$39.60M
Free Cash Flow $74.70M $56.70M
YoY Change 31.75% -2.74%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2015Q2 mgrc Cost Of Rental Related Services
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dei Entity Filer Category
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CY2014Q4 us-gaap Notes Payable
NotesPayable
322478000
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
426823000
CY2014Q4 us-gaap Liabilities
Liabilities
691876000
CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-102000
CY2014Q4 us-gaap Common Stock Value
CommonStockValue
106469000
CY2014Q4 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
825750000
CY2014Q4 mgrc Electronic Test Equipment
ElectronicTestEquipment
261995000
CY2014Q4 mgrc Liquid And Solid Containment Tanks And Boxes
LiquidAndSolidContainmentTanksAndBoxes
303303000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
424531000
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
26051000
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
108628000
CY2014Q4 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3378000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
12033000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
8526000
CY2014Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
6425000
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
131000
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
650000
CY2014Q4 us-gaap Deferred Revenue
DeferredRevenue
29139000
CY2014Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
268902000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1014000
us-gaap Share Based Compensation
ShareBasedCompensation
1984000
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
6444000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-15000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
26000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-428000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-489000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2261000
us-gaap Interest Paid
InterestPaid
4896000
CY2015Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
6588000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8390000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1490000
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
308000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
372000
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
215000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
102000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
3132000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
30.81
CY2014Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
89084000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
155000
CY2014Q2 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
795532000
CY2008Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
2000000
CY2015Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
89000
CY2015Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2754000
CY2015Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
30.79
CY2015Q2 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
5700000
CY2015Q2 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
9611000
CY2015Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
15311000
CY2015Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5410000
CY2015Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
1898347
CY2014Q4 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
5700000
CY2014Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
9611000
CY2014Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
15311000
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4975000
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P11Y
CY2014 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
400000
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
800000
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
800000
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
800000
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
800000
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
800000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
mgrc Sales And Other Revenue Net
SalesAndOtherRevenueNet
20813000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
4738000
mgrc Property Subject To Or Available For Operating Lease Acquisition
PropertySubjectToOrAvailableForOperatingLeaseAcquisition
74687000
mgrc Sales And Other Revenue Net
SalesAndOtherRevenueNet
26408000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
4538000
mgrc Property Subject To Or Available For Operating Lease Acquisition
PropertySubjectToOrAvailableForOperatingLeaseAcquisition
71656000
CY2014Q2 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
1184612000

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